More Mistakes When Selling

Trying to ‘Keep it Quiet’
Occasionally a seller will approach to ask for assistance in disposing of a property ‘on the q.t.’. “I really don’t want everyone to know it’s for sale, but go get me a buyer and I’ll gladly pay you a big fat commission!” My first question is, what’s the big secret? If you want to sell your property don’t you want to realize the most money possible from a sale? Don’t you think that if more people know about it, that might generate a little competition for it? Granted, the current economic climate makes this more unlikely, but the concept stands ;)

The only time I agree with sellers who want to ‘keep it quiet’, i.e. not announce to everyone that the property is for sale, is when there is an ongoing business included in the sale. In these instances, there is a small risk of a flashback against the business itself which might harm both the seller’s cash flow and their ability to attract a ready willing and able buyer as a result of reduced profitability. An uneducated public (non-business owners who are unaccustomed to operating and selling a business) sometimes get the mistaken impression that every business that is listed for sale simply must be failing and should therefore be avoided like some kind of biblical leper. While it’s true that a lot of poor businesses wind up listed for sale with a REALTOR®; that’s because the seller has usually tried to do it themselves and was unsuccessful. What? You didn’t think we only got the easy jobs did you?!

In point of fact, selling a business is part of business. Properly presented with all of the necessary checks in place to protect confidentiality and trade secrets, a business can be listed for sale on the open market – not as a secret – and sell for a better price as a result.

You’ve got a valuable asset to sell – scream it from the rooftops!

Not allowing signage on the property.
While it is true that signage alone won’t sell a property, it’s like playing hockey with a player in the penalty box. Your REALTOR® uses all of the tools available to assist in attracting the right buyer for your property. One of those tools is the 24 hour sales person, the For Sale Sign. Often, site selectors and investors will drive a city or neighbourhood looking for ideas and one of the best ways to grab their attention is with a well placed professional looking sign.

I think reticence on the part of sellers to allow For Sale signs relates to the ideas I discussed above wherein they have a concern about being too public with the availability of the property.

Why do you think that retailers like to use such large colourful signs? Billboards? Because they alert the consumer to their location and hopefully will attract them into the store to buy something. The real estate For Sale sign is simply making the consumer (real estate buyer) aware of the availability of your product (your property). The principle really is the same.

Don’t make your REALTOR® work with one hand tied behind his/her back, the sign is a helpful tool let them make use of it.