Top Twelve Mistakes By Home SellersPresentation Transcript
Choosing the wrong Agent ; assume that their Real Estate Agent friend and Agency is the same or similar to a professional Real Estate Consultant.
Fail to identify what’s truly is important about selling; not being 100% clear about selling the house; are you truly ready to move and sell?
Fail to see the property from a Buyers point of view and have an objective “room by room inspection” from a professional Real Estate Consultant.
Start with a price that is too high when entering the market place.
Fail to prepare and stage the property prior to selling.
Believe they know more about marketing then the Real Estate Consultant.
Rush to get their property on the market before it is 100% ready.
Enter into a “ Panic Mode ” – got to sell now! Not allowing enough time to observe Buyer and Agent comments and adjusting as needed.
Trying to do it yourself or trying to be an Agent when Buyers come to view, instead of leaving Buyers and Buyers Agents alone.
Talk to Buyers Agents about the house; potentially giving information that may compromise the sale.
Demanding “all cash” only, rejecting and refusing to negotiate in a way to make the transaction beneficial to both parties. Leading with emotions instead of the reality of the moment.
Failing to see the power of Buyer Cash Rewards to motivate Buyers to buy! Everyone is motivated by a “CASH REWARD” bonus as a house warming gift!
There are thousands of real estate sales people, however only a fraction of these folks are working full time, thus they may not be up on all the latest changes regarding marketing, financing, negotiating and so forth. Would you say that someone doing your job part-time is as efficient, proficient and up on everything as you are ? Of course not , so why have someone less qualified who will undoubtedly be overpaid to sell your house with less skills? You will likely loose thousands of dollars due to their lack of current experience and knowledge. How would you feel about a part time pilot flying you across the country or a doctor performing surgery on you while joggling another job? So why take a chance of having yourself exposed to loosing thousands of dollars with a part-time agent ? Makes no sense, right!
The extent of real estate experience by many real estate sales people is limited to a licensing test and a few training classes; how is that going to help you with negotiations? It’s not, and it will cost lots of money! You need a Real Estate Professional that is proficient at consulting, negotiating, and overseeing your real estate listing all the way to settlement; that’s what you really need! A Real Estate Consultant that can help you identify what’s truly important to you when selling your house, has all the necessary experience and the much needed selling programs to help you save money by offering selling options including lower commissions and fees as well as Buyer programs to entice / motivate buyers to purchase your house.
Choosing the Agent that agrees with your desired sales price, agrees to do open houses every weekend because it’s what you perceive is best to sell the house is basically a “Yes sir or Yes Madam” and will cost you dearly. If you’re making the marketing decisions instead of the Agent, isn’t that telling you something? The agent has no backbone nor superior knowledge and is simply agreeing to get in the door. You need a Real Estate Agent that will consult with the proper advice to help you achieve your goals.
Many folks embark on the selling journey without even knowing what is truly important about the property sale. Moving forward without a clear understanding of your selling goals could lead to hesitation and bad decision making down the road. Should your reasoning be money, then all your decisions will likely be on the sale proceeds that you are getting, however the true identity of your need may be affording the home that you really want – this could lead to you loosing a purchase contracts because you believe that you need a specific amount of money when in-fact, what you really need is to feel secure in the knowledge that you can to acquire your new home with the proper financing and structuring of a contract.
Most real estate agents will never ask you thought provoking questions when speaking with you because they are afraid of making you uncomfortable. Often, the true reason for moving may not be completely clear leading to bad decisions. Getting to know you better allows us to better help you; after all, what you really want is to make quick, clear & well informed decisions when negotiating a contract.
Real Estate Agents that are your friend, often fall into the category of folks who will not ask you the right questions because they feel that they are intruding, however this trepidation will compromise the sales because your agent friend has no knowledge of what is truly important to you and what you are truly trying to accomplish. This lack of knowledge will slow down the negotiation process and lead to bad decisions. What this means is that you will be trying to sort out so many things when dealing with a contract instead of being focused on the sale.
