Selling your Cincinnati house through an agent? Make sure you read this blog post that reveals 4 mistakes you should avoid when listing with an agent in Cincinnati or Northern Kentucky.
Most sellers assume that there are only two ways to sell their house – either by listing with an agent or going the FSBO route. Those aren’t your only options, but if you do decide to list with an agent, be prepared by knowing these 4 tips.
First, Don’t Assume That You Can Sell Right Away
The market varies and can even shift from one day to the next, depending on a number of factors. So make sure you set realistic timelines about how long it will take to sell.
If you are a seller, assume it will take months for the sales process to be completed – from fixing up the house to showing buyers to negotiating to setting a closing date to moving out. Be sure to have your agent bring local information of comps and the average days on market. Get a realistic comparison of the condition of your house to the competition before listing. The average days on market might be a lot different in Anderson Township than it is in say, Erlanger KY. Each market is unique and you need to know how this affects selling your house.
If you are an agent, be careful not to over-promise a timeline to your sellers – set their expectations right on the front end. That way, you won’t pay for it on the back end.
Second, Don’t Assume That The Asking Price Will Be The Selling Price
The asking price is the starting point in the sales process – it establishes what a seller wants to sell for.
If you are a seller, realize that the actual selling price might be different than the asking price. A buyer is going to try to talk you down. Then, once you are under contract, remember that there is a 2nd negotiation period during the inspection contingency.
If you’re an agent, make sure you explain this to your sellers.
Third, Don’t Assume All The Money Goes Right Into Your Pocket
Some people make the mistake of assuming that the selling price (minus anything they owe on their mortgage) is pure profit. But this is not true.
If you are a seller, make sure you know that there will be agent commissions, closing costs, and other fees you’ll have to pay. Ask your agent to create a “net sheet” for you that includes estimates of all the costs you will incur when selling. That way, you’ll have a better understanding of the “net proceeds” you’ll receive from the sale.
If you’re a real estate agent, make sure you explain to your customers.
Fourth, Don’t Assume That The First Offer Will Go Through
Buyers often make offers and then discover that they can’t get financing for some reason.
If you are a seller, be prepared to have one or two buyers fall through before a buyer can be found. If you’re a real estate agent, prepare your sellers ahead of time by explaining this so they can be ready in case it happens.
Whether you’re a property owner looking to sell, or you’re a real estate agent who is representing sellers, these are 4 common mistakes that can happen during the sales process – so make sure you’re aware of them.