1) Being Oblivious Of Your Rights & Responsibilities
It is critical that you understand the details of your real estate contract. Contracts can often be complex and confusing, and they are legally binding documents. Know the terms and conditions of the listing agreement before signing the contract. Ask questions and/or seek legal counsel to avoid misunderstandings.
2) Asking The Wrong Price For Your Property
Anybody selling a product obviously desires to get the most money possible for that product; however, starting high because "we can always come down" proves to be counterproductive. Overpriced properties have a tendency to take longer to sell and they end up selling at a lower price than if they were priced right from the start. Most importantly, the buyer's lender will not finance a loan for a purchase price above true market value. So before you set your price, have your agent prepare a Comparable Market Analysis (CMA). Buyers look at several houses to draw conclusions from the inventory that's available. A high listing price may not measure up to the competition or may cause them to not even bother.
3) Only Using One Method Of Marketing/Advertising
There are many ways to market and advertise your property these days such as Home Magazines, Real Estate Websites, Brochures, Visual Tours, Open Houses, Classified Ads, etc. Your realtor should allow you to select from a wide variety of marketing techniques.
4) Trying To Sell To Window Shoppers
It is important to be able to distinguish realistic potential buyers from mere window shoppers. Often times people who do not come through a realtor are several months away from buying and are more interested in browsing the market than actually making a purchase. Many times they are not prepared to make a purchase because they have not sold their home yet, are not financially qualified, or they may be unsure as to whether they want to relocate. Typically, a buyer's agent investigates their clients' credit rating and purchasing power. This will help keep you from wasting time marketing to the wrong people.
5) Not Preparing Your Home For Sale
The home needs to be made as presentable and pleasant as possible when attempting to sell to prospective buyers. Be sure to make any necessary repairs, remove personal items and clean clean CLEAN! A dirty home in need of repairs will lower the perceived value and turn away buyers.
6) Choosing The Wrong Real Estate Agent
There is a greater probability that a good agent will fetch a higher price for your home, in less time, with fewer hassles. It's important to take your time when selecting a real estate agent. Be sure to interview 2-3 agents--gathering a preponderance of data allows you to make an informed decision.
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