Mistake #1. Using a real estate agent instead of a Realtor
When you're looking for help buying or selling property, it's important
to remember that the terms "real estate agent" and "Realtor" are not synonymous.
Realtors can provide an extra level of service, and to be a Realtor you
must be a member of the National Association of Realtors (NAR). The equivalent
organization in Canada is the Canadian Real Estate Association (CREA).
Both are non-profit trade organizations that promote real estate information,
education and professional standards. The National Association of Realtors
also has earned a strong reputation for actively championing private property
rights and working to make home ownership affordable and accessible. The
NAR and CREA members adhere to a strict code of ethics founded on the principle
of providing fair and honest service to all consumers. Realtor business
practices are monitored at local board levels. Arbitration and disciplinary
systems are in place to address complaints from the public or board members.
This local oversight keeps Realtors directly accountable to the individual
consumers they serve and therefore the consumer is more likely to find
better service and accountability by using a Realtor.
Mistake #2. Complacent marketing when selling a home
When selling your home there are no guarantees that the ultimate buyer
of your home will have simply walked through the front door. In many cases
you may have to bring your home to the buyer. Effective marketing will
help ensure that your property receives maximum exposure to attract a ready,
willing and able buyer in the shortest period of time. Ask your Realtor
to list for you all of the ways he/she intends to market your home and
on what time-line. Also, be sure to ask about the home being advertised
on the Internet.
Mistake #3. Taking for granted the "curb appeal" of your home
When you're preparing your house for sale, remember the importance
of first impressions. A buyer’s first impression can make or break whether
they even want to go inside for a look. It is estimated that more than
half of all houses are sold before the buyers even get out of their cars.
With that in mind, be sure to stand outside of your home and take a realistic
"fresh look" and then ask yourself what can be done to make the "curb appeal"
improve. Also ask your Realtor’s opinion as to how to improve the curb
appeal. It could make a huge difference in your final sales price.
Mistake #4. Forgetting about health and safety issues
Be upfront and disclose to your Realtor any problems with the property.
The problems are going to be discovered anyway. A decade ago, health and
safety issues were rarely a part of the typical real estate transaction.
Today, however, it's common for inspections relating to health, safety,
and even environmental concerns to be a part of most sales contracts. Moreover,
in many states, the seller must disclosure to the buyer any knowledge of
existing property problems. In many cases, these issues have been or can
be factored into the home's listing price.
Mistake #5. Forgetting what you would want to see if you were the buyer
of your home
Remember that although people can be different in personality, they
tend to be the same when it comes to expectations at someone else’s expense.
In other words, a prospective buyer would probably like to see a perfect
home from top to bottom, inside and out, when it comes to your home. Try
to do as many of the following items as possible to improve the likelihood
of your home sale in an expedient way.
On the outside
1) Sweep front walkway.
2) Remove newspapers, bikes and
toys.
3) Park extra cars away from the
property.
4) Trim back the shrubs.
5) Apply fresh, clean paint throughout.
6) Clean windows and window coverings
throughout.
7) Keep plumbing and all appliances
in working order.
8) Maintain all sealant (window,
tub, shower, sink, etc.) in good condition.
9) Make sure roof and gutters
are clean and in good condition.
10) Mow the lawn frequently and plant
flowers.
11) Keep pet areas clean.
On the inside
1) The kitchen and bathroom
should shine.
2) Quick once-over with
the vacuum; carpets should be clean.
3) Place fresh flowers in
the main rooms.
4) Put dishes away, unless
setting a formal display for decoration.
5) Make all beds and put
all clothes away.
6) Open drapes and turn
on lights for a brighter feel.
7) Straighten closets.
8) Put toys away.
9) Turn off television.
10) Play soft music on the radio/stereo.
11) Keep pets out of the way and
pet areas clean and odor-free.
12) Secure jewelry, cash, prescription
medication and other valuables.
13) Enhance the spaciousness of
each room.
Mistake #6. Thinking you need to be in the home to explain things to
a prospective buyer
You will be better served if you allow your Realtor to do their job
without you there. Most potential buyers usually feel more comfortable
if they can speak freely to the real estate professional without the owners
being present. If people unaccompanied by an agent request to see your
property, you should refer them to your real estate professional for an
appointment.
Mistake #7. Not knowing how to price your home to sell
Perhaps the most challenging aspect of selling a home is listing it
at the correct price. It's one of several areas where the assistance of
a skilled real estate agent can more than pay for itself. Listing the home
too high can be as bad as too low. If the listing price is too high, you'll
miss out on a percentage of buyers looking in the price range where your
home should be. This is the flaw in thinking that you'll always have the
opportunity to accept a lower offer. Chances are the offers won't even
come in, because the buyers who would be most interested in your home have
been scared off by the price and aren't even taking the time to look. By
the time the price is corrected, you've already lost exposure to a large
group of potential buyers. The listing price becomes even trickier to set
when prices are quickly rising or falling. It's critical to be aware of
where and how fast the market is moving - both when setting the price and
when negotiating an offer. Again, an experienced, well-trained agent is
always in touch with market trends - often even to a greater extent than
appraisers, who typically focus on what a property is worth if sold as-is,
right now.
Mistake #8. Not planning your move earlier enough
Many sellers simply don’t plan their move early enough and then feel
totally overwhelmed at the time of moving out of the house. If you are
able to move at any time of the year, don’t wait until summer, the peak-moving
season. Consider also that the first and last few days of the month are
extra busy. If you plan to sell your house, get it on the market
as soon as possible. Keep a record of all expenses related to the move,
some of which may be tax deductible.
Fill out the Personal Household Inventory for each room. This is important
for establishing the amount of declared valuation for the shipment and
as a permanent inventory for insurance purposes. List, as nearly as possible,
the year of purchase and original cost of each item. Attach any invoices
or records of purchase to the completed inventory.
Prepare a separate high-value inventory if the shipment will contain
articles of "extraordinary" value. The following list includes items
that might fall into this category:
q Antiquesq Art Collectionsq Camerasq China Collectionsq Computer Equipmentq
Crystalq Figurines q Firearmsq Jewelryq Manuscriptsq Oriental Rugsq
Silverq Stones Or Gemsq Tapestriesq TVs Or Stereos
Also, unless you have been given a binding moving estimate where a
firm cost is established in advance, the exact cost of a move cannot be
determined until after the shipment has been loaded on the van and weighed.
The weight on which charges are based is calculated by weighing the van
before and after loading. The total cost of the move will include
transportation charges, any charges for declared valuation, plus charges
for any extra services performed at your request. All of these charges
are based on tariff rate schedules.
Mistake #9. Using a "convenient" Realtor rather than using an experienced
Realtor
When working with a real estate agent, it's critical that you have
full confidence in that agent's experience and education. A skilled, knowledgeable
agent should be able to explain to you exactly why your home needs to be
priced at a certain level - compared to recent listings and sales of homes
similar to yours. Experienced agents also know exactly what the current
pool of buyers are looking for in relation to particular styles and price
ranges of properties. A skilled agent can recommend changes that will enhance
the salability of your home, thus increasing the price - and/or decreasing
the length of time before a sale.