Selling your home is a huge undertaking. And these days, with all the technology available, it makes the task seem even more daunting. It's understandable that mistakes are made. That's why we've compiled 6 of the most common mistakes that home sellers make, and paired them up with the best solution:
1) Using the "Hard Sell" during showings.
You know your house better than anyone. You know its best features, and where some work needs to be done. However, for buyers looking at your home, they're analyzing it based on their needs. Similar to shopping for clothes, people often "try on" a home to see it it's a comfortable fit, which sometimes means being alone to imagine the experience. Alternatively, some buyers prefer the emotion to be taken out of the equation completely. This way they can analyze the home on a critical level, so that they can make a rational and balanced decision. When you stay during showings, your talking points can cloud the buyer's decision in a couple of ways. For example, your keen DIY wall projects are probably very beautiful and functional, but it can keep buyers away from the other qualities of your home that are more suited to their needs. This talking point can also project too many emotions, which makes it difficult for buyers to examine objectively. They can respect and/or appreciate the work you've put in to the home, but their decision to buy from you cannot be based from emotions.
How To Avoid: In most cases, it's best to be away from the home when a potential buyer is viewing it. If you need to be present, try making yourself scarce. Sit outside, take your dog for a walk or work in your office. Allow your buyers the chance to examine your home, so that their base of knowledge is mainly formed on how the home suits their lifestyle. If you need to point out something that might be beneficial to them, try leaving tasteful signs. This will tell the buyers what you want them to know, without the chance of projected emotions, or pushy sales techniques being interpreted.
2) Mistaking lookers for buyers.
For Sale by Owner (FSBO) homes often get more activity than houses listed with an agent. This amount of traffic can be interpreted positively, in that it appears to be superior to listing with an agent. However, the majority of people that look at FSBO homes are just starting to think about moving; they are most likely not ready and may not even be able to buy just yet. This is due to the fact that there's no impartial party or person to ask questions should buyers have any. It's easy to look up these homes on any site and cruise their qualities. This casual way of looking usually doesn't attract the type of serious home buyers that sellers are looking for.
How to Avoid: The use of your friendly, neighbourhood Realtor brings all the qualified buyers to the yard. ;)
3) Not knowing your rights and obligations.
As a seller, you should know your rights and obligations to the buyer, as well as their rights and obligations to you. You need to know what issues have to be disclosed to the buyer, and how the title restrictions and local zoning will affect the transaction. If your property is in conflict with any of these restrictions, you have to be able to remedy them.
How to Avoid: It's time to read up! Or, for less of a headache, go over them with a Realtor to ensure that your transaction will not be anything less than pleasant.
4) Failing to showcase your home.
Buyers look for homes, not houses. they buy the home in which they can see themselves living in. Sellers have a tendency to forget that the home they're selling now will not be the same home that buyers will buy. Structurally, yes. Figuratively, no.
How to Avoid: Quite simply, you should take care of all shortcomings (peeling paint, messy rooms, etc) and routine maintenance around your home for its best presentation. This tip goes hand in hand with number 1, in that you won't have to speak about your home. Your home will speak for itself when potential buyers are alone with it.
5) Limiting marketing and exposure of property.
Try not to keep your sights on marketing too narrow. The two most notable offline marketing tools in our area, open houses and newspaper ads, are only moderately effective. Buyers come from all walks of life, and all avenues of marketing. This is also true online: social media marketing can be effective, but it is not the only way people search for houses. In fact, it's not even the most common way for people to search for houses online. Putting all of your eggs in one basket when it comes to marketing is always a bad idea. You may attract some, but you may not attract "the one".
How to Avoid: If you don't have the budget to market across offline and online avenues, you will want a Realtor. Your friendly neighbourhood Realtor at Century 21 employs a broad spectrum of marketing, emphasizing the avenues that will work the best for you. And, since Century 21 is pretty well known, your home is as globally accessible or as locally targeted as it needs to be. If you aren't familiar with the marketing techniques we employ, check out our marketing plan under the "Sellers" portion of the main menu!
6) Hiring an agent who doesn't utilize technology.
Today, there are many technological tools that home sellers can use to target buyers, while improving their bottom line and reducing market time. Some agents don't have access to these tools, don't know how to use it, don't know how to properly use it, only use one, or simply insist on not using them at all. If you're a person who isn't familiar with all of these online tools, why have a Realtor who isn't familiar either? Even on rural listings, there's a certain amount of technology that's used to target the right buyers, and complete transactions. We live in a time now where we can connect electronically, instantly and within a sane budget. Why not take advantage of that for the sale of your home?
How to Avoid: If you're going solo, make sure you know exactly what you want and how to use the programs that accomplish that. If you're going solo but getting someone to utilize the tech for you, make sure you get the exact details from them. For example, anyone can say they'll do online ads for you. This is where you ask them what kind of ads, and how they do it. A person who cannot detail either of those things is likely inexperienced, or unfamiliar with the differences in online ads. The most common and effective types of online ads are Google search ads, online display ads, Youtube Ads, website display ads, mobile phone ads, and social media ads. These are all separate avenues of advertising, which require separate budgets, and cannot be lumped into one generic term. In our office, our Realtors have the tremendous benefit of our in-house marketing and design team members. So even if you prefer an older, more experienced Realtor to take care of your home, that Realtor is still able to utilize new tech to your advantage!
We hope you continue to find value in our blog! More to come in the weeks ahead! - Century 21 Able Realty
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