Important Info for Sellers
Posted by Sue Boyle on Friday, July 20th, 2012 at 12:20pm.
There are six mistakes that many homesellers make that can prevent them from maximizing their profit and create more stress than is necessary during the homeselling process:
- They don't analyze why they're selling
- They don't make sure the home is ready for the buyer's eye
- They overprice their home
- They hang out during showings
- They sign a long-term listing agreement without a written performance guarantee
- It's difficult for buyers to find information on their home
Using the following system should prevent mistakes like these, maximize your profits and reduce the stress the comes with the home-selling process:
- Understand the reasons behind your decision to sell and don't tell anyone what they are. Your answers will affect everything from how much to ask for your home to how much time and money you should invest in getting your home ready to sell. In addition, when you figure out your motivations, make sure you don't let the buyer know what they are. They may use them against you when it comes time to negotiate.
- Choose your price carefully. Pricing your home too high can be just as dangerous as pricing it too low. Buyers typically look at around 20 homes before they make a decision so, if your home doesn't quite measure up to the others that they've seen in your price range, they're not likely to take you seriously. Their agents will also remember the discrepancy and your home will end up sitting on the market.
- Know and understand the sales data. Your agent, if you have one, should have gone over all of this with you at the time of the listing. You should know the prices of recently sold homes and homes currently for sale in your neighborhood and in our case, Marco Island homes or condos, with criteria similar to yours.
- Hire a real estate pro to represent your interests. You should make sure you choose an agent that listens to and understands your needs, keeps in regular touch and gives you timely feedback on all showings. There are at least 10 questions you should ask any agent that is interested in listing your home. For a list of these and any other questions, feel free to contact us anytime.
- Maximize the benefits of your home. The look and feel of your home are critical to a good showing. If your home has a lot of clutter or furniture, unmade beds, or a general look of untidyness, the showings are not going to go well. The emotional responses that go along with choosing a home can be very strong so, you want your home to be the one the buyer gets exited about. Remember, the buyer has to be able to imagine themselves living in your home. If it's too much of a challenge for them, they're just going to move on to the next home.
- Make sure it's easy for buyers to find out information about your home. In this market, your agent should be tech savvy enough to have you featured on at least 30 websites including the biggies like Remax.com, Zillow.com, Trulia.com and Homes.com. In addition, if their website is not on page one of the Google search engine results for Marco Island real estate, you're missing out on lots of buyers who would have otherwise found your home.
- Know your buyer's motivation. The best strategy for getting what you want out of a negotiation is to know your prospect's desires, needs and financial position. Knowing this information gives you the upper hand in the negotiation because you know how far you can push to get what you want.
- Make sure nothing has been left out of the contract. To protect yourself againt future litigation, be sure to disclose all known defects in the home so the buyer can't come back later and claim you didn't tell them about it. Put everything in writing including all costs, dates for performance, personal property that conveys and all responsibilities.
- Don't move out before you sell. Vacant homes look colder and less appealing than homes with furniture and paintings. It also makes you look more desperate since the buyer will know you've already moved out and will assume you want to sell as quickly as possible. Even if you have already moved, you might want to leave a few items behind or even rent some furniture to at least "stage" the home.
Posted on Wednesday, August 1st, 2012 at 9:09am.