1) Not Understanding Your Rights
Real estate contracts can often be very complex and confusing. Before signing any real estate contract, make sure you understand your rights and responsibilities. Not being familiar with your contract could cost you hundreds, or even thousands, of dollars on repairs and/or inspections.
2) Asking The Wrong Price For Your Property
Proper pricing of your property is critical! Before you set your price, take some time to find out what other houses in your area have sold for in the past 12 months. In fact, have your real esate professional prepare this "comparative market analysis" for you and get a copy to look over yourself. A high listing price will often cause prospective buyers to anticipate more than what you have to offer, or even cause them to lose interest before they even view your property. As a result, overpriced properties have a tendency to take an unusual amount of time to sell, and they often end up being sold at a lower price.
3) Trying To Sell To Window Shoppers
It is important to distinguish between realistic buyers and mere window shoppers. Often times, "house lookers" are several months away from buying and are more interested in browsing the market than actually making a purchase. Before showing your propoerty, a good real estate professional will politely ask the potential buyer to get pre-qualified for a residential mortgage. This pre-qualification process will weed out many of the tire kickers and will reduce the time you spend on worthless home showings.
4) Not Preparing Your Home For Sale
The home needs to be made as presentable and as pleasant as possible when attempting to sell. Be sure to make any necessary repairs and clean the house thoroughly. A dirty home in need of repairs will lower the value of your home and even turn away some buyers. Check out our Sellers Checklist for some helpful tips.
5) “Pressuring” while showing
Buying a home can be an emotional and difficult decision. So it is not normally a good idea to pressure or negotiate with prospective buyers while they are viewing your property. It is best to be hospitable and warm. Be helpful and receptive to any questions they may have.
6) Choosing The Wrong Real Estate Professional
It is important to take your time when selecting a real estate professional. Selling your home is one of the most important financial transactions that you will ever make. Make sure you are comfortable with the real estate professional you select to market your house.
7) Don't Lock Yourself In
Sometimes, it is possible to misjudge and select the wrong real estate professional to represent you. Perhaps their first impression was good but they just have not followed through and are not meeting your expectations. In any case, you should have the right to fire your real estate professional. Also, you should have the right to choose another real estate professional instead of the real estate agency selecting another one for you. Before you sign a listing agreement, make sure you are in the “driver's seat".