DIY or do it yourself enthusiasts love the challenge and fun of managing a task on their own. Originally, we didn’t call things do it yourself because we didn’t have the option to have someone else do them. This includes things like cooking, crafts, construction, car maintenance and so forth. It’s a concept that gives people a sense of self-reliance and pride which is nothing to take lightly. However, there are times when people think that just because they can, they should. That’s not always the case and it leads to a lot of mistakes.
Selling a home under DIY strategies is in some ways like trying do it yourself electrical work with no experience. You are going to be working with something that’s very complicated, has a lot going on and if you do not know what you are doing, there are no safety nets to keep you on the right path. When you think about it that way, it’s easy to see why DIY may not be the best avenue to take for everything, but certain things do have their advantages. However, real estate sales are never ideal for DIY strategies.
Setting Prices Too High
One of the biggest mistakes people make with do it yourself real estate is when they are trying to sell their home or commercial property. Ideally, you should be able to offload the property in less than six months, even in a slower market. If you stage the property well and list it at a strong but reasonable price, there should be plenty of competition, especially in areas where inventory is low. In the case of selling a home, make sure it looks its best and that you take pictures that show off how open and spacious the property is and how it has plenty of light. These are the things that buyers look for, but they always begin their search by looking at the price.
When you set the price for a property you are basically trying to predict what your home will sell for. The idea is that you want to aim higher than you are willing to settle so that you have room to come down a bit. Even if the buyer is willing to pay near asking price, you are still going to possibly come down a bit once inspection shows where improvements are needed on the property. You also want to be reasonable on the initial listing price because it will determine if buyers will take you seriously or not. If you go too high, buyers will not approach your property with real interest and they will wait for it to come down in price before making a serious offer.
Thinking The Property Will Sell Fast
Another classic DIY mistake is with managing expectations and that especially comes in the situation of waiting to sell. For several years, homes have been flying off the inventory piles at near or above asking prices. Home values currently remain higher because the inventory remains low while demand is still strong. However, in most places, the market has still cooled off and that means that you may have to wait a bit longer to get a fair offer on the property. The do it yourself mistake is having the unrealistic expectation that you are going to offload the property yourself and quickly.
Sometimes one of the mistakes that ties into this is when people invest to get the property ready. They use their funds and finance help like new windows or a new roof. Financing this or paying for it at once are options to consider, but if you are unable to cover those costs long-term, it could put you in a bind if the house does not sell fast enough, even with the renovations being completed. Give yourself six months to sell a home, even in stronger areas.
Dealing With Clients
Want to know the value of a good realtor? Go talk to someone who wants to buy your home. Initially, the conversations should be pleasant and simple. However, when that person who is being nice and is interested in your property turns into an actual buyer, you now begin a stressful relationship of answering a million of their questions while also having to manage their expectations and demands. How many times are they going to be able to look at the property, measure things, get things changed or make unusual demands before you close? Ask a realtor about some of the insane requests and demands of buyers, even the week of closing and you can see why it’s easy for people to overlook this part of the transaction.
Managing a client is about more than dealing with the stressful side of things. They want the house to be in the best shape possible and they want to look at it, and have professionals look at it as much as possible before making a final decision. While you can appreciate the detail and dedication to knowing the facts, it comes at the expense of your time and patience, especially if the potential buyer is not making a real commitment.
Dealing With Other Realtors
While clients can be difficult, their realtors can be even worse. Remember, realtors work for their clients, not the other party. Not only are they great at managing their own clients and the other one, but your realtor is going to be great at managing the other realtor. Imagine working with the other realtor and while yes, they want to get the transaction done, they also want to impress their client and throw as much as they can at you in the form of pricing, favors, considerations and more. This back and forth is challenging enough without having to manage a buyer in the equation. That’s where your own realtor can make things so much easier on you and take a lot off your plate.
Instead of focusing on DIY ways to sell your home, why not avoid those mistakes and focus on getting your home ready for the sale. Your realtor can manage the other realtors, buyers, potential buyers and everything else in order to keep things simple for you. Do it yourself is a great idea to have for a lot of things, but when it comes to selling real estate, it’s best to leave that to the professionals.
