Selling your Dallas house through an agent? Make sure you read this blog post that reveals 4 mistakes you should avoid when listing with an agent in Dallas…
If you’re looking to sell your Dallas house, then here are 4 mistakes you should avoid when listing when an agent in Dallas…
First, Don’t Assume That You Can Sell Right Away
The market varies and can even shift from one day to the next, depending on a number of factors. So make sure you set realistic timelines about how long it will take to sell. For example, we just spent several years in a crazy market, but as soon as the feds start raising the interest rates, it slows down drastically. We went from getting multiple offers on every single home to homes sitting for 30 to 60 days in the blink of an eye. Will it get worse or will get it better? Nobody really knows.
If you are a seller, you need to be aware that it will take months for the sales process to be completed – from fixing up the house and getting it show-ready, allowing all the buyer access to your house to see it, constant negotiations on pricing, to setting a closing date, and then finally moving out. If you are an agent, be careful not to over-promise a timeline to your sellers – set their expectations upfront.
Second, Don’t Assume That The Asking Price Will Be The Selling Price
The real estate agent will always give you a good starting price to list the home at, but that doesn’t necessarily mean that you’ll get that price. The asking price is the starting point in the sales process – it establishes what a seller wants to sell for the house. From there, the buyers will come and make whatever offer they think is a better price.
If you are a seller, realize that the actual selling price might be different than the asking price. If you’re an agent, make sure you explain this to your sellers.
Third, Don’t Assume All The Money Goes Right Into Your Pocket
Some people make the mistake of assuming that the selling price (minus anything they owe on their mortgage) is pure profit. But this is not true.
If you are a seller, make sure you know that there will be agent commissions, closing costs, and other fees you’ll have to pay. Most agents charge 6% of the sales price as their commission fee. And then that gets split between the listing agent and the buyer’s agent. And then you still need to worry about actual closing costs which end up roughly being 2.5% of the final sales price.
Fourth, Don’t Assume That The First Offer Will Go Through
Buyers often make offers and then discover that they can’t get financing for some reason.
If you are a seller, be prepared to have one or two buyers fall through before a final buyer can be found. It’s very common for a buyer to back out after their inspection period and then if you have a buyer make it that far, then it’s likely they could back out after they find out they can’t get qualified for the loan. If you’re a real estate agent, prepare your sellers ahead of time by explaining this, so they can be ready in case it happens.
Summary
Whether you’re a property owner looking to sell, or you’re a real estate agent who is representing sellers, these are 4 very common mistakes you should avoid when listing with an agent.