Las Vegas Realtor, Homes for Sale, Realtors in Las Vegas, Nevada
Las Vegas Real Estate Sales
Marketing Las Vegas Real Estate to Propective Buyers
Today's real estate market has a lot of turbulence. As your Realtor® I can help you understand values in your area and offer marketing suggestions to make your home stand out in our market.
8 Common Mistakes Most Home Sellers Make
1.) Good marketing distinguishes your home from hundreds of others on the market, selling its benefits not just its features. Open houses and print advertising (the most obvious) are only moderately effective. Only 1% of homes are sold at Open Houses, and just 3% of people purchased their home after seeing a print ad! As your Realtor I use many other methods as well to attract prospects. We make use of the best advertising in the industry!
2.) Basing your asking price on needs or emotion not market value. Many sellers base their pricing on what is termed as Subjective Value. To an appraiser, subjective value is based on emotions. For example how much a seller paid for their home, how much they love their home, and overall pride of ownership is considered subjective value. Objective value is what all appraisers base the true value of a property.
Setting the asking price of a property should always be based on Market Value. Appraisers call this objective value. Objective value looks at the condition of the property; its location, what properties with similar features in the same area are selling for, what other properties in the same area are listed for, and the overall condition of the economy and the real estate market.
If your home is not priced competitively, home buyers will prefer larger or better homes in the same price range, increasing your time to sell. When your price is later lowered, buyers may be wary because they suspect other reasons the house has remained unsold so long. Homes that are listed at market value stand out from the competition...compared to all the overpriced options; the competitively priced home will strike Buyers as a value. This leads to more traffic and a higher number of showings by other Realtors.
3.) Failing to "present" the home. A property that is not clean or well maintained often suggests hidden defects that increase the total cost of ownership. Sellers should make necessary repairs, and spruce up the house inside and out, keep it clean and neat, or risk chasing away buyers brought in by Realtors. Buyers will leave themselves a large margin for error for the cost of repairs, reducing their offer price. (Please see 10 Things Sellers Should NOT Do)
4.) Over-improving your home before you sell it. Most buyers will base their decision on purchasing a home based on how they feel about the kitchen and bathrooms. If these areas of the home meet both of their emotional and physical needs it makes it easier to sell a home. It is a good idea to get a real estate professional to do a market assessment of what your home is worth BEFORE the improvements. The next step would be to get a written estimate for improvement costs; then have your real estate professional give you an update on the market value to determine how much more money your home will sell for AFTER improvements are made. This will let you know whether it makes sense to upgrade your home first, then put it on the market, or just put it on the market for sale the way it is.
Sellers may spend thousands of dollars doing the wrong upgrades to their home prior to selling, expecting to recoup this cost. If you are thinking of selling, ask me which upgrades are cost effective before making any improvements. Typically, the most important and salable areas of any home are the kitchen and bathrooms. Having successfully completed the International Association of Certified Home Inspectors Green Building Examination...ask me which small improvements can easily make your home GREEN.
5.) Many homeowners list with the Realtor who tells them the highest price or simply because they're with a large Real Estate company. Remember is it not the sign that sells a home, it is the real estate agent. Sellers should always choose the Realtor who provides the most experience and the one the sellers thinks has the best negotiating skills. More experience could mean a higher price at the negotiating table, selling the home in less time, and with the least amount of stress and hassles along the way.
6.) Failing to take the first offer seriously. Many sellers believe that the first offer received will be one of many to come, hoping to hold out for a higher price, especially if the offer comes in soon after the home is listed. Often the first offer end up being the best buyer, and many sellers have had to accept less money than the initial offer much later on in the selling process. The first two weeks of the listing is critical. It is the time that the home will usually get the MOST of its action. Do NOT let how quickly the offer came in determine your decision to accept it or not.
7.) Using the "Hard Sell" during showings. Buying a home is an emotional decision, and buyers are looking to see if a house is comfortable for them. A good Realtor lets the buyers discover the homes features on their own, pointing out only features they are sure are important to them. Overselling your home during showings make buyers think they are paying for features that are not important to them and can lose the sale.
8.) Not knowing your rights and obligations. The contract you sign to sell your property is a complex and legally binding document. An improperly written contract can allow the purchaser to void the sale, or cost you thousands of unnecessary dollars. Have your Realtor fully explain the contract.
702-677-8796
Linda Strasberg, Las Vegas Realtor, Homes, Condos, Townhomes, Land, Multi-Unit Investment Properties, Foreclosures, Pre-Foreclosures, Short Sales for Sale in Las Vegas, Nevada, Las Vegas Real Estate, BPO REO SFR Certified, MCRE, Distressed Property Specialist
Linda Strasberg, All Rights Reserved
