Exit Stage Left! - Part 2 of 3 - Seller Mistakes

Part 2 of 3 - Seller Mistake(s)

 

·         Price Too High – Sellers oftentimes make the same mistake in setting an initial asking price that is clearly unrealistic, given the current competition and recent sales. It is normal for a seller to think their home is somehow superior than other homes – and in a minority of cases, they are sometimes correct, but it doesn’t necessarily translate into a higher sales price. If the following conditions have occurred during your time on the market with your first (or subsequent listing agent), then your price is too high:

1.       Low number of showings

2.       Little or no second showings

4.       Second showings, but low offers

·         Condition Objections – See Part 1 previously discussed.

·         Making Showings Difficult – Unless you are in the middle of an important event (dinner, naptime, sickness, backyard party planned weeks ago), and no, watching the Browns on Sunday afternoon doesn’t count, you should always accommodate a showing request and roll out the red carpet for a buyer’s agent and their buyer. Showings are scheduled in various ways including third party showing companies, a listing agent, the local real estate office, etc.  If any part of this process breaks down, buyer’s agents who are attempting to schedule perhaps 5-15 homes on a given outing, can and, sometimes do, eliminate a home from their tour if the seller doesn’t respond in a reasonable timeframe or attempts to re-negotiate the scheduled time.

·         Not Preparing for the Showing – Oh my goodness, it is truly amazing what we see – toilets not flushed, dirty clothes laying around, garbage cans overflowing, dirty dishes in the sink, laundry laying around, roaming animals, toys and things laying around as a trip hazard, doors that don’t work or are locked with no way of opening, unmade beds, bathtubs that haven’t seen a cleaner in months...and the list goes on. Okay, I can hear it now, "This doesn’t apply to me, I take care of my home."  Well then…is the MLS printout on the table handy for the buyer? What about a For Sale flyer? What about a list of improvements? What about turning on lights, opening blinds, ensuring the home is odor free, and what about the impression from the driveway to the front door? Are all the light bulbs working? Did you leave before the showing to give the buyers a chance to really see your home? There is always more to add, but you get the point.

·         Negotiation Inflexibility – Negotiating is one aspect that if not done well, can send the buyer away quicker than a dirty bathtub. Having an agent who is a skilled (and trained) negotiator can make the difference between no sale and a sale, between leaving thousands of extra dollars on the table (sometimes tens of thousands), and helping you maintain objectivity when there are other parties involved.  Keeping all parties focused on what the real goals of both the buyer and seller are and crafting solutions to meet both parties' goals is essential. A win-win for both the buyer and seller is key--stomping the other party into the ground and thereby putting the purchase agreement at risk is always a no-no.

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