If you’re selling your Kansas City property through a real estate agent, make sure that you avoid the common mistakes. Read our blog post below to learn what those are!
Whether you’re a homeowner looking to sell your Kansas City property, or a real estate agent looking to improve your game, avoid these 4 mistakes.
First, Don’t Assume the House Will Sell Immediately
The real estate market is a fluid and constantly changing beast that can move from day to day. Make sure that you’re factoring that into your timeline and sales decisions.
If you’re the home seller, expect that it will take at least 3 months to sell your property. You have to do all of the repairs, get the home ready for showings, find a buyer, negotiate, wait for the lender, get through the title process, and then close. It may happen faster, but would you rather by pleasently surprised by this rather than dissappointed or put in a bad spot when it takes longer?
If you’re the agent, make sure that you’re setting realistic timelines with the buyer to avoid disappointment and frustrations. It’s all about expectations management.
Second, Remember that the Selling Price and the Asking Price May Be Different
The asking price is just that, what you’re asking for the home when you list it on the market. The selling price is what you actually end up selling the home for.
If you’re the seller, just be aware that those prices may be very different. If you’re the agent, just make sure to explain this to your sellers.
Third, Don’t Assume That You’ll Get 100% of the Sales Price in Your Pocket as Cash
Many people make the mistake of thinking that the amount of cash they’ll get is simply equal to the sales price minus what they owe on their mortgage. But this is not true.
As a seller there are all sorts of fees you have to pay such as: closing fees, taxes, title fees, agent commissions, concessions to the buyer, and cost for repairs. These all come out of the sales price of the home resulting in a reduction of ~10% of the sales price.
Fourth, Don’t Assume That an Offer is a “Sure Thing”
Buyers often find out during the negotiation and inspection process that they either don’t want the property, or that they can’t actually get the financing for the property.
It’s not uncommon for one or two offers to fall through before the sale is actually concluded. So just remain cautiously optimistic, but realize that it may take longer than you think to sell the home. For the agents, again it is all about expectation management and preparing the seller for when this 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.