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5 Mistakes Some Sellers Make Posted On :Jul 01-2015

1.     Not interviewing and seriously comparing agents for the job. Sellers may list their homes with a neighbor, friend/relative, or someone who knocked on their door without at least meeting with one or two other agents so they can be fully informed. They may put more effort into deciding which smartphone to buy or where to eat than which agent to entrust the responsibility of managing their largest asset! Not all agents have the experience or resources to provide the highest caliber of service, and the results can be detrimental by $50-100,000 or more.

2.     Setting an unrealistic list price. Sellers often think they can rely on an online valuation system such as Zillow or Trulia, but they don’t realize that there can be a variance of 10-20% between them, and that the online systems have limited information to utilize. Asking prices that are too high will fail to catch the attention of the most qualified buyers as well as serve to discourage some from even making an offer.

3.     Being emotionally attached to the outcome. Some sellers react negatively to an offer they feel is a “low-ball” and refuse to issue a response/counter offer. Others have a personal reaction when they feel a buyer is critical of their home or do not appreciate the improvements they have made. Many escrows fail to close because the seller won’t consider doing any repairs or giving any credits toward problems discovered during inspections.

4.     Trying to hide or ignore significant problems. Hanging a large poster or decorative piece over a noticeable wall-crack or stain can backfire during inspections if/when discovered this can lead to a potential lawsuit after the buyer moves in if the hidden problem is more significant than a simple cosmetic issue. Failing to disclose conditions about the property can result in a serious legal conflict. For example, a seller must let the buyer know if the sewer line needs regular maintenance/rootering, or put themselves at risk for a lawsuit when the situation is discovered.      

5.     Not being willing to make efforts to prepare the home for marketing – especially for photography. Most good agents invest in professional photography for their listings, but even a basic camera and editing is no substitute for decluttering, depersonalizing and improving the flow of the interior. It is very important to present the property in its best light. The first experience most buyers will have with a home is on the internet via photographs. If a home has not been properly prepared, it will show as such, and thus may result in a non-showing. Sellers will always have a better sale (less time on the market and more money) if they take the time to ask any agents they interview what their view and approach is to these issues, and what resources they will provide to help maximize the visual appeal.   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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