In a real estate market brimming with competition courtesy real estate owned (REO) properties, private sellers have the burden of making their property stand above the rest. The marketing tool of a home listing is the most important component in regards to home selling tools. Sellers need to get the information right the first time to attract buyers, increase the odds of sealing the deal and encourage buyers to secure a mortgage for the property in question.
When it comes to selling a home, pricing, marketing and staging (PMS) can be the secret to success. Individuals must take the time to compose a winning home description that is both enticing and accurate. Consumers prepping to sell their home in 2011 are wise to avoid making some common home listing mistakes in order to prevent the real estate listing from working against them.
Missing Transaction Details
At any given time, the national real estate market if filled with hundreds of thousands of single family detached, condos, coops and McMansions-styled properties for sale. Those homes are being sold in a variety of ways ranging from easy to process private seller transactions to more complicated and time consuming short sales. Individuals that forget to include those specific details from the home listing description will be putting up obstacles to their own success.
According to Karl J. Trommler, business-development manager for PenFed Realty in Reston, Virginia, property listings devoid of transaction details may be seen as a "big red flag," to potential buyers (MSN.com). Currently, private sellers have a much -needed advantage in the marketplace because of the complications associated with buying short sales and even REO property. Regardless of who is selling a home, listing the specifics directly into the advertisement will help attract the right type of buyers, as the wrong ones will immediately be vetted.
Too Many Superlatives and Embellishments
Creative writing can be fun, but the style has no place in a home listing. Superlative claims such as "best" and "greatest" may raise the expectations of potential buyers to unrealistic highs and after touring a home, generate a burst bubble backed by disappointment. Instead, home sellers are advised to follow the Dragnet style of writing and provide "just the facts."
Instead of creating copy filled with excessive boasting, a winning home description should be filled with nouns and adjectives that leave room for opinion. Bedroom count, acreage and materials used have a place in a home listing advertisement as well as terms describing architectural structure (IE Tudor, Cape Cod, ranch, luxury condo, etc.). These types of terms will lead to accuracy and prevent home buyers from developing feelings of resentment.
Avoid Being Flip
Within the real estate market, flipping is the process of an investor buying a home, remodeling the property and quickly trying to sell it for a substantial profit. While the process is not inherently evil, professional real estate agents working with their clients may opt to avoid flipped properties because of the potential headaches surrounding the homes due to faulty procedure and construction.
Vince Clingenpeel, who runs his own appraisal company in Falls Church, Virginia has stated, "In my experience, one out of 20 (flips) is properly executed with proper permits," meaning that 19 of those homes may not be up to par (MSN.com). Permit paperwork is essential to ensuring a home sales transaction is seamless and will prevent the buyer from having to deal with any situations that may arise.
When composing a home listing ad, consumers are advised to clearly state if a house has been remodeled and back up that information by stating that the work was properly permitted. That will assure sellers of the legality of a home design and automatically lend to credibility as far as the type of work done.
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