Selling Your Home? Avoid These Three Potentially Costly Mistakes

Posted on: 3 September 2015

Selling a home is not quite like selling a used appliance or even a car. It's an intricate process that depends on the state of the real estate market, the quality of your agent's work, and your own due diligence in ensuring the home is presented as favorably as possible. Sellers often make costly mistakes because they're new to the process and simply don't know any better. Luckily, you can learn from those mistakes without making them yourself! Here's a look at three potentially costly mistakes to avoid:

Hiring the first agent you think of or meet.

Many sellers don't put nearly enough time into researching agents before choosing one. They simply choose the agent that sold them the home 15 years ago, or a friend of a friend who they figure needs the business. The truth is, a top-notch agent can do a lot more than just complete paperwork for you. They can ensure your home is exposed to the right buyers, spearhead your advertising scheme to make sure the home is framed in the correct light, and give you advice as to whether or not offers are good offers.

Take your time to interview several real estate agents before you choose one. Look for someone who is personable, motivated, and has a good social media presence. If they're active on social media, this will help draw more attention to their listings. Also, make sure the agent you hire has experience selling homes in your area and in your price range. Take a look at their other listings. Are the homes comparable to yours? For instance, you don't want to hire someone who typically sells $60,000 homes in the country to sell your $400,000 home in an upscale suburb, as they simply don't know the market.

Listing for the price you actually expect to get.

In most real estate markets, buyers will make an offer somewhat below the listed price of the home, rather than just giving you your asking price right off the bat. If you list your home for the exact price you hope to get, you'll end up getting a lot of offers below that price -- and if you have to turn those offers down, the buyers may not come back with a counter offer because they feel like they're not "getting a deal" if they pay the full listing price.

Talk to your agent to figure out the correct listing price for your home. He or she will look at other similar homes in the area and get a feel for your local market before making a suggestion. Typically, it is recommended that you price your home a bit higher than the amount you actually plan on bringing in, so that buyers can make offers below your listing price without you panicking that you won't make what you need.

Not utilizing new technology to your advantage.

The way people search for homes has changed drastically over the last ten years. There are numerous home buying apps and websites dedicated to advertising homes. If you don't advertise on these networks, buyers may not even become aware that your home is on the market. Make sure you work with a realtor who utilizes social media and smartphone technology to advertise his or her listings. Advertisements should all be optimized for tablet and smartphone access. You'll sell a lot faster than if you were just to put a sign out front and wait for realtors to bring their buying clients around.

Keep in mind that you play a role in the way technology is used to advertise your home selling, too! Make sure you provide your realtor with plenty of pictures to use in these ads, and share useful information, such as how the sun room can be used or what unique storage options the home offers, so these perks can be posted on social media platforms.

If you want to sell quickly and earn what your home is really worth, working with a great realtor who utilizes the latest technology and ensuring that you list your home at the proper price are the keys to success.