5 Most Common Selling Mistakes
The top five common selling mistakes and what steps you can take to avoid them
Incorrect Pricing
Every seller naturally wants to get the most money for his or her product. The most common selling mistake that causes sellers to get less than they hope for, however, is listing too high. Listings reach the greatest proportion of potential buyers shortly after they reach the market. If a property is dismissed as being overpriced early on, it can result in later price reductions. Overpriced properties tend to take an unusually long time to sell, and they end up being sold at a lower price than they likely would have had they been priced properly in the first place. This can significantly impact your financial outcome and prolong the selling process.
CLICK HERE for a guide to determine the right selling price of your home in Baja!
Failing to “Showcase”
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 your home to prospective buyers, do not forget to make your home look as pleasant as possible. Make necessary repairs. Clean. Make sure everything functions and looks presentable, and remove as many possessions as you can prior to showing. A poorly kept home, or one with too much clutter, will make it dramatically more difficult for buyers to become emotionally interested in your property. Remember to avoid common selling mistakes when showcase your home.
CLICK HERE for a free checklist on how to make your home stand out to prospective Buyers.
Trying to Sell to Lookers
A prospective buyer who shows interest because of a For Sale sign or an internet ad may not genuinely be interested in your property. Often, buyers attending showings without a Realtor® are 1-2 years away from buying, if you’re lucky! They are typically more interested in exploring options rather than making an immediate offer. They may still need to sell their house or may not be financially ready to purchase. Your Realtor® should distinguish between realistic potential buyers and mere lookers, separating purchasing power from window shoppers.
In general, if your Realtor® fails to gather this key information, you should inquire about and question their prequalification process. This proactive approach will help you avoid common selling mistakes, such as trying to sell to lookers and wasting valuable time marketing to the wrong audience. If necessary, consider finding a new Realtor® who can better cater to your needs.
Limited Marketing
Two marketing tools sellers used to use were open houses and classified ads. Unfortunately, these two tools are rather ineffective. Less than 1% of homes are sold at open houses, and less than 3% are sold because of classified ads. In fact, Realtors® often use open houses solely to attract future prospects, not to sell that particular house.
In today’s day and age, 98% of all real estate searches begin online. Does your Realtor® have a professional website? Do they advertise across several real estate platforms or do they ONLY publicize on social media channels? There are VERY FEW successful real estate professionals who don’t, and for good reason.
Your Realtor® should have a vast network of agents he or she works with but more importantly they should employ a wide variety of marketing techniques to both Buyers AND other other buyer’s agents. This will get the most eyes on your property as possible & demonstrate true commitment to selling your property. Make sure to address common selling mistakes like limited marketing strategies.
CLICK HERE for an example of what an optimal marketing page should
Choosing the Wrong Realtor®
Choosing the Wrong Realtor®: Selling your home could be the most important financial transaction in your lifetime. Therefore, it is imperative you select a professional Realtor® with a proven sales track record who is a good match for you. Experienced real estate agents often have support teams and systems in place to navigate through selling your property as seamlessly as possible while avoiding common selling mistakes.
Take your time when selecting a real estate agent. Interview them and ask several key questions about their experience and processes, just as you would any professional in their field, whether it’s a Lawyer or a Surgeon.
Ask for referrals and availability. He or she should be available for every phone call from a prospective buyer, or someone from their team should be. Most calls are received, and appointments are scheduled during business hours, so ensure that your Realtor® is actively working on selling your home during these hours. In Baja, selecting the right Realtor® can significantly impact your selling experience, potentially leading to a higher sales price in less time and with fewer hassles. Taking the time to choose wisely can make all the difference.
CLICK HERE for examples of what agent referrals may look like.