WHY THIS GUIDE?
We wrote this simple guide for home sellers that are looking to sell there home and in the process make sure that they don’t make the top 3 deadly home selling mistakes that cause them to never sell their homes for months to years.
WHO IS THIS GUIDE FOR?
This guide was written exclusively for home sellers based in Vancouver, BC or anywhere around the world because anyone can make these mitakes in any real estate market. These top 3 mistakes are deadly and can financially ruin any family looking to sell there home.
HOW TO USE THIS GUIDE?
You can treat 3 Deadly Home Selling Mistakes: Why Your Home Isn’t Selling And The One Solution as a road map on what NOT to do. If you have been trying to sell your home for awhile now with no results or call backs then this guide will share the “ONE” solution for you.
STRATEGIES IN THIS GUIDE (CLICK TO JUMP TO THAT STRATEGY)
Deadly Mistake 1: Do You Make These 2 Homeowner Mistakes in a Hot Market?
Deadly Mistake 2: Pricing It Wrong
Deadly Mistake 3: The Most Common Misconception in a Hot Market!
Top Agent Solution: The Strategy Used By Top Agents To Sell Your Home
The first mistake I see homeowners do in a Booming Market is they try to sell their home by themselves.
Don’t get me wrong, if they do the right things as mentioned in my The Ultimate Vancouver Home Selling Guide: Sell Your Home Fast And For Maximum Value, and they’ll be able to get Top Dollar for their home.
But unfortunately, most homeowners don’t know how to price, prepare and promote their home properly so that it sells for Top Dollar.
Homeowners make the mistake of thinking that because it’s a Booming Market, just throwing it on the internet will get it sold without any hassle or trouble.
But, it’s just not that easy. Some homeowners just aren’t getting the exposure needed to get their home sold. True, some homeowners can sell their home by doing that, but are they getting Top Dollar for it?
I highly recommend for you to hire professionals during this time if you’re serious in getting your home sold for Top Dollar. A Booming Market is a great time to sell your home but if you try to do it yourself, you might feel like you saved some money.
But I’ve seen so many cases where homeowners left money on the table because they just didn’t have the expertise or experience to get their home sold for Top Dollar in a Booming Market. I’ll go into more detail below of how you can avoid these mistakes.
It’s a Booming Market and you think you have all the power and so you decide to jack up the price of your home — bad decision. Homes that are overpriced will always sit on the market regardless of what kind of market it is.
Buyers these days are very savvy shoppers and they don’t just buy the first property they see. They’ll compare your property to the ones that are not overpriced and your home will not even be looked at.
In a Booming Market, if homes are being sold left, right and center and yours still sits on the market, cautious buyers often suspect that something’s wrong with your property or they come to the conclusion that yours is overpriced.
The main thing you want to take advantage of in a Booming Market is you want to draw as much attention to your property in the first couple days and first few weeks on the market.
When numerous people are at the open house, it stirs up a spirit of competition and buyers will often be influenced by the number of other buyers interested in the property.
Here’s where buyers will either turn away and refuse to compete with other buyers or they will
feel a sense of urgency and adversity and decide to fight for the home they want.
No matter what, there’ll always be the buyers who refuse to get involved in a bidding war.
But in a Booming Market, there’ll always be buyers who will fight for the home that they want.
If you overprice your home, you’re going to get a much smaller turnout at the first open house and this will lead to buyers not feeling threatened but it’ll also lead them to question why there isn’t a lot of buyers looking at this home.
Could it be priced too high?
Is there something wrong with the home?
They’ll think about it more because there will be a sense of doubt and not so much a sense of urgency.
As a result, there will be less impulsive buyers, and with more thought, they’ll realize that your home is overpriced and they’ll search elsewhere.
Homeowners often make the mistake of thinking that because it’s a Booming Market, they don’t really need to prepare the home to show well.
It’s a Booming Market, it’s ok, it’ll sell.
True, if you price your home well, but you don’t really clean it up or fix up leaky faucets and do minor touch ups, it’ll probably sell. But, it definitely won’t sell for Top Dollar!
You see, in a Booming Market, yes, there’ll be a limited supply of homes and lots of buyers. There’ll be a bidding war if you’ve priced it well.
But if you’ve cleaned up your home and you’ve done the things like staging, odor removal, landscaping, minor touch ups, etc… as mentioned in my other book “10 Simple Things To Prepare Your Home To Sell For Top Dollar”, you’re going to attract a lot more offers and a lot more higher offers.
