Top 5 Mistakes that Sellers Make

There are many reasons why a home may sell within days, or sit on the market for an extended period of time.

Often, important elements of the transaction can be overlooked when homeowners who lack the experience try to navigate the market on their own, or when they hire the wrong agent. Here is our list of the top five mistakes that sellers make.

Incorrect Pricing

One of the most common mistakes sellers make is pricing their homes too high or too low.

If your home is priced too high, it may sit on the market for much longer than you would have liked while buyers look at comparable properties that are priced more reasonably. On the flip side, if your home is priced too low, you might sacrifice potential profit.

Selling your home is an art that takes market conditions, demand, home condition and location into account. A good agent will take all of these factors into account when advising you on a pricing strategy.

Failing to Market the Property Effectively

Effective marketing is a critical factor to successfully selling a home. Unfortunately, it is often poorly executed.

Successful marketing starts with taking great photos or video of your home to emphasize important features. An effective agent will realize the importance of making your home look great, then prioritizing the right mix of traditional and online advertising.

Not Staging the Property

Another common mistake homeowners make is not preparing their home for sale.

When a buyer discovers poor maintenance, it may lead them to wonder about other potential problems. Too much clutter, poor decorating choices, or a sub-par curb appeal can prevent the buyer from falling in love with your home.

Hiring the Wrong Agent

Inexperienced real estate agents increase the risk of poor results; knowledgeable agents increase the likelihood of success.

A good agent should be able to recommend the proper listing price for the current market. They should also be able to negotiate effectively on your behalf and help you navigate through the variety of logistical and legal obstacles.

Not Aligning on Goals for the Sale

Many homeowners make the mistake of failing to agree on important details of a sale before they get an offer.

To prevent this from happening, a good agent will work with you in advance to determine things like your required net proceeds from the sale, your ideal closing date, channels you will agree to and the compromises you need to make in order to close the deal.

Originally published on the RE/MAX Canada Blog.

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A home is the biggest transaction most of us will ever make. That’s why it’s important to work with an experienced and knowledgeable real estate agent. For more than 20 years, RE/MAX has been the leading real estate organization in Canada and beyond. With a presence in over 100 countries and territories, the RE/MAX network’s global footprint is unmatched by any other real estate brand. RE/MAX has always been an industry leader, adopting the latest technology and creating innovative marketing programs. RE/MAX was the first brand to expand its reach world-wide through a revolutionary global listing site, featuring listings from more than 80 countries, displayed in over 40 languages. Closer to home is RE/MAX’s deep commitment to the communities we operate in. Our exclusive Miracle Home Program allows RE/MAX agents to donate a portion of every home sale to Children’s Miracle Network.Learn more about RE/MAX and real estate franchise opportunities in Ontario-Atlantic Region and Western Canada.