Strategies for Home Sellers (and REPEAT HOME BUYERS)
 

Seller's Guide
Setting the Price
Preparing for Sale
The Offer Process

TEN COMMON HOME SELLER (and REPEAT HOME BUYER) MISTAKES

• Buying a new home before you sell your old one.
• Listing your home based on the price you would like to get, rather than on market value.
• Failing to know the condition of their home (by having appropriate inspections) before they list it.
• Putting a house on the market before it shows well.
• Refusing to reduce a list price that is too high for the market.
• Refusing to counter a low offer.
• Being present when the home is shown to prospect buyers.
• Listing with a contingency to find a replacement home.
• Setting up a complicated showing procedure that discourages showings.
• Refusing to do anything to get your home ready to sell.

SELECTING A LISTING AGENT

Your Listing Agent Should:

• Prepare a market analysis and marketing proposal.
• Give your property the broadest marketing exposure possible.
• Prepare a descriptive brochure about your property with a color photograph or artist’s rendering of the home.
• List your property on the Multiple Listing Service and the Internet.
• Hold a broker's open for local real estate agents as soon as possible after the property is listed for sale.
• Keep you informed on local market conditions.
• Following up on showing activity and give you feedback from agents who showed your home to potential buyers.
• Send you copies of weekly advertisements and other marketing materials.
• Tell you how you can improve the marketability of your homes including reducing the price if market conditions suggest it.
• Be available to consult regularly with you.

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A SELLER'S GUIDE

to interviewing a Real Estate Agent to sell your property.

Choosing the right Realtor for your home can be confusing. It is especially difficult when you speak with several different Realtors, and they all seem so convincing.

There is a way to determine who is the most likely to succeed in getting your price and terms. The key is knowing the right questions to ask. This is particularly important now, considering today's Market Conditions!

The following list provides you with questions to ask your prospective Realtor. The list will not only help you select the right Realtor, but also get the very best from the one you choose.

1. Do you work as a full time Realtor?
2. Do you have an assistant to see that no details are overlooked?
3. How many potential buyers and sellers do you talk with in a day? A week? A year?
4. In what ways will you encourage other Realtors to sell my home?
5. After you make a property brochure and a flyer on my property, how many copies will be distributed to other Realtors and how often?
6. Do you have references that I may check?
7. Are you associated with a National Referral Network that refers their buyers to you? Can you refer me to the top agent in the town or state where I will be moving?
8. How will you set my listing apart from the crowd, do you have a U.S.P. (Unique Selling Proposition) for marketing my property to Buyers?
9. What is my property worth? What listing price do you recommend? How did you arrive at that price? What will I net in market?
10. How will you assist in my relocation plans?
11. How will you assist in my new purchase?
12. If necessary how will you assist my tenants?
13. Do you have a written Plan of Action designed specifically to sell my property?

Asking Questions of the Realtor, and evaluating the answers is an excellent way to determine who is the most likely to succeed in getting your home sold. However just as important are answers to the questions you may be asking yourself....

1. Did the Agent explain all of my options in today's market so that I can make the best decision for my family and me? Decisions like: Should I even sell the property? Is it better to re-finance and if so, what is the break-even point?
2. Was the agent a Real Estate Consultant, helping me with my options or just another salesperson wanting another listing at any price without being concerned for my best interest, even if it meant keeping my property?
3. Was what the Agent had to say truthful, honest and in my best interest-or just the same hype, hi-pressure and personal promotion of we're the best, biggest fastest, we can get you the most or even more money, I have a buyer now.
4. Did the Agent have a true marketing plan and a unique selling proposition that will attract qualified buyers to my property? What was it?
5. Did the Agent have a U.S.P. for my home? One that would answer a qualified buyer question of, "Why should I buy, or even look at your home as opposed to any other home, or anything else I could do."

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SETTING THE PRICE OF YOUR HOME

The three main factors to consider in selling your home are location, condition and price...and they are all related.

Location

Your home's location and setting influence its value. A home inside a quiet subdivision sells for more than the identical home on a busy street. Remote areas typically sell for less than closed-in areas. Views, streams and trees usually enhance value. You obviously have no control over location.

Condition

New homes enjoy a marketing edge over resale homes because they are shiny and clean. Also, builders enhance their appeal by offering model homes (clean, bright, decorated in current colors and amenities) for buyers to examine. Our goal is to make your home as close to a model home as possible... being sensitive to costs. You have nearly complete control over condition and you increase value and decrease marketing time by being sure your property is in the best possible condition.

Pricing

If IBM stock is trading between 104 and 108, it does no good to insist on selling at 112. Likewise, your home must be priced within the appropriate range. You must actually "sell" your property twice: first to a buyer and then to an appraiser. The buyer is more subjective and compares the amenities of your home to those of other homes in the same price range. The appraiser is more objective and compares age, size and cost - identifiable features in your home against other properties that have sold. This is the one area where most sellers become emotional; it is easy to do with so many agents sounding so convincing. Just remember it is your mission to select the best agent-not the best price. A Realtor has no control over the market, only the marketing plan. Never select a Realtor based on price. if you hire the agent you like least, but who suggests highest price, you'd be overpricing your home with the least qualified agent. If you are going to list your home, do it with the best agent.

TIME

Chances are that your home will sell at its fair market value. Pricing it realistically at the outset simply increases the likelihood of a timely sale with less inconvenience and greater monetary return.

COMPETITION

Buyers educate themselves by is viewing homes as well as recent sales from the newspaper and Multiple Listing Service. They know what is a fair price. if your home is not competitive in value with those they have seen, it will not sell. Buyers typically look at homes within a $10,000 price range. if your home is not priced within the correct range, it is very likely will not be exposed to its potential or targeted buyers, or worse yet not even be inspected by any buyers.

