The Most Common Mistakes That Cost FSBO’s Time & Money
Selling your home “By Owner” can be a nerve-racking, exhausting experience.
Last minute calls, inconvenient showings, price adjustments, and the uncertainties of being stuck with a house that doesn’t sell for weeks can all take their toll. If you are not completely prepared, you could end up losing thousands of dollars in profit. The difference between a profitable, smooth transaction and a miserable 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 most common mistakes that cost sellers serious money.
1. Improper Pricing.
Set the price too high and it will not sell. It becomes, what real estate agents call a “stale listing.” On the other hand, price it too low and you may give away thousands of dollars. Either way you lose. Setting the appropriate price involves the evaluation of numerous different factors, and it’s critical!
2. Bad Housekeeping.
The 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. Imagine you are the buyer and clean your home from top to bottom . . . military style.
3. Failure to Make Repairs.
Often even minor improvements will yield as much as three to five times the repair cost at the time of sale. There are literally thousands of homes for sale, and buyers buy what they see. Seemingly small fix-up jobs can make the difference between a closed sale at top dollar and a home that languishes on the market for months on end.
4. Poor Showing Techniques.
Your home should be neat and clean, but that’s just the beginning. There are lots of little details that make a big difference. For example, turn your oven on warm and put a dish with a tablespoon of vanilla in the oven. It will make your kitchen smell delightful and create a positive atmosphere. Knowing exactly what to say and do when buyers come through your home is crucial.
5. Relying Only on Traditional Sales Methods.
By Owners 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.
6. Making Selling Decisions Based on Emotion.
You must realize that selling your home is a dollars and cents business transaction. Don’t let your emotional ties to your home affect your judgment. Remember, purchasers are not buying your home; they are buying a house to make into their home.
7. Failure to Understand Market Conditions.
Just 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!
8. Wasting Time with Unqualified Prospects.
Countless hours of valuable time can be wasted showing and negotiating with “buyers” who can’t buy a snickers bar on credit, no matter how much they love your house. Buyers should be pre-approved for a loan before you begin dealing with them. Being armed with the right knowledge can make all the difference in how your home sale turns out. Make the right decisions. A little time spent now can save many hours of frustration down the road!
Good luck! Don’t hesitate calling me if I can be of any assistance. You may reach us anytime at 804-282-8820.