MISTAKES TO AVOID...
...WHEN SELLING YOUR MUSKOKA PROPERTY

Basing asking price on needs or emotion rather than market value...Many times Sellers base their pricing on how much they paid for or invested in their property. This can be an expensive mistake.
If your property is not priced competitively, Buyers will reject it in favour of another which is. At the same time,the Buyers who should be looking at your property will not see it
because it is priced above the range they are looking in. The result is increased market time, and, even when the price is eventually lowered, the Buyers are wary because "nobody wants to buy a
property that nobody else wants". The result is low offers and an unwillingness to negotiate. Every Seller wants to realize as much money as possible from the sale, but a property priced too high often evenutally sells for less than market value.

Failing to "Showcase" your Muskoka property... A property that is not clean or well maintained is a red flag for the Buyer. It is an indication that there may be hidden defects that will result in increased
cost of ownership. Sellers who fail to make necessary repairs, who don't spruce up the buildings inside and out, and fail to keep it clean
and neat, chase away Buyers as fast as Realtors can bring them. Buyers are poor judges of the cost of repairs, and always build in a large margin for error when offering on such a property. Sellers are usually better off doing the work themselves ahead of time.

Over-improving the cottage or home prior to selling... Sellers often unwittingly spend thousands of dollars doing the wrong upgrades to their cottage prior to attempting to sell in the mistaken belief that they will recoup this cost. If you are upgrading your cottage for your personal enjoyment - fine. But if you are thinking of selling, you should be aware that only certain upgrades are cost effective. Always consult with your Realtor before committing to upgrading your home.

Choosing the wrong Realtor or choosing a Realtorfor the wrong reasons... Many homeowners list with the Agent who tells them the highest price. You should choose an experienced Agent with the best
marketing plan to sell your home. In the real estate business, an Agent with many successfully closed transactions usually costs the same as someone who is inexperienced. That experience could mean a higher price at the negotiating table, selling in less time, and with a minimum amount of hassles. For more information, see "What Jim & Iris will do for you when you are selling a Muskoka property".

Using the "Hard Sell" during showings... Buying a cottage or home is an emotional decision. Buyers like to "try on" a house or cottage and see if it is comfortable for them. This is difficult for them to do if you, the owner, follow them around pointing out every improvement that you made. Good Realtors let the Buyers discover the home on their own, pointing out only features they are sure are
important to them. Many sales are lost by overselling. If buyers think they are paying for features that are not particularly important to them personally, they will reject the property in favour of a less expensive one without the features.

Failing to take the first offer seriously... Often Sellers believe that the first offer received will be one of many to come. There is a tendency to not take it seriously, and to hold out for a higher price.
This is especially true if the offer comes in soon after the home is placed on the market. Experienced Realtors know that more often than not the first Buyer ends up being the best Buyer, and many Sellers have had to accept far less money than the initial offer later in the selling process. The property is most saleable early in the marketing period, and the amount Buyers are willing to pay diminishes with the length of time a property has been on the market. Many Sellers would give anything to find that prospective Buyer who made the first, and ONLY, offer.

Not knowing your rights and obligations... The contract you sign to sell your property is a complex and legally binding document. An mproperly written contract can allow the Purchaser to void the sale, or cost you thousands of unnecessary dollars. Have an experienced Realtor who knows the "ins and outs" fully explain the contract you
are about to sign to you, or have your lawyer review it before acceptance.

Failure to effectively market the property... Good marketing opens the door that exposes the property to the marketplace. It means distinguishing your property from hundreds of others on the market. It also means selling the benefits, as well as the features. The two most obvious marketing tools (open houses and print advertising) are only moderately effectiveat best in Muskoka. Just 1% of properties are sold at open houses, and
advertising studies show that only 3% of people purchased their home because they called on a print ad! Agents use these tools to attract future prospects, not to sell the house. The right Realtor will employ a wide variety of marketing activities, emphasizing the ones believed to work best for your Muskoka property.

Mistaking lookers for Buyers... "For Sale by Owners" often get more activity than houses listed with an Agent. Realtors will only bring qualified Buyers, and these will be fewer than if you open your front door to everyone who walks down the street. A qualified Buyer is one who is ready, willing and able to buy your home.

Signing a listing contract with no way out... Many times an Agent will have good intentions about marketing your house, but circumstances can change. Make certain your Agent allows you to cancel your listing contract if he does not perform as he/she said. Jim & Iris will allow you to cancel your listing at any time if you are not satisfied with the service being provided.

Believing that a Bank Mortgage Appraisal or Township Assessment is the Market Value of your home or cottage... An appraisal is an opinion for a certain purpose. If a lender wants to lend you the money, they may be motivated to have the appraisal come in high. Ask your Realtor to provide you with all the current market data in your area, then decide on your list price together.

Being aware of these major mistakes will help ensure you receive top dollar for your Muskoka property when the time comes to sell!