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Mistaking
Refinance Appraisals
for the Market Value
Remember, a
re-finance appraisal
may have been stated
at an untruthfully
high price. A lot of
the time, lenders
estimate the value
of the property to
be higher than it
actually is in order
to encourage
re-financing. The
market value of the
home could actually
be lower. You as a
Realtor should
provide them with the local
values of homes in
your neighborhood
and determine the
best and true value
of your home.
Do your
homework, run your
"Comps" and compare
like homes in the
same neighborhood to
get the right market
value!
Forgetting to
"Stage The Home"
Let's face it -
you are trying to
sell your home!
Simply put it needs
to just like an
"actor on a stage",
thus called
"Staging" a common
real estate term
that means you will
want to have your
seller's home in the best
possible show
condition at all
times. In
spite of how
frequently this
mistake is addressed
and how simple it is
to avoid, its
prevalence is still
widespread. When
attempting to sell
the home to
prospective buyers,
do not forget to
make the home look
as pleasant as
possible. Make
necessary repairs.
Clean the house
thoroughly. Make
sure everything
functions and looks
presentable. A badly
kept home in need of
repairs will surely
lower the selling
price of the
property and will
even turn away some
buyers.
The better it looks
the more willing the
buyer is to pay more
for it. The
less work on move-in
the more value there
is!
Trying to
"Force-Sell" While
Showing
Buying a house is
always an emotional,
confusing, and often
a difficult
decision. As a
result, you should
try to allow buyers
to comfortably
examine the
property. Don't try
haggling or
forcefully selling.
Instead, be friendly
and hospitable. A
good idea would be
to point out any
subtle amenities and
be open to
questions.
Don't forget to call
back a day or two
after the showing
and feel for any
interest.
Trying to Sell
to "Pass By Buyers"
A buyer who stops
to look at your
seller's
property because of
a "for sale" sign he
saw may not really
be interested in
your buying the
property! Often
buyers who do not
come through a
Realtor are not
interested in buying
immediately, and
they are more
interested in seeing
what is out there
than in actually
making a purchase.
They may still have
to sell their house,
or may not be able
to afford a house
yet. They may still
even be unsure as to
whether or not they
want to relocate.
Additionally, with
all the "scam
artists" out there
trying to dupe
homeowners, it is
important that you
represent your
seller with due
diligence.
You as a Realtor
should be able to
distinguish
realistic potential
buyers from the
average observer.
You should
usually find out a
prospective buyer's
savings, credit
rating, and
purchasing power. If
you fail
to find out this
pertinent buying
information, you
should do some
investigating and
questioning on your
own. This will
help you avoid
wasting your time
marketing to the
wrong people.
Not Knowing
Seller Rights &
Responsibilities
Not knowing the "ins
& outs" of the real
estate process can
cost your client a
considerable amount
of money.
Insure you are well versed in
this and can explain
the items to your
clients so they can understand
them. The only
"stupid question" is
the question never
asked.
It is extremely
important that you
are well-informed of
the details in the
real estate
contract. Real
estate contracts are
legally binding
documents, and they
can often be complex
and confusing. Not
being aware of the
terms in your
contract could cost
you thousands for
repairs and
inspections. Insure
your seller fully
understand what they are
responsible for
before signing the
contract.
Limiting the
Marketing and
Advertising of the
Property
We
utilize a wide
variety of marketing
principles. You
should also be
dedicated to selling
the
property;
should be available
for each phone call
from a buyer. Most
calls are received,
and open houses are
scheduled, during
business hours, so
make sure that you
are working
on selling the home
during these hours.
Chances are that you
may have a job, too, so
you may not be able
to get in touch with
many potential
buyers, but you
should follow up
quickly.
...............and
lastly, the biggest
mistake of all.:
Don't Price
The Property Too
High!
Every seller
obviously wants to
get the most money
for his or her
product. Believe it
or not, , the best
way to do this is
NOT to list your
product at an
excessively high
price! A high price
will cause a buyer
to lose interest
before even seeing
your property.
You really want to
draw clients/buyers
to the home.
Once you get them
there a quality home
product will sell
itself! As a
result, overpriced
properties tend to
take an unusually
long time to sell,
and they end up
being sold at a
lower price.
Make sure you give
the best pricing
advice on the onset
of the seller's
agreement. It
is better to have
the client walk away
not selling their
house because they
want too much for it
than spend hundreds
of hours trying to
find a buyer that
will never come.
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