You are here : Home > Selling
SELLING YOUR HOME
You compete in many aspects of life. Selling your home is no different. Other homes on the market are in direct competition with yours, especially if the homes they are selling have features and amenities in common with yours. The more I know about the competition, the better prepared we are to market your home successfully. Each home is a unique transaction, and I will customize a Selling Strategy to maximize enough attention among buyers to generate showings and offers
Plan of Action
My company’s objectives are the following:
1) To get as many qualified buyers as possible into your home until it is SOLD.
2) To communicate the results of our activities to you weekly.
3) To assist you in getting the highest possible dollar value for your property with the least amount of problems.
4) To constantly look for the best possible methods of exposing your property to potential buyers in the market.
The following is our companys 19-Point plan for marketing your home:
1) Submit your home to the Multiple Listing Service.
2) Submit copies of your listing to our company’s sales staff for their waiting buyers.
3) Promote your home at the real estate board meetings for maximum exposure to the other agents in the area.
4) Internet marketing in Realtor.com, Homes.com, Zillow, Trulia, Redfin.com, ColoradoHomes.com, DenverHomes.com, REColorado.com, Coloproperty.com, as well as my website.
5) Suggest and advise you as to any changes you might want to make in your property to make it even more marketable to buyers.
6) Constantly update you as to any changes in the market.
7) Farm your surrounding area with your home brochures.
8) Create additional exposure through a professional sign and lock box.
9) Hold an open house when possible.
10) Prequalify, when possible, all prospective buyers.
11) Make you completely aware of all the various methods of financing that your buyer may want to use.
12) Have the cooperating brokers in the area tour your home.
13) Provide for the cooperating brokers, on a monthly basis, a list of features and benefits of your home.
14) Follow up with all of the salespeople who have shown your home for their response.
15) Assist you in arranging interim financing, if necessary.
16) Deliver a copy of your MLS IDX listing and all published advertisements for your approval.
17) Represent you upon the presentation of all contracts by cooperating brokers and help you negotiate the best possible price and terms.
18) Handle follow-up and keep you informed, after the contract has been accepted, on all mortgage, title, and other closing procedures.
19) Deliver your check at the closing.
The Pricing Components:
Pricing Your Home For Maximum Return
- I’ll consider the following four questions when pricing your home:
- What are the important selling points of your home?
- How many comparable listings are currently on the market?
- At what prices have comparable listings recently sold?
- Which comparable listings in your community not sell?
What Affects the Market Value of Your Home?
Ultimately, buyer value or market value will determine the selling value of your property.
Physical Qualities of Your Home
- Size of house and lot
- Floor plan and architectural style
- Interest rates and availability of financing
- Buyer demand
- Prices of recently sold properties
- State of the economy
Some Factors Have No Effect on the Current Value of Your Home
- Original Price What you originally paid for your house
- Needed Proceeds The cash proceeds you want or need from the sale
- Opinions What people say your property is worth
What is the Best Price Obtainable for Your Home?
A Competitive Market Analysis will give you a solid foundation for the realistic pricing of your property. Buyers dictate the best price obtainable.
Buyers Compare Properties
Home buyers engage in comparison shopping and will seek out the best home for the price with similar features.
Realistic Prices Attract Buyers
The price at which your house is marketed must attract enough attention among buyers to generate showings and offers. A CMA (Competitive Market Analysis) shows what buyers are willing to pay in today’s market.
Displays what buyers have actually paid for similar properties.
Currently For Sale
These properties are competing for buyer’s attention right now.
Did Not Sell
It demonstrates those properties that buyers were not willing to pay for a home under current market conditions.
