…WHEN SELLING YOUR HOUSE
Selling your house is one of the most important transactions of your life.
To conclude a sale quickly, at the best price, and reduce the stress associated to the sale of your house, we suggest avoiding the six following mistakes:
1. Choosing a broker for the wrong reasons
It is imperative to trust the real estate broker representing you. You have to have faith in her abilities and experience. You need a broker who can easily explain to you the entire listing process, a broker who knows the market really well, has a pool of potential buyers and can give you sound advice to increase your chances of selling. Choose a broker who provided you with a fair evaluation and who can supply the best performing tools and strategies.
2.The asking price is too high (or too low)
Setting the asking price should not be taken lightly. Asking too much is more harmful than not asking enough. You have to know that the average buyer may visit up to 10 houses before making a decision.
If your property does not compare favorably to other ones in the same price range, potential buyers will not take you seriously. The results: your property will stay on the market longer and buyers will have the false impression that something is wrong with your house.
3. Choosing a real estate broker because they offer the highest selling price
One of the oldest tricks in this business is to hold the promise of a “very good, almost too good” selling price. The contract is signed and then, the price is quickly reduced by the listing broker with the explanation that "the market softened or changed since we listed". This is a cheap strategy used by some brokers simply to list your home. We do not do that! We give you all of the information in regards to current sales so that we can make an educated decision together about the pricing. It’s not you or the broker that will buy the house but a potential buyer. The selling price will be determined only by the market/buyer.
4. Inadequate preparation of your house
The owner seller controls the quality of the product and the real estate broker controls the quality of the marketing efforts. The look is vital! You can’t relocate your house and it would be very difficult to change the layout. However, you can improve the look:
- De-clutter and clean like you never cleaned before.
- Fresh paint, small repairs, great lighting
Correcting little imperfections might seem insignificant, but it can produce a very favorable first impression to the buyers who could already imagine themselves living in your house. The decision to buy a house is more emotional than logical, thus, let the buyer visit as he/she pleases and ensure he/she feels comfortable doing so. You won't get a second chance to make a first impression.
5. Miscommunicating the information about your house to potential buyers
One of the most important reasons to entrust the sale of your house to a real estate broker is to take advantage of his/her expertise in advertising and specialized marketing tools. Make sure your real estate broker is available to you for any questions or concerns you might have throughout the process. Your broker should also be advertising on platforms with the greatest advertising impact. For instance: RE/MAX Quebec, RE/MAX International, MLS, Centris, Realtor, FB, Instagram, Brokers' website and all other social media and advertising sites that will help promote your property and seen by as many potential buyers as possible.
6. Not knowing financial limits for next purchase (pre-approved mortgage)
80% of people sell their house with the objective of buying another one that better fits their needs. When you put your house on the market, establish clearly your objectives with your real estate broker and start the research process.
As it is the case with the sale process, it is important to know where you stand with the proceeds of the sale and your purchasing power. Deal with a mortgage broker and reserve your interest rate and a pre-approved mortgage amount for the upcoming months; this will increase your control over the negotiation process.
