Selling your Chicago house through an agent? Make sure you read this blog post that reveals 4 mistakes you should avoid when listing when an agent in Chicago…
If you’re looking to sell your Chicago house, or if you’re an agent who is selling houses in Chicago then here are 4 mistakes you should avoid when listing when an agent in Chicago…
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.
The are a countless number of factors that will impact the timeline to sell a property and every transaction is unique so you never really know exactly how long it will take to sell. Don’t make the assumption that you’ll sell the property right away because you never really know how long it will take always error on the side of caution so that you don’t put yourself in a difficult situation.
Second, Don’t Assume That The Asking Price Will Be The Selling Price
The asking price is the starting point in the sales process – it establishes what a seller wants to sell for.
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.
Make sure you understand all of the transaction costs involved in selling you house. The amount of transaction costs will vary with the type of sale you decide to proceed with. In general, when selling through an agent you can expect to pay the most in transaction costs because in addition to the customary closing costs you will be responsible for paying a commission as well.
If you decide to sell the property “by owner” your transaction costs will be less because you won’t have to pay any commission and if you decide to sell to a local investor your transaction cost will be the least of all because the investor will pay these costs.
You’ll want to know what these numbers are before putting your property up for sale so be sure to sit down with your agent before listing the property to cover all of the transaction costs involved.
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 buyer can be found. 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 common mistakes that can happen during the sales process – so make sure you’re aware of them.