Top Ten Tips To Be A Successful Seller
1) Be committed to selling. In a buyer's market with inflated inventories, short sales, and repos, there is no place for sellers who want to 'test the waters'. Don't even think "If I get my price". You won't. Money is only secondary motivator to the serious seller.
2) Make sure the price is right. Try triangulation. Ask a few agents for their opinion. Glance at www.zillow.com Consider a formal appraisal. Focus on both current competition and current comps. Sellers should realize they seldom see their property objectively or know the other properties the buyers have seen.
3) Staging is a necessity. Clutter eats equity. Hire a professional stager or listen very carefully to your agent's suggestions. View a staging DVD. Buyers 'horriblize' defects. A faded front door suggests deferred maintenance. A stucco crack may infer expansive soil.
4) Consider a keysafe. The new lock boxes are electronic and enable the listing agent to see who is showing the property. Homes with easy access get more showings.
5) Install a for sale sign. If you don't want the neighbors to know you are selling, reread #1 above. The people in your area will know with or without the sign your property is for sale. They might even have a friend or relative who wants to be their new neighbor.
6) Absorb all feedback. If one buyer says something, others are thinking the same thing. If several similar comments are made, do something about the problem. Put your ego in storage with the excess furniture.
7) Flexibility is fundamental. No showings usually means the price istoo high. No offers usually means the price is too high. Be proctive especially if the market is flat or declining. Regularly reduce the price until an acceptable offer is received.
8) Accentuate the positives. Selling, buying, and moving are stressful events. Tell your agent you appreciate their efforts. Ask them how you can help get the house sold. Ask them what they would do if you were their relative, or it was their home. Ask this question frequently.
9) Time is of the essence. This means sooner is better than later. Do not underestimate the firts buyer. They may be the best buyer. They may be the only buyer for a long time. A lower asking price may net a seller more money in the long run.
10) Patience is a virtue. Ask your agent what the average days on the market is in your area. The only way to get somewhere faster is to step on the gas if you are in a car. Or, reduce the price if selling a house.
Staging is cheaper than the first price reduction.
The Real ‘Secret’
Last year, one of the best selling books, and most popular DVD’s was entitled ‘The Secret’. It pertains to ‘the law of attraction’. We attract what we think about. A wise man once said, “Our thoughts precede our actions, which form our habits, which create our destinies”.
I have discovered a real estate secret. A property is only worth what someone is willing to pay. Imagine that! It’s a secret because many sellers have not discovered that truth. Some people believe their home is worth what they wish the value would be.
A skeptic might ask, “What’s the value before I locate a buyer, Mr. Real estate expert”? My answer is, and has always been that I can give a seller a price range, but a specific price should be determined by an appraisal. This is my litmus test to see if a seller is ‘serious about selling’.
If the supply is low, as it was in 2005, a house might sell above appraisal. The corollary is also true. In this market, with elevated inventories, most houses will sell below appraisal. In other words, in 2008 an appraisal represents the ‘ceiling’. This is usually the most a property will command. The floor is 10% below that value. If the property backs to a busy street, is in disrepair, competing with new construction, short sales or repos, the floor could be 10% to 20% below appraisal.
Price the property below appraisal rapidly. React to an offers quickly. And, complete reasonable repairs immediately.
All the politicians will be looking for great ‘sound bites’ this year. Pithy, little sayings that covey a lot of truth, and will resonate with voters. In 2008, the real estate battle cry was, ‘It’s a price war and a beauty contest’. Houses must show well and be priced correctly. That means below appraisal. That’s the secret.
7 Steps to Preparing for an Open House
1. Hire a cleaning service. A spotlessly clean home is essential; dirt will turn off a prospect faster than anything.
2. Mow your lawn, and be sure toys and yard equipment are put away.
3. Serve cookies, coffee, and soft drinks. It creates a welcoming touch. But be sure the kitchen has been cleaned up; use disposable cups so the sink doesn’t fill up.
4. Lock up your valuables, jewelry, and money. Although the real estate salesperson will be on site during the open house, it’s impossible to watch everyone all the time.
5. Turn on all the lights. Even in the daytime, incandescent lights add sparkle.
6. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (a basement or bath), and let the salesperson know where to find them.
7. Leave. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.
10 Ways to Make Your Home Irresistible at an Open House
1. Put fresh or silk flowers in principal rooms for a touch of color.
2. Add a new shower curtain, fresh towels, and new guest soaps to every bath.
3. Set out potpourri or fresh baked goods for a homey smell.
4. Set the table with pretty dishes and candles.
5. Buy a fresh doormat with a clever saying.
6. Take one or two major pieces of furniture out of every room to create a sense of spaciousness.
7. Put away kitchen appliances and personal bathroom items to give the illusion of more counter space.
8. Lay a fire in the fireplace. Or put a basket of flowers there if it’s not in use.
9. Depersonalize the rooms by putting away family photos, mementos, and distinctive artwork.
10. Turn on the sprinklers for 30 minutes to make the lawn sparkle.
Get A "Home Sale" Notebook
Selling in this current market can be stressful enough, but adding a last-minute-preparation-panic to the mix, will almost certainly make it that much more difficult for you and your family to deal with.
So to help you prepare your home - and yourself ! - for the Spring Season, keep the following points in mind, and they should give you the best chance for success with selling your home over the next months.
1) Start Now ! -- The more time you have to implement some of the following items, the more likely you can fit it all in along with your current daily schedule.
