If you’re like many sellers, you’re planning to put your home on the market this spring. If you fall into this camp, congratulations! Getting ready to sell is exciting. Unfortunately, logistical details can sometimes get lost in the excitement, resulting in costly mistakes. Here, we’ll look at four common seller mistakes that you should avoid.
1) Trying to Sell Your Home Before it’s Ready
Does your home need any major repairs before you can sell it? Could it use a bit of general home maintenance?
The truth is, at any given time, most homes could use a little bit of TLC. But when you’re about to sell your house or condo, all of those small tasks you’ve been putting off can cost you. Few things make buyers more reluctant to buy a home than the appearance that it hasn’t been well maintained.
Before you put your home on the market, perform a basic inspection. Are there any discoloured spots on your ceiling? Nicks or dents in your walls? Cracks in your door frames or baseboard joints?
Start the process by focusing on the big things that need changing. Make a list of any repairs or renovations you’d like to make. It also helps to get all of your paperwork—from your mortgage to your utilities bills—ready early on.
2) Over or Undervaluing Your Home
Setting an asking price for your home is no easy feat. How much are the homes in your area selling for? What value-enhancing features does your neighbour’s house have that yours doesn’t? And how do recent changes in the local market—Toronto (generally) and your neighbourhood (specifically)—impact it all?
Overprice your house or condo, and it may wind up sitting on the market forever. Underprice it, and you’ll receive a lot of interest. But you’ll also get a lot of lowball offers.
The best way to avoid this issue is to find a trustworthy real estate agent who will give you an accurate valuation. Your agent should always provide you with a comparative market analysis that will help clarify your home’s pricing.
3) Creating Bad Marketing Materials
Flyers or postcards featuring low-quality photos. Listings that fail to highlight the benefits of a home. Video tours that feature shaky camera work. We’ve seen some pretty bad real estate marketing efforts. Unfortunately, it’s the seller who suffers. If your home isn’t showcased in the best possible light, you’re far less likely to receive fair offers.
A good real estate agent will use their expertise to help you do it right. Unfortunately, sellers often fail to ask their agents about marketing plans.
The best advice we can offer is to find an agent who will help you create high-quality marketing materials—or at least refer you to someone who can. If you’re considering a particular agent, do your homework. Look at their web and social media presence. Ask to see some of the print materials they’ve created in the past, and ask yourself whether it would turn you off as a buyer.
4) Failing to Create a Pleasant Environment
Don’t underestimate the potential benefits of creating a pleasant environment for buyers. And don’t forget that this process can take time.
Of course, you’ll find no shortage of online tips for getting your home show-ready—from decorating with neutral colours to purchasing new hand towels. It’s true that these little touches can help create the right mood for buyers. But one of the biggest mistakes many sellers make is relying too heavily on these last-minute tricks.
There are steps you should take early on to prepare for staging. Homeowners who are willing to rent designer furniture to impress buyers will often overlook the need for regular dusting or garden maintenance. We advise starting early and tackling the major cleaning tasks first.
Looking to sell your home? We can help you get the best possible price for it. Contact us and let’s talk about it!
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