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How To Avoid The Seven Biggest Mistakes in Real Estate

In helping thousands of people to sell their property, we have seen people make every mistake imaginable. These mistakes cause untold stress, inconvenience, and very often, the loss of a significant amount of money.

Here are the seven worst mistakes, and how to avoid making them yourself:

Mistake #1: Not interviewing multiple Agents

To understand why this is such a major mistake, consider the following:

Only a daredevil, or a truly foolish person, would walk across a busy highway without looking both ways. The dangers are obvious and real.

Yet most people don't see picking a Real Estate Agent, without comparing that person to other Agents, in the same light. But when you don't compare Agents beforehand, you are walking into an unfamiliar situation just as blindly. And while you are not putting your life in danger (like you would on the highway), you are taking unnecessary risks.

You see, picking the wrong Agent can cost you money, time and countless headaches along the way. It's important to get someone who you feel is honest and can really get the job done for you. Someone who communicates well and projects authority.

That is why you're so much better off putting in an extra hour or two up front interviewing several Agents. You need to find the person who is best qualified to represent your property, who you can work with easily, and who you can trust.

Mistake #2: Working with a friend or relative to sell your home

This mistake occurs when you don't realize that personal compatibility is not enough.

While you want to be able to get along with the person selling your house, you need to be prepared for the unexpected... because it happens all the time.

Difficulties occur. Buyers become stubborn. Problems with the city or county surface. There can be glitches in financing, inspections, and a whole host of other things. When a friend or relative is not used to dealing with these kind of snags (or prepared to go to battle for you), it puts you in a very awkward position. There are also times when tough negotiating is required, and you want to most skilled professional in your corner when that time comes.

Mistake #3: Hiring an impressive but unqualified, or incompatible, Agent

It's sad to say, but many Agents are "all show and no go." That is, they know how to generate a lot of activity – flyers, open houses, lots of showings – but they come up short when it comes to getting results.

Many people are extremely frustrated and disappointed as a result of hiring such an Agent. It happens all the time. We urge you to insist on specific information about your prospective Agent's performance in actual sales closed in your community over the last three years. Ask for proof before making your decision.

Don't get stuck with a charming smooth talker. The real performers are also pretty easy to get along with. The difference is, they're "the genuine article." That is, they deliver the goods consistently – and they can prove it.

Mistake #4: Hiring an Agent based on the lowest commission

Let's be frank. Look, we know you want to get the most for your home. That's only natural. And if a home would always sell at the same price in the same time period regardless of who your Agent was, then it would make perfect sense to hire the Agent who charged the lowest commission. That way, yes, you would end up with more money.

If only it worked that way.

Unfortunately, it doesn't, and people who talk themselves into believing it does are victims of wishful thinking. Not only that; they also end up paying bitterly with extra time before the sale, and an overall lower profit in their pocket.

What usually happens is that Agents who charge lower commissions almost always provide lower-value service which results in the lower probability of a sale – and a lower sales price if and when the sale does occur.

Why? It's simple: you get what you pay for. Among the services a top Agent will provide you is helping you find the most qualified buyers who can pay the highest price, and giving you expert advice on presenting your home to get the best price.

And, we cannot emphasize enough, top Agents are superior negotiators. So with a top Agent, even when you pay full commission, you stand a much better chance of ending up with more money yourself, since the Agent can get you a higher sales price and better terms – and, a greater probability of a sale to begin with.

Mistake #5: Not selling your property in enough time, and ending up paying two mortgages

It's all too easy to assume your property will sell more quickly than is realistically possible. While it's true that some properties sell almost instantly, this doesn't always happen. And even when it does, there are often unforeseen delays that keep it in your hands longer than you would like.

Paying two mortgages – including one on a vacant property – is a painful experience and a waste of your money. Having enough information about the market where you are selling, along with the expertise that comes with in-depth experience in selling properties, can minimize the risk of this happening. That is why we strongly recommend you get the best Agent possible. Not only will you get your home sold more quickly and at the best price possible, but you will benefit from the honest advice you receive, and make your plans accordingly.

Mistake #6: Not making the necessary repairs or upgrades to your home, or, making unnecessary, expensive repairs and upgrades

It's always a good idea to make key cosmetic improvements to your home before you sell it. A good Agent can tell you whether a room needs new paint, a countertop should be replaced, and fixtures in the bathrooms must be upgraded – or not.

On the other hand, if the rest of the house is structurally and functionally sound, you're better off not making certain repairs. It will only cost you money and reduce your profit at sale.

A good Agent can help you decide which repairs and cosmetic changes to make, and even refer contractors and stagers (decorators who specialize in preparing a home for sale) to help you maximize your value at minimum cost.

Mistake #7: Mispricing your property, which causes qualified and otherwise interested buyers to choose a competing property instead

Knowing how to price your property to sell is an art unto itself. Unfortunately for most sellers, there are a lot more factors than they are aware of – market conditions, financing issues, and little details that motivate or discourage buyers, to name a few.

Many sellers optimistically overprice their properties, only to end up reducing the price several times later. The end result is a longer wait and a lower selling price than if they had priced the property correctly in the first place. A top professional Agent is an expert in helping you price your property realistically to get the best possible deal for yourself.

There you have it – seven mistakes to avoid so that you can make the sale of your home as hassle-free and rewarding as possible. Perhaps by now you can see why we so strongly recommend that you meet with several of our Top-1% Agents to sell your home for you. Since our service is free and there's no obligation, why not go ahead and send in a request? Because the very best way of all to avoid mistakes is to work with an experienced professional who can guide you through the sales process and keep you on the path to maximum success.

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