Choosing The Wrong REALTOR®
In Real Estate, a REALTOR® with experience and many closed transactions costs the same as someone who is inexperienced. The sale of your home is the most important financial transaction you will be involved in. A contract for the sale of Real Estate is a legally binding document. An improperly written contract can cause the sale to fall through, or cost you money for repairs and inspections. It can even allow the purchaser to void the sale.
You need an experienced REALTOR® who knows the ins and outs fully to explain the contract you are about to sign. You also want an honest Realtor, not one who is “buying” your listing! And you want a REALTOR® who has a complete marketing strategy for your home, not just one who puts it in the computer and “waits” for it to sell. The person you select can make it a satisfying and profitable experience or a nightmare. The choice is yours!
Incorrect List Price
If your home is not priced competitively, buyers will reject it in favor of other larger homes for the same price. At the same time, the buyers who should be looking at your house will not see it because it is priced over their heads. The result is increased market time, and even when the price is eventually lowered, the buyers are wary because “nobody wants to buy a house that nobody else wants” Over pricing also adds to the carrying costs.
Failing To Showcase The Home
A property that is not clean or well maintained is a red flag for the buyer. Buyers look for homes, not houses. They buy the home that they would like to live in. An owner who doesn’t make necessary repairs, who doesn’t spruce up the house, and fails to keep it clean, is a red flag for the buyer. Buyers are poor judges of the cost of repairs, and always build in a large margin for error when offering on such a property.
Over-Improving The Home Prior To Selling
Sellers often unwittingly spend thousands of dollars doing the wrong upgrades to their homes prior to attempting to sell in the mistaken belief that they will recoup this cost. If you are upgrading your home for your personal enjoyment – fine. But if you are thinking of selling, you should be aware that only certain upgrades are cost effective. Consult with us BEFORE committing to upgrading your home.
Failure To Take The First Offer Seriously
Often sellers believe that the first offer received will be the first of many. Sometimes the seller wants to hold out for a higher price. This can be especially true if the offer comes in right after the home goes on the market. Experience often shows that the first offer can be the best offer. Sometimes an experienced buyer is waiting in the wings for a house. They might have lost a bid on another house, know that your home is priced right, or just luck. The home is most saleable in the beginning of the marketing period while it is the “new house on the market”. You may end up “settling” for less later!
Not Knowing The Difference Between Lookers And Buyers
For Sale By Owners sometimes get more activity than houses listed with a REALTOR®. REALTORS® bring only qualified buyers, and these will be fewer than if you open your doors to everyone who walks down the street. A qualified buyer is one who is ready, willing and able to buy your house.
We find that most people who go looking at For Sale By Owners are just starting to think about moving. They may be good buyers some day. They don’t want to bother an agent yet, so they call the By Owner ads to get a feel for what’s available. They may have a house to sell first, or may need to save some more money, or even have credit problems. An agent will qualify a buyer and have them pre approved by a lender.
Signing a Listing Agreement With No Way Out
Sometimes circumstances change. A job might not have gone through, sickness, or a potential divorce situation which is reconciled after the listing is signed. In these cases, you deserve the right to cancel your listing agreement. Always protect yourself, by reserving the right to cancel the listing.
Article by Diann E. Tonnesen, Realtor®
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