REPUTATION

Overpricing causes most homes to remain on the market too long. Buyers, aware of a long exposure period, are often hesitant to make an offer or even inspect your home because they fear "something is wrong" with the house. Homes that are on the market for a long time eventually sell for less than their fair market value if at all, and can go through multiple listing periods.

INCONVENIENCE

PRICE FACT

It is very important to price your property at a competitive market value at the signing of the employment agreement. The market is so competitive that even over-pricing by a few thousand dollars could mean that your house will not sell. Interestingly, your first offer is usually your best offer. Here are reasons for pricing your property at the market value right from the start in order to net you the most amount of money in the shortest amount of time.

An overpriced home:

• Minimizes offers
• Lowers agent response
• Limits qualified buyers
• Attracts the wrong type of buyers
• Lowers the prospects by lowering the number of showings
• Less response from advertising & sign calls
• Wastes advertising & marketing dollars
• Limits Exposure
• Limits financing
• Increases complications in the transaction
• The property becomes shopworn
• NETS LESS FOR THE SELLER

PRICE FACT

If your house is squeaky clean, you will be able to sell your home faster and net hundreds, if not thousands, of dollars more. If you are planning on moving, why not get rid of that old junk now so that your house will appear larger? Make more space. Odors must be eliminated especially if you have dogs, cats, or young children in diapers or if you are a smoker. You may not notice the smell, but the buyers do! Most agents have a difficult time communicating to their sellers about odor. By employing me to get the most amount of money for you, the seller, do not take offense if I must confront you about odor problems.

ACCESS FACT

The greatest way to show a house is to have a key available in the lockbox. When your home is being shown, please do the following:

• Keep all lights on.
• Keep all drapes and shutters open.
• Keep all doors unlocked.
• Leave soft music playing.
• Take a short walk with your children and pets.
• Leave the premises.
• Wastes advertising & marketing dollars
• Let the buyer be at ease and let the agents do their job.

PAINT AND FLOOR FACT

Paint makes the whole house smell clean and neat. if your home has chipped paint, exposed wood, or the paint looks faded, it is time to paint. If your carpet is worn, dirty, outdated or an unusual color, you may need to seriously consider replacing it. Many houses do not sell because of this problem. Don't think that buyers have more money than you have to replace carpet. They don't. They will simply buy elsewhere.

YARD FACT

In the D.C area, when the weather is warm, people enjoy their yards. Make certain that the trees are trimmed so the house can be seen from the street. Have the grass mowed, trimmed and edged. Walkways should be swept. Clean away debris. This all adds to curb appeal. If a buyer does not like the outside, that person simply drives on, to buy another house, and is lost forever.

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HOW TO PREPARE YOUR HOME FOR SALE

When you decide to sell your home, you can improve its marketability by showing it to its best advantage. Minor repairs, cleaning and a little decorating can create a lasting impression. If there is major work to be done, your sales associate may recommend postponing showing your home until it is completed. Here are a few things that will help ensure a faster sale:

• Curb appeal is very important. Keep the lawn in immaculate condition. Prune all shrubbery and trees. Replace broken shutters and torn screens. Inspect the condition of all gutters and drainpipes. Repaint or restain the front door to create the right first impression.
• Make sure that all the rooms of your home are bright, clean and appealing. Discard damaged furniture and badly frayed rugs.
• Painting the interior and exterior is a small investment that pays significant dividends in making your property look fresh and new.
• Kitchen appliances should be spotless and in perfect working order. Counter space should be open and uncluttered.
• Replace or repair anything that sticks, squeaks or drips.
• Your toilets, sinks and drains should be clean and clear.
• Remove excess furniture and store unnecessary items. Also clear your storage spaces and garages of unnecessary items.
• When your home is being shown to a prospective buyer, open the curtains to show how inviting your home looks. Make sure your pets are completely out of the way. Avoid having several people present during times when the house is being shown; this makes the property look smaller.

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THE OFFER PROCESS

1. The agent representing the buyer presents the offer to you. Your realtor will be present to ask, as well as answer, questions for you.
2. After all of our questions have been answered by the buyer's agent, we will privately review the offer and make a decision to accept, or counter the offer.
3. Items to pay special attention to:
   
   a. Interest rate should be close to prevailing rates.
   
   b. What is the length of time for loan approval?
   
   c. Time frames on all inspections, termite, home inspections, and all disclosures.
   
   d. Are there limits of liability on all repair work?
   e. Who is paying for all repairs?
   f. The length of the contract. The "under contract" period and estimated closing date.
   g. Are their any contingencies? How do they affect you?
   h. Recalculate your bottom line before you make a decision.

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Selling Your Home >Full Disclosure If you are about to list a home that you have lived there for many years, you know that it is not perfect. For example, there might be a leak in the basement that is noticeable only after a heavy rain. Your garage door might stick, and the dishwasher may be prone to work stoppages. Every home has a few quirks. When it is time to sell your home, you have a choice of either making the necessary repairs or letting the buyers know about the problems. Material defects must be fully disclosed. Some buyers will order a structural inspection in order to learn exactly what they will be getting. Even if the buyers don't ask for an expert to look at the house, it is the seller's responsibility to disclose any known defects in the property. The seller's agent will provide the disclosure form, wherein the seller may itemize any problems. Sellers may avoid any real estate lawsuits over undisclosed defects by making repairs before the sale or agreeing to a price adjustment during the transaction if defects are discovered. See All Tips In The "Selling Your Home" Category > See Complete Library Of Hundreds Of Tips In 30+ Categories >

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