Don’t Make These Common Charlotte Home Seller Mistakes
Mistake #1 – Over-Pricing
Of course, every seller wants to get the most money for his or her home. However, the most common mistake, by far, that causes sellers to get less than they hope for, is listing too high. Sellers fail to understand that home listings reach the greatest number of potential buyers shortly after they hit the market. If a property is immediately dismissed as being overpriced, it will result in later price reductions, costing the seller not only the net that they ‘thought’ they would procure but, the carry costs as well. Carry costs include your mortgage, taxes and day-to-day expenses to keep utilities going, etc.–especially in a vacant home. Overpriced properties tend to take far longer to sell and are ultimately sold at a lower price than they likely would have had they been priced correctly in the beginning.
Mistake #2 – Failing to “Showcase”
Chances are, if you’re reading this, you are an internet Savvy Charlotte home seller. Despite this mistake being repeatedly addressed, sellers continue to allow sub-par showcasing/marketing of their home. Non-professional photos are used, slideshows rather than video are used and the write-ups for a multitude of listings are chock full of misspellings and grammatical errors and contain a bare minimum description. Do you want your listing to be ‘made fun of’ by prospective buyers? Or, would you prefer to WOW your online viewers with an irresistible home that they can’t WAIT to view!
Mistake #3 – Showing AS-IS
As in Mistake #2 above, when showing homes to prospective buyers, we are always shocked at homes that are filled with clutter, closets that ‘explode’ when you open them and even unmentionables lying around on beds, bathroom cabinets and floors! When attempting to sell your home, your biggest job is to make your home look as inviting as possible. Have you made necessary repairs? Have you gone above and beyond to leave a clean and tidy home for the buyers to view? Don’t leave your home as you may normally when you go to work in the morning; leave your home staged like a magazine! Believe me, you’ll have fewer people come through your home when it’s left in showing condition–because a buyer is sure to quickly fall in love!
Mistake #4 – Hard Selling During Showing Appointments
Prospective home buyers much prefer to view homes that are unattended by the sellers. Private showings are the standard in the Charlotte real estate market and when sellers are home, buyers spend FAR less time in the home and RARELY wind up choosing a home that has had a seller in attendance for their showing. Buyers are emotional as are sellers and being present to ‘point out’ the positives of your home is sure to stir negative emotions in your buyers. If your real estate agent has done a thorough job, as described in #2 above, your buyers ARE aware of the positive aspects of your home. With you there, chances are, they are not going to see those positives as they typically make a mad dash for the door so as not to interrupt YOUR day! So, head out to have yourself a cup of coffee, enjoy a relaxing massage, run errands or take the dog for a walk–just be sure to give your prospective buyers that ‘PRIVATE’ showing that they desire.
Mistake #5 – Attempting to Sell to Passersby
Safety comes to mind when I hear about a prospective buyer knocking on your door because they see that FOR SALE sign in your yard–unaccompanied by a Realtor®. However, other time-wasting reasons for door-knocking are more likely. Prospective buyers may not even be interested in YOUR property; perhaps they are ‘just looking’ to compare to another home that they’ve seen in your community. More often than not, buyers who are not accompanied by a Realtor® are at least 6-9 months away from buying; we call them ‘looky-Lous!’ They may have a home to sell or may not be qualified to purchase a house yet. They may not even know if or when they’re relocating to your area.
Your Charlotte Realtor® is accustomed to being able to distinguish realistic potential buyers from lookers. Realtors® evaluate prospective buyer’s purchasing power, allowing you avoid wasting valuable time marketing to the wrong lookers. This is OUR job and you should not have to do this work yourself. So, when someone knocks on your door to view your home, tell them to call their Realtor® and if they don’t have one, have them call YOURS! Do not let them in–for safety reasons and for the sake of time.
