5 Critical Mistakes Sellers Often Make

When you are selling a property you are almost entirely at the mercy of the marketplace. You do, however, have control over several aspects that give you some leverage with the market.  Yet, in every market place, sellers and listing agents repeat these mistakes all the time. Here is a list of five avoidable mistakes that I see sellers (or their agents) make all too often.

Overpricing 

This seems obvious, but it happens ALL THE TIME.  Due to misperception of value, misinterpretation of market data or the belief in the common myth that by overpricing one creates room to negotiate, there is a constant flow of overpriced housing.  This idea almost never works.  In fact, it only serves to undermine future price adjustments and contributes to unnecessary market time which translates into frustration and loss of potential return.

Poor Preparation 

Many of us are messy, especially in the haven of our home (guilty as charged).  However, when it comes to marketing a property, messy or cluttered spaces is a big fat NO-NO.  Clear those counter and desktop surfaces, organize attics and basements:  box it, file it, store it, can it.  Yet, over and over again, I see property that is cluttered, disorganized and unclean.  What's more, the agents seem to have no issues posting photos on MLS.  (I actually keep a collection of bad MLS photos called the Wall of Shame).

Also, if there facets of your home that require maintenance or repair, be sure to address them before the property hits the market.  Getting your house in tip-top shape, effectively staged and looking like saleable property is the one of the few aspects a seller can actually control.  

Unrealistic Expectations

Expectations on value, the property itself, or the process, if not set properly, will lead to emotional distress, impatience and anxiety.  These emotions can cripple a transaction.  While I could be the best Realtor this side of the Charles River, the market is as the market does and you should have a realistic sense of what it is doing.  Even with the best pricing and marketing strategy, the market’s performance can be slower than your expectations.  On the contrary, I have seen sellers who cave prematurely on pricing or terms simply because they are too eager to move forward.  Sellers must understand that buyers won’t always see things (e.g. home features, value, timing) the same way.  An experienced agent will help to keep to keep anxiety and excitement in check and help you set realistic expectations.

Accessibility  

It’s true that the right buyer could come at any time and from anywhere. Making sure your property is show-ready and available is a big help to getting it sold.  Sure sometimes children, unorthodox sleep/work schedules, or extended family commitments can be obstacles, but ideally, the more accessible, the better its chances of selling sooner.

Selling on their Own: For Sale By Owner  

Many sellers think that they can save the fee by doing by themselves without the help of an agent.  Known as FSBO's, their success rate is somewhere near to 30%.  Of those 30% who managed to get a sale, their sale price to list price ratio is about 93.3% compared to 97%  for properties that are marketed by a professional.  If most sellers are already offering 2-3% commission to a buyer agent, what does that other 2-3% really save them?  To sell a home effectively involves a lot of work, insight and many different skills.  

I’m not saying that every agent can do better than any owner selling on their own, because that’s not true. I have also seen (too many) agents that would have trouble selling a free flat screen TV on Craigslist.  Sellers unfortunately think these agents are the standard and, not surprisingly, see themselves doing better. To be honest I have seen some sellers with the time, patience, wherewithall and good fortune to sell their homes effectively, but these cases are rare.

Before you think about taking the reigns, at least consult with an experienced professional to get a better understanding of how their involvement could actually save/make you money.  

If you consider these 5 points before and as you market your home, you will increase your chances of selling for top dollar dramatically.   

If you'd like to hear more about how the right agent can make a difference, please contact me.  I'm one of area's best listing agents and I've got the track record that shows it.  Check out my listing/marketing/selling philosophy Prezi!