El Paso United, Realtors
Residential
& Commercial Real Estate E-Mail:
[email protected]
Member: Greater El Paso Association of
Realtors, MLS, National & Texas Association of Realtors, Commercial
Investment Division
*Licensed by the Texas Real Estate Commission * TREC Approved Real
Estate Instructor * Degreed in Residential Real Estate
1. Asking the Wrong Price
Of
course everyone wants the most money possible when selling their home. However
a listing that is overpriced will end up netting the seller less than market
value. Here's why: the best activity
you will get on your home is in the first three or four weeks of listing. If
you ask the wrong price, it will not sell. As the time goes on it get regulated
to the old listing category while the buyers wait for the fresh new listings.
The end result is lower offers if any.
2. Staying Home During Showing
Let the agent do their job. Buyers
are not comfortable viewing a home with the owners standing around. Buying is
an emotional process and when the owners are following purchasers around
pointing out the features, it’s hard for buyers to feel comfortable.
3. Failure to Showcase Your Home
Most buyers want to move in and
put their feet up. They don't want to repair a leaky faucet, paint the door or
get rid of the weeds growing in the backyard. A house that isn't ready to show
will turn buyers off. Most buyers are poor judges of the cost of repairs and
will usually build in a large margin of error when offering on the property. As
a seller you are usually better off doing the work required ahead of time.
4. Listing with the Wrong Realtor
Base your decision on the
marketing and services a realtor can offer you, don't base your decision on the
commission alone. If a realtor offers to cut their fee, what do you think that
same agent will do at the negotiating table when an offer comes in on your
home. Well since they are so quick to give away their fee how much effort do
you think they will put towards getting you top dollars? Think about it. Want
the most money in the least amount of time and with fewest hassles? Hire a full
time, experienced agent and pay the well earned fees. Remember - you get what
you pay for.
5. Signing a Listing with No
Escape Clause
Many agents promise everything
when they are trying to get you to sign a listing. But what if the agent
doesn't do what they said they would? Or what if your circumstances change and
you don't want to sell anymore? A guarantee of performance and the ability to
cancel a listing should your situation change are absolutely vital.
6. Relying on the City Assessment
or Mortgage Appraisal to set your Price
City assessments are unreliable.
Mortgage Appraisals are designed to lend you the most money you request and are
not an accurate assessment of current market value. A good realtor will have
access to all the pertinent data required to properly price your home.
7. Relying on Open Houses and
Classified Advertising
Both these traditional methods of
promoting properties account for less than 15% of the sales. So what other
methods is your realtor going to employ to get your house sold? A good realtor
will employ a wide range of marketing techniques to promote your home and will
tailor a marketing plan specific to your home.
8. Hiring a Poor Negotiator
The right realtor will make sure
that when you sign "An agreement of purchase and sale" you know
exactly what your rights and obligations are under the contract. A loosely written
clause can cause a transaction to fall through and can even obligate you to
repair or credit the purchaser’s money on closing.
9. Over-Improving Your Property
Before Listing
Do you really know what improvements
will provide pay-back when you sell? Not all renovation improves the resale
value. Your realtor can advise you which upgrades will net you the most when it
comes time to sell.
10. Failing to take the First
Offer Seriously
This is a common mistake. The most
excitement your home will cause in the market will be in the first few weeks. A
new listing is new only once. Don't make the mistake of figuring that the
offers will continue to flow and remember - the amount of money buyers are
willing to pay diminish with the length of time a property has been on the
market.
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