Don’t Let These Top 5 Seller Concerns Prevent
You From Selling Your Home
Over the last several months, we surveyed 100 of our recent transactions and asked the sellers what their top concerns were when listing their homes. While we were surprised by some entries — “The agent may not be able to show the positive energy my home possesses.” — there were others we knew would be on the list — “The commission.”
We compiled the top five concerns for you here, but most importantly, we’ve included the reasons why you shouldn’t let this issues prevent you from selling your home with an experienced and qualified broker. When it’s time for your to sell one of you largest assets, and concerns arise, just know that you’re not alone in feeling anxious. We’re here to help answer your questions and quell your fears.
The Cost of the Commission
It’s funny that commission is the top issue mentioned by sellers, because it really is the easiest to answer. Commision will help sell your home. Any broker will attest to this fact. For example, when a new development needs to sell property faster and at the best price, the developer incentivizes the brokers by paying them a higher than usual commission. Conversely, if you offer the buyer's agent a lower commission, the agent has less incentive push their buyer to purchase your home. Commision, like price, can be an accelerator for your sale in terms of both price and timing. Including the brokerage community in your sale by offering a commission invites competition, and that’s exactly what want when you sell your home. So, don’t skimp on 0.5 percent or 1 percent on commission — that little 1 percent can bring you more and better qualified buyers who will more than make up that 1 percent.
Fear of Getting “Their” Price
I’ve never met an owner who isn’t concerned about price and getting “their” predetermined price. And I’ve also never met an owner who doesn’t think theirs is the best apartment in the building, on the block or in the city! But, being realistic about price (especially in today's market) and paying close attention to the comparable homes in the area, like commission, can be one of the most powerful marketing tools a seller can use. If positioned correctly in the marketplace, sellers can get “their” price — and then some! There are brokers who make living pricing property just a hair under market value to create a huge rush on the property and drive bidding wars. Price should be viewed as a tool to get more buyers working with more urgency to get you, the seller, more money, faster.
Uncertainty About When to List
Timing is everything, right? So, it’s no surprise that sellers are frequently concerned about when their home should hit the market. There are seasonal influences, holidays to consider, and even factors affecting what day of the week to release. So, let’s break it down. As far as seasons, spring is the busiest time of the calendar year, but it can also be the most saturated as far as listing inventory, so sometime in mid- to late March, right before the spring market, can be the best time of year to list. As for the holidays, you should never list right before a major holiday, and maybe even wait few days after that long weekend to ensure that everyone's back from vacation. If you’re looking at the best day of the week to list, we like Monday or Tuesday as this gives the listing a week to track and get picked up by public sites and the MLS. I try to avoid listing at the end of the week because the first open house that following Sunday might not be as busy you’d hoped.
Low Appraisal Value
If commission, price and release date are all inline, chances are you could get very, very strong price for your property. And if so, appraisals can be of some concern. But, if you did get a strong price, there’s a good chance you might have had multiple buyers to choice from. If so, make the offer non-contingent on financing a requirement to accepting the buyer’s offer. Keep in mind this might scare a strong buyer off, so getting the buyer to agree on an appraisal contingency can do the trick. Meaning that if the property appraises for less than 80/20 loan-to-value, the buyer would need to kick in the difference.
Uneasiness About Open Houses and Security
Security and the idea of “strangers” trampling through your home is always on the mind of every seller, so you're not alone if that’s a worry of yours. We always tell our sellers to be practical. If you’re especially concerned about particular items of great monetary or sentimental value, you’ll alleviate your own stress by simply removing those items from the home. Keep in mind that every showing and open house is completely, 100 percent supervised. We keep a detailed log of everyone who attends the open house and are in touch with each buyer after the open house to follow up. But being proactive is the easiest approach. Simply remove the items you feel are vulnerable, and hire an agent who’s sympathetic to the fact that this is not simply a commodity — it’s your home!