Don’t be fooled by these 3 selling myths
03/17/2017 | Author: Summer Mandell
First-time sellers beware: there are lots of myths out there about the right way to sell your home. While your Texas REALTOR® is your first line of defense against making these mistakes, here are three common selling myths busted:
Myth: I bought a house, so I know what it's like to go through a real estate transaction. I'll sell my home on my own and save money by not using a real estate agent.
Truth: Texas REALTORS® don't work for free, but that's because they provide valuable assistance through the home-selling process. Selling isn't the same as buying, and a Texas REALTOR® can help you reduce your risk of making a costly selling mistake. Plus, they help clients with the ins and outs of property transactions every day and are plugged into your local housing market. If you DIY, that means you'll have to spend time marketing your home adequately, be available to show the home yourself, and navigate your way through a tricky transaction alone.
Myth: If I price my home higher than market value, I'm leaving room for negotiations.
Truth: Buyers have no idea you're employing this strategy and won't understand why your price is too high. Many won't even view your home, much less put in an offer. When your home is priced improperly, it's more likely to sit on the market, making potential buyers think there's something wrong it. When that happens, you'll probably wind up with lower offers than if you had priced the home fairly at the start.
Myth: All I need to do is mow the lawn and hide my stuff in a closet and my home will be ready to show.
Truth: Is a mowed lawn and hidden clutter all it takes to attract you to a home? It won't work for potential buyers of your property, either. Your Texas REALTOR® might go through your home with you and identify areas that could use some sprucing up to make your home more appealing. Or, he or she might recommend working with a home stager to make the best impression. Be open to those suggestions … your Texas REALTOR® knows what makes a property sell quickly for top dollar.
There is no such thing as “standard” when it comes to what a “REALTOR®” charges. Every REALTOR® is free to charge whatever they wish. Real estate commissions are 100% totally negotiable between the seller and the REALTOR®.
There’s an old saying “You get what you pay for.” You’re likely to find this to be the case. When dealing with a “raw land” transaction the commission is likely to be a little higher for a multitude of reasons:
1. Smaller purchase price;
2. More cost associated with marketing (more than typical residential property);
3. Specialized REALTOR® (Deals in only land, farm, ranch type property).
These are just a few of the reasons that a percentage might be higher than what you may have though it should have been by some perceived “standard” which as I said, does NOT exist.
If you were not happy with that particular REALTOR®, contact another and interview him/her and ask them up front what their fees are for a “raw land” transaction in ___ location. Give them some details about the property such as size, and your estimate of value, and see what they say.
i have owner finance property with an agent. he wanted to charge me 10 percent. i told him that was too much ...what is standard? for central texas raw land
So true. We often forget some of these basics. Selling ‘by owner’ can also be dangerous; how do sellers know that the ‘interested’ party is interested in only the sellers’ personal—not real—property? Pricing is more critical than ever; because of our shortage of inventory, as few as 21 days-on-market can elicit, “What’s wrong with the property” from buyers. And with multiple offers, often resulting in sales prices over list, creative marketing strategies are a must. More than ever, Texas REALTORS® familiar with their market are the best resource for sellers wanting to maximize their bottom line in the shortest amount of time.
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