Over Pricing Your Home

Pricing your Home

If you take nothing else from this article, please take away this; over pricing your home is the most critical mistake that you can make when selling. The typical home seller will say, “we’ll just tell them to make an offer”. The problem with that is, the people that you want to make you the offer won’t be interested in your home and here’s why….

If your house is worth 1.5 million dollars and you price it at 1.8 million, it will attract people that can afford 1.8 million dollars. When potential buyers look at your home plus three or four others worth 1.8 million your 1.5 million dollar home will not compare.  You may have a great house for 1.5 million but you don’t have a great house for 1.8 million. The “over price strategy” will bring in the wrong people and you will not see any offers come through. This is  why that old adage of “just tell them to make me an offer” doesn’t work.

You have the wrong people coming into your house and the people that can afford 1.5 million are not coming because they believe they cannot afford the house.  Always have your home priced properly.

Picking A Realtor That Does Not Market Online.

Realtor Marketing Your home

It’s the 21st century everybody!  You must market your home online.  The days of throwing up a for sale sign, doing an open house,  posting it on the MLS and throwing an ad in the newspaper are long gone.

The first place 90% of home buyers will see your house is when they’re searching for a property online.  You need a realtor that has an up to date website, is familiar with online marketing and is social media savvy.

Realtor Language Misconception

Realtor Misconceptions

Believing you need a Mandarin or Cantonese speaking agent to represent you in the sale of your home because the vast majority of buyers may speak that language just isn’t true. The agent should speak the language you speak.

This is because they are the person you’re going to be communicating with. Most of the buyers that will come in to look at your home are going to have their own agent. If the buyer is Cantonese or Mandarin speaking they probably have someone that speaks their language.

Very few buyers come in unrepresented. Earlier this year the provincial government made it more difficult for realtors to operate under, what is called dual agency where they represent both the buyer and the seller. This means that a potential buyer who only speaks Mandarin will communicate with their agent, who in turn will speak with the sellers agent.

In British Columbia you must be able to speak English to get your real estate license. This means that the buyer’s agent is likely fluent in both of those languages thereby eliminating this misconception.

Not showcasing Your Home Properly

Staging Your Home Properly

You should give serious consideration to getting a professional home stager and expert photographer in to have your house looking as beautiful as possible. Your first showing isn’t when the buyers come to visit your property, your first showings are actually online.  Having the home staging with professional photography is vital for getting top dollar in the sale of your home.

If you were going to sell your car you’d probably take it down to the local detailer to get it looking just right before you sell,  why should your house be any different?

Realtor with the Highest Price

Finding the Right Realtor

In our business of real estate we call this “buying the listing”. First the Realtor tells the seller what they want to hear to get their name on a contract. Then, over a period of time they convince the seller to bring down their price down to be saleable.

This is one of the oldest tricks in the book in the real estate industry.  I always recommend that when a realtor comes in and tells you your home is worth X amount of dollars; get them to substantiate it by showing you comparable sales in the area where similar properties have sold for that price.

This way you always know that the realtor isn’t buying the listing.

If you your require any further information please either email us or give us a call we are always happy to help.

Buying or Selling a home in the Greater Vancouver Area contact Jamie Hooper and his team at https://jamiehooper.com | Vancouver Real Estate