The real estate commission earned by a real estate professional on the sale of your property can be a considerable sum of money. And we know that you'll agree it's tempting to save that commission by selling your property yourself.
So, if you do decide to market your own property, we invite you to consider the following steps that you must take in order to save the real estate commission.
Step 1: Conduct your own mini walk-thru inspection. Make notes of all the items that need repair or improvement. Your checklist may include: fresh, clran paint throughout; clean windows and window coverings; well manicured lawn and yard; plumbing and all appliances in working order; new or cleaned carpet; all sealants in good condition; roof and gutters in good condition, no neede repair; be aware of any local and state requirements for passing of title and repairs thereof; obtain any permits not obtained if you had done repairs; etc. Then have a second opinion of those items.
Step 2: Make all the necessary repairs and improvements.
Step 3: Carefully research information regarding the prices and terms of sales in today's real estate market. Investigate recent sales prices for properties similar to yours in your immediate area. Then establish a realistic price for your property based on that information. You can also hire an appraiser or a Realtor to do the same for an unbiased opinion of price.
Step 4: Meet with local lenders and determine financing alternatives and qualificatation parameters for your prospective buyers. I recommend calling Cathy Maloney, Home Capital Network, at 973-214-2370.
Step 5: Determine which internet sites, newspapers, and home magazines, etc., will best advertise your property for it's target market. Call for rates and deadlines.
Step 6: Establish an advertising budget for short and long term. (Just in case your home does not sell quickly)
Step 7: Prepare a professional, attention-getting advertisement that will attract your target market. Place your ad in the appropriate medium. Upload your photos on the internet. Be aware of the Advertising Rules and Regulations as it relate to State and Federal Fair Housing Laws on Discrimination.
Step 8 : Prepare a plan to reach out-of-town relocating buyers who account for a major portion of today's home purchasers.
Step 9 : Purchase an eye-catching and weather-proof lawn and directional signs; install them. Check first with your community if permissable and pay any reuired permit fees.
Step 10 : Purchase special "open house" signs and position them in paths that lead from the main roads or thoroughfares, through the neighborhoods and to the property. Put these signs out each time you hold an open house and be sure to remove them after each. Again, check with your local community for town requirements and any fees related to it.
Step 11 : Prepare a professional and comprehensive "feature/benefit" fact sheet outlining specific features of your home and the corresponding benefits to prospective purchasers. And do not forget about the Fair Housing guideslines for these sheets.
Step 12 : Schedule and conduct open house "weekdays" as well as open house weekends. Before to have a sign-in sheet for all visitors to your home. You will want to know who was there for not only follow-up but for security reasons also. More your property more inviting by placing freshly cut flowers in several rooms. You might burn scented candles in the living room, kitchen, and baths. And even bake some cookies for the homey smell.
Step 13 : Be available at all times for prospective buyers. Let your employer know that you may have to leave work at anytime to show your home. As a seller, you must realize that the buyer of your home may come at anytime and therefore, your availabilty is key. Make sure that you continue to use the sign-in sheet as stated above. Be sure that your home is always presentable including clean kitchens and bath, beds made, little clutter, and working appliances and utilities. Also be sure you are able to answer a buyers questions in regards to schools, parks, transportation, shopping, and places of worship. And again be aware of Fair Housing Laws.
Step 14 : Respond to all telephone and email inquiries for information in a timely manner. You may want to post all contact information in your advertising. Be sure to learn how to differentiate between the lookers and the buyers by asking the "right" qualifying questions. Be sure to get as much information from them, including their names and phone numbers, again for follow-up and security.
Step 15 : Be prepared to negotiate with the buyer as though you are an impartial third party. Remain calm and refrain from any emotional outburst that might spoil a sale. Remember this is strictly a business transaction.
Step 16 : Obtain all the forms necessary for the legal sale of real rpoperty such as: deposit receipt & offer to purchase; buyer's cost sheet; Seller's Disclosure Form, in our increaingly litigious society, it is imperative that all known defects are disclosed to the buyer.
Step 17 : Determine the types of financing that you are willing to accept: FHA; VA; Conventional: Seller: etc. Be sure your buyer is qualified to obtain that mortgage.
Step 18 : Negotiate with the buyer all final terms of the sale including price (& adjustments), financing, inspection issues, date of closing, date of possession, and other pertinent considerations.
Step 19 : Plan a final walk-thru with the buyer before the settlement process is complete in order to resolve any disputes and have a witness present.
Step 20 : While you are marketing your current property, locate and negotiate to purchase your next home. Attempt to schedule both transactions so they close simultaneously. In this way, you and your buyer are able to move at the same time.
Many people are very comfortable in the role of "For Sale By Owner" (FSBO). You may find that you are one of them. However, 83% of homes today are sold by a Realtor and for 7-12% more than a homeowner would on their own. Which not only makes the fee for service for a Realtor at no cost to you, but nets you more money at a successful closing.
If you are interested in the services of a real estate professional, I will be happy to help you get started by providing you a FREE HOME MARKETING EVALUATION!
