The 5 biggest mistakes when selling real estate
Setting the wrong price
There is an old saying in Real Estate: Your home is never more exciting than in it’s first week on the market. Even in a hot real estate market, once a house or condo sits for too long, it becomes stale, and buyers start to wonder: “What’s wrong with it?” Setting the asking price too high is the number one cause of this.
Trying to sell “as is”
This is a common problem in hot real estate markets, but can be a factor anytime. Especially in slower markets, you need to stand out from the competition. Make sure the paint looks good, all the lights work, there are no tears in the carpets or defective items anywhere. Contrary to popular belief, buyers are NOT looking to buy your home…..they ARE looking for reasons to eliminate it from their list of possibles. Think about this: Buyers have tons of choices. If they go out to look at 20 homes, naturally they need to eliminate 19 from that list. That is the mindset they are in, and you need to make sure your home stands out in a good way.
Always being there
Buyers, on average, only spend about 15 to 20 minutes looking at a house before moving on to the next one. The worst thing you can do is ‘hovering’ around them, trying to be helpful but really just getting in their way. Buyers like to look at their leisure, and that’s one reason many of them work with their own real estate agent, who wont push them or rush them.
The opposite side of ‘selling as-is’. Don’t rip out good kitchen cupboards and replace with new ones, or replace perfectly good carpeting with hardwood floors. Only replace defective items and in doing that, don’t go overboard. Installing a $30,000 cherry kitchen will rarely allow you to recoup your money, much less see a profit. On the other hand, if your shingles are defective, replace them with good, 15 yr shingles.
Going it alone
Your home is like your baby. The problem with this is emotional attachment, which makes it difficult for you to negotiate. Lawyers have a saying: “A lawyer who defends himself in court has a fool for a client.” Doctors generally don’t treat family members, and so home owners should think twice before trying to sell their own home. Hire a professional real estate expert, who can guide you objectively. In the end, the final decision on price and whether to accept any offers still remains yours.
Bo Kauffmann of Remax Performance Realty 204-333-2202
If you’re thinking of selling your real estate property, please call me anytime.
blog.winnipeghomefinder.comJuly 12, 2012 8:12:13 AM CDT
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