SOURCE: TheRedPin

TheRedPin

November 23, 2015 10:19 ET

Stifling Self-Saboteurs: TheRedPin's Agent Advice to Save The Deal

Real World Tactics to Disarm "Deal Killers"

TORONTO, ON--(Marketwired - November 23, 2015) - As we count down the days to the holidays, there are still several weeks to go in the fall real estate season, as buyers and sellers work to close deals before the end of 2015. Toronto real estate Brokerage, TheRedPin, has but one Christmas wish: To help Canadians complete their real estate transactions without enduring dreaded 'deal killers.'

As its gift to home buyers and sellers, TheRedPin polled its own agents to reveal the biggest "deal killers" on both sides of the transaction.

Sellers

1. Be Open!: Quite simply, in order to sell your home, you need to let people see it, and while open houses may get a lot of traffic, they also attract of lot of "looky-loos". The best way to ensure you're reaching serious buyers is to let them view your home by appointment with an agent. Yes, this can be inconvenient, but 85% of TheRedPin agents say "not being flexible, or being too restrictive with available times," is the number one deal-killer for sellers.

Agent Advice: Be flexible with showings to maximize interest.

2. A bird in the hand: With endless reporting on homes selling well over-asking, it's easy for sellers to feel entitled to top-dollar for their homes. But "rejecting a highly-motivated buyer in hopes of a better offer is a major deal killer, according to 76% of TheRedPin's agents.

"One client refused many offers because the price was too low -- even though they knew the house was over-priced and had been on the market for many months," said one frustrated agent. "The seller felt they would get what they thought the house was worth, and not what the facts were saying."

Agent Advice: The market will determine what your home is worth. If you are getting offers at a certain price-point, listen to what buyers are telling you.

3. LEAVE: Another seller self-sabotage technique is "Insisting on being home during open houses." In fact, this is the third biggest deal killer identified by TheRedPin's agents (45%).

"A potential buyer wants to be able to imagine himself in a space," says Rokham Fard, co-founder and CMO of TheRedPin. "They can't do this if the owners are having dinner at the kitchen table or watching TV in the living room."

Agent Advice: Go to a movie, a walk, find a new hobby or visit some friends, but do not stay home during your own open house.

Buyers

Finding a home can take buyers through a wringer of emotions and frustrations, especially in a sellers' market. To ensure you find -- and get -- that dream home, TheRedPin recommends avoiding these common deal killers.

1. Low-Balling: Buyers need to know what they can afford and be prepared to make a reasonable offer. Yet 68 % of TheRedPin's agents say that "Putting in a low-ball offer" is the number one way that buyers sabotage themselves.

"The most frustrating thing is when a buyer goes into a multiple offer situation but isn't prepared to make a winning offer," said one agent. "If you're not in it to win it, why even make an offer? All it does is make the other offer(s) look even better. You have no chance of winning. In fact, the only winner is the seller, as it may push the other buyers to pay more than they needed to."

Agent Advice: Know your max price and search for homes within your budget. And when you find the right one, be prepared to go in with your best offer.

2. Waiting is the hardest part -- According to 64.5% of poll respondents, the second biggest deal-killing mistake that buyers make is they "wait too long to make an offer."

"Not all homes get bidding wars, but even those that don't will sell pretty quickly," adds Fard. "If you find the right house, go for it. Waiting will almost guarantee someone else will end up living in your dream house."

Agent Advice: He who hesitates is lost. In the current market, if you find "the one," don't let her get away. Be prepared to make a decision quickly.

3. Never swing on the first pitch? While the old adage may be true in baseball, the same does not hold true for real estate. 58% of agents said buyers sabotage themselves by finding the perfect house early in their search, but feel they need to do their due diligence and look around to be sure.

Agent Advice: Some people find the right home on the first try. If you know what you're looking for and you find it, go for it.

About TheRedPin:

TheRedPin connects people, data and technology. Our platform carries the largest database of active residential listings in the Greater Toronto Area, with plans to expand nationally. We are a challenger brand, with a unique business model that streamlines the real estate journey, and provides exceptional end-to-end services and benefits, not found at other traditional brokerages.

Founded in 2010, four friends recognized that the real estate industry might be the only sector not influenced by technology. The four saw this as an opportunity to reinvent the way people bought and sold properties, more specifically the way homes were searched. Today, TheRedPin is much more than that.

We are a tech startup that doesn't answer to the industry, we answer to our clients and ourselves.

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