By Robert Jenson (c) 2008
Selling a home expediently and profitably takes far more than faith...ittakes keen insight. Successful real estate ventures don't happen "on a wingand a prayer," but rather by knowing what specific pitfalls to avoid inworking toward closing a heavenly deal.
Homeowners play a critical role in the timely sale of their property - theextent to which most don't appreciate or vastly underestimate. While a realestate agent is essential to ensure you get the best price for your homeamid current market conditions and with as few hassles as possible, sellersthemselves are integral in moving their homes quickly and efficiently.
Even before you list your home, hire professionals to inspect the homeincluding the roof, pool, and other structural elements, as well as fortermites and other important buyer considerations. Make ALL repairs beforeyou list the house on the market. Today's buyer is discriminating and hasmany choices - don't give them a reason to have concerns. A complete listof the completed inspections and repairs should be made available to seriousbuyers, which will go a long way in expediting the process at large.
First and foremost when you're ready to list, remember you need to "Price toSell," not "Price to Own." Remember your goals and why you are moving inthe first place. With this in mind, price the home at or below marketvalue, not based what you need, want or were hoping to get. An appraisalcan help you discern what number best hits that target.
"Staging" the home is another consideration that is often overlooked. Plantfresh flowers, wash the windows and screens, put on a coat of new paint, laynew carpet, add furnishings and décor items, eliminate clutter and removepersonal photographs from around the house. It's time to show off yourbeautiful home and make someone else feel completely at home in it. Firstimpressions are critical, so ensure the junk is packed in boxes, and allboxes are put in storage vs. the garage so the prospective buyer canproperly evaluate and appreciate that part of the house, too. Clean out theclosets, so they look bigger.
Once staged, be prepared to show your home at all times - even at the dropof a hat should a prospective buyer be "in the neighborhood." From thefirst day your listing hits the market, your beds should always be made,dishes done, socks put in the hamper, toiletries and medications put away,etc. Be ready for a possible buyer to walk through at all times.
If you know when prospective buyers are going to show up, turn on ALL thelights, open the blinds, light a nice smelling candle, and turn on somemellow music on low volume. In short, set the mood. Appealing to all thesenses will leave potential buyers with a good feeling and impression aboutyour home. And, don't hang around. Walk the dog or just take a walk aroundthe block so the buyers may tour the home unencumbered. Let theprofessionals do the selling!
Your agent should be giving you feedback from each and every showing eitherhe or she makes, or made by other agents. If someone mentions pet odors orother such problems, handle it as soon as possible. If someone seems to beinterested, don't delay as time is your enemy.
Strike while the iron's hot and try to make a deal.
The following list of "7 Deadly Home Sale Sins" details key offenses sellersshould avoid at all costs to get on the path toward the promise land ofprofitability:
1. Pride. Buying a house is always an emotional and difficult decision. Asa result, resist the urge to "hard sell" and excessively boast about yourproperty, instead allowing prospective buyers to comfortably examine yourhome - without you present if at all possible. If you're there, while aprospective buyer is inspecting, don't try haggling or forcefully sellingbased on your subjective views of how great your home is. Instead, befriendly and hospitable and largely out of sight. Pointing out any unnoticedenhancements and amenities is fine. Being receptive to questions isadvisable, but this is not the time for negotiation and salesmanship.
2. Envy. Don't be jealous of what the other homes in the neighborhood soldfor, as the intention to fare better financially with your real estatetransaction than others have realized in your community can - and will -negatively impact your judgment and objectivity as it relates to YOUR homesale. As most markets have declined over the past couple years, it is verycommon for sellers to covet what others have garnered in the past. Currentmarket conditions play a large role in setting the sale price, so ratherthan reviewing sales over previous months and years it's wise to considerthe currently available inventory of homes comparable to yours relative topricing, days on market and other such indicators.
3. Anger. If an offer comes in lower - way lower - than expected, stay cooland consider the opportunity for what its worth. Don't let a low offerinsult and anger you to the extent that your objectivity is impaired and yourender an emotion-driven response. Indeed, don't let a bout of righteousnesscloud your judgment in considering all of your options. Many deals cometogether that, at first, seem unlikely to have a chance. When that lowoffers comes in, appreciate that someone has thrown their hat into the ring.Continue sending counter offers until both you and the prospective buyerfind some kind of middle ground...or you feel it's time to fish or cut bait.
4. Greed. Every seller naturally wants to get the most money for his or herproduct. The most common mistake that causes sellers to get less than theyhope for, however, is listing too high. Listings reach the greatestproportion of potential buyers shortly after they reach the market. If aproperty is dismissed as being overpriced early on, it can result in laterprice reductions, which reflect poorly on the listing. Overpriced propertiestend to take an unusually long time to sell, and they end up being sold at alower price than they likely would have had they been priced properly in thefirst place.
5. Sloth. Simply put, complacency and laziness have no place whatsoever inthe high stakes game of real estate. When attempting to sell your home toprospective buyers, ensure your home looks as clean, tidy and generallypleasant as possible. Make sure everything looks presentable at all times sothat you're ready for last-minute showings. Remove as many personalpossessions as you can from around the home, including photographs, so theprospect can better envision themselves living in the space. A poorly kepthome, or one with too much clutter, will make it dramatically more difficultfor buyers to become emotionally interested in your property.
6. Gluttony. When selling a home, resist the urge to be penny wise andpound foolish. You may need to spend some money in order for the property torealize its full sales revenue potential. Even before you list your home,hire professionals to inspect the roof, pool, and other structural elements,and for termites and other important buyer considerations. Make ALL repairsbefore you list the house on the market. Also, don't forget to stage thehome. Plant fresh flowers, apply a coat of new paint, lay new carpet, addfurnishings and décor items. Today's buyer is discriminating and has manychoices - don't give them a reason to have concerns. Make the best firstimpression possible.
7. Lust. An overly intense desire to secure a specific, non-negotiable saleprice can - and will - adversely impact your home sale. Sellers shouldalways be willing to negotiate price with a prospective buyer, and resistthe urge to improve their profit margin by cutting corners or generallyover-pricing With such price flexibility and a competitively pricedlisting, the house languish too many days on the market, which puts it at astrategic disadvantage and may ultimately force the home to sell for a lowerprice than it would have otherwise.
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Please contact me, Robert Jenson, for more information on this or any otherreal estate related matter at Rob@TheJensonGroup.com or through my Web sitelocated at www.TheJensonGroup.com.
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