2) Get A "Home Sale" Notebook. You can pick them up for a dollar or two from Staples, CVS or similar stores, and make it RED, or another color that stands out - this way it will be hopefully be easier to spot when you need it ! The purpose of the "Home Sale" Notebook, is so that you always have a central place to refer to as your home sale progresses. When you have questions that you want to ask your Realtor, write them in the notebook so you dont forget them, when you have things to add to your "To-Do" list, add them to your notebook so you can always refer to it and stay on track. You will collect various papers along the way too, tuck these in the back of the notebook, again, this way you keep all thing related to your "Home Sale" in one central place.
3) Have a Family Meeting ! Selling your home will affect everyone under your roof in different ways. It is important that you are all together for support and assistance. There will certainly be packing, moving, & cleaning, & possibly painting and other tasks, so rally the troops and make sure everyone is on the same page. (Pizza or chinese food are often good incentives for jobs well done !!) ... and if there are children in the family, they may need a one on one chat in private just to check-in and make sure they are doing OK - moving house, possibly away from their friends, their school, and their comfortable neighborhood, can often be particularly scary for kids - and a friendly check in from time to time from mom or dad, letting them know it's all going to be OK, can often ease that anxiety.
4) Choose a Realtor NOW ! -- Don't wait until the week that you want to list your home. Here's why. Typically your local, knowledgeable Realtor can help you with your preparation, and make sure you are focusing your energy on the most beneficial tasks to get your home in ship-shape for listing ! There are sometimes decisions that homeowners make, which actually hurt the desirability of their home to most potential buyers - so set up your Realtor interviews now, find out how they plan to market your home, and once you select a Realtor, schedule a time to sit down with them as soon as possible to go over a PRE-LISTING Gameplan !
5) Take a Deep Breath ! -- You are just taking the first steps, but starting out on the right foot can often lead to a smoother, less stressful journey though your real estate transaction.
6) Do a 'Home Walkthrough' - with your Home Sale Notebook ! -- Go room by room, and jot down things that you feel need to be done before you can list your home. These things may include removing and storing excess clutter or un-needed furniture, fixing or replacing broken blinds, light switches, closet doors, noting rooms or furniture that need to be painted, jot down which rooms may have carpets that need cleaning, or even replacing. Hardwood floors are a desired floor covering for many buyers right now, so it is important that even if you have carpets, that you know whether there is hardwood underneath the carpet or not. Note your findings down in your notebook and go over them with your chosen Realtor at your PRE-LISTING Gameplan meeting !
7) Do a Repair Cost Analysis-- This is often overlooked by sellers. But all the items that you note down from your walkthough, (or that are recommended by your Realtor) have a cost associated with them. Sometimes a lot of repairs or improvements can be done relatively inexpensively, but if you wanted to give your kitchen a 'boost' by installing a new granite countertop for example before putting it on the market, then you will need to know exactly how much that estimate will be, so you can confirm that it is within your budget to install. Keep track of all your desired improvements and their costs.
8) Plastic Tubs are your FRIENDS! -- These 18 gallon containers that you can pick up from Target, Wal-Mart or similar stores, can make your life a whole lot easier - and if you check the Sunday Newspaper supplements, you can often find them on sale for just $3.99 or $4.99. Now cardboard boxes can be OK, but the plastic tubs are extremely durable, they stack well, and the most important thing, is that if for some reason the boxes are stored in a basement or place that may get a water leak of any description, the plastic tubs will almost certainly protect all your belongings inside - in that situation, a cardboard box will simply soak up the water and your belongings may be ruined.... this I can attest to from personal experience many years ago ! Now, I use plastic tubs without question
9) Consider PODS or a Storage Unit -- Many sellers that understand the need to remove a lot of items or furniture from their home to give the best 'first impression' to anyone who walks through the front door, choose to store the excess items in a storage unit, or in PODS (Portable On Demand Storage).
10) Divide and Conquer ! -- It's much more difficult to do all the preparation on your own, so take that list of To-Do items and see who in your family, or which friends can help you. Again, it's often good to have an offering of lunch or dinner at the ready ! - especially for the extra time consuming chores like room painting or packing a mountain of boxes !
11) Confirm and keep track of your next home. -- Whatever your plans are for your next home, whether you have already secured a home to move into, or if you have to coincide the sale of your current home, with a purchase of a new home, make sure you stay in tune with the availability and timing.
12) PRICE IT RIGHT ! -- When all your improvements are completed, and you are ready to list your home, sit down with your Realtor again and spend a significant amount of time digesting the market analysis your agent will provide. It is the single most important factor right now in positioning your home to sell as fast as possible. If you price it incorrectly, it can be a lost cause from the start. Determine the market value, and if you have the ability to list it a small cut below that price, you will draw the most attention possible right out of the gates !
13) Remind yourself that selling your home is a good thing ! -- It may be easier to say this to yourself now, but it's important to remind yourself of this periodically, even if the road becomes challenging at times. A way to keep focused and positive is to choose the right Realtor. They will be by your side from start to finish, so it is critical that you choose the best fit for your family and your intentions.
These thirteen tips will get you started on the right foot, and will help you organize your weeks leading up to putting your home on the market !
Contrary to many media reports out there, homes are selling right now !!! ... just make sure you do everything in your capabilities to make sure your home is one of them ! And remember your Realtor is there by your side, every step of the way ! Good Luck !
