Chances are, a real estate sale is the largest transaction you will make in your lifetime. (And you might even make it multiple times). Yet, too often, people approach this gargantuan transaction with the kind of flippancy and laissez-faire attitude normally reserved for selling furniture. They do their own incomplete research; they neglect to market it properly; they act impulsively and emotionally, and unload it “as is” for a quick sale. 

These mistakes have real, tangible, significant consequences, potentially costing a seller ten of thousands of dollars in missed opportunities. Don’t miss out on your big payday. Explore these common home-selling mistakes as cautionary tales, then do the opposite! 

Forgoing a Real Estate Agent

Let’s set aside all the extra work involved when you sell without an agent: drafting airtight legal agreements, negotiating terms, staging, putting your home on the MLS, showing your home to prospective buyers, etc. And let’s discuss it from a value perspective. 

Yes, you pay a commission on the sale price of your home. But that fee pales in comparison to the value add of a great real estate agent. Not only does a quality agent cover the logistical and administrative side of the transaction, they also market your home across various channels, orchestrate a staging strategy in line with current trends, and position your home to maximize its value potential. In the end, it’s significantly less effort and often results in an appreciably higher value. 

Skipping Your Due Diligence in Finding the Right Agent

We say “quality” real estate agent because it makes a significant difference. Inexperienced or otherwise “checked out” real estate agents might handle the process just fine – but they won’t be the fierce advocate you need to maximize your value. 

Don’t skip your due diligence. Find the best possible listing agent by researching real estate companies in your area and cross-referencing their statistics – like annual sales, average sale price, transactions per week/month, and average days on market. (If they don’t publicize their statistics, consider it a red flag). For an example of a gold-standard real estate company, check out this website from Harvey Kalles Real Estate; under the “Our Advantage” section, the company lists several impressive stats. 

Improperly Pricing Your Home

Pricing your home too high could potentially scare off prospects, causing your house to languish on the market (until you drop the price). Meanwhile, pricing too low – while it sometimes spurs an advantageous bidding war – might backfire, forcing you to accept an offer below your property’s true value. 

Pricing a home is an art form. It takes a broad understanding of the current market conditions, recent comparables, square foot cost comparisons and more. A quality agent should be able to price your home effectively, but it doesn’t hurt to do independent research. Read this article for more information on pricing a home for sale. 

Those are the most common home-selling mistakes that people make. Other pitfalls include letting emotions get in the way (i.e., approaching the transaction sentimentally instead of business-like), neglecting the staging process, and selling during low-demand periods (i.e., buyer’s markets). To avoid these issues and more, find a real estate company with a proven track record of success. 

Published by HOLR Magazine.

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