Orange County Register

Mike Aubrey

I’ve long been a sucker for those real estate reality shows that tend to air on HGTV and TLC, even as they morphed from profit-focused fare like “Flip That House” to panic-infused shows like “Real Estate Intervention.”

On REI, tough-talking Realtor Mike Aubrey tells home sellers what they DON’T want to hear: that their house isn’t really all that, and they are expecting entirely too much money for it.

It’s squirm-inducing but satisfying to watch Aubrey splash the owners with a dose of reality. While looking through Irvine home listings, I come across many instances of sellers who could probably use his advice.

So here it is– Aubrey’s list of home sellers’ biggest mistakes:

·      Not Doing Your Homework –
Learn about your local market.  What is selling and how long is it taking to sell?  Find out what the trends are in your neighborhood.  Is the market rising, falling or flat?  How are local inventory levels?

·      Getting Too Emotional –
Once you’ve decided to sell your home you have to step back and realize that the goal is to get the highest price possible in the shortest period of time.  This isn’t show friends, its show BUSINESS. Try to take anobjective approach in your decision making.  Definitely don’t get caught inthe trap that assumes that your house is far better than anything else out there.

·      Don’t Price Based On Your Gut –
You are only as good as what you are competing against.  Take a tip from “Real Estate Intervention” and make a plan to attend some open houses in your neighborhood before you come on the market.  Try to walk through those homes and pretend you’re a buyer.  Make your best attempt to remove any “rose colored glasses” you might be looking through as a seller and use these visits as a wakeup call to make changes to your own home that allow you to compete aggressively.

·      Not Setting The Market –
In a buyer’s market, stay ahead of the marketplace by pricing your home right in the first place.  Those seller’s that decide to price too high in a declining market often set the stage for multiple price reductions that never actually catch the market.  Stay ahead of it and you’ll definitely end up with more net proceeds than if you spend your time and energy chasing it.

·      Not Remembering that the Market is Fluid –
Things change in a rapidly moving market.  Make a plan on how to sell your house and where to price it, but constantly reevaluate your plan and pricing strategy.  Don’t assume that if you’ve started the process with hard work and due diligence, that you won’t need to change as market conditions change.  The real estate market isn’t in a vacuum, try to act as
if you’re in a movie not a photograph.

·      Assuming that Your Situation Has Impact On Your Buyer –
I always hear from sellers (especially those that bought since 2005), that they paid way more for their home than the price I am recommending.  While what you paid for your home should be part of your financial decision making process, your customer could care less.  Don’t project your situation onto your buyer as it will lead to failed negotiations.  Remember
that worth is a measure of what the market will bear.

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There you have it. What do YOU think? Is Aubrey giving sound advice? Have you come across listings that have fallen victim to one (or more) of these mistakes? Please share!

Related links:

New TV show gets real about real estate

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