Following are common mistakes that many home sellers make:
· Deciding to sell their home without reviewing all their financial assets and options.
· Starting the process of selling their home, without first getting a mortgage redemption certificate. This is an important step in the initial selling process, since if the seller does not know the ramifications of porting or breaking the mortgage, the seller's agent cannot negotiate appropriately in favour of the seller.
· Listening to the sales pitch of sales agents offering 1%, 2% or even no commission, and not understanding the hidden message behind those sales pitches. For ALMOST EVERY RESIDENTAIL REAL ESTATE SALES TRANSACTION IN ONTARIO, THE COOPERATING BROKER HAS TO RECEIVE 2.5% OR MORE COMMISSION, AND THE SELLING AGENTS GETS ON TOP OF THAT EITHER 1% OR 2% OR 2.5% OR MORE. So the bill boards and advertisements showing 1% commission with an *(asterisk) by the side in small print is just a gimmick to get you to call the sales agent.
· Not asking the sales agent as to what service they would provide for the 1% or one and half percent commission and documenting the same.
· Not asking the RealtorŪ as to how they can genuinely reduce the commission without discounting the service. This is a very important option which sellers are not aware to ask the RealtorŪ to reduce the commission without affecting the service the RealtorŪ would provide to someone paying full commission. (P.S. Please ask me for the option to reduce the standard commission without affecting the standard marketing of your home).
· Not seeking a REALTORŪ who has good credentials and references.
· Not asking the right questions to the REALTORŪ. (For further information on asking the right questions, please check 20 Questions to ask your REALTORŪ).
· Listening to the real estate advice of unlicensed people without corroborating the facts with a licensed and ethical REALTORŪ.
· Not receiving a plan of action and Listing Service Tasks (LSTs) from the REALTORŪ which outlines the strategy the REALTORŪ will use to get offers on their home sooner than later.
· Not requesting the advice of the RealtorŪ to improve the appearance of their home before putting it on the market.
· Not spending some time and money to "uplift" the first impression of the home in order to "wow" the buyer.
· Sellers who are represented by a Selling Agent contacting the Buying Agent directly for information on the buyers. This ultimately goes against the interests of the seller since the buyer and the Buyers' Agent realizes that the seller is desperate to sell their property and the former will not negotiate in good faith.
The above mistakes very often leads to the home sellers not selling their homes at the price they had been originally promised, or not having any showings or not having any offers. They also cause wastage of time for themselves to open their homes to strangers walking through their home without a genuine desire to buy. Very often, home sellers complain about unethical and "pushy" real estate agents, which could have been avoided if the home sellers had asked the right questions. Finally, to avoid the "home selling stress" it is recommended to avoid the above mistakes as much as possible.
If you too need my help or even just advice about selling at this time of economic uncertainty, just complete the CONTACT form and let me know how I can help you with your real estate questions.
Select Common Mistakes that Many Home Buyers Make for tips on assisting you to buy your dream home at the best possible price.
