Home sellers do less than 3 hours of research, hire the first agent they meet.

Erik J. Martin The Mortgage Reports Contributor

Home sellers hate homework

Thinking about selling your home? Prepare to do your proper seller research. Because rushing into the process without knowing the facts can lead to regret. It could result in dissatisfaction with your agent. You may also get less for your home than you had hoped.

New data suggest that seller research is lacking. The study finds that many sellers have confidence but lack know-how. That’s because they may not be doing enough due diligence when it comes to selling a home and choosing a real estate agent.

So get ready to do your homework. Learn what’s involved in selling a home. Choose the best method to sell your property. And select an agent carefully if that’s the route you choose.

Results of a new study

SOLD.com recently conducted a poll of homeowners. Among its biggest findings:

• Sellers are self-assured. 94% of consumers feel confident about selling a home.
• But there’s not enough seller research. In fact, 58% of sellers who sold before spent less than 3 hours researching how to sell their home.
• Sellers aren’t very picky about agents. Four out of five who use a traditional agent hired one of the first two agents they met with.
• Many overvalue their home. 44% check the value of their home via an online valuation site monthly. Experts recommend trusting in a local agent/professional to assess your home’s value instead.
• Sellers’ top concerns are: getting a home ready to sell (chosen by 43%); the stress and anxiety of moving (27%); and financial implications (21%).

What these findings mean to you

Matt Woods, president of SOLD.com, found these statistics telling.

“The survey results validated that people think they know what they’re doing when it comes to selling a home. Yet, it turns out that a large knowledge gap exists. And most people don’t know that there are alternatives to selling via an agent or FSBO,” he says. “They’re not doing their due diligence and utilizing resources available to them.”

The survey also suggests that seller research on agents is lacking.

“Many seem to believe that all agents are created equal. Therefore, they don’t do much homework on which agent to hire,” Woods adds.

Why seller research matters

The bottom line? Sellers need to take the home selling process more seriously. And they need to invest a lot more time and effort into preparing to sell their home.

“A lot of money is at stake, after all,” says Hollander. “A home sale is often the largest transaction a person will make in their lifetime.”

Consider, too, that making the wrong decisions can be time-consuming.

“If the agent you choose is not successful, you lose time. You have to pursue a new strategy,” says Ailion. “That may mean picking a different agent, lowering your price further, or relisting your home.”