Selling a home is a stressful experience. It does not matter how great your realtor is, what the current market is like and so forth, it’s going to take work to get your house sold. The best realtors will streamline the process as best as they can. However, you have to remember that at the end of the day it’s still your property and that means it’s your job to get things taken care of and answer questions to move forward. Also remember, the more you handle things, the more control you have over the process. The more you hire people to take care of things, the more they have the control.
Keep in mind, the only people who actually care about you being able to sell your home are you, your realtor and the seller. That’s why, the more people you have to work with, the more people you will have to manage which also means you need to stay organized with hiring, managing workers, payments, making sure everything is done correctly and so forth. This will put more work on your plate depending on the current condition of the house and the work that’s needed to be done.
Common Home Selling Mistakes
Sellers always want to get the results as quickly as possible. The first thing you need to understand if you want your home to sell quickly is that it needs to be in peak condition when it goes on the market. That means, if it needs work, you need to hold off on putting it on the market, regardless of how much work is needed. Keep in mind, every $1,000 or more of work the property needs, that may be $1,000 or more that you lose on the asking price. Here are some other common mistakes to avoid:
- Not upgrading the property: This is where literally thousands of dollars will be lost. You have to keep in mind that over a year ago, you could list your property, ask whatever you want and probably have it sold by the end of the week. Now, you have to give buyers a reason to buy and other than dropping your price, the only other option is to make needed upgrades around the home. Remember, every upgrade you skip is potentially more money you will lose on the asking price.
- Not checking to make sure the property is up to code: Depending on how long you’ve own your home, you may have some outdated aspects of it that need to be brought up to code. A common example of this is with electric panels. If they have not been upgraded of late to meet new requirements, it could cause a problem with the selling of the property as the responsibility has to be handled by the current owner and not the next one. Remember, these minor issues may be bigger issues not only with codes, but with insurances as well.
- Getting the key information needed for buyers: What is it about your house that makes people want to buy it other than the look? If you had to tell people why they should buy your house, what areas are you going to focus on? These are the selling points that you need to showcase if you want to max out your profit. What makes your property different? Why would someone want to buy the house? Not only are you going to list it online, but your realtor will use it as selling points.
- Setting too high of a price: You need to list your property at a price higher than you hope to close at. This is because any seller is going to try to knock that price down whether it’s a bargaining tactic or because of the work the property requires. The best way to determine the price is to look online and compare what houses are selling for in your neighborhood and also compare the condition and features of those homes to yours.
- Trying to sell the property as is: Again, skipping over details and things that need to be done on the property is going to cost you money when you go to sell. However, once listed, you need to get away from the idea of someone buying the house as is. Usually, when that is offered, it means the property needs more work or the seller is offering their lowest possible price. As is deals usually benefit the seller more than the buyer, but the buyer is relieved to not have to do more work and to hurry up the sale, which is why they usually accept the offer.
If you want to get a great deal for your home the first step is to work with a realtor. DIY real estate deals can and have taken longer and cost the seller more than they saved on the commission. Because you are trying to get the best deal possible, it’s important that you work with a realtor who can also manage the other realtor and buyer. This is where you can have the best possible situation, your realtor managing all communication and expectations of the other party.
Dealing with the other party yourself is never recommended and you need to remain patient to all requests and consider each and every one. If someone wants special privileges, it may or may not be a big factor in getting the deal done, but you also need to choose your battles. If the buyer is being unrealistic, your realtor is the best person to determine if it’s time to turn them down and move on to the next.
Another advantage of working with a realtor before you list the property is that they can walk through the house with you and show you what areas need your attention. They are aware of what buyers tend to look for, areas that cost sellers the most amount of money, issues that take up more time and other things that cause delays. To save time, get the best possible deal and cut your stress in half, hiring the right realtor will be the most important decision you make throughout this process.