3 Biggest Seller Mistakes (Price/Condition/Marketing)
Posted by Barry Lynn Miller on Friday, October 21st, 2011 at 12:10pm.
Given the current state of the economy, it has never been more important to be sure you are doing everything right to sell your home. After all, it is no secret that most housing markets are still overflowing with inventory. As such, whether you're selling Alabama or Lake Austin real estate, you need to make your home stand out from the rest of the competition.
The first step toward making this happen is to avoid making these 3 most common seller mistakes.
Seller Mistake #1:
Setting the Wrong Price Perhaps the biggest mistake a seller can make is to set the wrong price. Many sellers mistakenly think they should set the price higher than what they hope to get. This way, they hope to have some room for negotiation. While this may seem like a good way to make the buyer feel as if he is getting a good deal while still getting the price you want, setting the price too high is a very bad idea. First, most buyers set a price range before they start looking at homes. If your home is outside of that price range, you will automatically lose a score of potential buyers. Furthermore, when you set your price far above its market value, even those who are interested in a home will not give your property a second look. After all, who wants to do business with someone who clearly doesn’t understand the value of his property?
When helping you set a price for your property, your real estate agent will consider many factors. These include neighborhood statistics, current market climate, the condition of your home and the amenities your home has to offer. While you don’t have to price your home according to the agent’s recommendation, you should stick as close to this recommendation as possible. Otherwise, your home will likely sit on the market for a very long time. Not only will this be frustrating to you, but buyers also tend to question homes that have been on the market for too long. This will only make it more difficult to get your home sold. By setting the right price from the start, you can avoid many potential headaches.
Seller Mistake #2:
Selling a Home that is in Poor Condition Most people who are interested in purchasing a home are not looking for a fixer-upper. Rather, they want a home that is in move-in condition and features modern amenities. Therefore, it is always a good idea to invest a little money into the home in order to ensure it is of good condition. While it is easy for you to focus on the highlights, buyers will focus on the low points. To get the most out of your home, be sure to make all of the necessary repairs and upgrades that your real estate agent suggests.
Seller Mistake #3:
Poor Marketing Practices While it is your real estate agent’s job to market your home, you will still have a say in how your home is marketed to potential buyers. To ensure your home is marketed properly, be sure to discuss marketing with potential real estate agents as you interview them. The best agents will market your home through a variety of different channels, including the Internet and social media.
About The Author - Eric Bramlett specializes in Steiner Ranch real estate and is broker & co-owner of One Source Realty, a boutique Downtown Austin condos firm.
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Share2 Responses to "3 Biggest Seller Mistakes (Price/Condition/Marketing)"
Great post. We can suggest a price and help with ideas for the condition. Marketing is what we can do best. When all three line up, a sale will be had.
Posted on Saturday, November 12th, 2011 at 12:03pm.
Your advice about pricing the property property is essential and you are completely right. Great Post!!
Posted on Friday, November 11th, 2011 at 2:40am.