By Robert Jenson (c) 2008
Selling a home expediently and profitably takes far more than faith...it takes keen insight. Successful real estate ventures don't happen "on a wing and a prayer," but rather by knowing what specific pitfalls to avoid in working toward closing a heavenly deal.
Homeowners play a critical role in the timely sale of their property - the extent to which most don't appreciate or vastly underestimate. While a real estate agent is essential to ensure you get the best price for your home amid current market conditions and with as few hassles as possible, sellers themselves are integral in moving their homes quickly and efficiently.
Even before you list your home, hire professionals to inspect the home including the roof, pool, and other structural elements, as well as for termites and other important buyer considerations. Make ALL repairs before you list the house on the market. Today's buyer is discriminating and has many choices - don't give them a reason to have concerns. A complete list of the completed inspections and repairs should be made available to serious buyers, 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 to Sell," not "Price to Own." Remember your goals and why you are moving in the first place. With this in mind, price the home at or below market value, not based what you need, want or were hoping to get. An appraisal can help you discern what number best hits that target.
"Staging" the home is another consideration that is often overlooked. Plant fresh flowers, wash the windows and screens, put on a coat of new paint, lay new carpet, add furnishings and décor items, eliminate clutter and remove personal photographs from around the house. It's time to show off your beautiful home and make someone else feel completely at home in it. First impressions are critical, so ensure the junk is packed in boxes, and all boxes are put in storage vs. the garage so the prospective buyer can properly evaluate and appreciate that part of the house, too. Clean out the closets, so they look bigger.
Once staged, be prepared to show your home at all times - even at the drop of a hat should a prospective buyer be "in the neighborhood." From the first 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 the lights, open the blinds, light a nice smelling candle, and turn on some mellow music on low volume. In short, set the mood. Appealing to all the senses will leave potential buyers with a good feeling and impression about your home. And, don't hang around. Walk the dog or just take a walk around the block so the buyers may tour the home unencumbered. Let the professionals do the selling!
Your agent should be giving you feedback from each and every showing either he or she makes, or made by other agents. If someone mentions pet odors or other such problems, handle it as soon as possible. If someone seems to be interested, 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 sellers should avoid at all costs to get on the path toward the promise land of profitability:
1. Pride. Buying a house is always an emotional and difficult decision. As a result, resist the urge to "hard sell" and excessively boast about your property, instead allowing prospective buyers to comfortably examine your home - without you present if at all possible. If you're there, while a prospective buyer is inspecting, don't try haggling or forcefully selling based on your subjective views of how great your home is. Instead, be friendly and hospitable and largely out of sight. Pointing out any unnoticed enhancements and amenities is fine. Being receptive to questions is advisable, but this is not the time for negotiation and salesmanship.
2. Envy. Don't be jealous of what the other homes in the neighborhood sold for, as the intention to fare better financially with your real estate transaction than others have realized in your community can - and will - negatively impact your judgment and objectivity as it relates to YOUR home sale. As most markets have declined over the past couple years, it is very common for sellers to covet what others have garnered in the past. Current market conditions play a large role in setting the sale price, so rather than reviewing sales over previous months and years it's wise to consider the currently available inventory of homes comparable to yours relative to pricing, days on market and other such indicators.
3. Anger. If an offer comes in lower - way lower - than expected, stay cool and consider the opportunity for what its worth. Don't let a low offer insult and anger you to the extent that your objectivity is impaired and you render an emotion-driven response. Indeed, don't let a bout of righteousness cloud your judgment in considering all of your options. Many deals come together that, at first, seem unlikely to have a chance. When that low offers comes in, appreciate that someone has thrown their hat into the ring. Continue sending counter offers until both you and the prospective buyer find 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 her product. The most common mistake that causes sellers to get less than they hope for, however, is listing too high. Listings reach the greatest proportion of potential buyers shortly after they reach the market. If a property is dismissed as being overpriced early on, it can result in later price reductions, which reflect poorly on the listing. Overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price than they likely would have had they been priced properly in the first place.
5. Sloth. Simply put, complacency and laziness have no place whatsoever in the high stakes game of real estate. When attempting to sell your home to prospective buyers, ensure your home looks as clean, tidy and generally pleasant as possible. Make sure everything looks presentable at all times so that you're ready for last-minute showings. Remove as many personal possessions as you can from around the home, including photographs, so the prospect can better envision themselves living in the space. A poorly kept home, or one with too much clutter, will make it dramatically more difficult for buyers to become emotionally interested in your property.
6. Gluttony. When selling a home, resist the urge to be penny wise and pound foolish. You may need to spend some money in order for the property to realize 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 repairs before you list the house on the market. Also, don't forget to stage the home. Plant fresh flowers, apply a coat of new paint, lay new carpet, add furnishings and décor items. Today's buyer is discriminating and has many choices - don't give them a reason to have concerns. Make the best first impression possible.
7. Lust. An overly intense desire to secure a specific, non-negotiable sale price can - and will - adversely impact your home sale. Sellers should always be willing to negotiate price with a prospective buyer, and resist the urge to improve their profit margin by cutting corners or generally over-pricing With such price flexibility and a competitively priced listing, the house languish too many days on the market, which puts it at a strategic disadvantage and may ultimately force the home to sell for a lower price than it would have otherwise.
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Please contact me, Robert Jenson, for more information on this or any other real estate related matter at Rob@TheJensonGroup.com or through my Web site located at www.TheJensonGroup.com.
