There are seven things that home sellers do to sabotage the sale of their home. But they are easy to spot and fix, once you know what you are looking for.
Introducing the Seven Seller Sins. Seven home selling tips to help you get the most money for your home in the shortest amount of time possible.
Sin No. 1 – Pricing higher than the competition
When two items are equal, the buyer will always choose the least expensive option.
Translation: if your house is the same as the one down the street, people will offer to buy the least expensive one first.
There are two solutions to this problem.
First, know what your competition is and price accordingly.
Second, identify what is unique about your home and emphasize it in your marketing. This gives the buyer a reason to pay more for your home over your competition.
Sin No. 2 – Refuse reasonable offers early on
Before you list your home, you have defined your goals. They include things like what you need to net out and contingencies that you will or will not accept.
Sometimes when a reasonable offer comes in quickly, the seller believes they can get more. They think, “That was too easy. This should be harder”. Or “If we got an offer this fast, let’s see if we can get better offers.”
For any offer, consider these questions:
- At the offered price, does it meet your net money goal?
- Are the contingencies of the offer reasonable?
- If I received this same offer 30 or 60 days from now, would I take it?
If the answers are yes, this may be a deal worth taking. Remember, a bird in hand is worth more than two in the bush.
Sin No. 3 – Not putting the property in the best condition to sell
After setting the right price, this may be the most important home selling tip to selling your home. If your home doesn’t look its best, why would we expect a buyer to want it?
Buyers are looking for the home of their dreams. A home that wows them and impresses their friends. They want this purchase to feel amazing. They do not want a home that makes them feel average.
To get it ready:
- Deep clean
- Fix all minor issues
- Fix all major issues or be ready to address these
- Stage where needed
- Have a plan to make your home “show ready” at a moment’s notice
You don’t want your first impression to fall flat. You want to look your best.
Sin No. 4 – Make showing the home difficult
Buyers need to see your home. And they have their own schedule to worry about.
If you want to sell your home for the most money, you have to accept that there will be some inconveniences to you.
Here are my home selling tips on showing your house:
- Make it available during the day at reasonable times, 9am-6pm
- Be ready for last minute changes on show times.
- Understand that some showings may go long. I once had a showing go two hours!
- If the home is a rental, make arrangements with the tenants. This one can be tricky since they don’t care if you sell your home so get creative.
- If the requested time isn’t possible, suggest an alternative.
Sin No. 5 – Not accepting the fact that your home is going to become someone else’s home
Somehow, someway, you must take the emotions out of selling your home.
In your home, you have made some of the best memories of your life.
Potential buyers don’t care.
Plain and simple, your memories mean nothing to buyers.
It is not that they are cold. But buyers are not buying your home to live your memories. They are buying it to make their own memories.
Remember, this is a business transaction. That can be difficult to accept. But if you can take the emotion out of your decisions, you will have a more productive transaction.
Sin No. 6 – Blaming others for the market
When your home isn’t selling, frustration can sink in. That is when the blame game can begin.
But blaming others is a waste of energy. It fixes nothing. If your home is not selling, the first thing you should do is revisit your plan. In that plan should be an overview of the market. It may be time to make a change.
Market conditions are out of your control. It is not your fault or anyone else’s. Interest rates, unemployment and housing inventory fluctuate based on others.
While frustration is natural, put the focus back on your Comparable Market Analysis (CMA).
Is the CMA still valid? Has anything changed? What adjustments need to be made to it and how does that affect your current plan?
By focussing on what you can control, you will waste less energy and make better decisions.
Sin No. 7 – Not reducing your price in a timely manner
One of the things I love about real estate is that it is honest. If a home is not selling, it is a signal from the market.
This home selling tip is about listening to those signals and adjusting as needed.
Rule of thumb: if we haven’t received a reasonable offer after 10 showings or 30 days, consider an adjustment.
One of those adjustments is pricing. Check your CMA and see if anything has changed. Review your marketing plan and see if you are getting the results you should be. Can you get feedback from other agents that have shown the house?
By reducing your price you are also sending a signal to the market. A signal that says you want to sell your home and you are inviting more people to come see it.
Selling your home can be stressful and complicated. Let’s keep things as simple as we can. Avoid committing the Seven Seller Sins. Your selling experience will be much smoother.
If you got value from these home selling tips or have comments, please let me know!