Over the years, I’ve had the dubious experience of becoming a myth collector. Specifically, regarding the myths around why a home has not Sold. As I talk with agents around the country, it has become clear that these myths are actually very widespread and have developed a life of their own…sometimes with variations which are location specific.
As a public service, I am going to do a mini-series regarding these myths and give some insights regarding why they ought to be dismissed and rejected. Continuing…
Myth #4…Smart Sellers know their home and are the best people to show & sell it!
FACT: This myth is hard to argue against on it’s face. It is true that as a homeowner, you do know the most about your home as you have been the one living in it…not your agent. But the myth is that KNOWING your home is the same as knowing how to SELL your home. These are two different things.
Marketing a home requires a number of skills. These include, amongst other things, an understanding of market conditions and pricing, a network of potential prospects and fellow professionals, the ability to broadcast and highlight a home’s best attributes and a familiarity and knowledge about online marketing. Marketing a home is a skill set that successful agents build over time and requires an investment of time and energy well beyond the traditional 6 months listing contract.
*On another note, most real estate agents can readily share at least one instance in which a home sale was LOST because an overly zealous homeowner insisted on showing every nook and cranny of the home and seriously undermined the prospects of a home sale from a qualified buyer.
Myth #5…I must have an Open House. How else will people find/see my home?
FACT: Open Houses are a staple tradition in real estate marketing. And they certainly have a place in the marketing effort particularly if done properly. However, they are not the most efficient method of marketing when it comes to home sales. In fact, 96% of homes which are SOLD across the country are NOT Sold via Open Houses. The vast majority of sales for homes are procured through: proper pricing, keeping your home in tip top shoe condition and aggressive marketing, promotion and follow-up efforts by a diligent real estate professional.
Many agents will hold a home ‘open’ to fish for additional clients. This can be a very effective way of touching base with nosy neighbors who might be thinking about listing their own homes soon. Other reasons to hold a home open include having the opportunity to talk with the buying public about what is preventing them from moving forward in putting in an offer on your home. All of these are viable reasons to hold a home open, but if you want to sell your home you should make sure it is priced properly for your market. Then your Open House has a much greater chance for success!
Myth #6…My Home has to be Perfect…Please let me spend another Million Dollars. 🙂
FACT: Now, at first glance, it may seem as though I’ve contradicted myself. Afterall, in the earlier blog post one of the points of counsel was to make necessary repairs. The key is in one word…NECESSARY. Some improvements will sell a home, some will not.
Here’s where the counsel of your real estate professional can save you a lot of time, aggravation and MONEY. Every year, the National Association of Realtors® publishes a guide which gives statistics about how much you will recoup by investing in certain home improvements. It’s helpful to know what your rate of return on investment is likely to be if you invest thousands of dollars in a project which is unlikely to increase the amount your home will sell for.
You may enjoy reading this guide offered by the National Association of Realtors® about interesting aspects of the home selling process provided in short statistical style.
I hope that this post has shed some light about WHY a misunderstanding about the nature of the market can adversely impact the sale of your home. I will be sharing more Myths in upcoming blog posts, so stay tuned! Wishing you a Happy New Year in advance and the joy of a successful home sale. If we can be of help to you in this endeavor, please do not hesitate to contact Audu Real Estate.