Aloysius Okafor
Sales Representative
Every seller wants to get top dollar for their property and sell it fast. Unfortunately reality often gets in the way.
Over Improvement: Everything is relative and an amount of improvement that is performed on a home prior to putting it on the market in one neighbourhood and price range can be completely over the top in another area. The goal of improving a residential real estate property for sale is to maximize harmony between the structure and its environment. The creation of bump-outs, additions, and blatant upgrades which make the property stand out like a sore thumb is actually counter-productive: It costs more money than the seller is likely to recoup, and it can actually lower the final sales price.
Rushing To Market: This is the opposite of over improvement as tossing a property onto the market in hopes of a quick sale without considering its condition or appeal is another sure fire way of losing money. Repairs and tidying up must be performed prior to the listing, so that on the first day on the market the house looks its best. The last thing you want as a seller is a prospective buyer walking away because you haven't had a chance to replace the stained carpet or finished painting.
Having A Fixed Net Figure: The attempt to market a home in order to derive a specific fixed figure that the seller wishes to net is a fool's errand. A seller may determine the listing price, but has no control over the actual sales price, as that is determined by market forces. No seller can overrule the market on the price of a property.
Nepotism: Contracting with a realtor because they are related or are someone's brother is another expressway to failure. The handing over of the largest asset you own should be done on the basis of verifiable track record, not on favoritism, regardless of reason or justification.
Getting Emotional: You likely didn't shed a tear when you sold that old clock radio at the garage sale, so why get emotionally involved in the sale of your home? Both are mere goods which you have utilized and are now trying to maximize a sale price from, so someone else can enjoy them. It is not the place where you brought your baby daughter home from the hospital, or where you celebrated your first raise, or where you had the best birthday party of your life: It's a product with a price tag. Once you list your residential property, it is no longer a home but a commodity and it needs to be prepared, marketed, and priced as one.
Leger De Main: Attempting to avoid disclosing problems or covering them up is a failed strategy. Although house staging can be very effective in maximizing the cosmetic appeal of any property, it should not be implemented in such a way to be deceitful. The problem you are trying to cover up is going to come out sooner or later, and it will likely sink the entire transaction: It might even end up in a lawsuit. You are far better off being honest about the defects than trying to play three card monte with your buyer.
Being Deaf, Dumb & Blind: The market, your prospective buyers, and your realtor are all providing valuable information for you to base wise decisions on. The fifth person at your open house who comments that they smell soiled kitty litter does not mean there are many cat haters in your town, but you have become accustomed to something that is immediately noticeable to an outsider. Your real estate agent asking you to not shadow a buyer as they tour your home is not an insult, but a recommendation to allow the potential purchaser a chance to explore the property and make their own discoveries. A low-ball offer may not be a personal affront, but an indication from the buyer that they are interested and are testing the waters. If you pay attention to these signals you are likely to maximize your sales price and get the property sold quickly.
