Four Mistakes Real Estate Sellers Must Avoid
The head of an
international real estate company lists four common mistakes that home sellers
Pricing the property too high - More often than not, first-time home sellers tend to price their properties according to the net profits that they would like to receive from the sale. This kind of pricing eventually leads to a price that is much higher than what the home is really worth. Although it would be really nice to receive a hefty profit from selling your home, it's best to remain realistic and take into account the many different factors that can bring up or pull down its value. One way to get an idea of how much a piece of property is worth is to consult property reports and compare house prices with similar properties in the area. Another is to hire a professional to appraise the house. These tactics ensure that you will set a price that is fair for both seller and buyer, thus increasing the chances of selling the house in the future.
Concealing or not disclosing problems with the property - A lot of homeowners often fail to mention problems with the house in an effort to boost its value and sell it at a higher price. This practice can later on lead to costly lawsuits because of the fraudulent nature of the sale. It's important to disclose to buyers even minor problems as this can later on serve as a protective measure against being sued.
Putting the house on the market without adequate preparation - Buyers usually judge a piece of property based on what they see - and if a house for sale is littered with trash, dirty dishes, and unkempt gardens, it's unlikely that buyers will think of the property as a good investment. There's a reason licensed agents insist on at least cleaning up the property before putting it up for sale: a little bit of effort spent on home staging will pay off by speeding up the selling process.
Using insufficient marketing materials - Prospective buyers these days usually turn to the Internet first to find available properties in the area of their choosing. As such, how you present your property on an online ad will greatly influence how buyers will feel about the house. The most compelling real estate ads contain these two important elements: numerous high-quality pictures and detailed descriptions. Make sure that your marketing materials contain both.
With the right timing and preparation, home sellers can easily attract buyers and secure a sale in a short amount of time. Lauchlan Leishman, head of the international real estate company the Berkeley Capital Group lists four common mistakes that home sellers must avoid.