The 12 Most Costly Mistakes



The 12 Most Costly Mistakes
You can make when selling your home

Incorrect Pricing
The motivation for selling your home could affect the factors involved in the selling process.  If timing is important, ensure you communicate this with your Realtor.  This could affect your pricing and the marketing plan of your home.  A list price that is well over the market value usually gets the seller less than he bargained for.  Purchasers looking in your price range could reject your home in favour of another, larger home at the same price.  Today’s buyer is more careful about his investment and is cost comparison shopping to the extreme.  Overpricing also can increase time on the market that can add to increased carrying costs and wasted time on unsuccessful showings.  Ultimately, many overpriced properties never sell or end up selling below market value and maximum showings & exposure was not achieved.
To help avoid this you select the right price:
1. Know you competition – what comparable homes in your area are up for sale? 
2. Ask your Realtor for a current market evaluation report. 
3. Address how much bargaining room to leave in your price. 
4. How the principal of substitution affects your home’s value. 
5. The affects of “location, location, location”.

going to increase valuable exposure to your home?

Failing to “Show & Sell”
Selling your home is a serious matter.  Everyone wants to achieve the highest price possible.  Ensure your home is available for as many showings as possible. Remember that it only takes one interested purchaser to make an offer.  Discuss the possibilities of a Lock Box or make a key available for your iPro representative to maximize showing times.  If pets, such as large dogs, may hinder showings try to make a schedule among family members to take turns during showings to ensure easy and safe access for potential buyers.  We think walking the dog during these times may make the purchaser more comfortable and at ease.

Failing to “Spend a little or Lose a lot”.
People are usually looking to buy a home not just a property.  Purchasers buy a home in which they would like to live.  We’ve all heard the story of how smell, sound and light can add to the success of a showing.  Intentionally leaving some light music and lights on strategically throughout your home can help show your home to its fullest.  Make an extra effort to remove garbage regularly and a fresh box of baking soda in areas where vegetables are kept is also a good idea.
Take care of the minor repairs as soon as possible.  If you have any of those annoying and inexpensive items around the house that need attention, now is the time to attend to them.  Repair all taps, clean the windows and walls, and touch up paint, clean closets.  While these items may cost pennies to fix the delay of a sale could cost thousands.  Remember that you want your home to outshine the others; you may only get one chance to show off your home to a potential

Your iPro Realtor can really lend a valuable hand at showing tips.  A free videotape is available along with enhancement tip sheets and showing check lists.  Don’t miss out on our valuable resource materials.

Pushing the “Hard Sell”
An over enthusiastic vendor during a showing can stress the buyer and rush them through the home.  Remember, buying a home is an emotional decision and the people have to feel comfortable with their surroundings.  While you may want to follow them around the home pointing out every improvement you made, you may want to consider an alternative.  Have a iPro Representative place tasteful feature sheets and pop-up cards in strategic places.  Resist the temptation to talk to the entire time the potential buyer is in your home. Let them discover things on their own.

Failing to see the “lookers from the Buyers”
Selling your home privately can greatly increase the chances of an unqualified buyer knocking at your door.  Be prepared to have many curiosity seekers wasting your valuable time.  Also consider the security risks foal lowing strangers into your home.  Purchasers accompanies by a Realtor have been pre-qualified in advance of the showing and are never allowed into your home without a registered Realtor.  If selling your property privately, consider how to show your home and to whom.  If possible ask qualified questions about their creditworthiness and financial capabilities before setting up an appointment.

Failing to have a “marketing Plan in Place”
Consider having Denroy Stewart prepare a personalized plan on how your home is to be marketed to the public.  Establish benefits of open houses, the publication of your listing on the MLS Service, various advertising media and the accessibility of the showing of your home.  Work hand in hand with your Realtor – ensure your expectations can be met in the fastest time possible, with the lease amount of inconvenience.  A marketing plan can ensure you and your Realtor have the same agenda and goals.