Knowing and having a clear understanding of your goal will allow you to make clear, well informed decisions. It’s always about more than money, more than space, more than location; You’ll be surprised how clear your decisions will be when our professional consultant helps you identify what’s truly important about selling your property!
Believing your house is the best is a major mistake! Every person and potential buyer has different ideas about what is good or not; what is of importance to you may not be to others. Any action or reaction based on this type of thinking could lead to missed opportunities when selling.
Failing to see that the house may be cluttered could lead to buyers not seeing the available space. Your presentation of space is crucial when selling as everyone will fill the space differently and the possible fixation on what you have could prevent buyers from seeing what space exist.
Overgrown landscaping such as bushes, trees, and grass can lead to bad first impressions and prevent buyers from even entering your house. While you may like it this way, other may not and this condition will prevent buyers from viewing your house.
You may like being on a busy street, however the traffic could deter buyers no matter how beautiful your house may be because not everyone wants to see cars racing out front, because of potential noise or possibly safety concerns for themselves or others coming to visit. Depending on where you live will determine buyer desirability. A lot of the decision making is based on location.
Not acknowledging that having an older roof, older siding, fainted paint, worn out floors, aging HVAC system, ethnic scents and other similar conditions directly affects the property value as compared to other homes. Buyers and appraisers always compare the quality of the house structure to others on the market. Wanting to get the same price as other houses when your house is in need of updating is an unrealistic expectation. Always be objective and realistic and get an objective third party point of view from a professional consultant, not a “yes person”.
When getting your house evaluated, if all you get is an agreeable agent or “yes madam / yes sir” type reaction. You’re probably not getting a true indication of your house condition.
Choosing the Agent that agrees with your desired sales price is basically a “Yes sir or Yes Madam” agent and this is never your best agent to sell the house . If you’re making the pricing decisions without consideration to the Agent’s comparable analysis, isn’t that telling you something? The agent has no backbone nor superior knowledge of the market place and is simply agreeing to get in the door . This will cost you! You will be chasing the market down and actually get less money in the long run. You need a Real Estate Consultant to tell you the truth and help you achieve your goals.
You will miss all the potential buyers that would have bought your house at the true market value by starting with the wrong price. If you’re not ready to sell for the true market value, you should either decide not to sell your house or choose to sell at the true market value for a quick sale. Buyers are well aware of comparable values. The property will not appraise killing the sale if somehow an uninformed Buyers comes along. You’ll be wasting your time !
The wrong buyers will be coming to your house as they will be expecting something different from what you are offering. Why have a bunch of folks inconvenience you , time and time again needlessly who are expecting to see a house that reflects the market value as they know it? Makes no sense, right?
Pricing “too high, feeling or testing the market” does not make prices go up, it makes your listing go stale and makes your neighbors wonder what’s wrong with your property. Do you want your neighbors thinking something is wrong? Of course not! The comparable statistics tell you the market for your area so you can make an informed decision and save you from a pricing experiment that will likely cost you time and money.
Ignoring the market values and proceeding with a higher value is a clear indication that you are not ready to sell your property or simply don’t have a clear idea of the importance of selling your property. A professional Real Estate Consultant can help you go in the right direction; that’s what we do…
Not having an objective look at your house from a buyer’s point of view can cost you. Being comfortable is perfectly fine, however when presenting your house to buyers; adjustments are typically needed because everyone sees things differently. The property should be presented in a way that best shows its feature and space ; too much furniture, excess items on the walls, untrimmed landscaping will compromise both the sale and the price that can be obtained.
Carpet and paint typically wears out with time right before our eyes. On an everyday basis, it looks fine to us, however for someone coming in fresh; the look is totally different. These two items are the least and most cost effective things that you can do to improve the appearance of your property . You should always ask yourself if you were a buyer right now, would you buy your house as is or would you want the house in better condition.
