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SELLERS GUIDE
7 Selling Mistakes You Don't Want
To Make!
by Madan "Raja" Ahluwalia
7 Selling Mistakes You Don't Want To Make!
Mistake #1 -- Pricing Your Property Too High
Every seller obviously wants to get the most money for
his or her product. Ironically, the best way to do this
is NOT to list your product at an excessively high price!
A high listing price will cause some prospective buyers
to lose interest before even seeing your property. Also,
it may lead other buyers to expect more than what you
have to offer. As a result, overpriced properties tend
to take an unusually long time to sell, and they end up
being sold at a lower price.
Mistake #2 -- Mistaking Re-finance Appraisals for
the Market Value
Unfortunately, a re-finance appraisal may have been stated
at an untruthfully high price. Often, lenders estimate
the value of your property to be higher than it actually
is in order to encourage re-financing. The market value
of your home could actually be lower. Your best bet is
to ask your REALTOR® for the most recent information
regarding property sales in your community. This will
give you an up-to-date and factually accurate estimate
of your property value.
Mistake #3 -- Forgetting to "Showcase Your
Home"
In spite of how frequently this mistake is addressed and
how simple it is to avoid, its prevalence is still widespread.
When attempting to sell your home to prospective buyers,
do not forget to make your home look as pleasant as possible.
Make necessary repairs. Clean. Make sure everything functions
and looks presentable. A poorly kept home in need of repairs
will surely lower the selling price of your property and
will even turn away some buyers.
Mistake #4 -- Trying to "Hard Sell" While
Showing
Buying a house is always an emotional and difficult decision.
As a result, you should try to allow prospective buyers
to comfortably examine your property. Don't try haggling
or forcefully selling. Instead, be friendly and hospitable.
A good idea would be to point out any subtle amenities
and be receptive to questions.
Mistake #5 -- Trying to Sell to "Looky-Loos"
A prospective buyer who shows interest because of a "for
sale" sign he saw may not really be interested in
your property. Often buyers who do not come through a
REALTOR® are a good 6-9 months away from buying, and
they are more interested in seeing what is out there than
in actually making a purchase. They may still have to
sell their house, or may not be able to afford a house
yet. They may still even be unsure as to whether or not
they want to relocate.
Your REALTOR® should be able to distinguish realistic
potential buyers from mere lookers. REALTOR®s should
usually find out a prospective buyer's savings, credit
rating, and purchasing power in general. If your REALTOR®
fails to find out this pertinent information, you should
do some investigating and questioning on your own. This
will help you avoid wasting valuable time marketing towards
the wrong people. If you have to do this work yourself,
consider finding a new REALTOR®.
Mistake #6 -- Not Knowing Your Rights & Responsibilities
It is extremely important that you are well-informed of
the details in your real estate contract. Real estate
contracts are legally binding documents, and they can
often be complex and confusing. Not being aware of the
terms in your contract could cost you thousands for repairs
and inspections. Know what you are responsible for before
signing the contract. Can the property be sold "as
is"? How will deed restrictions and local zoning
laws affect your transaction? Not knowing the answers
to these kinds of questions could end up costing you a
considerable amount of money.
Mistake #7 -- Limiting the Marketing and Advertising
of the Property
Your REALTOR® should employ a wide variety of marketing
techniques. Your REALTOR® should also be committed
to selling your property; he or she should be available
for every phone call from a prospective buyer. Most calls
are received, and open houses are scheduled, during business
hours, so make sure that your REALTOR® is working
on selling your home during these hours. Chances are that
you have a job, too, so you may not be able to get in
touch with many potential buyers.
(c) Copyright 2010 Madan Ahluwalia. All rights reserved.
Madan “Raja” Ahluwalia is an Attorney at Law
and Realtor. Raja offer his real estate clients a counseling-based
approach to home buying, where the client’s long-term
goals are the most important consideration and outweigh
the benefits of any single sale. Raja possesses a thorough
understanding of the real estate market and trends, based
on years of involvement in real estate. He provides expert
insights and helps clients understand timing, pricing
and financing issues. Contact Raja at raja@kw.com or 650.430.4023.
About the Author
Madan “Raja” Ahluwalia is an Attorney at Law
& Realtor. Raja offers his clients a counseling-based
approach to home buying, where the client’s long-term
goals are the most important consideration. He possesses
a thorough understanding of the market and trends, based
on years of involvement in real estate. He provides expert
insights and helps clients understand timing, pricing
and financing issues. Contact Raja at raja@kw.com or 650.430.4023. |
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