10 Mistakes Sellers Make When Selling a house
Mistake #1 – Signing a standard agency Agreement
10 Mistakes Sellers Make When Selling a House. 80% of home seller’s make these mistakes. The most dangerous thing you can sign is a standard selling agreement. Thousands of sellers make this mistake – they signup with a real estate agent without realizing what they are doing. Once you sign, you are at the mercy of the agent/ You have lost control. Many agents describe sellers as being controlled – it means the agent has control.
Agents may say their agreement is ‘standard’. But it is designed to the agent’s standard, not to your standards. It totally protects the agent. it barely protects you. Seriously, be careful. An agent’s selling agreement is a legal contract. Treat it seriously!
Don’t sign any contract unless you are guaranteed that your basic rights are protected. Seek independent legal advice or use the Consumer Protection Notice for home-sellers, which has been designed in consultation with legal experts and consumer advocates.
This guarantee is available to all home-sellers at no charge and with no obligation. Despite what some agents may say, you can use it with any agent in any area. This guarantee has huge support from consumers, lawyers and consumer advocates. The guarantee prevents the agent from hurting you. If an agent does not want to sign it,do not hire that agent, no matter what you are told.
Call me – I Pay Top Dollar for Houses (214) 723-1304.
Mistake #2 – Not Trusting the Agent
If you do not trust the agent, don’t hire the agent. The most important ingredient in any relationship, business or personal, is trust. Before you choose your agent, ask many questions, check references. insist on a Guarantee, test their negotiating skills and ask yourself a Big question: “Do I feel comfortable with this person handling the sale of my home”? If your answer is No, do not hire the agent. 80% of Home-Seller’s Make These 10 Mistakes.
Feeling good is not a good enough reason to trust the agent. you need proof that the agent deserves your trust. And that’s easy – just make sure that anything you are told verbally is Guaranteed in writing. When the agent says something that sounds good, you should say, “that sounds good, would you give me that in writing”? This will really test whether or not the agent deserves to be trusted.
Mistake #3 – The Quote Trap
One of the most common mistakes made by sellers is believing the price the agent quotes for the sale of your home. Once you sign-up with an agent, if the selling price is less than the price you were quoted, too bad. there is nothing in the ‘standard’ real estate agreement that compels agents to honor their quotes.
The ‘Quote Trap‘ catches thousands of sellers who are told one price before they sign-up and another price after they have signed-up. As absurd as it seem, if a home sells for any price, the agent still gets paid. 10 Mistakes Sellers Make When Selling a House. 80% of home seller’s make these mistakes.
Insist on a written guarantee, just as you would with any business. You should only pay the agent if you get the price you were quoted-or more. Do not accept any excuses about ‘the market’. An agent who is telling you the truth about pricing your home will have no qualms about giving you a written commitment, that the words you hear are the truth.
Mistake #4 – Failing to Check out the Agent
Choosing an agent based solely on a high quoted price and a low commission rate can be a dreadful mistake. Agents who offer low commissions can be poor negotiators. you are hiring an agent to negotiate the best market price for your home. take the time to ‘check out’ the agent. A little research can mean BIG savings for you.
Once you have signed-up with an agent you may be horrified at the things the agent says and does when handling the sale of your home. Many agents openly encourage buyers to offer lower prices. Many agents reveal confidential information about sellers, such as ‘These people are in trouble’. if you have a pressing reason for selling -illness, divorce, financial commitments, ect…the agent may tell buyers about your reason for selling. This really weakens your position.
Treat hiring an agent like a job application. Ignore written references because you may only be shown the good ones. you must discover of the agent is honest and competent. There are two ways to do this. First, ask the agent for details of all their current home-sellers. Call some of these people and see if they recommend the agent. And second, you should ‘Mystery Shop’ the agent to make sure the agent is not going to say one thing to you and another thing to buyers.
Call the agents office and make inquiries about one or more of the homes they have for sale. Ask questions such as ‘Why is the home being sold’? and ‘what is the correct price the owners will take for this home’?
Mistake #5 – Signing Up For Too Long
Thousands of home sellers get caught with the wrong agent. If you sign a standard real estate agreement, and later, you are not happy with the agent, it is very hard to get out of the agreement. Once you sign-up, you’re locked-in for the time period you signed-up for. This is one of the most frustrating mistakes made by home-sellers. 10 Mistakes Sellers Make When Selling a House. 80% of home seller’s make these mistakes.
