12 Costly Mistakes for Home Sellers
If you are considering selling your house, read this and it could save you money. Your home is likely to be your greatest financial asset. It has probably taken you years to save and buy it, and longer still to pay for it. Before you sell, spend a moment considering your options. It is the experience of many that selling a house is a stressful experience. It does not need to be this way. Although, this is not a guide to conveyancing, it may help you achieve the highest price at the lowest cost and to avoid making some costly mistakes. Mistake 1 – Not Trusting the Agent If you feel you do not trust the estate agent , use a different one. Trust is a major ingredient in any relationship. When choosing an estate agent, ask yourself whether you really feel comfortable with the idea of them handling the sale of your home. If the answer is no then choose again Once you have decided upon an agent, give them your trust and let them get on with the job of finding the right buyer for your home. Resist the temptation to interfere after all they are professionals Mistake 2 – Beware High Valuations… Some agents overvalue to win your business. Do not choose an agent just because they have given you the highest asking price. They may be buying your business. Some agents will deliberately overvalue your property to get your instruction. If you suspect the agent is giving you an over-estimated sale price, ask them for comparable evidence.
Mistake 3 - …and Low Fees
Cheap agents get cheap prices Steer clear of agents offering to sell your home for a fee significantly below the going rate in your area. Remember, you get what you pay for. Cheap agents give cheap service. They also need high turnover to survveso they will want to push through the sales at almost any price. It is better to pay 0.5 percent more for a selling fee than to lose 10.000 off your selling price.
Mistake – 4 – Poor Negotiators Cost Money If you have a well presented home, you do not need a salesman. You need a negotiator. Negotiation is a skill which, if carried out well, can substantially improve your position. Poor negotiation can cost you money. Use an agent who you feel has the right attributes to be a good negotiator. Mistake – 5 – The Multiple Agency Trap There is a difference between multi-listing and the multi agency. The idea that you improve your chances of a successful sale by instructing several agents at the same time is a fallacy. With multiple agency agreements, none of the agents will try very hard to sell your property in case they end up wasting their time. Alternatively, they will try to get the deal quickly by identifying with the first buyer that comes along. Either way, you are unlikely to get the best price for your home. The sale will be the most important thing and the price will be of secondary importance. Choose an agent that will give you better exposure through multi-listing than any multiple agency agreement can give you at a sole agency price.
Mistake – 6 - Dismissing Early Buyers High prices often come early – low prices often come late… The longer your home is on the market, the fewer buyers it will attract and the more likely it is that you have to reduce the price. Do not automatically dismiss early offers as they may well be the highest one you get. This is because the genuine and keen buyers will always make the first move while the less committed hang back. Mistake – 7 – No “FOR SALE” Signs No sign can mean no sale The buyers most likely to offer the best price for your house will be the ones who really want to live in your area. A for “For Sale” sign is the best possible advertisement for your home. It is an invaluable sales tool and it works 24/7. Mistake – 8- No Buyer Records More buyers mean more sales. Most agents get dozens of enquiries about properties for sale each month. Some get hundreds. A good agent will keep records of all of them and will maintain regular contact with those that are ready to buy. Use an agent who keeps detailed records of genuine buyers. Mistake – 9 – There Is Nothing Wrong With Your Home. Ensure that your agent carefully vet’s or qualify perspective buyers before arranging for themto visit your home. They should also provide you with any useful buyer feedback, plus regular updates on the sale. If your home is not selling there are usually two reasons: The agent is incompetent or the price is too high.
Mistake – 10 – Keep It Clean First impressions count and watch out for what buyers will see when they arrive. Do not confuse home improvements with presentation. Cleanliness is vital. A home which is clean, tidy and fresh smelling will always sell for a better price. Always remember – make your home sparkle and your price will shine.
Mistake – 11- Experience Counts Do you care about who is selling your home? An estate agent rarely gets asked about their level of knowledge and experience. Do they live in the area? How long have they been carrying out valuation of property? Is the company represented by offices in other local towns, on the internet and will your property details be made available there? Mistake – 12 – Websites That Do Not Work A good website will help sell your home – a bad one can easily do more harm than good. There is nothing worse for buyers than websites that are out of date. Make sure your agents update their site regularly. How many look at it? Is it easy to use? Find out how many people actually visit the site. Log on and check it out for yourself.
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