Mistake #6 – Lack of Understanding of Your Rights & Responsibilities
Are you well-versed in the details of your Charlotte real estate contract? Bear in mind that the NC real state contracts are legally binding and can often be complex and confusing. Not understanding the terms and conditions in your contract can cost you thousands for repairs and inspections. Be sure that your Realtor® explains all items which you are responsible for, before signing any legal document.
Mistake #7 – Signing a Contract that Leaves You No ‘Out’
Carefully choosing the best Realtor® for you is critical in the sale of your Charlotte home. Just know that things can change and dissatisfaction can occur as this is a customer service business. Sadly, we all have had experiences where someone can has put on their best ‘face’ and then left us high and dry. You DO have the right to fire your agent, even if you are working with a relocation company. If the relocation company OR that agent refuses to let you out of your contract, contact your employer or the broker in charge of the brokerage with whom your agent hangs their license. If you are not successful in terminating the contract, contact the NC Real Estate Commission. Many real estate brokerages will replace your agent with whom you’re unhappy, with another one of their agents. Know that you DO have the right to select another agent of your choosing.
Mistake #8 – Limited Marketing
There are two common marketing tools that nearly every seller expects to be used for marketing their home–open houses and classified ads. However, these two tools are highly ineffective in the sale of real property in the Charlotte Metro region. In fact, less than 1% of homes are sold at open houses, and less than 3% are sold as a result of classified ads, both statistics rapidly decreasing each year since the inception of ready-access internet marketing. The truth: Realtors® use open houses to attract buyer prospects, not to sell their listings.
A few key questions to ask with regards to marketing:
- Does your Realtor® have a website–not a brokerage-provided web PAGE but, their own web-SITE?
- Is your Realtor® readily accessible?
- Have you performed a Google search to see your Realtor® candidates fare online?
Mistake #9 – Choosing the Wrong Realtor®
Selecting a Realtor® who is a good match for you is critical. Experienced real estate agents cost the same as brand new agents and that experienced agent KNOWS the ins and outs of this business. More importantly, being a FULL-TIME Realtor® is key to knowing these ‘ins and outs’ and can often provide a flawless transaction which enables you to think ahead to your next move. The experienced agent will likely be able to bring you a higher price in far less time and, again, with fewer hassles.
Mistake #10 – Mistaking Re-finance Appraisals for Market Value
Without a Contract to use as a reference when appraising a home for re-financing, an appraiser only has the lenders ‘guesstimate’ to go by for their appraisals. Homeowners are often encouraged by these ‘false-high’ appraisals, leading them to assume that the market value of the property is as stated in the re-finance appraisal; the true market value of your home is often lower. Smart lenders will have their re-financing clients consult their Realtor® for current comparables, giving you an up-to-date and accurate estimate of your property’s value.
Other Helpful Charlotte Home Seller Tips
Are You Up for Selling Your Own Charlotte Home for Sale?
Charlotte NC Home Seller Tips | Leaving the Emotion Out of the Sale
Charlotte NC Home Seller Tips | Pricing is CRITICAL
Critical Charlotte Home Seller Faux Pas – Overpricing = Increased Days on the Market + Reduced List to Sales Price Ratio
Charlotte Home Sellers, contact the Charlotte area’s power marketing team and see how we manage successful sale after successful sale in the Charlotte Metro region. You won’t be disappointed! (704) 491-3310.
©Debe Maxwell | The Maxwell House Group Real Estate | 10 Most Common Charlotte Home Seller Mistakes – Charlotte Real Estate
Sharon Paxson says
07/23/2012 at 15:10Debe – this is an excellent list of mistakes that a seller can make Mistake number one is over pricing!
Debe Maxwell says
07/23/2012 at 22:11Hi Sharon,
Thanks for stopping by! Yes, I just completed research on several homes for a buyer this evening. The common denominator for longevity on the market is most definitely overpricing–even more so than location right now. It’s critical to price your home correctly in any market but, it seems that now if you don’t, it’s the kiss of death for sellers.