Most Common Mistakes People Make When Selling Their Homes
Are you getting ready to sell your home? While the excitement of moving to a new location and making a profit from the sale is what drives you, being aware of how time time-consuming and emotionally challenging it can be is something you should be mindful of.
The real estate industry is always changing, which can make the whole process even more overwhelming. If you're considering selling your home, you could end up making some mistakes that prevent you from getting the best deal.
Hiring a real estate agent to help you sell your home is highly recommended to guarantee a smooth, efficient transaction. They find the needs of potential buyers and match them to houses and condos looking to be sold. A qualified agent will also create a marketing plan using various channels, ensuring the right audience sees your home. With the expertise of a real estate agent on your side, you'll sell your home faster, with higher chances of getting a great price. However, not picking the right agent could be an expensive mistake that you should also avoid committing.
The Jordan Grosman Group is here to help you avoid these fundamental home selling errors that could put a costly dent in your dreams. Based on our expansive experience of buying and selling homes, we have compiled a list of the most common mistakes people make when selling their homes, that you should avoid making.
1. Not enough research. Many people do not do the right amount of research when finding a realtor to help sell their home. It’s important to ensure that your realtor has the right amount of experience as well. Even if you are listing with a relatively inexperienced agent, they might be co-listing with a more experienced agent, or might be working with an experienced mentor. So, there can be exceptions to the rule. Ways that you can look into an agent's experience are calling the brokerage and asking questions about the agent. Check whether they are in good standing with their office. You can also go to the RECO website to ensure that the agent is still licensed or whether there are any additional details, which might be important in your decision.
2. Not the right agent for the type of house. Even though an agent has experience, they might not be experienced in selling your specific type of property. If an agent mainly focuses on first time home buyers or purchasing condos, they might not have the necessary experience to help you with selling a home in Forest Hill for example.
3. Not hiring the right representation. A common mistake that many people make is hiring friends and family to represent them in a real estate transaction. Although you might feel compelled to give your business to a friend or loved one, it is important to make sure the person you choose to represent you in a real estate transaction has the proper qualifications to do so. Sometimes that means putting personal interests aside.
4. Not getting help at all. Don’t choose an agent based on them charging the lowest commission. This might mean that they are not spending the time, money, or effort in showing your home in the best way possible. They might not be the type of representative that is going to dig for the right information to help you get the most value for your property. Alternatively, trying to sell your property without an agent hardly ever turns out well with costly mistakes and not maximizing selling price.
5. Not estimating the value of repairs. When selling, people tend to underestimate the value repairs provide in helping you sell your home. There is money that can be left on the table if you are not painting, fixing baseboards, or even replacing light fixtures. You want to do everything that you can to maximize the value of your property before a sale.
6. Not staging enough. Many homeowners underestimate the value of staging. Clearing out old items, reducing clutter, and adding functional decor can all increase a potential buyer’s perceived value. Clearing out old family photos and sentimental family heirlooms can also help contribute to the buyer’s ability to see themselves in that space.
To avoid these and other mistakes, reach out to the experts at Jordan Grosman Group. We are equipped to handle the buying and selling of homes and condos in Toronto, with a focus on Forest Hill, Cedarvale, and Yorkville. We have more than fifteen years of experience in the industry and have sold over six hundred properties. For a complete list of our services, please click here. If you have any questions about buying or selling your home, we’d love to hear from you. Please contact us here.