If you would like to sell property, the first step is to hire a Realtor who can advise you through the process and sell your house for the best terms possible. The listing agent of your property will be responsible for pricing your home, marketing to potential buyers, handling negotiations for you, as well as drafting and proofreading some of the documents and contracts.
To fill the position of your listing agent, you can ask friends and family for a referrals or you can interview real estate agents to see what different real estate agents and real estate offices offer. Would you prefer to work with a close friend, a small office that came from a personal referral, or a global company like Gibson Sotheby’s International Realty that can offer worldwide exposure for your property? The process of selling real estate can be stressful, so you will want to choose a Realtor with whom you are comfortable and will have a good working relationship.
The first thing you will want to do after selecting your listing Realtor is to disclose why you are selling your property. If you are selling because of imminent repairs you cannot afford and do not disclose these issues to a buyer, you risk being sued.
After all relevant information has been discussed with your real estate agent, you will want to discuss pricing your property. Your Realtor should prepare data on comparable sales including foreclosures and short sales. This data should also show how final sale prices compared to original list prices. Keep in mind this comparable data will only include sold property, not canceled, unsold, or active listings.
It is impossible to stress to someone who plans to sell property how important it is to have the property well priced from the beginning. This is the first introduction to the market and should be when your property sees the most interest. If overpriced, your home will not get the proper amount of traffic because serious buyers will choose not to waste their time looking at overpriced property. In fact, in the last year, half of owners who took more than four months to sell sold for less than ninty percent of asking price. Evaluate the market and decide on a price based on market value determined by supply, demand, and other economic factors. As hard is it may be, your own financial situation should have no bearing on the price because what you want or need to get out of the sale has no basis in the market.
It is a business practice of some real estate agents to offer a higher list price than other agents and a higher price than the market supports. These agents promise a higher sale price because they want the listing, not because they believe the price is obtainable. After some time, the agent will come to you and ask for a price reduction. At the least, you will have lost time and most likely you have lost buyers. In the last year, half of houses that took over four months to sell sold for less than ninety percent of asking price. I strongly believe in getting you the best price as soon as possible and my business model is built around this goal.
Try to detach emotion when you sell property. Owners take pride in their property as they should, but do not let your emotions affect the selling of your property, which is a business transaction.
Make a good first impression with buyers and prepare your property for the market. The preparation can be as simple as decluttering or staging or it could involve significant repairs. Staging can be an expensive investment, but considering staged homes sell in half the time as non-staged homes and for 6.9% more on average and the return on investment is often worth the up-front cost. Consult with your Realtor and your Realtor’s preferred vendors to discuss strategies and to analyze what repairs, renovations, and cosmetic touches offer the best return on investment and increase salability.
Remain flexible on terms and price when you sell property. This is not the same as conceding to every demand. Each offer should be considered on individual merits and handled as a potential sale. Weigh the risk of accepting an offer lower than you want against what it might cost if another offer does not come in for some time. With lenders tightening restrictions, it would also be wise to consider a cash offer at a lower price if it means a sure sale. Another option is to offer incentives to make your property more attractive to buyers. Some common incentives offered by owners selling property include credit toward closing costs, homeowners’ association or condo association fees, and property taxes.
Finally, look forward toward your new home by planning for logistics, talking to a lender to get pre-approved, and searching property for sale to gain insight on the real estate market.
I am available to discuss how to sell property and prepare both you and your property for the market. Contact me with the best way to reach you.