Not staging your property for sale, that is trying to give the “model home” look can cost you and will result in you getting less than what others have sold their houses for. Making an effort to make some changes will pay handsomely as potential buyers will see your property in a better light and will see more value.
The idea of selling “AS IS” sounds great in some cases, however the result for doing so is always the same . You’re passing a substantial amount of risk to the buyer who is nervous and emotionally charged. This will go against you when trying to get top dollars . When possible, always do your best to improve the look of your property.
Your property may be in need of some repairs such as plumbing, roofing, broken HVAC and so forth; allowing this to continue without repair will become an issue for buyers and mortgage lenders. Often lenders through appraisers / inspectors will require that certain systems / items be fixed as a condition for financing; without repairs, you will be limited to cash buyers (very limited and they most always lowball their offer to purchase).
Believing and wanting to do everything your way is likely not to work and become very costly if you are not practicing real estate on a regular basis. If this is the route that you wish to proceed with, a “Flat Fee” or “A La Carte” program is the way to go. You can easily decide what you want to do and invest as you wish by selecting from an extensive list of available marketing tools and services from Real Estate America.
Wanting the agent to take all the financial risk while issuing marketing directives is likely not to work. This shows that value has not been reached in the services and help of your agent and you should seriously look for another agent that you can trust to get the house sold.
The media has a tendency to voice a lot of misleading messages to the public; often offering one point of view from a particular source without consideration from others; sometimes so convincing that you wish to have their recommendation enacted by your agent. This is a very dangerous request since the media is never the real estate expert or practitioner in this field. They are reactionaries to messages being put out by others, they are not the experts; we are, your Real Estate Consultants. You wouldn’t have a mechanic perform surgery on you or have a bartender mix your much needed pharmaceutical medicine, would you? Of course not, so what makes you think the media would know more about real estate? Makes no sense, right?
Neighbor and friends sometimes are very engaged when it comes to the business of other people. You should do this or that, they say, because a friend of theirs did it and it worked; so based on here-say, you’re ready to push that theory without further consideration. Again, what may have worked for someone else, assuming the information is correct, is a direct function of the condition that prevailed with someone else and bears no relevance to your specific property. Only your Real Estate Consultant can accurately evaluate and determine the value of such action in your particular listing. Don’t get sucked in by all those who “know everything”; let a professional Real Estate Consultant do it.
Potential buyers will get a bad first impression. Once a buyer has seen your property, there is no going back as they will have already made a determination. Even if you make changes down the road, it usually is too late as buyers will have the memory of what the property looked like and buyers will wonder about things if they actually come back to see it.
You will not get the desired impact to buyers. The first impression is kind of like your “gut feeling” and this often means everything. Don’t take a chance of missing the opportunity to make a great first great impression as this only happens once. You’ll have a better chance at selling your property.
If your amidst a renovation; construction workers may be all over the place revealing a lot about the property that may make buyers nervous and uncomfortable. The finish product is what sells buyers , however everything leading to that finish product just brings questions, uncertainty, and anxiousness about thing buyers don’t understand. Even if the buyer returns down the road, the memory of misunderstood things will linger and cause unwanted concerns that could cost you money.
Selling a house is a very emotional time for sellers as well as buyers and the preparation process can sometime take longer than expected leading to a sense of desperation; in other words get it on the market-itis before you are actually ready. The placement of your property on the market prior to actually being 100% ready can and will likely cost you money and potentially invite low ball offers as well as extend the time your house will be on the market. This occurs because the early viewers will see a house that is not really ready yet causing them not to buy, and by the time the house is ready; your property will have been on the market for a long time and be interpreted by buyers as a stale listing for having been on the market for so long even though you may only have gotten the house ready recently.
You need to be clear about your goals before selling. Putting your house on the market without being mentally ready or fully committed to selling is disastrous to both you and the potential buyers.