Pricing Your Home, Right From the Start
As the seller, you can set the asking price. However, only the buyer can set the selling price. Deciding on the appropriate price for your home is one of our most important jobs. The drawbacks of overpricing are numerous and rarely benefit from the seller. The following are critical points we must consider when pricing your home:
- Pricing your home higher than comparable listings may actually help sell your neighbor’s house faster than yours
- Overpricing may attract the wrong buyers, thus limiting results
- Sales associates may miss showing your house to the right qualified buyers because it has priced out of their range
- Fewer qualified buyers will respond to your advertisement
- You may miss out on a buyer who is not willing to negotiate
- Your home may become stale by being on the market longer
- If the asking price of a property increase beyond fair market value, the market of potential buyers decreases dramatically
The Presentation of Your Home
When you put your house on the market, you want to make sure your home is in good condition and looks attractive to buyers. Doing any necessary repairs helps add to the attractiveness of your home and can substantially increase value to your asking price.
Below find some Helpful Tips:
Showing Tips for the Seller
- Sign Up: It is an American tradition: Consumers drive through neighborhoods on weekends searching for houses in which they might like to live, and real estate sales associates know how to lure those buyers into visiting your home. Sales associates often place “Open House” signs at nearby well-traveled intersections with directions to the open house. A sales associate will know local ordinances about when and how long signs can be posted.
- Maximize Curb Appeal: Ensure that the outside of the home looks as appealing as possible. Water and mow the lawn, trim the trees, cut back overgrowth and plant colorful flowers. Also, be sure to store bicycles, gardening equipment, and children’s and pets toys, and remove the car from the driveway to provide parking.
- Make Your Home Anonymous: Stow family photos, trophies, collectibles and anything else that stamps your personality on your home. You want potential buyers to imagine their families in the house, creating their own memories.
- Nice & Clean: Potential buyers will want to inspect all parts of the home from the bedrooms and the bathrooms to the basement and the garage. It is imperative to create a positive experience for potential buyers. Remove all clutter, and make sure all lights are working throughout the house. Clear out your closets to make them appear as spacious as possible. Consider emptying them altogether to let buyers decide how much, or how little, of their possessions will fit.
- Make Necessary Repairs: The last thing you want potential buyers to see are water stains on the ceilings or chipped tile. Make sure all leaks are repaired, paint over any stains, and caulk the tiles, where needed. You do not need to spend a lot of money on the repairs, but it is important to do the necessary touch ups.
- Offer Fact Sheets/Brochures: A sales associate will provide prospective homebuyers with information about the property and price. Effective take-aways may include details about the propertys best features, the neighborhood and other relevant information such as proximity to shopping, main highways, schools and recreational facilities. Photographs help prospective buyers remember the house. Previous inspection reports and a list of home improvements and new appliances and/or fixtures are also helpful. A sales associate will also know how to properly disclose any major property defects.
- Make Yourself Scarce: A sales associate can market the home objectively and answer questions, as well as conduct follow-up with interested parties. Ideally, a seller should not attend his or her own open house so that potential buyers can comfortably scrutinize the home.
Getting the Offer
All offers or proposals, counter-offers and contracts have to be made in writing. Verbal agreements are not legally binding. Once a buyer submits an offer for your home, you can accept it outright or make a counter offer. The counter-offer notifies the prospective buyer that you are willing to negotiate, but the terms haven’t been met by the initial offer. The process of offers and counter-offers may go back and forth a few times until you and the buyer agree on terms.
While your negotiating in counter-offers, you can still accept offers from other buyers, until you actually agree in writing to their offer. When looking at an offer, you will need to figure out your actual net profit on the amount proposed. You have to deduct your current mortgage balance, realtor fees, closing fees, and unpaid property taxes owed on your property. If the offer meets your financial expectations, you’re ready to make a deal.
When you accept an offer, the buyer is now legally obligated to purchase your home. There are some standard contingencies such as the buyer not being able to get financing or the house failing inspection. These contingencies protect both you and the buyer.
Closing the Deal
Once the buyer has their mortgage approved, the house has passed inspection, now all you have to do is go to the closing, read everything carefully, and sign the dotted line. The closing is actual transferring ownership of your house to the buyer. If you have been looking to move into a new home, you’ll want to have your closings timed accordingly, preferably close together. Then the buyers can take possession and you can move into your new home.
Email me at PMBRKR@aol.com for a Free Sellers Guide to assist you with your home sale.