6 Seller Mistakes that Are Costing You Money
6 Seller Mistakes that are Costing You Money
How to get the most amount of money for your house in the least amount of time
All home sellers want the same thing: the most amount of money for their house with the least amount of hassles, in the shortest amount of time. "But hey, I don't want to GIVE it away!" We hear it all the time. We get it. We've bought and sold dozens of properties personally, and we've been there. Here's the six biggest mistakes that we've personally made that has costs us thousands of dollars. We learned the hard way. Here they are:
1. Setting Your Price Too High. 80% of your marketing is price. When you put your house on the market, you're essentially entering a competition. A "beauty contest" with other properties, if you will. When setting your price, list on the lower half of the price range for your house. This makes your property the best value in the eyes of the buyer, more "features" for the same amount of benefits than the other houses on the market. "Wait, WHAT?" you ask. "I want the MOST amount of money." Ya, we hear you. When your house is priced as the best value in it's price range, the market will respond. Are you familiar with the auction mentality? When you price right, you could encourage a multiple offer situation, driving the price up.
2. Not doing the staging necessary to sell your house. Yes, declutter, depersonalize. Do the painting, landscaping and maintenance that fits within your budget. And then set your price based on the final product. A staged house sells faster. Buyer's buy on emotion, and make a decision on whether or not they'll buy within the first 15 seconds of being in your house. You have got to WOW them. Dark, dirty, and outdated won't do it, and will have them moving on fast.
3. Marketing your house with bad pictures on the multiple listing service. In days gone by, there was a "book" for all the listings in the area, and one photo per property. If you were interested in the property based on the description and that one picture, you would schedule a showing with the listing agent and go see the house in person. In today's buyer world, the first showing that the buyer "schedules" is online, in their jammies, at their computer with the photos that have been uploaded into the Multiple Listing Service. If your price and your pictures don't capture the market's attention, they won't schedule a showing. JUST SAY NO to dark, blurry pictures. Hire a professional. You'll get your money back tenfold.
4. Not listening to the buyer's feedback. So, you've had some showings, and the buyer's have given some feedback as to why they aren't making an offer. Fix what they are pointing out, especially if there are consistencies. Or adjust your price. Don't take it personally. You want to sell, right?
5. Not listening to your agent when they recommend adjusting price to the market. The National Association of Realtors keeps statistics for us, and according to them if you go 2 weeks with no showings, or 10 showing and no offers, means the price is too high. The market isn't seeing the value in the property at your price. Adjust now, or sit on the market. By how much? Nothing less that $5000 or 5%.
6. Squabbling over minor inspection items. So, you've received an offer! Congratulations! Don't nickle and dime the buyer over minor inspection items. If you've priced as recommended above, then you have a lot of playing power, in that the buyer's will make an offer based on that price. In deciding whether or not to negotiate minor inspection items, consider this: fix some of them/all of them, offer financial accomodations, whatever it is, remember that if you don't negotiate something, you may end up back on the market with an even PICKIER buyer. Sometimes the better the devil you know!
Hey, we've been there. We've made the mistakes and it's costed us. A lot.
If you're looking to sell for the most amount of money, in the quickest amount of time, take the emotion out of it, and put yourself in the buyer's shoes. Your wallet will thank you.