Property

Rookie Mistakes to Avoid When Selling Your Home

Selling your property can be stressful and costly at the same time. Perhaps you’re already familiar with this subject, but selling a home implies a great deal of your time and effort, so it’s normal for vendors to want the process to end with the best possible results. All sellers naturally have the ultimate intention of seeing their homes sell fast and at a high profit. Yet, in many of these circumstances, houses can sit on the property market for months if not a year with very little to show for the time and effort. This may be due to common mistakes you make throughout the process or partially due to your agent.

Many aspects go into a successful sale, including how you choose your marketing strategy and how you choose your estate agent. The good news is that you can improve your chances of avoiding common mistakes by working with a highly recommended, very proactive, and experienced estate agent. With that said, without experience, a knowledgeable agent, and a challenging, emotional transaction on your hands, it’s natural for first-time home vendors to make lots of slip-ups.

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To Hire or Not to Hire an Agent?

Although realtors command a heavy commission – typically 5 to 6% of your property’s sale price – it is probably not the best idea to try to sell your house on your own – that’s particularly important if you haven’t sold a house before. We know it can be enticing, especially if you’ve watched all those “for sale by owner” signs on the internet or your neighbor’s front lawn.

A good realtor or estate sale auctioneer generally has your best interests at heart. They can help you establish a legit and competitive selling price for your property that will boost your chances of a quick sale.

Also, an agent can help you calm down the emotions of the process by communicating with potential buyers and by reducing tire-kickers who only want to look at your property without any intention to write an offer. Not only that, but agents are known for having more experience in negotiating a home sale, helping you get more capital than you could do on your own. And if anything happens during the process – and often they do – a well-experienced professional can be there to handle them for you.

Lastly, agents are acquainted with all the necessary paperwork and outfalls involved in real estate transactions and can help make sure everything in the selling process goes as planned on paper.

Getting Emotional

A house is oftentimes the largest asset you have. Not only you invested a large sum of your hard-earned money into it, but the price you can get for it can have a considerable impact on the future, including your capacity to purchase your next dream home.

However, when you let emotions surface in the process of selling your property, they can have a serious and very negative impact on your bottom line and agent’s ability to achieve the result you dream about. Many people have trouble holding their emotions under control when it comes time to say goodbye.

How to manage this situation? Once you decide to sell your property, start thinking of yourself as a salesperson and business person rather than a mere homeowner. To put it simply, you should forget that you’re the homeowner altogether. Start looking at the transaction from a purely financial perspective so you can distance yourself from the emotional aspects of selling the property.

Also, try to recall how you felt when you were shopping around for that house. Most home buyers will also be emotional. Once you can remember that you’re selling a piece of property as well as an image and a lifestyle, you will be more likely to put in some additional effort of staging and perhaps doing some minor changes to get to a dollar for your property. Changing the appearance will boost your sales price and help yourself create an emotional distance as the home will look less familiar.

Forgoing the Agent

If you plan on not hiring a specialist, that’s also fine because that’s not like it can be done. We have seen, after all, individuals who sell their own homes successfully. However, this means you need to do proper research first – on recently sold houses in your area and properties currently in the local market to determine an attractive selling value. Bear in mind that most property prices have a realtor’s commission factored in, which means you may have to reduce your price as a result.

At this stage, you will be accountable for your own marketing, therefore you will want to make sure to get your property on the MLS in your location to reach the largest number of potential buyers. Since you will have nobody around to tell you how and when, it means you will be the one presenting the house and negotiating the sale with the buyer’s agent, which for many it can be stressful, time- consuming and emotional.

When you are preceding a realtor, consider hiring a real estate lawyer to help you with the transaction’s finer aspects and the escrow process. Even with an attorney’s fees, you will still sell your home by yourself and save thousands.

Selling During Winter Months

There is a proper time to sell a property – but that’s not in winter. Why? This season, especially during the holiday, is usually the slowest time of the year for property sales. And there’s no wonder why. Everyone is busy with social engagements, and the cold weather makes it even more tempting just to stay in. Since only a few buyers are likely to be looking, it may take an eternity to sell your home, let alone that you may not get the expected price.

With that said, you can take some comfort in knowing that while there may not be as many proactive home buyers, there also won’t be as many competing sellers, which can oftentimes work to your advantage.

Jeffery D. Silvers
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