5 Mistakes We Can’t Let Sellers Make
This is a list of the top five mistakes I have seen sellers make in the current market. I make a point to go over this list with all of my sellers when they list with me.
Mistake #1: Overpricing
Everyone knows the right price sells a home faster than any other factor. When you list a home at more than 5-10 percent over market value, the price will discourage potential buyers that think they can’t afford to look. Buyers that do see your overpriced listing know they can get more for their money elsewhere.
Mistake #2: Fixer upper/as-is
Today’s market is very competitive and most buyers do not even want to consider a home that needs multiple improvements. Buyers want a home that is neutral, clean, and in move-in condition. Even when a buyer decides he can tackle the fix-ups, they automatically subtract the cost they think it will cost them from the price they’re going to offer. Either way sellers save nothing and likely delay the sale.
Mistake #3: Dark dated colors
The best dollar-for-dollar investment sellers can make is fresh paint. Fresh neutral paint makes a big difference in the feel of the home. Also, carpet is on the way out — replacing it because of condition or color can really help the sale price. If your sellers do not want to spend the money
to re-paint the entire house, have them focus on the kitchen, the master bedroom, and the garage. These areas tend to be inspected first during a showing, and if they aren’t up to par, forget landing a buyer.
Mistake #4: Treating buyers as the enemy
Sellers sometimes forget that when we’re at the negotiation table everyone wants the same thing — the house to sell. Make sure the sellers put down their dukes and come to a negotiation with a positive mind frame. Tell sellers to leave the discussions regarding price, terms, possession, and other conditions up to you. It’s our job to get them the best deal.
Mistake #5: Delayed offer response
One of the most important mistakes sellers make is delaying their response to an offer. Be clear when explaining to your sellers that when buyers make an offer they are, right then, in the mood to buy. We all know how fast a mood can change and you don’t want to lose a sale because your seller stalled the reply.
Travis Broadwater is a real estate practitioner with Kennen & Kennen REALTORS® in West Virginia and strives to use the latest technology and marketing tools to serve his clients.
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Comments
Does anyone have a good way of saying nicely that the sellers need to fix the place up? I tell sellers that all the time, but I feel like sometimes they either take my advice as an insult, or they just don't agree with me that it needs the changes. Any ideas anybody?
Posted by: Heidi Fore | April 9, 2008 06:43 PM