Having an obvious sense of “panic” will lead to a lot of wasted energy that will compromise your ability to make rational decisions. In as much as you may have a very urgent need to sell your property; taking a step back and letting your Real Estate Consultant help you maneuver through the real estate maze is the best course of action . Getting and having a complete understanding of what is truly important to you will result in a highly focused plan of action just for you and your property.
Let buyers know of a “must sell” situation will not help you any with the sale. It will result in buyers smelling blood and fill them with the desire to write low ball offers due to your desperation. It’s basically a recipe that will lead to the wrong kind of offers . How would you react? It’s an opportunity for you to get something for less because you sense the seller will release property out of desperation.
Buyer agents knowing of your “panic” mode tells them that you are worried or desperate. You don’t want agents getting the wrong impression because you are potentially exposing yourself to purchase offers that are lower than market value .
Getting the right buyer to your house is not relative to your state of being. It’s about your listing being presented to buyers that have an interest in a property with your specific features, amenities and location . All the worrying in the world is not going to change a thing and drive you nuts needlessly, not to mention that you’ll give the wrong impression to buyers.
If you are a natural worrier, you should have a clear understanding of what is important to you about the sale as well as your goals. A proper discussion with your Real Estate Consultant will help you through the entire selling process and reduce much of the potential anxiety.
Selling now is a function of having the right buyer at a given time and it is not relative to any “panic” situation. Freaking out will do no-one any good and wear you out. The market will take care of itself in time .
Having some knowledge with marketing could lead you to believe that you can do it all with minimal assistance. The truth about real estate is that the real estate market can change rapidly causing you to have to take different initiatives to sell your house. Doing marketing in accordance to the way you search for homes may not be the best way as everyone looks for properties differently and your efforts could cause you to spend a lot of money on fruitless marketing.
Watching lots of real estate news on television and in the paper media can lead you to thinking and act out on the media’s generic recommendations without consideration to the local market and your consultant’s advise. The media is hardly the best education source for real estate as every market is different. Acting out based on general information can cost you dearly. Remember that your best source is a professional consultant that is familiar with your market area, not the media. Media information comes from real estate professionals from various locations around the country who rarely give you anything specific to your local area. Another way to look at this is: how good of a doctor can you be by just learning from the media? How well can you really fix a car just by watching a television car show? If you watch handyman shows, does that make you a plumber, carpenter, electrician? It doesn’t and watching real estate reports doesn’t make you the best in real estate. Can anyone step into your job and do it as well just by watching television and reading reports? Hardly, right!
Studying and learning from speaking to various Agents can lead to believing that a mix-use of information from them can be a successful plan for you. The problem with that is that the Agents that you interviewed or spoke with may have given you miss-leading information based on limited knowledge . On many occasions, the populous rhetoric seems to be good information, however the reality is quite different. A direct falsehood is when Agents simply tell you what you want to hear to get the listing from you without consideration to the outcome.
Trying to be the sales agent by talking to buyer agents because you are in sales yourself can & will hurt you. Remember, while you may be in sales, your field is different as are the type of clients . What may work for you in your field may seem OK here, however the information exchange could cause legal implications due to the real estate laws, fair housing laws, environmental impact and so forth. Not being up on various topics may result in something being said that could be construed as detrimental to a buyer or buyer agent.
Speaking out because you know the house best can lead you in a heap of trouble. Our house is our home, and we are highly proud of everything it offers, however what is so great to us, is not necessarily so great to others. Boasting about various items may be alright, however singing the “great home” song will bring potential liability. Every word that you say can hang you due to your lack of knowledge of the many laws that surround the real estate industry. Just remember, a lawyer doesn't act as his or her own lawyer; a doctor doesn't perform surgery on him or herself and acting as your own agent by talking to buyers agent can lead them to using what you tell them against you .
