What is one mistake real estate agents make when listing a property? To help real estate agents avoid property listing mistakes, we asked business owners and experienced agents this question for their best insights. From showing the house in “as-is” condition to agreeing on a price that will never sell, there are several common mistakes that you can avoid as a real estate agent.
Here is what 10 thought-leaders had to say:
- Showing the House As-is
- Forgetting Printed Materials
- Not Learning About Property Insurance
- Neglecting to Include Photos
- Ignoring the Need for Repairs and Upgrades
- Too Much Text in Listings
- Failing to Comp the Value of Nearby Properties
- Not Choosing the Right Marketing Strategy
- Agreeing to a Price that Will Never Sell
- Assuming All the Facts Are On the Table
Showing the House As-is
Many real estate agents will list a house and then show it as-is, with little regard to presentation. This is a mistake because the way a home is staged can make a big difference in whether or not the agent will be holding an open house. At the very least, make an effort to show how the home might look with furniture and appliances inside. With that in place, homebuyers can get a better idea of how it might look for them, and may feel enticed into making an offer.
Alisha Taylor, Alisha Taylor Interiors
Forgetting About Printed Marketing Materials
When listing a property, real estate agents prioritize taking high-quality photos — and rightly so. It’s those images that book showings. But one forgotten part of the selling process is having printed marketing materials, such as home sales flyers and promotional products at the property ready for every showing.
Homebuyers may have a list of homes they’ve visited on their phones but having a home sales flyer in hand of the house they loved can be the reminder that turns into a sale.
Eric Blumenthal, The Print Authority
Not Learning About Property Insurance
Real estate agents make the mistake of not going the extra mile by knowing about homeowners insurance (HOI) or commercial property insurance since it often factors into the overall price tag. Property insurance is typically a lender requirement. The cost associated with property insurance is often affected by the property’s location. For example, coastal properties due to their susceptibility to flooding, may come with a much higher property insurance cost. All additional costs and fees matter when it comes to buying or selling properties.
Vicky Franko, Insura
Neglecting to Include Photos
Failing to include photos of a property is a big no-no. Many potential home buyers prefer to do real estate research online, and if your MLS listings don’t have photos, they may pass right over them no matter how enticing the property otherwise is. The housing market is hot right now, but it’s not so hot that you can neglect taking and including photos in your listings. Always include photos, and post as many as you can to help buyers get an idea of what’s for sale.
Rod Cullum, Cullum Homes
Ignoring the Need for Repairs and Upgrades
If listing a property that desperately needs some cosmetic upgrades or repairs, there’s every chance prospective buyers will balk at paying more than its perceived value. First impressions are everything. So, if it’s at all possible, when faced with helping sell a home that could use some cosmetic repairs, agents should encourage their clients to get those done before listing. Failing to do so could lead to delays, headaches, and heartache for both sellers and buyers.
Todd Sriro, Be.On Stone
Too Much Text in Listings
Sometimes real estate agents can include too much text in their real estate listings. While it’s good to give people useful information in these listings, it’s also important to catch people’s attention with descriptions that give the main highlights and that are not too long. At the end of the day you don’t want to bore the reader. Keep your listing descriptions clear, concise, and intriguing with a high-quality picture.
Matt Woods, SOLD.com
Failing to Comp the Value of Nearby Properties
Failing to comp the value of nearby houses to ensure a listed selling price is appropriate may cause issues down the road. A property may appraise in a way that causes potential buyers to back out if they’ll have to put down more upfront. Even in a seller’s market, a house that seems overpriced can cause it to sit for far longer than other houses for sale in the same neighborhood. And if priced too low, you could lose out on a sizable commission.
Lily Yu, Oak Springs Realty
Not Choosing the Right Marketing Strategy
A common mistake many real estate agents make is not choosing the right marketing strategy when listing a property. This can be due to upfront branding costs, license fees, camera equipment, and others.
A lot of property dealers come into the industry with the preconceived notion of making big bucks. But in reality, they aren’t aware it takes money to make some because of the competitive market.
So, investing in equipment and marketing are essential. You can use online advertising and other traditional means, such as billboards, television, etc.
The money starts flowing when you use branding tactics that work best for you!
Keith Sant, Kind House Buyers
Assuming All the Facts Are On the Table
Real estate agents often make one mistake and that is assuming all the facts are on the table.
They sometimes neglect to mention important details such as costs that a client is unaware of. This creates awkward situations where the client thinks they’ve been duped with extra costs.
Other times agents fail to maintain correspondence when there is nothing new to report. It feels natural to do this when there aren’t any updates. But checking in is necessary because the client isn’t aware of market trends like an agent is.
Suppose the listing prices go down over the course of a few weeks. When you call up the client to let them know the final selling price, they feel taken aback. You could have avoided this situation if you had stayed more in touch.
Cristina Ortega, Mrs Property Solutions
Agreeing to a Price that Will Never Sell
Sometimes, real estate agents agree to a price that will never sell. This is the biggest mistake they make.
Sellers tend to convince agents that they’ll be able to sell an overpriced listing if they work hard. But it’s important to go with your gut. Do not take the listing if the seller asks for a sky-rocketing price.
Overpriced listings tend to linger on the market for a long time. If you know that a property won’t ever sell at such a high price, then it’s best to walk away.
What you should do instead is find realistic sellers. These people are the ones who understand the value of their homes. Otherwise, you’ll only be wasting time on a property that wouldn’t sell.
Liz Hutz, Cash Home Buyers North Carolina