Phone: (888) 231-9441 or (904) 536-2291; 24/7; Carmen Bogard, REALTOR
Top Seller Mistakes
#1. I see many FSBO homes that are priced incorrectly (based upon market conditions) and many buyers with delusions of grandeur. Simply, to sell your home - Price it right and make sure that your Real Estate Agent knows the difference between Price Marketing and Traffic Marketing! When pricing your home the National Association of REALTORS® (NAR) recommends two (2) sources. The first source is a licensed/certified property Appraiser and the second source is a local licensed Real Estate Agent.
#2. One agent had a seller demand that the buyer take a roof as part of the terms of the sale because he wanted his house to meet his standards before he sold it to any buyer. Of course the buyers turned and ran like the wind. They needed closing concessions, instead. Needless to say, the agent had a long talk with that Seller and the next time, the Seller allowed her to do her job. Thirty (30) days later the sellers were at the closing table. Many Sellers fail to allow potential buyers to "Buy Into" the buying/ biding process and run them off well before a decision or an offer is made. Remember, it's their home - not yours! (Really). In most of my cases, when a contract falls thru it is usually because the "Seller Kills The Deal". This is the seller's right, but consider this, was it really worth driving away a buyer over a $5k difference only to then reduce the price of the home $5,000 30 days later. That does not make sense. That's exactly what another set of sellers did, then realized six (6) months later that six (6) months ago they had the best offer that they would receive on the table and actually killed it! They did not take my advice. One seller killed the deal then begged my to salvage the same deal. It was not possible, because the buyer was furious and now looking for another home as they wanted no part of my seller.
#3. As a Real Estate Agent, I act as a licensed Professional. I call many FSBOs that never answer or return my phone calls. Recently, I know an agent who had one FSBO state that she really needed to sell her home, but every time they spoke, the agent was told that she (the Seller) could not show her property because she had something to do - like clean the home or somewhere to go (like a cook-out/BBQ) thus failed to show her home. The agent wondered - did she really want to sell her home? Three months later the seller was very desperate and with zero offers. I simply wonder why? She wanted to know if any agents had any buyers for her home and has now since listed with an Agent. She thought that her beautiful home would sell in a week or two. She was not prepared. When you put your home on the market, you really should be prepared to show it! The agent ran into buyers that were excited and wanted to see the home on the spot. The Agent made the call and the seller was too busy. The buyers then moved on. Sellers must seize the moment! I can guarantee that if you sell/show your home - only when you want to show your home you can triple the amount of time (Average Days On Market) that it takes to sell your home and in this market that could mean years.
#4. One Agent told a FSBO in writing 9 months ago to repair her front yard. The Agent's exact words: You must immediately improve your presentation in order to move your home without dropping the price. Very few people will spend $210K for a home that needs a new front yard. If you contact me, I will help you. Weeks later, the seller's home was reduced to $179,900 although it has 2,200 sq.ft. The Owner started selling well over 18 months earlier and will loose $50k as she tried selling it herself for over a year before switching to a Discount Broker that failed to sell that property for an additional 18 months. Finally, the owner dug up her front island to re-sod. $8 worth of annual/perennial rye grass seeds over a year ago would have helped and the home may have sold, before the market began its downward spiral and the Sub-prime industry began to slide. Who wants to buy a $200k home with a dirt mound in the street easement/island and missing patches in the front yard?
#5. We see many homeowners selling homes valued at hundreds of 1,000s or millions of dollars just like pet owners selling non-AKC puppies. FSBOS fail to represent their homes in the most or even a professional manner. A picture is worth a 1,000 words. $300,000 home - $5.00 Presentation.
#6. Over renovate, and then expect the buyers to pick-up the tab. All you have to do is watch the house flip shows on TV. Do not listen to proven professionals and end up over budget - by double the amount. You can then watch yourself lose every penny that was spent over budget because the upgrades are all wrong for the market posture and the neighborhood where your home is located. Some Sellers are simply determined to flush their profits down the toilet.
#7. We routinely see Sellers that show their homes without having CMAs or Sellers Disclosure Forms available for potential buyers to view. These are both services that I offer free of charge. Seasoned and well-prepared buyers will ask for these documents and you will look less than professional if you are not prepared. Buyers then may not respect your selling abilities. They definitely will low-ball you when and if they offer! You should 'Be Prepared" the second your home goes on the market.
#8. Failure to market your home on the Internet. Eighty-Five Percent (85%) of all new homebuyers start their search on the web. Since selling a home is really a full time job, you should consider purchasing a domain name for your address and spend time uploading your home on free services and search engines such as Goggle, Yahoo, HomeGain, the Wall Street Journal, Point 2 NLS, and other free services
#9. Going at it alone like John Wayne would - is not the answer! One FSBO swears she will move back into her home before she use the services of a Real Estate Agent. She now refuses to even CO-OP! She seems jaded and bitter! I believe that instead of alienating agents and making enemies that particular FSBO should use the services of any licensed agent that are more open to assisting FSBOS and are respectful of the FSBO desire to sell their homes on their own. It's now approaching one year and most agents are well aware of her bitter disposition - so now they simply drive by her home - that's a shame. She listens to no one and her home value has been decreasing 1,000s of dollars with no end in sight. She decided to rent her home. A licensed Real Estate Agent would have sold her home 10 months ago for a hefty profit.
#10. Last, but not least, Agent even witness homeowners receive a contract in a Buyers Market, then proceed to negotiate right out of the contract. This biggest mistake is to think that you can wait it out! Why fight over $2,000? Of course the buyer chose not to accept the counter offer! The seller reduced the price $5,000.00 the next week. The first offer was obtained within 20 days on market. The mistake that lots of owners make in a buyer's market is not to accept the first offer! Oh boy do they later live to regret it! If you receive an offer or even decent offer in this market - please consider taking it!