In a Booming Market, serious buyers need to buy and most buyers are not going to be builders and so they buy the home to live in.
So, how a home shows will greatly influence their emotion during the first open house where other like minded buyers are viewing at the same time.
Other like minded buyers will see how well the home shows and say it out loud to their Real Estate Agents or friends or partners at the open house.
Other buyers will hear it and be influenced to think the same way. It’s contagious.
Imagine going to an open house and all the buyers beside you are complaining how this looks like a potential expense and that looks like it’s falling apart, and this looks like there’s a leak and that looks like the homeowner didn’t maintain their home.
How would you as a buyer feel about the home?
You’d be greatly influenced to think negatively of the home and even though you need to buy a home and you were planning to write an offer, your offer would be much lower because of the added perceived risks or expenses that other buyers had mentioned.
This is especially the case in a Booming Market when home inspections are often not even performed because of the bidding wars that take place and buyers often have to write subject free offers in order to win the war.
If your home looks in showroom condition, looks well maintained and minor renovations or touch ups have been done, buyers are much more confident in making higher subject free offers.
Obviously, it’s beneficial to have your Real Estate Agent explain these benefits and things that you have updated in order to calm potential buyers’ concerns.
The bottom line is if you want to garner the highest offers for your home, prepare your home and make it in showroom condition, both inside and outside.
Let’s just say you price it right and you’ve prepared the home and made it look in showroom condition.
The phone’s going to be ringing off the hook and showings are going to be requested randomly and constantly.
Luckily, you’ll have a Real Estate Agent managing the sale of your home and not trying to sell your home by yourself, right?
Well, here’s where you’ll need to work your Real Estate Agent to develop a strategy.
Strategy and Plan:
The strategy is to build as much hype for your home as possible. Develop a strategy for taking offers and doing showings that will stir up urgency for buyers and will help you get your home sold as fast as possible for Top Dollar.
List the property a few days or a week before Open House days
Have first showings on Open House days
Set offers to be received 2 – 3 days after Open House
Have offers emailed to you on that day at a specific time
Above is a sample 4 step process you can implement that is commonly used to achieve a smooth execution of your plan. Below is how this can be implemented.
Showings and Offers:
You want to develop the biggest hype for your home so you’ll want to limit the showing availability. You don’t want to have the showings whenever the buyers want.
It’s a Booming Market, you’re in control. Consolidate and guide the buyers. Remember, you want buyers to see lots of other buyers at the same time viewing the home to create a sense of urgency.
First, you need every potential buyer to be aware of your home. So you put your home on the market a few days before the Open House on the weekend.
You want to give time for your home to show up on the public MLS system. You want Real Estate Agents and buyers to see it on the internet, be impressed, tell others about it and be prepared to go to the open house.
You want all the buyers to all see the home at the same time, the first Saturday and/or Sunday open house. Don’t let buyers see it earlier than that.
It should be clear on MLS about when first showings are and when offers will be presented. It’s important for you to mention that. When buyers and Real Estate Agents see that kind of wording, they often know that the property may end up in a bidding war.
During the open houses, the Real Estate Agent should have key documents ready to give to buyers who are interested.
These documents may include (but not limited to) title search, property disclosure statements, oil tank certificates, floor plans, etc…
Buyers having these documents in hand will be more likely to write a subject free offer and it minimizes concerns and doubts buyers might have.
Next, the offer presentation day should be 2 – 3 days after the Saturday/Sunday open house, so buyers can potentially take time to think about it, get a home inspection done so they can write a subject free offer or get their financing in place.
Lastly, have offers emailed to the Real Estate Agent at a certain time on the offer presentation day. You don’t want to get emotional or confused by having 10 buyers lining up to present their offers in front of you. Have your Real Estate Agent make it a smooth, easy decision.
By setting a deadline for receiving offers, you don’t have to worry that while you’re thinking of which offer to choose, others come in last minute.
Although last minute offers might come, but if you create the deadline, you can be confident that most of the offers will be in 1 place when you’re looking through them.
Now, all you have to do is pick the offer that has the best terms (price, dates, deposit, etc…)
Would you like to have everything above taken care of for you? Really sell your home fast and for maximum value? Guaranteed? If your answer is “Yes” then call one of Vancouver top home selling realtors, Gary Wong, to help you with selling your home with all the steps above and more. Call 778-862-9787 now or fill out this simple form.