Everyday I see mistakes that sellers make, here is a list of 10 that are typical and can cost a seller thousands of dollars.
- Overpricing your condo is the biggest mistake a seller can make. You will likely still get showings, but the people coming to see your condo usually have higher expectations and will just be disappointed in your condo. When you do eventually lower your price, your listing will be stale and buyers will have less interest and you could end up getting less money than if you had priced it properly to begin with.
2: Showing Availability
- When you are selling your condo, you need to allow showings at the maximum amount of times, once you start restricting times for showings, you are making it difficult for the buyer to see the condo and they will likely skip it or find another similar property they like before coming back to see yours. I know it can be very inconvenient for you, but you are trying to sell your place and hopefully it will sell quickly and the inconvenience will be over quickly.
- Nothing turns off a buyer quicker than walking into a dirty or cluttered condo. If you have lots of stuff, take out as much as you can, put it into storage or get rid off it, either way, clear out as much of it as possible. Next. the cheapest improvement you can make is investing in cleaning supplies, give the kitchen and bathroom a good cleaning, make them shine. Dirty and cluttered condos turn buyers off. More about professional cleaning.
4: Not Willing to Negotiate
- You always want to negotiate. I understand that it can come as a shock when you get a really low offer, just remember that the first offer is only the potential buyer raising their hand to say they are interested. Don’t take offence to a low offer, sign it back at a price you are willing to accept. You might be surprised when they come back with a much more realistic offer the second time. You could be losing your best chance to get your price by refusing to work with someone who makes what you feel is a bad offer.
- I know you love your little friends, but when your selling your condo, a lot of people do not like pets and are turned off that they live there, While your selling your home, you should try and arrange for them to stay with family or friends until the sale is completed. Also you want to deodorize the apartment, maybe even paint to get rid of any smells.
6: Complete Repairs
- I regularly see things in listings saying easy to fix, or easy to convert back. If it is easy you should just do it, as buyers, especially with condos are not normally looking for a project. Also, if you have easy repairs to do, i.e. new outlet covers and stuff like that, just finish it, you don’t want the buyer thinking what else needs to be done that they are not seeing.
7: Bad Photos
- This is my pet peeve, I hire a professional photographer for my listings, there is no excuse for bad listing photos. Those photos taken with your camera phone are not getting people in your door. They are keeping potential buyers away because your photos are not showing off the best features of your property. You only get one chance at a first impression, do it professionally. More on Professional Photos.
8: Hiring A Part Time REALTOR®
- There are 38,000 plus members of the Toronto Real Estate Board, the majority of them work part time. When you are selling your largest asset, you need someone who is available to deal with situations or inquiries as they come. Real Estate can be a 24/7 business, how is your part time REALTOR® going to deal with the 9-5 stuff if they are at work and unavailable when you need them.
9: Hiring A Family REALTOR®
- I have heard in the past of clients deciding to work with a family member who has now gotten their real estate registration. I am sure many people have experienced REALTOR® family members, however many are new to the business or part time. Think about this, will they be willing to tell you what you need to hear or are they afraid to hurt your feelings and ruin the relationship.
10: Over Doing Home Improvements.
- Just because you spent a lot of money to put in the new kitchen and bathroom for your resale, doesn’t mean a buyer is going to pay for it. You have to mindful of your budget, you can put in top of the line things, just don’t surprised if the buyer is not willing to pay the extra money for the upgrades you have done. Also, your upgrades may not appeal to all buyers, so watch your budget and do neutral improvements to maximize your investment. Maybe consult a home stager or designer before spending a lot of money.
Steven Campbell, Sales Representative
Forest Hill Real Estate Inc., Brokerage