#1 Basing asking price on needs or emotion rather than market value. Many times sellers base their pricing on how much they paid for or invested in their home. This can be an expensive mistake. If your home is not priced properly, buyers will reject it in favour of other similar homes that are priced lower. At the same time, the buyers who should be looking at your house will not see it because it is priced over their heads. The result is increased market time, and even when the price is eventually lowered, the buyers are wondering why your home has been on the market for so long. The result is low offers and an unwillingness to negotiate. Every seller wants to realize as much money as possible from the sale, but a listing priced too high often eventually sells for less than market value. #2 Failing to "Showcase" the home. A property that is not clean or well maintained is overlooked by the buyer. It may be an indication that there are hidden defects that will result in increased costs to fix or replace in your home. Sellers who fail to make necessary repairs, who don't inspect the house inside and out, and fail to keep it clean and neat, chase away buyers as fast as Brokers can bring them. Buyers are poor judges of the cost of repairs, and always build in a large margin for error when offering on such a property. Sellers are always better off doing the work themselves ahead of time. #3 Over-improving the home prior to selling. Sellers often unwittingly spend thousands of dollars doing the wrong upgrades to their home prior to attempting to sell in the mistaken belief that they will recoup this cost. If you are upgrading your home for your personal enjoyment - fine. But if you are thinking of selling, you should be aware that only certain upgrades are cost effective. Always consult with your Broker BEFORE committing to upgrading your home. #4 Choosing the wrong Broker or choosing for the wrong reasons. Many homeowners list with the Broker who gives them the highest list price estimate for their home, or the lowest commission rate. You should be choosing an experienced broker with not only a proven track record but one you is willing to give you straightforward, reliable information and who has an effective marketing system, to ensure you get the best price for your property . In the real estate business, a broker with superb negotiating skills can achieve a higher sale price and better terms for you which may far surpass what you feel you may have saved in lower commission costs. That experience could gain you thousands of dollars in your pocket. #5 Using the "Hard Sell" during showings. Buying a home is an emotional decision. Buyers like to "try on" a house and see if it is comfortable for them. It is difficult for them to do if you follow them around pointing out every improvement that you made. Good Brokers let the buyers discover the home on their own, pointing out only features they are sure are important to them. Many sales are lost by overselling. If buyers think they are paying for features that are not particularly important to them personally, they will reject the home in favour of a less expensive home without the features. #6 Failing to take the first offer seriously. Often sellers believe that the first offer received will be one of many to come. There is a tendency to not take it seriously, and to hold out for a higher price. This is especially true if the offer comes in soon after the home is placed on the market. Experienced Brokers know that more often than not the first buyer ends up being the best buyer, and many, many sellers have had to accept far less money than the initial offer later in the selling process. The home is most saleable early in the marketing period, and the amount buyers are willing to pay diminishes with the length of time a property has been on the market. Many sellers would give anything to find that prospective buyer who made the first, and ONLY, offer. #7 Not knowing your rights and obligations. The contract you sign to sell your property is a complex and legally binding document. An improperly written contract can allow the buyer to void the sale, or cost you thousands of unnecessary dollars. Have an experienced broker who knows the "ins and outs" fully explain the contract you are about to sign, or have your lawyer review it before acceptance. #8 Failure to effectively market the property. Good marketing opens the door that exposes the property to the marketplace. It means distinguishing your home from all of others similar to yours on the market. It also means selling the benefits, as well as the features. The two most obvious marketing tools (open houses and print advertising) are only moderately effective. Just 1% of homes are sold at open houses, and studies show that only 3% of people purchased their home because they called on a print ad! Brokers use these tools to attract future prospects, not to sell the house. The right broker will employ a wide variety of marketing activities, emphasizing the ones believed to work best for your home.