Don’t sign anything which locks you into an agreement for a long time. Consumer advocates recommend short time periods. In Dallas, 60 days is the maximum time allowed by law. But, even that may be too long, because the longer the agent has your home, the more chance that you will be pressed to lower your price.
The maximum time should be 7 weeks (49) days. Many sellers only give an agent 30 days to start with. If you are happy, you can extend the time later. Be careful. Keep control. Insist on a short selling agreement. I Pay Top Dollar for houses in Dallas/Fort Worth (214) 723-1304.
Mistake #6 – The Advance Fee Scam
It’s a BIG mistake to pay any money in advance. Many sellers hand over thousands of dollars and lose their money. Consumer advocates call this the’Advance Fee Scam’. In real estate, it is called ‘up-front money’. The excuse is advertising, which involves some of the worst traps for sellers. It is a very easy mistake to make. It is also very easy to avoid.
Do Not pay any money in advance for any reason. Many home-sellers are now waking up to this mistake. They say to agents, ‘We will only pay you if our home is sold and we are satisfied. If not, we pay nothing. Also, don’t sign anything which requires you to pay any money if your home is not sold. You should only pay the agent after your home has been sold and you received the price and service you were promised.
Mistake #7 – Becoming a Victim of Conditioning
Conditioning is one the cruelest real estate tricks. It has one purpose. to convince sellers to lower their prices so that their homes can be easily sold, thus ensuring that the agents get paid. 10 Mistakes Sellers Make When Selling a House.
There are two classic symptoms of conditioning. First, is when the agent praises your home before you sign and then criticizes your home after you signed. Second, is when the price the agent quotes you becomes much less after you sign.
Conditioning works in two stages. First stage is the ‘Activity’ Stage. this is when the agent creates lots of activity – which causes your home to be sold for a lower price. Second stage, is the ‘Crunch. This is when pressure is applied to you to reduce your price.
Conditioning is a common and real trick in real estate. It is taught in several real estate courses. Most sellers are no match for trained agents. If you are being pressured to lower your price, or the agent is using methods which can cause you to get a lower price, you should have the right to dismiss the agent. 10 Mistakes Sellers Make When Selling a House. 80% of home seller’s make these mistakes.
Call (214) 723-1304 to get Top Dollar for your home.
Mistake #8 – Advertising & Lower Prices
Thousands of home sellers do not realize how agents use advertising to promote themselves. And very few sellers realize how advertising damages the value of their homes. Typically, real estate advertising often gets lower prices. It is a ‘conditioning weapon’ to convince you to lower your price.
The more a home is advertised and the longer it remains unsold, the easier it is to persuade you to lower your price. When buyers see a home advertised week after week, they wonder what is wrong with the house. It can easily become known as a lemon. And lemons get lower prices.
If advertising really was the cause of selling your home, why would you need an agent? You could put ads in the paper yourself and save thousands of dollars in commissions. 10 Mistakes Sellers Make When Selling a House.
Agents will tell a home seller that their home needs lots of exposure. But exposure is like sunburn. The more you expose your home with typical real estate ads, the more you burn your price. You are selling your home, not the buyer of ads.
Mistake #9 – An Agent Who Treats Buyers Badly
Agents who treat buyers badly will also treat sellers badly. If you have ever tried to buy a home you will know exactly what this means. 10 Mistakes Sellers Make When Selling a House. 80% of home seller’s make these mistakes.
Buyers like to deal with agents who will listen to them. but thousands of buyers at the lack of courtesy from agents – especially when it comes to returning phone calls or keeping in touch. Many agents advertise constantly rather than keeping in touch with buyers who inquire to the offices. This is inefficient, incompetent and lazy.
Agents who tell sellers that they have to “find a buyer”. But this makes almost no sense. If the agent is efficient the agent should already know who is looking to buy because all buyers come into an area before they buy.
Mistake #10 – Poor Negotiator
The main reason home – sellers lose money is because so many agents are poor negotiators. There is a BIG difference between what a buyer pays for your home and what that buyer would have paid. Most agents do not know how to obtain the best market price.
Just ask anyone who has bought a home what was the price they paid for the house, and what would they have paid for that house. Thousands of buyers are able to buy a house below their maximum price because so many agents are such poor negotiators. It is astounding.
You don’t need a slick sales person, you need a good negotiator. A good negotiator can easily mean an extra ten percent on your selling price. To discover if an agent is a skilled negotiator, ask the agent to teach you something about negotiations. If you are not impressed with what you hear, if yo do not learn something worthwhile, do not hire that agent. Insist on an agent who is a skilled negotiator. 10 Mistakes Sellers Make When Selling a House.