Whether you are a first-time homebuyer or a seasoned veteran, the negotiation part of the transaction can be a little daunting and stressful. However, it is necessary to ensure you are getting the
6 Mistakes that Home Sellers NEED to Avoid!
Dated: May 21 2021
We know the goal of virtually all home sellers is to get the highest price within a reasonable timeframe—and not lose their minds! To get there, they should avoid these six mistakes.
#1 Not Hiring an Agent.
As you know, sellers occasionally believe that if they sell their home themselves, they will make more money by not paying a commission. Remind them they are assuming they will sell the home for the same price you would get. Share with them that one study found that homes listed by agents sold for an average price almost 28% higher than the average price of for-sale-by-owner (FSBO) homes—and the seller’s net profit after commission was 10%-30% higher than the FSBO’s profit. Home selling is not an easy job for the inexperienced; let them know that less than 10% of FSBOs ever reach closing!
#2 Getting Emotional.
A home is a place of wonderful memories, but home sellers need to keep their emotions in check. Once they decide to sell, they should think of themselves as business people. It is easier for people to distance themselves from the emotional aspects of a task by looking at it from a purely financial perspective. They can let their memories of how they first felt about the property motivate them to stage it to inspire buyers.
#3 Listing at a “Testing the Waters” Price.
You show home sellers the prices of recent comps and recommend a listing price, but then they ask you to list at a higher price, just to “test the waters.” You know they need to realize that the most important price is the one they first list, that overpriced homes rarely draw interest, and that later lowering the price invites buyers to offer even less. They need to understand that if they price at a good value in the market, it may invite multiple offers that send their selling price higher.
#4 Hiding Big Problems.
Sellers sometimes forget that major problems will be revealed during the buyer’s inspection, and that it is important to fix such problems. Alternately, they could skip fixing them, and either price the home below market value, or price normally and offer the buyer a credit to fix it. Of course, if they avoid fixing things, they eliminate all the buyers who want a turnkey home.
#5 Not Staging.
Some sellers underestimate the importance of staging. If they are unable to hire a stager, they still need to make sure their home shows at its best—making small repairs to avoid buyer red flags, decluttering, removing furniture and personal items, painting, and overall cleaning up.
#6 Not Reading Inside Secrets
It's not going to cost you anything to read this free book, and you'll avoid the BIGGEST secret mistake in the real estate industry that agents know about on page #43.
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