SELLING MISTAKES TO AVOID
Not utilizing a real estate agent
Selling a home can be a lengthy and complicated process. As experienced agents, the Krantz Linn Group will ensure your selling process is seamless and help you to anticipate any bumps in the road. With our unique suite of marketing tools and seller services, we will enable you to sell your home faster for more money. In fact, we can help you increase the value of your home before it hits the market through an exclusive program called Compass Concierge that covers the upfront costs of improvements. To learn more about this program, click here. To discover the complete suite of services at our clients' disposal, click here to read about the Compass Advantage.
Failing to properly prepare your home
Potential buyers need to be able to envision themselves in your home. For that reason, it is important that your property is clean and not overly personalized. Most buyers are not equipped to take on extensive home renovations, so making sure your home is up to date on any necessary repairs is imperative. Even minor repairs left unattended might make buyers wonder what else is wrong with the property. By working with the Krantz Linn Group, you have exclusive access to programs like Compass Concierge, allowing sellers to avoid paying out of pocket expenses during a period of time when liquidity is key. This program covers up front costs for vendor-provided services to prepare your home such as repairs, updates, and staging. Click here to read more about Compass Concierge.
Too many improvements
Lean on us as your trusted real estate advisors to help you determine necessary structural, mechanical, and cosmetic improvements without going overboard. With our experience and expertise, we are well equipped to identify what will add value to your home. We want to ensure your house is appealing to buyers, but also need to manage costs efficiently and make sure the enhancements and sales price are in line with the neighborhood you are selling in. Lastly, you want to avoid making decisions that are too trendy or tailored to your own personal taste so that you can broaden your pool of interested buyers. The Krantz Linn Group can provide important insights into aesthetics that are timeless and universally pleasing.
Overpricing your property
It might sound counterintuitive, as you want to get the highest possible price for your home, but pricing your property too high from the onset might do more harm than good. A property that is overpriced can ward off potential buyers. Your listing will receive the most attention when it is newly launched. You may only get one chance to reach a buyer when you list your home for sale. Many buyers often only look at newly listed properties after searching for a while to cut down on the number of properties they have to sift through. A high number of days on market or multiple price reductions may send the message to potential buyers that there is something wrong with the property. By utilizing the Krantz Linn Group, you can increase your listing’s exposure through two differentiated marketing launches. Compass Coming Soon allows sellers to test the market by launching the listing within the Compass database prior to releasing to the public MLS. This gives the seller the opportunity to get feedback on the property before officially accumulating days on the MLS. To learn more, click here to read more about Compass Coming Soon.
Not looking at the competition
Just like selling any product, it is important to understand what your competition is doing and how the market is performing overall. Buyers will be viewing all properties within your neighborhood and price range, so it is imperative to be aware of how your home stacks up against other contenders. As your realtors, the Krantz Linn Group performs extensive competitive analysis on behalf of our clients, so you can be assured that your listing is positioned well.
Not being open to negotiations
While we would all love a simple transaction that closes at full asking price, the reality is that most home purchases will involve some negotiations. Buyers are looking to get the best deal while sellers are looking to sell at the highest possible price. There will likely be points of discussion around elements of the transaction beyond sales price, including days until closing, option periods, inspection and survey results, and necessary repairs. For this reason, it is important for you to be open to negotiations and hire a skilled real estate agent who can advise you best on when negotiations are necessary.
Hiding known material defects
Selling a home, like any business transaction, requires mutual trust and honesty. It is your obligation to disclose all important details about your home to prospective buyers. This includes any known information regarding shortcomings in the house that require repair. It can be tempting to omit certain details in hopes of attracting more buyers, but failure to mention critical information can be a detrimental seller mistake and attract a lawsuit from the buyer for misleading them. As your real estate agents, we will advise you on necessary disclosures and audit the marketing and advertising on your property to avoid potential issues.
Avoid looking for a new home
Often one of the most stressful aspects of selling a home is timing. In a competitive real estate market, it can be almost impossible to sell your home, find the next home, and time both escrows perfectly so that you are able to use the proceeds from your property's sale on the purchase of your next home. While it is possible to submit an offer to purchase a property with a contingency dependent on sale of other property, if the home has multiple offers it may not be attractive to the seller. Luckily, the Krantz Linn Group offers clients listing their homes with us the opportunity to gain exclusive access to competitive Compass Bridge Loan products to purchase their next home. The Compass Bridge Loan program will cover closing costs and 6 months of payments at 0% interest with no fees so that sellers do not have to pay anything out of pocket until their transaction closes. This is an incredibly valuable program, allowing clients to wait for the best possible price on the sale of their home without stressing about coming up with the funds for their new home. To learn more about how we help bridge the gap between the home you have and the home you want, click here to read about Compass Bridge Loans.