Mistake #1:  Placing the Wrong Price on Your Property

Every seller obviously wants to get the most money for his or her product - regardless of what it is.  Ironically, the best way to do this is NOT to list that product at an excessively high price!  A high listing price - especially on a home - will cause some prospective buyers to lose interest before they even see what it is they're looking to purchase.  It may also lead potential homebuyers to expect more than what your home has to offer.  As a result, overpriced properties tend to take an unsually long time to sell and often end up selling for too low.

Mistake #2:  Mistaking Refinance Appraisals for Market Value

Unfortunately, a refinance appraisal may have been stated at an almost dishonestly high price.  Often, lenders estimate the value of your property to be higher than it actually is in order to encourage refinancing.  The market value of your home could actually be lower.  What do you do?  Your best bet is to ask your real estate agent for the most recent information regarding property sales in your community.  This will give you an up-to-date and factually accurate estimate of your property value.  Ask your agent more about a CMA, or Free Comparative Market Analysis and what it can do for you.

Mistake #3:  Failing to "Showcase"

In spite of how frequently this mistake is addressed and how simple it is to avoid, its prevalence is still widespread.  When attempting to sell your home to prospective buyers, do not forget to make your home look as pleasant as possible.  Make necessary repairs.  Clean.  Make certain that everything functions the way it's intended to and looks presentable.  A poorly kept home in need of repairs will surely lower the selling price of your property and will likely turn buyers away.  For more information on how to showcase your home properly, visit here: Selling a Home: Where do I Begin?

Mistake #4:  Trying to "Hard Sell" While Showing

Buying a home is always an emotional and difficult decision.  Allow prospective buyers to comfortably examine your property.  Don't try haggling or forcefully selling.  Instead, be friendly and hospitable.  A good rule?  If a buyer is accompanied by an agent, make yourself scarce.  You don't necessarily have to leave, but give them room to talk and discuss while they look.  Then, be available to answer questions.  Sometimes it's difficult to know exactly what to do, so ask me to guide you through the process.

Mistake #5:  Trying to Sell to "Lookers"

A prospective buyer who shows interest because of a "For Sale" sign he's seen may not really be interested in your property.  Often, buyers who don't approach you through a REALTOR® are still at least 6 to 9 months from buying.  They want to see what's "out there" rather than actually looking to buy.  They may even still have a home to sell or are not financially able to commit to a home purchase.  Some buyers may still be trying to decide if they want to relocate. 

Your REALTOR® should be able to distinguish actual potential buyers from mere "lookers".  A REALTOR® should usually be aware of a prospective buyer's credit rating, amount of down payment, and general purchasing power before they begin showing homes to them.  If your REALTOR® or agent fails to gather this information, you should do some investigating and questioning of your own.  This will help you avoid wasting valuable time marketing toward the wrong people.  If you have to do the work yourself, consider first the value in having an experienced, knowledgeable real estate professional do it for you, preferrably a REALTOR®.

Mistake #6:  Being Ignorant of Your Rights & Responsibilities

It is extremely important that you are well-informed of the details in your real estate contract.  Real estate contracts are legally binding documents, and they can often be complex and confusing.  Not being aware of the terms in your contract could cost you thousands of dollars in repairs, inspections, and other unexpected disasters.  Know what you are responsible for before signing a contract.  Can the property be sold "as is"?  How will deed restrictions and local zoning laws affect the transaction?  Not knowing answers to these types of questions could end up causing huge headaches for all involved and costing you a considerable amount of money.

Mistake #7:  Signing a Contract with No Escape

Hopefully you will have taken the time to choose the best real estate agent to represent you.  But sometimes, as we all know, circumstances may change.  Perhaps you misjudged the agent you hired or perhaps the agent has other priorities.  In any case, you should have the right to "fire" an agent if they're not performing the way they promised.  You should also have the opportunity to select another agent if that happens.  Be certain you know what is in - and out - of your control when you sign a listing contract.  Don't be caught in a position to have to stay with an agent or brokerage if they aren't doing the job.

Mistake #8:  Limiting the Marketing and Advertising of the Property

There are two obvious marketing tools that nearly every seller uses:  1) Open Houses, and 2) Classified Advertising.  Unfortunately, these two tools are rather ineffective.  Less than 1% of homes being offered for sale are actually sold as a result of an Open House.  Less than 3% of homes for sale are sold because of a Classified Ad.  In fact, REALTORS® often utilize open houses in order to bring in new buying customers - future prospects - not to sell a house.

Your REALTOR® should employ a wide variety of marketing techniques.  He or she should be committed - dedicated - to selling your property.  He or she should be available to take phone calls from every buyer in order to further market your property.  The majority of calls received from buyers are during business hours, so be sure that your REALTOR® is working on selling your home during those hours.  Chances are that you have a job as well.  This doesn't usually leave time for you to be ready for those calls. 

Mistake #9:  Choosing the Wrong REALTOR®

Selling your home is one of the most important financial transactions you'll experience in your lifetime.  As a result, it is extremely important that you select the REALTOR® that will represent you and those financial interests best.  Experienced real estate agents often charge the same commission fee that a new agent does.  Chances are very good that the agent with experience will be able to bring you a higher price in less time and with fewer hassles.  Take your time when selecting an agent.  Interview several; ask them key questions.  If you want to make your selling experience the best it can possibly be, it is crucial that you choose the best agent for you.