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Helpful Tips for Sellers
Steps to Selling your Home
1. Get a Realtor – A Listing Agent is beneficial for a home seller for numerous reasons. Mainly, selling your home is a job in itself and hiring a trained professional will give you the peace of mind that it will be done right.
A few benefits of working with an agent include:
a) the exposure an agent provides to your property will get your place sold efficiently and smoothly
b) an agent will prepare and handle all necessary legal documents and other paperwork
c) an agent will professionally handle all negotiations
d) an agent will keep you posted on current market conditions and inform you of recent solds, price reductions, etc
e) an agent has the training and experience to provide you with advice and recommendations on pricing, repairs, negotiations, etc.
Working with the right realtor is more important than you may think. Look for someone who’s professional, reliable, open to your interests, and knowledgeable in your property’s area.
Additionally, with all real estate transactions, there is the possibility of difficult negotiations or a contract falling through. In these cases, remember that your realtor is representing you, so someone with integrity and experience to lead you in the right direction is vital.
2. Prepare Your Home - Read over our “Helpful Tips for Sellers ” to visually prepare your home for prospective buyers. Additionally, your realtor may make suggestions about making certain interior &/or exterior improvements before putting it on the market.
At this time, think about what items you would like to include and not include in the sale of your property (for example: washer/dryer, bathroom mirror, dining room chandelier, etc).
3. Set the Price - The “Pricing” stage is when you will particularly rely upon the expertise of your realtor. Your realtor will provide you with comparables and sit down and discuss with you what other homes in the area have sold for and are selling for. At this time, you should also decide your ideal time frame for selling, ideal profit, what items are included/not included in the sale, and what financing terms you feel comfortable agreeing to from prospective buyers.
Taking in all of the above factors, your realtor will estimate a price based on market value and deduct potential costs (such as mortgage payoffs, improvements, commission, etc) to give you a net sales price. Once you and your realtor have agreed upon a reasonable starting price, s/he will prepare the documents necessary to get your home on the market!
**Caution: Overpricing - Keep in mind that starting off slightly overpriced may seem like a good idea just to “see what happens”, but in the end it can possibly hurt you. The most important time to market your property is when it is new and fresh on the market. If you set the price too high, there is the potential that you are going to discourage agents and potential buyers from going to visit. If your property ends up on the market for too long, buyers may wonder if there is a hidden reason and lose interest.
Additionally, if you do get a higher price and your buyer obtains financing, an appraisal will most likely be required, in which case you could lose your deal if the property does not appraise at your sales price. Main point…Avoid Overpricing.
4. Market Your Property – Your realtor is responsible for marketing your property to catch the attention of both realtors & potential buyers. Based on his/her understanding of the current market, your realtor will create a marketing strategy which may include ads in local newspapers/magazines, flyers, mass emails out to local agents, holding open houses & agent caravans, etc.
The key marketing strategy you realtor should offer is posting your listing on a multiple listing service. A listing service is an on-line database of homes which every agent utilizes to find properties for their buyers. The service puts your listing on-line – which exposes it to every agent in the state who will, in turn, be a part of the process of selling your home. Furthermore, many realty company’s websites are linked to the services, which means that your listing will have even further exposure.
Lastly, the right price is an immense marketing tool. Sometimes, it simply takes is the right price to get your property sold within days or weeks.
5. Show Your Property – Having your home on the market means having the patience and willingness to compromise your daily activities &/or general plans. Realtors may call daily or weekly to show your property, so being on alert when the phone rings and returning realtor’s phone calls is imperative. Be prepared that a realtor or potential buyer may occasionally want to view your property at an inconvenient time, but remind yourself that it could be your buyer so it is normally a good idea to alter your schedule. Of course, making your home as accessible as possible will aid in selling your home, but many realtors will understand that sellers can only do so much and MAY be willing to arrange another appointment for viewing.
During the time that your property is on the market, your realtor will most likely hold an open house or two on a Sunday afternoon, or an agent caravan on a Tuesday afternoon. Throughout the course, your realtor will keep you posted on market changes, recent sales, and feedback from agents who have viewed your property.
*Remember to read over our “Tips for Selling your Home” during the time that your place is on the market to make sure it is at a consistent presentation level for showing.
6. Accept an Offer – This is another stage when your realtor’s expertise is particularly beneficial. Negotiating a contract can be both exciting and challenging, as well as frustrating and nerve-wracking. Expect to play the “bidding” game with the interested party a few times before an offer is accepted. When an offer comes in, your realtor will help guide you in the right direction by advising you what & what not to ask for. The job of you realtor is not to make the decisions, but to offer you the best possible scenarios for you to make a decision from.
Once a reasonable response has been decided upon, your realtor will submit a counteroffer to the buyer’s agent (or buyer, if unrepresented) and will continue to advise you until the negotiations are complete-hopefully resulting in an accepted offer!
*Oftentimes, the first offer that comes in will be predictably low. The first offer gives the buyer a feel for how low you are willing to go. Your counteroffer will give you a feel for how high the buyer is willing to go. Just keep this in mind so that you don’t feel offended by a low offer.
7. Make Improvements for the Inspection – Once you have accepted an offer, the contract is contingent upon the inspection (unless your property is being sold “as-is”). The Buyer at this point will bring in a professional home inspector & will look at every aspect of your home from building stability to the doors opening & closing and AC/heating units. Expect that the inspector will find a long list of defects that are either required to be fixed according to local building codes or suggested to be fixed for safety hazards. All homes have problems, so don’t be too surprised or discouraged!
The Buyer will choose from the inspector’s list and offer you a list of “improvements” to be made. During this “resolution period” you have the opportunity to choose from the Buyer’s list and respond with the items you agree to repair, replace, etc. Again, your realtor will assist you in deciding which areas need to be tended to and will be in your best interest to attend to financially.
8. Closing – Expect for closing to last approximately 1-2 hours. Remember to bring a picture ID, all keys to the property, and checkbook or certified check if you are paying any closing costs, and directions to the closing attorney’s office. Double check with your realtor to confirm what you need to bring.
Congratulations on the Sale of Your Home!