11 Common Misconceptions Homeowners Believe About Selling Their Property

1. Don't Sell It Like It's Still Your Home

The most impactful changes you can make prior to selling a home are easy and affordable changes that a buyer will see as an objection and assume will cost a lot of money to fix. Hire a professional stager and if there are original, cheaper fixtures that date the home, such as cheap builder lighting and plumbing, spend some money and upgrade the home prior to sale.

2. Early Preparation Is Key

Many sellers don't realize they need to begin the process 60 days in advance of when they want their home on the market. If you are aiming to list in April, begin the process in February. Start by meeting with a few agents to decide who you are most comfortable working with. Then get a list of tips to prepare your home for sale, allocate some time to preparing your home and decide on list price.

3. Listing Price Is The Most Important Decision

Sellers who do not listen to their agent who gives them sound pricing strategy advice are positioning themselves for failure. The agent does a comparative market analysis, and the end results define the value of the property today. The homeowner needs to use that price and not add negotiating room. When the offer comes in, jump on it and thank your agent for doing their job.

4. Image Matters

Many owners don't understand that photography plays a key role in selling their home. It's the most expensive thing they'll ever sell, yet many owners don't value how important it is to use quality photos to attract attention, which in the end results in the best price and a faster sale. Buyers begin their search online and expect to be dazzled or they’ll ignore your listing

5. Investing Before Selling Is Useless

The biggest mistake I see homeowners making before selling a property is investing in that property by painting, landscaping, roofing, etc., or making personal investments which do not affect the resale value of the home. Most of these changes are minimal with regards to receiving an offer, and most buyers want to customize anyway. Save your money for your next home or to spend after downsizing.

6. Your Emotions Will Get In The Way

It’s a fact of life: Homes come with far more emotional weight than any other investment we make. I would advise all homeowners to set their emotions aside as they blind us to cold facts about the market and realities of ownership. I have seen many clients lose out on a great deal because of their emotional ties and high expectations. Just remember, the market drives the sale, not your emotions.

7. Don't Think You Can Do It Yourself

It is very unfortunate that many homeowners consider themselves market experts because they know how to do a quick Google search. This is definitely not the way to go because nothing can beat a real estate agent's experience of dealing in a local market for countless years and countless transactions.

 

9. The Details Matter Most

Listing and selling a home is an intricate process. It's vital that your agent be diligent and knowledgeable of market trends and strategic pricing, but the details of the listing itself matter just as much. Utilizing professional photography, copywriting and being as thorough as possible in outlining the details is key to successfully marketing to online buyers.

0. Consider The Hidden Costs Of Selling

When selling rental homes in particular, the owner should not only factor in the 5-6% broker commission, but also the impact of three-four months of lost rental income and the cost of repairs incurred to market the home to retail buyers. The all-in cost when factoring in all of these items can be 10-12%

11. There’s Only One Way To Sell A House

There’s a misconception that you have to find a real estate agent, put your house on the market and wait. In reality, advances in technology have made the selling process more efficient. By using things such as mobile platforms, sellers can know what the progress is of selling their home or they can immediately talk to the potential buyer without all the hassle.

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