Being friendly is something that all of us like to do, especially when it could lead to a healthy bottom line. The thing to remember is that your bottom line is of no concern to a buyer agent . Like the bill collectors, any and all information obtained will be used to get the buyer a better deal. Who do you want to have the better deal? It is tempting, however experience shows that many folks are likely to say something unknowingly that could hurt them. What do lawyers tell you if your involved in a case?
Talking dollars and cents may be the most dangerous scenario no matter how good you may be at negotiating in your business. Doing it on your behalf can be highly emotional and can lead to your bottom line being compromised. A third party real estate consultant can objectively negotiate more effectively due to lack of emotion in the sale . Remember this is business and being able to see clearly is very difficult when it affects us directly.
During the selling process, offers to purchase are likely to surface that you may find insulting given your perception of your property. Not dealing with said offers can & will make things more difficult for you. Any offers is a reflection of someone’s interest no matter what is written on the contract papers. The truth about a contract offer is better discovered by always issuing a counter offer to discover the true level of interest from the buyer. An emotional, immediate cut-off or disengagement will do you no good and not reveal if anything could have been done. Always keep the doors open no matter how abysmal things may seem.
A contract offer loaded with contingencies can be overwhelming at first, however taking a step back and looking at the property a little differently may divulge things that were unknown to you. Offers to purchase come in all shapes and forms; rarely are they simple and to the point. If that were the case, anyone could write and resolve contracts. The shear enormity of a contingency list could leave you desiring to simply tear it up – it’s too much, however the reality may be that while the list may be long, the items value may be minimal cost and worth the attention to get you moving.
Not willing to take anything less than a full price offer or specific figure will ultimately cost you more as you will lose potential sales. The sale of your property, in essence is a business transaction; refusing to treat it as such is an indication that you are either not ready to sell or unwilling to recognize the market value for the property. Letting contract offers go will cause your listing to go stale and make others wonder what is wrong. In a flat or down market, you will end up not selling and find yourself chasing the market should you eventually come to terms with the market value.
On most occasion, the highest level of interest is within the first months or weeks leading you to believe that you have a “hot” property. This is hardly ever the case. The early days are known as the introduction and curiosity stage as everything is getting out there very quickly to the masses. Unless your property is properly positioned; you will not get any viable offers . Don’t construe traffic with interest – these two are different! One gets you there, the other keeps you there! You need both!
Conventional agents will have you believing that its all about them when selling a property, never is there anything about their company. Sadly, traditional real estate companies give agent no options to offer you ! They have no service products to save you money or to speed up a sale ! They cause agents to be in personality contests to get business instead of offering selling options that will save you money through the use of “BUYER REWARDS” to incentivize buyers. It becomes a psychological warfare sort of speak, if you will. There’s no need for you to be stuck to one size fits all .
Conventional agents will never mention “CASH REWARDS” because they don’t offer them. The truth about the CASH REWARDS is that they cause your property to be seen by more buyers because buyers know that they will get a nice CASH BONUS as a house warming gift. This is over and above any contract negotiations.
Conventional agents do not offer any “BUYER REWARDS” because this must be rooted at the “Broker Agency” level. Real estate companies do not see the VALUE in BUYER REWARDS as we do. Knowing that you will have a nice “REWARD” after your expenditures is likely to have you thinking about taking a second look ; a what if, if you will.
A lot needs to happen for other agents to offer the “CASH REWARDS” , it’s called: money out of their pockets and money out of their brokers pockets. Frankly the value in investing in “CASH REWARDS” is not high on most agents list due to cost; however Real Estate America believes in “BUYER REWARDS” so much that they are offered / available with every listing at “no extra cost to you ” because we want to do everything possible to better help you get moving!
Buyer CASH REWARDS are real to you to get you buyers to your door and real to you when you choose to buy your new home with us. It’s simple, you get two (2) opportunities to cash in on this wonderful prize. 1 st helps you sell more quickly and 2 nd puts cash in your pocket! It’s a win-win situation for you !
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