Buying or selling a home is a massive investment that can be both exciting and stressful. Which is why you want to make sure you have an expert Realtor in your corner. Whether you are the buyer or seller, here are 8 mistakes your realtor may be making.
Overprice your Home
One of the biggest mistakes your agent may be making is overpricing your home so they can capture your listing. The higher number looks appealing on paper; however, buyers want to pay a fair market value. Overpricing will make your home less attractive to buyers, especially if they can find something similar with a better price. This can lead to your house being on the market for longer and becoming stale, which will make prospective buyers think something is wrong with the home.
Another issue to overpricing lies in the appraisal. If you do find a buyer who will pay your price, your home might not appraise for that amount, which can affect the terms of their loan.
Reduce Their Commission
The adage you get what you pay for is true for a reason. Be wary of an agent who is willing to cut their commission to get your business. A lot goes into a realtor’s commission, which is typically their only source of income. Marketing for your home, their expertise, being there when issues arise and guiding you through the process from start to finish are all things worth paying for when buying or selling a home.
Over promise and under deliver
Does your agent promise open houses and elaborate video marketing? Or tell you that your home will sell in mere hours because the market is hot? Some realtors have their eye on the prize and are hyper-focused on doing whatever it takes to get the sale. They might not be worried about making the best deal for you, such as taking the first offer you receive, and will try to persuade you into a decision on something that hasn’t been fully explained.
Lack of communication
One of the most important, and frequent, mistakes is a lack of communication. When buying or selling a home, it’s imperative you are making an informed decision. Your agent should have an open line of communication throughout the entire process. If your realtor works within a team, he or she should explain who will be working with you throughout the process, what you can expect from those individuals and when you will be hearing from them.
Another common communication issue is not explaining how your agent determined your home’s value. Having comparable comps of homes in your area at your meeting and providing reasons or examples on why your house is worth the listing price will help you make informed decisions later on in the process.
Disappear once your home is under contract
You deserve to have agent there for you every step of the way. Another mistake some agents make is not explaining what happens between accepting an offer and getting keys to your new home. The latest numbers indicate it takes around 51 days to close on a home and a lot happens during that time – from appraisal to inspection and final loan approval. Your realtor needs to keep an open line of communication and educate you on what to expect.
Not Following Up
You signed the initial contract, the home was inspected, and repairs need to be made. Your realtor should follow up with the appropriate individuals to ensure agreed terms are completed in a timely manner.
Ignoring Last Minute Details
Not having checklist of all items that need done prior to closing is another mistake to look out for. Change of address for utilities, keys and remotes along with garage codes, mailbox numbers, security codes and specifics on the new home need to be communicated. This will ensure there are no last minute surprises.
Vanish at the Finish Line
You are now on the home stretch and are doing your walk through and signing paperwork. Your agent should serve as your advocate should any issues occur during your final walk-through or closing. Your agent not being there at closing and your walk through can impede a successful transition, should issues arise.
The process of buying or selling a house is complex, which is why it’s beneficial to keep an eye out for any preventable mistakes. Choosing an experienced realtor who values open communication can make this process less stressful.