Avoiding These Missteps Can Save You Thousands
Most people dread selling their homes because it’s a time-consuming and emotional process. We all learn from our mistakes. Those who repeat those mistakes or go into a real estate transaction blindly end up leaving a lot of money on the table. Don’t be one of those folks. This article covers the three most common mistakes people make when selling a home.
This is easier said than done for many people. You’ve shared so many memories in the home and it’s difficult to let go of this special place you’ve called home for the last few years. For some, it’s a very trying experience.
Hiring a real estate agent or a property management company like Oak City Properties can help you stick to the business of selling a home rather than getting wrapped up in the emotion of the process. Too many people make the mistake of trying to sell their home as a For Sale By Owner (FSBO), only to end up losing money and having their home sit idle on the market for months.
You can mentally prepare yourself for the sale of your home by thinking as a business person would. Pretend you’re selling a product. Put yourself in the salesperson’s shoes. Look at the sales process purely from a financial view. This may help you distance yourself emotionally from the property.
Pricing the Home Too High
This is where the value of an experienced realtor or property manager comes in handy. Look for an agent who has handled many home sales in the last five years. You don’t want someone fresh out of real estate school. There are many great entry-level realtors out there, but it’s always best practice to hire someone who knows the obstacles to avoid and how pricing strategy works.
If you price your home too high, it may sit for weeks or months on MLS (multiple listing service) and the listing will expire. This also costs you money. The worst thing about an expired listing is that a record of it will show up when you list it once again in the future.
Potential buyers will see that it was previously listed and expired. They will wonder why no one wanted it. The first thing they will think of is that something is wrong with the house or neighborhood. This will be an immediate strike against you starting out when you try to market it again. So, the best way to avoid this is to hire a real estate professional who is a savvy negotiator and who is a master at pricing strategy. The commission is worth it.
This is a guaranteed way to make sure your home gets overlooked in the MLS. No one clicks on the listings with the “homemade” photography look. If you want your listing to stand out and to get the most traffic, hire a professional real estate photographer. It will make the difference of your home selling in one week versus months. Beware of agents who claim to be “good” photographers. If they are, then make sure to ask for photography samples to confirm that. You don’t want your home to languish on the market.
Also, consider drone photography if your home includes vast acreage or to show off its size if it’s a palatial estate. Matterport photography is also very popular to create 3D video tours of your home. This is especially useful during the pandemic where open houses and showings are limited due to COVID-19 restrictions.
At Oak City Properties, we have been taking care of rental properties for years! Our full-service property management company will help you find and buy new rental properties to grow and diversify your portfolio. We will also market the property, locate/screen prospective tenants, and show the home to qualified applicants. Once a tenant is placed in your rental property, we will: collect rent payments, assess and collect late payment fees, provide 24/7 maintenance, help with accounting/tax services, and deal with any court appearances in the event of an eviction.
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