Proudly Serving
And Their Members
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Selling
Your Home
Listing
Your Home With A Realtor
Your
agent's major objective should be to sell your home quickly and for
the best possible price. The agent you select should have more than
three years' experience, know your neighborhood, be a member of the
Multiple Listing Service (MLS), and be able to demonstrate a history
of results.
It's a
good idea to interview at least three agents before making a choice,
so you can compare the way they approach a potential assignment.
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Ask
each agent for his or her track record in your price range and
neighborhood — compare list prices to sale prices and the time
it took the broker to sell a home.
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Learn
how many listings expired without selling and the reasons why
— that's a good gauge of a broker's dedication to marketing
your home aggressively.
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Make
sure that your agent will formulate a detailed marketing plan
that reflects actions to be taken in 30-, 60-, and 90-day
intervals; include a contingency plan should the home remain
unsold beyond that time.
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Ask
specifically how the agent plans to advertise your home.
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Ask
for references, and check them to verify that the agent lived up
to promises made.
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If
you are being moved by your employer, check your relocation
policy for guidelines on agent selection.
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It's
the real estate agent's job to:
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Represent
you, the seller.
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Help
you determine the value of your home and establish an asking
price.
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Provide
fix-up tips.
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Market
the property in the most professional and efficient way.
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Advertise
and market the property on an ongoing basis.
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Act
as a liaison between other brokers and prospective buyers.
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Relate
all feedback from showings.
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Submit
all offers.
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Help
you negotiate with the buyer.
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Remain
actively involved from contract to closing.
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Follow
through on inspections, contingencies, and mortgage commitments.
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Before signing a listing contract:
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Have
your agent prepare a written marketing plan which schedules
agent previews, office tours, ad placement, open houses, etc.
for the first 30 days.
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Get
a Broker's Price Opinion (the broker's considered opinion of the
lowest and highest prices that your home may bring on the open
market).
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Verify
commission amounts.
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If
your employer is helping you move, ensure that all clauses,
particularly Exclusion or Right to Cancel clauses, have been
included to conform to your employer's relocation benefit
policy.
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Pricing
Your Home
Statistics
show that a house receives its highest offer within the first four
to six weeks on the market. Therefore, setting a realistic price is
imperative to capture the attention of prospective buyers.
Competitive pricing is essential to your home being shown and sold.
If you want to sell your home quickly, price it slightly below your
best competition.
Avoid
the temptation to overprice your home. Overpricing brings serious
risks. For example, it:
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Puts
your home out of the price range of a large group of buyers.
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Makes
other homes more attractive and competitive.
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Discourages
serious buyers who are educated on fair market value.
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Results
in repeated price reductions, which plant doubts in buyers'
minds.
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Wastes
valuable marketing time, particularly in the first 30 days.
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Pay
attention to feedback from prospective buyers and agents, and be
prepared to make adjustments accordingly.
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Marketing
Your Home
Your agent will help you develop a step-by-step plan designed to
maximize your home's exposure. Marketing directly to buyers through
a blend of ads and promotions is key to selling your home. However,
since most potential buyers will hear about your home from another
agent, your plan should also focus on the real estate broker
community. Frequent broker caravans (tours), distribution of flyers,
and your agent's private referral network will help keep your home
in front of the local real estate community.
Your
first step in merchandising your home is to prepare your home for
the market. Our Interior/Exterior
Action List will help you do just that. We've helped over a
million homeowners prepare their homes for sale and maximize the
features that will most appeal to prospective buyers.
Discuss
the following marketing tools with your agent:
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"For
Sale" sign in your yard
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Lock
box
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Computerized
listing service
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Home
feature flyer, with color photo and home specifics
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Financing
flyer, showing available financing plans, interest rates, and
monthly payment examples
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Home
preview by your agent's office and associated offices
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Public
open houses
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Broker
caravans
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Direct-mail
campaigns (flyers, posters)
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Local,
regional, and national newspaper advertising
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Color
photo magazine listing ads sponsored by your agent's firm
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Web
site listings
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Talking
houses
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Adjusting to Market Response
If
your home has been on the market 30 days or more without a serious
offer, it's time to reevaluate your marketing strategy.
Discuss
the following with your agent:
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Evaluate
the number of showings — if it is low, your price may be too
high
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Get
prospective buyer and agent feedback after every showing
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Review
competitive listings and sales
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Review
your agent's marketing actions and promotional activities to
date — are you satisfied with the type and amount?
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Consider
incentives instead of reducing the price: cash for the buyer or
agent; a carpet, landscaping or minor repair allowance;
homeowner's association dues paid for a limited time; a
complimentary security system, appliance, etc.
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Based
upon the above information, what are the agent's recommendations to
enhance the marketing strategy? Unless market conditions indicate
that you should, don't immediately move to lower the price.
Required
Inspections
It is
your responsibility to make sure that your home's systems are in
good working order. Your agent will tell you which of the
inspections are typical (or required) for your home and
neighborhood. Some typical inspections are termite and pest, radon,
roof, structural, septic, soil, water potability, and pool. Make
sure your agent informs you of the disclosure laws in your state. In
general, your obligation as the seller is full disclosure of all
facts and knowledge pertinent to your home's condition.
Resist the temptation to dismiss the first offer you receive simply
because it is the first. Studies show that the first offer is often
the best. Consider all offers, however, even ones below your
expectations. Every buyer has his or her own way of negotiating an
offer.
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Let's Make A Deal
Negotiating
Guidelines
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Respond
quickly — don't leave an offer on the table for more than 48
hours, and make sure your agent knows how to contact you at all
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Make
a counter offer if the buyer offers less than the listing price
or asks for concessions
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Be
reasonable — don't jeopardize the sale over minor details or
an insignificant amount of money
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Be
wary of offers contingent upon the sale of another property that
could delay the closing of your home
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Make
sure your agent is satisfied that the buyer is financially
qualified to fulfill the contract offer; set a time limit in
your sales contract for the buyer to secure financing
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Seek
a rapid close date to avoid duplicate housing payments
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If
the buyer asks for repairs, make sure the repairs are clearly
stated in the contract
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Consider
offering a home warranty to alleviate the buyer's concerns
regarding future problems
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Closings
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Monitor
the closing process carefully to ensure a smooth transfer of
title.
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Schedule
the buyer's final walk-through inspection at least three to five
days prior to the close date to allow enough time to complete
any necessary repairs.
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If
vacating your home in advance of the closing, make sure
arrangements are made to maintain the exterior and interior of
the home.
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Leave
behind for the new owners any spare keys, appliance handbooks,
warranties, electric garage-door openers, extra wallpaper and
paint, phone books, etc.
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