Pricing property correctly is only one of the keys to real estate success.
- Pricing higher than the competition. In a homogenous neighborhood, if a listing is priced higher than the competition, it will be the last to sell.
- Refusing reasonable offers early on. Houses are like bread – everyone wants them when they’re hot and fresh. The longer the house sits, the staler it gets.
- Not having a property in the best condition it can be. Curb appeal is extremely important to make people want to get out of the car. If houses don’t look clean and well organized, potential buyers will wonder what other things, like maintenance, the owners let slide.
- Making showings difficult. Everyone would love to have 48 hours notice but that’s not always convenient. If the potential buyer’s agent can’t track down the seller’s agent, or the listing agent can’t track down the seller, chances are that buyer will look elsewhere.
- Thinking of the house as a home versus a commodity. Sellers think they are selling their home but a buyer is looking at buying a house to make into his home. Buyers want to picture their own families living in the house.
- Blaming the agent. Agents don’t create the market. All REALTORS® can do is show clients what the market in their area is doing with market demand, interest rates and inventory. REALTORS® can’t fix the economy and they can’t change what people are willing to pay for a house.
- Cost does not equal value. Sellers want to believe that because the landscaping (or the pool or the kitchen) ‘cost’ them $X, it’s worth $X more. When REALTORS® have a seller who’s adamant about a price, they need to walk away. The seller needs to get that out of his system. I usually suggest they come see me in six months.
These are seven sins sellers commit. If you are guilty of one or more of these sins, you may need to readjust your perspective, and think of selling your home as a business transaction.