Common Home Seller Mistakes

  1. Failing to understand why they are really selling.
  2. Over pricing or under pricing their house.
  3. Not preparing their house properly.
  4. Pushing buyers too hard during showings.
  5. Signing a listing agreement without a written schedule and plan.
  6. Making it difficult for buyers to get information on their home.
  7. Using the contract improperly as a negotiating tool.

Selling your home is a large step for many. You want to get the most dollar for your house. You need tools to help you maximize your profits, maintain control of the sale, and minimize stress that comes with the home selling process:

  1. Determine the Reason for Selling and Don't Divulge It.
    Your motivation to sell and the price you will receive for your home all depend on the reasons behind your decision to sell. Your motivation determines your price and hurry in the sale. There are two factors to decide between: do you want more money? or do you need to sell quickly? These two factors are likely going to be inverse in your deciding equation in your strategy.
    Be sure not to divulge your motives for selling to anyone who is a third party to the sale. You will loose ground at the negotiating table. Your reply should be "our housing needs have changed".

  2. Do your homework before setting a price.
    The sale of your home is a competition against other homes in the area like yours. Your price shouldn't be taken lightly or your house will sit on the market for months or it will sell immediately and you may loose money. Ask your agent to aid you in determining value. It is the top most difficult challenge for a seller. Agents are well experienced in figuring value.

  3. Find a good real estate agent to represent your needs.
    Your marketing team is very valuable to the sale. Make sure you choose your agent well. Only one-quarter of homeowners claim they would employ the same realtor who sold their last home. There are many facets to selling a home and communication is key. Read our FREE report called, "Questions to Ask Before You Hire an Agent” which gives you the straight, to-the-point questions to ask your agent in the interview.

  4. Maximize your home’s sales potential.
    A great home appearance is key in the sale of your home. Companies spend billions a year to establish a great first impression as well as an ongoing image.
    You may not be able to change your home’s location or floor plan, but you can do a lot to improve its appearance. The look and feel of your home generates a greater emotional response than any other factor. Clean like you’ve never cleaned before or hire a cleaning service. Pick up, straighten, declutter, scrub, scour and dust. Fix everything, no matter how insignificant it may appear. Present your home to get a "wow" response from prospective buyers.
    Allow the buyers to imagine themselves living in your home. The decision to buy a home is based on emotion, not logic. Prospective buyers want to try on your home just like they would a new suit of clothes. If you follow them around pointing out improvements or if your decor is so different that it’s difficult for a buyer to strip it away in his or her mind, you make it difficult for them to feel comfortable enough to imagine themselves an owner.

  5. Make it easy for prospects to get information on your home.
    You may be surprised to know that some marketing tools that most agents use to sell homes (e.g. traditional open houses) are actually not very effective. In fact only 1% of homes are sold at an open house.
    Furthermore, the prospects calling for information on your home probably value their time as much as you do. Be sure potential clients have direct access to your agent. They don't want a prerecorded message or lack of response. They want immediate service.

  6. Know your buyer.
    In the negotiation process, your objective is to control the pace and set the duration. What is your buyer’s motivation? Does he/she need to move quickly? Does he/she have financing to pay you your asking price? Knowing this information gives you the upper hand in the negotiation because you know how far you can push to get what you want.

  7. Make sure the contract is complete.
    Make sure you disclose everything. Smart sellers proactively go above and beyond the laws to disclose all known defects to their buyers in writing. If the buyer knows about a problem, he/she can’t come back with a lawsuit later on.
    Make sure all terms, costs and responsibilities are spelled out in the contract of sale, and resist the temptation to diverge from the contract. For example, if the buyer requests a move-in prior to closing, just say no. Now is not the time to take any chances of the deal falling through.

  8. Don’t move out before you sell.
    Studies have shown that it is more difficult to sell a home that is vacant because it looks forlorn, forgotten, simply not appealing. It could even cost you thousands. If you move, you’re also telling buyers that you have a new home and are probably highly motivated to sell fast. This, of course, will give them the advantage at the negotiating table.


NOTE: Information on this site is not guaranteed to be accurate. Some content is compiled from 3rd party sources. If you are aware of incorrect or outdated information, feel free to contact us.