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The Worst Home Selling Mistakes That Could Cost You Thousands

The Odland & Blair Real Estate Group with Royal LePage Triland Realty are delighted to provide you with our guide to the worst home selling mistakes.

Whether you’re selling your first home or tenth home, the experience can be exhausting, stressful, and unpredictable.

It is so easy for sellers to get caught up in the whirlwind, resulting in crucial oversights or added stress.

One – The Wrong Realtor

In this day and age everybody knows a Real Estate Agent. However, you should still interview a few different realtors to get a feel for how they would market your property and manage your home selling experience.

Things you should consider asking:

What is your commission rate?

How do you justify that rate?

Do you use professional photographers and videographers?

Do you host open houses?

Do you pay to promote/advertise the property?

How much will you spend to market the property ?

What is your track record of results?

Do you use social media to advertise?

Your realtor stands to make a significant commission and a great realtor is worth every cent.

This is your home and your capital, so put you and your family first. Don’t feel obliged to work with a friend or family member, and thoroughly vet anyone you find.

Two – DIY Disasters

Not everyone is destined for a show on HGTV and nothing will turn potential buyers off quicker than half finished or poorly finished renovations.

Experienced buyers, realtors, and home inspectors can see through a fresh coat of paint to the real problems lying beneath.

If you spend the money to properly fix problems, replace worn out hardware, and upgrade dated fixtures and features, you can command a much higher price for your home. In most cases, the investment that improves your home from fixer-upper to move-in ready will more than pay for itself.

An experienced realtor can tell what projects will get you a great return on investment (ROI) and if you are spending too much or the prices in your market.

 

Three – Not Preparing Your Home

Home staging, like painting or sculpting, is an art form. Good home stagers are worth their weight in gold.

Unfortunately, some sellers refuse to change their homes during the sales process.

Prospective buyers need to be able to imagine themselves living in your home. Your personal items, pictures, and yes, even creepy doll collections, will not help sell your home for the best price!

A good realtor and stager will tell you the truth. They aren’t trying to insult you or hurt your feelings, they are trying to maximize your sale price.

 

Four – Unrealistic Value

The home evaluation process can be difficult for some home sellers.

The factors that should go into valuing your home include:

Neighbourhood sales,  location, home size, age , condition, upgrades, updates, local market conditions, future market forecasts, nearby amenities, access to schools, transit, good school district, curb appeal, view, and neighbourhood prestige.

The factors that should not go into your home value:

The fact that you don’t like your neighbour so your home must be worth $100,000 more than them.

A similar size home on the other side of the city sold for X so my home must be worth more.

 

Five – Going It Alone & Discount Brokerages

Many home sales that start out as a Comm-Free / For Sale By Owner (FSBO) will switch to a realtor.Many people do not realize the scope of work involved in selling a home professionally.

Selling your home means being available at all times for showings, marketing your home, understanding social media and the impact it can can have on sale prices, staging, and of course a lot of hefty legal and financial paperwork.

Yes, a FSBO or discount brokerage sale can save you money but what is it costing you? Are you getting full time professional service or are you getting what you paid for?

Thank you for reading our blog on the worst home selling mistakes.

 

About The Odland & Blair Real Estate Group

Stewart and Jeremy are an innovative, industry leading, award winning real estate team with over two decades of professional, real estate experience.

For the past 4 years, they have been awarded the prestigious Royal LePage Canada Diamond Award. This award is only given to Realtors who achieve sales figures in the top 3% nationally.

From 2013 to 2016, Stewart and Jeremy received the Presidents Gold Award.

They have also been awarded the Royal LePage Canada Award of Excellence.

The Odland & Blair Group are currently Royal LePage Triland’s #1 Real Estate Partnership in London, Ontario.