Last month, I wrote two articles entitled Buyers' Do's And Don'ts. We
now look at positive actions for sellers, and those they should avoid.
Almost all sellers were once buyers. The experience of buying and selling
a home, even if repeated, does not necessarily equip sellers with enough
information to teach them all the necessary steps. As I have learned from
my own experience and other people's war stories, selling your castle has
more twists and turns than the Macarena.
DON'T underestimate the process. This can lead to either a blasé
or a cocky attitude, either of which leaves you open to be damaged.
DO understand that there are innumerable nuances and technicalities
involved in marketing and selling a residence. Read, ask questions and
accept that you probably do not even know what you don't know. It's better
to begin by acknowledging some ignorance than to be burned by it later.
DON'T sell on your own without fully exploring the implications
and consequences. Friends may brag about how they did it with no hassle
and saved a fortune in commissions. Remember, it's what they don't tell
you that's really important.
DO discuss this with your accountant, real estate attorney and
Realtors before jumping. Being a For Sale By Owner (FSBO, pronounced Fiz-Bo)
can be a bumpy road of no returns for you.
DON'T be nonchalant in your approach to hiring an agent (assuming
you have decided on professional representation).
DO interview more than one Realtor. Three is normally sufficient,
unless none made a strong impression. Ask friends, family and neighbors
for names of successful real estate salespeople. Visit open houses near
your property and use them as a pre-screening device for whom to interview.
DON'T hire an out-of-area agent.
DO work with someone local, not your cousin, who doesn't know
College Avenue from Con-Cord. This is one my most ignored cautions. I can't
tell you how many buyers and sellers have later lamented their disregard
(or ignorance) of this principle.
DON'T hire an agent based on "likeability" alone.
DO recognize the qualities you need in an Realtor, including
technical expertise and marketing abilities. In choosing a surgeon, would
you opt for the one you liked best, or the one who was best? Always bear
in mind that your agent's job is to get the home sold while protecting
your interests.
DON'T choose an agent just because he or she gave you the highest
price.
DO have each agent explain in detail how recent neighborhood
sales, current listings, and his or her suggested price relate to your
property.
DON'T allow your wants and needs to influence pricing.
DO listen to your agent's counsel about pricing. Buyers do not
offer more because sellers need the money. Overpriced listings generally
sit on the market and, ultimately, sell for less than sharply priced ones.
DON'T keep the price high if the house isn't selling.
DO adjust the price at least every three to four weeks until
you have an accepted contract.
DON'T let your pets slow down the marketing process.
DO make plans for others to take care of animals with special
needs, such as a menacing dog or an indoor cat you don't want going outside.
DON'T be there when your home is being shown, if you can help
it. If you must be home, don't follow the buyers around, pointing out every
feature. This makes buyers uncomfortable.
DO whenever possible, allow buyers to go through your home unhindered,
without you or other family members home. If you cannot avoid being home,
make yourself inconspicuous by taking a walk or sitting in the garden.
DON'T be closed to "staging" suggestions from your agent or a
decorator.
DO prepare the home for sale and make it as attractive as possible.
That is the meaning of staging. It is most often well worth the time, effort
and money. Spiffy homes tend to sell faster and for higher amounts.
DON'T specify property lines unless you have stakes in the ground
from a survey.
DO tell agents and/or buyers where you believe the boundaries
are, making sure to indicate you are not certain.
DON'T do expensive remodeling in one part of the house and leave
other rooms looking shabby and out-of-step. This could substantially reduce
the monetary return on what you have done.
DO be consistent in your renovations. I commonly see situations
where the seller has put in a fabulous kitchen and left the bathrooms and
other areas of the home in their "original" condition.
Unfortunately, this is often in cases where today's market value is
less than what the seller paid. Obviously, the seller doesn't want to keep
sinking cash into a losing proposition. For selling purposes, however,
it is better to spruce up everything at moderate expense than to spend
lavishly on just one section of the property, disregarding the rest.
This advice is tempered by price range. I would not recommend inexpensive
remodeling in upper end properties.
DON'T wait to be surprised by the buyer's inspection reports
and requests for you to pay repairs.
DO order a structural pest control inspection a week or two before
marketing. Whether you need one or more other pre-marketing inspections
depends on the age and condition of the building. If you know about the
problem in advance, you can get your own bids and minimize the repair cost.
DON'T forget that too many entrance steps are not only inconvenient,
but also detract from the property's appeal, adding to the selling time.
DO keep this in mind when setting your price. You may not have
given it sufficient thought when you bought because you loved the house.
All things being equal, however, an abundance of steps will decrease the
value. An extreme amount of steps (the exact number is subjective) can
have a devastatingly negative impact on the price. This is the kind of
information caring professionals volunteer to their buyers and sellers
to protect them.
DON'T fail to factor in the significance of a busy street.
DO place this in the same category as too many steps -- it comes
off the price.
DON'T cover lovely hardwood floors with carpeting.
DO remember that you are merchandising and packaging your home
for sale. To maximize your sales price, you need to appeal to the greatest
possible number and type of buyers. Any experienced agent will tell you
that the majority of buyers of older homes prefer hardwood floors to carpets.
If your hardwood floors are attractive and in good condition, it will
be to your advantage to show them off. One of the most frequently asked
buyer questions is, "What is under the carpets?"
DON'T smoke in the house once it is on the market. If you must
smoke, do it outside.
DO air out the home; clean and fumigate the carpeting, furnishings
and drapes (this often does not totally remove the smoky residue). Smokers
tend not to notice cigarette odors. Buyers and agents do.
For some people, this is a highly charged, emotional and political,
as well as health and comfort, issue. It can be such a turnoff that sensitive
individuals will quickly leave rather than look at a house inhabited by
smokers. In the case of ?fixer-uppers,? this is normally less of a problem.
Experienced real estate professionals know how to help you get your
home sold quickly and for the highest possible price. Their job is to keep
you away from these and many other mistakes.
Related Articles: Sellers'
Do's And Don'ts, Part 2; How To Interview Agents,
Part 1 and Part
2; Why Expireds Expire
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