HOW TO SELL A HOME
Selling a property can be an intimidating set of tasks and it can be tempting to leave the process in the hands of a Real Estate agent. But before you think about doing that, consider what you are giving up. The role of a Real Estate agent is that of a middle-person between you and the buyer. They cost the seller huge commissions which result in higher costs to the buyer. Lower costs to you, means you can afford to price your property more competitively. That lower price increases the odds your property will sell quickly.
Follow these guiding steps to help you through the private selling process:
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The First Impression is the Most Important - Ask a friend to walk through your property
as if they were a potential buyer and tell them to be brutally honest. This feedback can be just
what you need to make the environment more inviting.
Buyers are attracted to clean and spacious environments, so your first area of concern should be to enhance the property's aesthetic appeal. Brighten the property and remove any clutter. Clean the property from top to bottom. Basic improvements such as trimming trees, planting flowers, fixing squeaky steps or broken tiles, shampooing rugs and even re-painting a faded bedroom will greatly enhance the appeal of your property. Also consider the value of scent. Consider adding flowers, mildly scented candles, or using air fresheners. -
Pricing Your Property - Price is by far one of the leading factors for successful property
sellers to get their home sold. Over-pricing your property can reduce buyer interest and can lead
to mortgage rejections once the appraisal is in. It can also make competing properties more attractive.
Just remember it's the market that dictates the acceptable price.
Usually, if you price your property at 5 - 10% above the market price, you will likely end up with an offer close to the property's true value. This gives you some room to negotiate. It may be helpful to calculate the cost per square foot of your property compared to the list prices of similar properties in your immediate area by dividing the list price by the number of square feet of livable space. If your property has better marketable qualities, you may want to set a slightly higher list price. Also, set your price just under a whole number, such as $149,000 rather than $150,000. Many potential buyers will instinctively feel they are getting a better deal. - Legal Matters - Having a Real Estate lawyer looking out for you is an absolute must. Real Estate lawyers help evaluate offers, act as an escrow agent to hold down the deposits or leases with options to buy, review contracts and handle the closing process. Both the buyer and the seller must obtain this legal representation by separate attorneys to avoid any possible conflicts of interest in the real estate transaction.
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Marketing Your Property - Anyone in sales will tell you that to be effective you have to really
know your product. And who knows your property better than you? Nobody! The property owner knows the
property best with no equivocations.
When describing your property online or in print, remember that they should be easy for anyone to understand and should be to-the-point. Long technical or complicated descriptions don't make your property more attractive to potential buyers. Generally speaking, prospective buyers browse through listings quickly, so it's important that your property listing quickly grabs their attention. Use attention getting phrases that introduce your listing, such as "Excellent location" or "Priced below market", but don't use unnecessary industry speak.
Nothing says more than a good picture. If you've decided to take your own photos of your property (a service we do provide in our listing packages), make sure you take shots without the clutter. Try not to include cars in the driveway/street or garbage cans. This rule also applies to indoor photos. People are looking to buy your property, not your possessions. If you need to move things around a little, it's worth the time. Take a variety of photos. Digital cameras make having lots of photos of your property easy. If you don't have a digital camera, photos are inexpensive and your property is worth it. The more photos you take, the more likely you'll get enough quality shots.
Lawn signs are a great way to grab the passer-by's attention. Signs that are professionally produced quickly instill an image of value.
Open houses are always a good idea when it comes to bringing buyers to your property. It's also a good idea to have an information sheet that includes a photo and details all critical information about your property to give to potential buyers.
