Of course, there are far more than 4 Ways Homeowners Can Trash a Perfectly Good Real Estate Deal. Today, we will look at our top 4 most common culprits. We’ll take aim at making sure that you don’t fall victim to these high crimes and equity killers.
After you’ve listed your home for sale, erected a giant “House for Sale” sign and reached out to local real estate agents, lots of offers will start flying in. But even when you, as the homeowner, have every right to be part of every aspect of the sales process, you can unknowingly an unintentionally sabotage it.
The last thing you want to do is poison the well. You will be investing valuable time preparing to get your home ready for sale.
Often, you will find a property seller trashing a perfect price, wrecking the whole deal and eventually keeping the house on the market for longer.
Such an experience naturally hurts the efforts of a tireless real estate agent who, unfortunately, can’t find a way of keeping the stubborn, adamant seller off the deal.
👮 Safeguard Your Real Estate Deal 👮
It doesn’t matter whether you are selling the house alone, on your own or via a realtor®, if you are eager to sell your property, it is critical that you don’t end up killing your real estate deal by making the following errors:
😱 Not Employing a Professional Real Estate Agent
An agent can single handily make-or-break the sale of a property, even when things are tied up and it appears impossible to navigate through the market. From pricing the house, listing it up and receiving offers to evaluating the best ones and deciding who to make the site visit, a real estate agent can do what you just can’t.
The agent who has successfully sealed similar deals in the past and has been actively participating in the housing market will be invaluable in getting the right buyers. Also, your preferred agent will offer essential pieces of advice regarding the real value of the property, what to repair and a lot other significant details.
It’s clear; if you don’t want to sabotage a perfectly good real estate deal, start by hiring a high octane real estate agent.
🤳 Posting Awful, Poorly Taken Photos
The Best Kept Secret to Killing Your Real Estate Deal
Over 90% of all house buyers start their hunt online and also make their decisions based on what they see.
In fact, it demonstrates that clear, top-quality photos do get more views than their respective properties.
Excellent photographs, particularly those taken by professional photographers, can thus appeal to active house buyers.
If they have that “wow” effect that could ping the buyer’s interest, definitely more potential will reach out, including those who are far away from the vicinity. The poorly photographed property can take longer to sell and cost the seller thousands. It’s no wonder some homeowners feel uncertain when it’s time to sell their house.
The shame of it is that selling real estate successfully is something that some have mastered while others flounder. Following proven systems that work is the key, while cutting corners is not.
Worst MLS Photos Ever
We should have a contest. We will call it “Worst MLS Photos Ever”. Unfortunately, there are plenty of guilty parties. Plenty of real estate agents who are unwilling to hire a pro.
Many agents will use a low-grade cell phone camera and care less about angles, background, lighting, and overall photo conditions when snapping their pics.
Maybe they figure it won’t be on the MLS for long. Perhaps they just want to pocket that $150 it would take to hire a photographer. Maybe they don’t have the money. Either way, ask the agents you are considering for the hire about their plan for pics. This is a great way to ensure that your real estate deal doesn’t leave your equity behind with the buyer.
🤑 Overpricing = More Days on Market + Less Money for You
Unfortunately, almost every homeowner does this or at least thinks about it.
When you overestimate the value of the property without consulting a real estate appraiser or an experienced agent, you will risk making the whole process backfire.
And it does sabotage the entire process! We know how tempting it is to want to “test the market”. We urge you to price it right straight out of the gate. Don’t under-price it. Don’t over-price it either.
Pricing is part art and part science. Get the science part right and then you can artfully promote the home. get it wrong and be sitting on the sidelines while homes all around you get sold.
The High Cost of Overpricing
Just because you have a nice property doesn’t mean you should “test the market”. There is no faster way to take the wind of your sail than adding unnecessary days on the market. If you really want to slowly kill your real estate deal before it gets started this is a great way to do it. Don’t do it.
Most of today’s house buyers are informed about pricing and what to look at when placing their offers, thanks to the internet.
But if you over-value it, most probably it will remain on the market.
So, to avoid committing this mistake, research the competition and do a thorough comparative market analysis, and price it to the top of the market right outta the gate.
Just don’t over-price it. That’s the kiss of death and barrier to the real estate deal that could be in your grasp.
😴 Failing to Respond to Offers Promptly
Everything about a house that’s on the market is time-sensitive. And any phone call that goes unanswered or a text message that goes without a reply sends subtle messages to the potential buyers.
A listing agent that ignores any offer or doesn’t respond with a counteroffer gives the buyer freedom to look elsewhere and even go purchase the neighbor’s house instead. Ouch!
As the homeowner, you can also taint the negotiations when you fail to communicate with your listing agent. When offers are on the table this is the time to press in and focus.
Sometimes people overreact or cave in during the contract counter conversation. These are good reasons to have a professional at your side. One who has your back, and can work on your behalf without the emotional pull associated with being the owner.
As it’s evident, failure to respond to any offer leads to loss of business. Don’t do this if you would like to see your house off the market.
Other common ways a homeowner can sabotage a great deal may include making it difficult to view the house, showcasing a messy, cluttered home or even ignoring the home maintenance or landscaping for a few days. If you are serious about selling that house, better find a professional. Your equity is at stake. Hiring a seasoned agent is worth it!
💣 2 Runner Up Methods Tools to Kill Your Real Estate Deal
- Coming in at #5: would have to be bad smells like smoke from cigarettes. If you think that the popularity of cigarette smoke hit an all-time low 15 years ago just try selling a stinky smokey house today.
- Another doozie at #6: Write a really crummy home description. This one is right on the heels of bad photos. There are a million ways to turn would-be-buyers off with bad writing.
More Insights From Top Agents All Across the US
How to Deal with Offers When Selling Your Home – by Paul Sian
Home Warranties – by Joe Boylan
Sharing a Seller Home Inspection with Buyers – by Conor MacEvilly
The Dangerous Effects of OverPricing – by Beth Ellyn Rosenthal
Why do Short Sales Take Longer – by Karen Highland
Getting Your Home Ready for a Smooth Sale – by Eileen Anderson
Open Houses – Do they Work or Not? – by Jeff Nelson