You don’t need a new year to decide to break bad habits. Bad habits are behaviors that affect your personal life and wreak havoc on your finances. If you’re a homeowner, your home is your biggest financial asset (most likely). When it comes time to sell, it’s easy to fall into some bad habits that will undoubtedly cost you some of your equity. Let’s break these habits and look at better options to make you more money.
Bad habit #1: Overpricing your home
Your house is more than a structural asset. It’s your home. You’ve poured a lot of effort into making it comfy for you and yours. And you’ve probably made quite a few memories. As wonderful as your house may be to you, its market value isn’t related to emotional value. Break yourself free from the attachment syndrome that’s making you overprice your home. Overpricing leads to fewer offers, low-ball offers and longer time on the market (which makes people wonder what’s wrong with it).
Good habit: Get an agent and get an accurate comparative market analysis for a competitive price.
What’s your home worth? Try our easy Home Value Calculator!
Bad habit #2: Overdoing the redos
Upgrades can be attractive to buyers. But it’s important to know the return on investment for your improvements. Live in a lower price point neighborhood with mostly laminate counters? It’s unlikely you’ll recoup the cost of installing granite.
Also avoid design choices (crazy wallpaper) and upgrades (built-in aquariums) that speak to your likes and not a wide variety of buyers. Oh, and building without a permit? That will come back to get you. Don’t do it.
Good habit: Focus first on repairs, and consider only the upgrades your agent recommends to sell your house.
Bad habit #3: Limiting showings
Showings are a pain. We get that. You have to drop what you’re doing, clean up and get everyone in the car. Remember that buyers also have busy lives and may not be able to view your home on just weekends. If you limit showing times, you limit buyers to those that can see your home during those openings.
Consider this: If you limit showings to weekends, it could take quite a few weekends for all potential buyers to see your home.
Good habit: Open up your schedule for as many hours as possible during the week and weekends to get more views in less time.
Bad habit #4: Failing to stage
Clutter, dirt, broken stuff and personal effects are a turn-off to buyers. They don’t want to feel like they’re invading someone else’s home. Staging can seem cold and unappealing to you personally, but it’s necessary to get the interest generated by the model home effect.
Good habit: Clean, declutter, repair and stage your home to be a blank canvas for buyers’ dreams.
Bad habit #5: Ignoring agent advice
Yes, you’ve been around the block a few times. You may have sold a home or two in the past. But the market changes quickly and the rules change as well. Ignoring the person you hired to sell your home is like filling a prescription and not taking the medicine.
Good habit: Choose an agent or team with experience and a track record of successfully closed deals. It’s a lot easier to trust a pro.
Bad habit #6: Paying a listing commission
Technology has changed the way homes are sold. The old adage that “you get what you pay for” isn’t true with flat fee, full service real estate options — you’re paying way too much if you’re paying a traditional percentage commission. You’re losing 1 to 2 percent of your equity.
Good habit: Choose a flat fee, full service brokerage. You’ll get everything a traditional brokerage does and only pay a flat fee for the listing.
Bad habit #7: Depending on open houses
Most shoppers are looking online, then scheduling a showing if they’re genuinely interested. While there may be some (rare) occasions where an open house may be beneficial, they’re overrated as a selling tool. They mostly draw curious neighbors, agents looking to find unrepresented buyers, unqualified buyers, and sometimes even thieves looking to lift a few baubles.
Good habit: Get a tech-savvy agent who can promote your property online with great pictures/video, and share it on social media.
Recognizing home selling bad habits and replacing them with these good ones can save you time and help you keep more equity.
BY SUSHA ROBERTS
Redefy Real Estate is a full service residential brokerage saving sellers thousands with flat fee listings. We know you have more important things to spend your money on!