Failure to produce the “Proper Documentation”
Is your survey handy?  Many freehold owners should have a copy of the survey when they originally purchased the home.  Do not take it for granted that you will find it before closing.  Provide what is available up front.  A lost survey could cost as much as $1,200.00 or more to replace and the omission of a survey could also frustrate a potential sale.  If no survey is available – let your Realtor know immediately.  Perhaps he can obtain a coy from a neighbour or contact your mortgage company who may have one available.
Is your tax bill handy?  Incorrect taxes on your listing will mislead a potential purchaser and the liability of any difference could be yours for years to come.  Have a copy ready for accuracy.
Real estate law is very complex.  The agreement of Purchase and sale is a legally binding document.  An improperly written contract can cause a sale to fall through and cost thousands of legal remedies.  Be certain that there are no defects on your title, and that your property is not in conflict with any zoning and local restrictions.  Discuss any remedies in advance with your Realtor or the consequences can be plenty.  Your iPro Realtor can provide you with a safety checklist of documentation that you should have available in advance.

Not getting “Guarantees in Writing”
Any promises made to you by your realtor should be in writing.  Signing a listing with a Realtor entails a written contract.  Ensure you read and understand the commitment.  Always feel free to ask questions before signing anything.

Not getting the most out of “What is included”
Take inventory on your home and decide at first what chattels you wish to leave to perhaps make your home more attractive to potential purchasers.
Sometimes the most cumbersome things to move on closing day.  Does your new home already have appliances installed?  If you wish to leave the appliances, ensure they are in working order on closing.  If you are aware of any problem, make it known up-front to avoid litigations afterwards.  If you are unsure of the temperamental bar fridge downstairs, perhaps adding “in as is condition” or deleting it as an extra feature altogether can avoid problems in the future.  You will rally impress potential buyers if warranties or manuals are made available to them in a convenience prearranged area during showings.
Window Covering:
Often blinds or curtains are made to measure.  Taking them with your after closing may just lead to them being stored away unused.  If this is the case, take advantage of their selling feature during the marketing of your home.

Central Vacuum and Equipment:
Often central vacuum systems are affixed to the property; however, make it clear what attachments are being left in the unit.  It will be assumed that everything goes unless otherwise stated.  This can also apply to garage door operators and their respective remotes, pool equipment and accessories.  Warning! Be specific on what is staying.  If the blinds are staying but you are taking the custom made balloons – have your Realtor spell it out on the listing.

Not listing “What’s NOT Include”
Before the showing of your property, scan your home for items which are considered fixtures or could be misconstrued as fixtures, which you will definitely be taking.  Many times there are emotional items in the home such s a wedding gift, a family heirloom that will definitely be removed.  Chandeliers are the most common.  If it has special value to you, ensure it is written down as exclusion on the listing.  Better yet, remove and replace it before showings begin.   If the built-in dishwasher was a gift that is leaving with you, communicate this to your Realtor and perhaps make arrangements to have the empty space replaced with cupboards. These are the most common items that can distress a sale later.  And remember, no removing shrubs or fruit trees unless you let the purchaser know in writing first and it has been agreed upon.

Miscalculating of your Mortgage
 Your iPro representative can assist by preparing mortgage verification to be sent to your mortgage company immediately.  This will ensure written confirmation of terms of discharge, probability on your mortgage, restrictions and assumption possibilities to help establish your closing costs.  This verification is not instantaneous.  Therefore, review your original mortgage documents carefully and call your mortgage company personally.  Many times there are hidden costs that can surpass thousands to fully discharge a mortgage and in some cases an owner is horrified to find out that discharge is not possible at all until the specified date.  Do not take this legal matter lightly.  Verify and get your response in writing.

Not Choosing the “Right Realtor” for the right reasons.
It is interesting that in real estate someone with experience and an excellent performance record usually cost the same as someone who is inexperienced.
The sale of your home could well be the most important financial transaction you may ever make.  It’s your money and your home and the choice of your Realtor is up to you.
Make that selection very carefully.  You should prepare prior to meeting a Realtor, questions to ask and determine the type of answers you would expect for those questions.
We have available for your review a carefully laid out booklet on our marketing plan plus checklists, newsletters and video’s to ensure maximum service and maximum results.  There is no second-guessing our quality of service.
We sincerely hope that this brochure has been of assistance.  Its intent is not to solicit properties listed for sale and further clarification on Agency Relationship should be reviewed with your sales representative prior to engaging in real estate activities.

Presented for your information by:
Denroy Stewart
Sales Representative
iPro Realty Ltd., Brokerage
(416) 587-1025

*Certain conditions apply