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RE/MAX Associates lead the industry in advanced real estate education and production. That's why they're known as "The Real Estate Leaders" and why no one in the world sells more real estate than RE/MAX.
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Seller ResourcesREADY TO SELL?Selling your home can be a frustrating, time consuming experience, but it doesn’t have to be. The difference between a profitable, smooth transaction and a bad experience is often a fine line. The majority of home selling nightmares are caused by a lack of knowledge. This report is designed to make you aware of the 10 common Pitfalls that can cost sellers serious money. PITFALL #1: IMPROPER PRICINGSet the price too high and it will sit unsold and get a reputation as a “problem property.” And the selling price may reflect that at not its true market value. On the other hand, if the price is set too low and you may give away profit to another that could have been yours. Either way you lose. Setting the appropriate price involves the evaluation of numerous different factors...and it's critical! If you are not sure about how to best determine the pricing, do yourself a favor and ask a reputable REALTOR® if they would consider being paid a fee for preparing a TOTAL MARKET ANALYSIS. PITFALL #2: NOT PROVIDING EASY ACCESS
Accessibility can be a major key to a profitable sale. A lock-box is best, while appointment-only showings are most restrictive. The more accessible your home, the more showings, and the better the odds are of finding a person willing to pay top dollar. In today's competitive market, buyers who can't get a viewing will go on to other homes, and purchase elsewhere. If you have a situation that lends itself to you being very flexible to show your house, this handicap may be somewhat overcome. I still would consider consulting a reputable REALTOR® to suggest some compensations because let’s face it, these days buyers have less and less time and many know what they want before they even go to look for that first house and when there are other properties that are similar to yours, they likely won’t wait to see yours before they make a decision. PITFALL #3: A BAD FIRST IMPRESSIONThe prospective homebuyer's first impression is the most important. An unbelievable amount of home sales have been lost to un-mowed lawns, cluttered rooms, bad stains, dirty kitchens and bathrooms, unpleasant odors, etc. With the market as competitive as it is in the Triangle area do not fail to take into account that many of the homes are being sold by REALTOR®s and how well a house shows is a top priority to them. Your house will need to show at least as well as the others it is competing with if you are to get the best price. Do you know how your house compares to others? Are you being objective about that determination? PITFALL #4: FAILURE TO MAKE REPAIRSAgain, if there are other homes your is competing with and those have no noticeable repairs, then it is likely that the competing property will sell first or a buyer may make an offer, but they’ll make an offer but it’ll be for much less than what was saved by not making the repair. Ask yourself if you are trained enough to identify necessary repairs or the area where small improvements could make a big difference. PITFALL #5. POOR SHOWING TECHNIQUES
Obviously, your home should be clean and neat, but that’s not all. There are features that by virtue of you articulating them, you can set your home apart from others that are similar. Do you have the skills to show your home to optimize its features? PITFALL 6: RELYING ONLY ON TRADITIONAL SALES METHODS
Sellers who are innovative and willing to offer new strategies of attracting homebuyers will always outperform those who rely on traditional methods. Today’s market demands around the clock advertising exposure, and response-generating marketing techniques. PITFALL 7: MAKING SELLING DECISIONS BASED ON EMOTION
Selling your home is a business transaction. It’s easy to let your sentiment affect your judgment of your home. It’s important to remember that buyers are looking at your house consider how they can make it their home. Are you able to detach in this manner to improve your chances of selling and getting the best price? PITFALL #8: FAILURE TO UNDERSTAND MARKET CONDITIONSJust like the stock market, there are current market conditions for houses as determined by supply and demand. Many buyers shop dozens of homes comparing values, so it is very difficult to find a buyer willing to pay more than current market value. No single person, firm, or agent has any control over the market! Do you have the breath of understanding to price your home right? PITFALL #9: WASTING TIME WITH UNQUALIFIED PROSPECTS
Countless hours of valuable time can be wasted showing and negotiating with "buyers" who can't buy no matter how much they love your house. Buyers should be pre-approved for a loan before you begin dealing with them. PITFALL #10: PICKING THE WRONG REAL ESTATE AGENTThe vast majority of all homes are sold by real estate agents, but all agents are not the same - not even close. The agent's experience, knowledge, and marketing plan can have a huge impact on your success. Signing up with the right agent can make all the difference in the world. Buyer ResourcesREADY TO BUY?Six Questions that Can Help You Gain Insight on a Prospective HomeKnowing all you can about a prospective home will help you make a more informed decision as well as offer. Your real estate professional can be a great resource in helping you get your key questions answered and give you advice on how to evaluate your findings. Unlike an automobile, you can’t test drive a home before you purchase it. You have to base your decision on other factors such as layout, condition and much more. And, of course, the seller is obligated to disclose the property’s condition that may alert you to issues such as previous mold, defective water heater or leaky roof. Yet, that still doesn’t always paint the entire picture. Here are six questions you should consider asking the seller to gain additional insight about the prospective home before you make a final decision. 1. Why is the seller selling the house?
This question may help you evaluate the “real value” of the property. Is there something about the house the seller does not like? If so, you may be able to adjust the purchase offer accordingly. 2. How much did the seller pay for the home?
In some instances, the answer to this question may help you negotiate a better deal. However, it is important to remember that the purchase price is influenced by several factors, like the current market value and any improvements the seller may have made to the home. The original purchase price might not have anything to do with the current value of the house. 3. What does the seller like most and least about the property?
By asking the seller what he or she likes most and least about the property, you might get some interesting information. In a few cases, what a seller likes the most about a home might actually be something the buyer is looking to avoid. For example, if the seller describes his house as being in a “happening neighborhood,” the buyer might consider this a negative factor because the area may be too noisy or busy for his or her taste. 4. Has the seller had any problems with the home in the past?It is also a good idea to ask the seller if he or she has had any problems with the home while living there. Has the seller had problems with a leakage from the upstairs bedroom in the past? If so, even if the leak has been corrected, the floor and walls around the bathroom might have been damaged. You should check that these items were repaired properly. 5. Are there any nuisances?
Use this question to find out about barking dogs, heavy airplane traffic or even planned changes to the community, such as a planned street widening. This may give you insight on why the seller is really moving. 6. How are the public schools in the area?Because the value of a community is usually greatly influenced by the public schools in the area, finding out the buyer’s perception can give you some insight about the quality of the area’s schools. |
