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Tips for Sellers

Feeling stressed and overwhelmed is often associated with buying a home, but there can be just as much stress when selling. The entire process can be simple or difficult, but it all depends on the involvement and attitude of the seller. Your home will not sell itself, so consider the following tips and be proactive when selling your home:

1. Good Marketing is Essential for Getting the Best Price
2. The First Impression Should be the Best Impression
3. Know your Priorities and Set your Limits
4. Set a Reasonable Price to be Taken Seriously as a Seller
5. Have a Plan for Selling your Home
6. Finding an Agent that is Right for You
7. Taking Offers in to Account
8. Protect your Interests - Insist on a Home Inspection

Good Marketing is Essential for Getting the Best Price

Most sellers are primarily concerned with getting the highest possible price for their property in the least amount of time, but they often have no idea how to accomplish this goal. It simply comes down to good marketing. The better you market and the more exposure your property gets, the more likely you are to get multiple offers which can lessen the amount of time it takes to sell. With multiple offers you are not forced to compromise on your asking price. You have the ability to negotiate and get the most for your property. If you fail to market effectively and are under time restraints to sell, you may be forced to lower your asking price and lose out on profits.

So, what is good marketing? The following are a few simple guidelines to help you effectively market your home for sale:

• Set the right price
• Hire the right agent and get exposure in the market
• Ensure your property is in selling condition
• Sell yourself and your property

The most important aspect of good marketing is setting the right price. If you are too unrealistic in your asking price and it does not reflect the market or the property value, then potential buyers will simply not take you seriously and it will damage your credibility as a seller. You want to generate as much interest as possible and attract numerous buyers by setting a fair price.

If you are unsure about setting a fair price, you can seek professional advice from an agent. Hiring an agent is also a great idea to help get your property exposure in the market. He or she should list your property on MLS and even on the Internet. You can also take small steps to make your property more visible. These include posting signs in your yard, taking out advertisements, or even just through word of mouth.

In addition to setting the right price and having exposure in the market, your home must be ready to sell. It can be difficult to effectively market a property that is not ready to be lived in. This means any outstanding repairs, renovations, cleaning, or general maintenance should be completed. Adding a fresh coat of paint and keeping the property immaculate will also make a good impression on potential buyers and in some cases prompt an immediate sale.

With good marketing and your property in selling condition, you are ready to meet potential buyers and negotiate the sale. Market yourself as a good negotiator and convince the buyer that it is the right transaction for both parties. Some buyers will still hesitate and refuse to pay the asking price, so if you are not willing to budge on price, you need to be creative and come up with other ways to make your offer enticing. If you are in a position to do so, you can offer the buyer other incentives such as pre-sale renovations or even buyer financing at lower than market values. It is your job to sell the buyer on your property.

The First Impression Should be the Best Impression

With most things in life, the first impression should be the best impression because once people make opinions they are often hard to change. So, if you want buyers to form a positive opinion of your property, offer them something they cannot resist. An aesthetically appealing property that is clean and in excellent condition can influence a buyer emotionally or evoke attachment causing the buyer to make an immediate offer.

Showing your property at its best is to your advantage, so do not show it until it is in perfect selling condition. Make sure all necessary repairs and maintenance are complete because you do not want to give buyers an excuse to walk away or to use their negative first impression as a bargaining tool.

You can have others offer their opinions as to the condition of your home, or even solicit the expert advice of a real estate agent who sees numerous homes on a daily basis. An agent can give you tips on how to improve the condition of your home to make it more appealing for sale. An objective unbiased opinion will be the most valuable. You have to remember that your emotional attachment to the property might blind you from seeing areas that need improvement.

As a general rule, the following general repairs and maintenance should be considered when trying to sell your home:

• Assess interior and exterior paint. Put on a fresh coat or make touch-ups as necessary.
• Check the condition of your floors. E.g. stains on carpet, ripped linoleum, etc.
• Cleanup the yard or driveway.
• Remove unnecessary clutter inside and out

An excellent source for information on fixing up your home is the The Home Renovation Guide.

Know your Priorities and Set Your Limits

There are numerous reasons for selling your home and knowing yours will help you set priorities and limits when negotiating the sale. For example, if you are selling because of job relocation and you have to move as soon as possible, it might be unrealistic to set getting a high price as a priority when the sale is ultimately being driven by time. This is not to say that you will not get a high price, it just means that you need to realize the sale cannot be dependant on price. You will need to be flexible because a buyer who is offering a quick closing might be more appealing than a buyer who is offering more money.

When you decide to sell, you should also set a minimum price that you will accept. It is important to be flexible on your price, but within reason. You still need to consider your interests and hopefully make a reasonable profit. Knowing the minimum price that you will accept for your property is also beneficial for saving you time. You should look at all offers seriously, but be able to dismiss those without much thought if they are completely unrealistic. Know your bottom line and stick to it.\

After you have set your own priorities and limits, it is a good idea to consult your agent. He or she can offer professional advice and help determine if your goals are realistic against the current market.

Set a Reasonable Price to be Taken Seriously as a Seller

Some people shop based on style or trends and do not even think about the price. However, most of us do not have that luxury, so price usually dictates our shopping habits. This is especially true when it comes to real estate because most people do not usually spend hundreds of thousands of dollars without putting a lot of thought into the purchase. Most buyers will not even waste their time looking at properties outside of their price range. So, if you set your asking price too high, you will alienate a lot of potential buyers and possibly lose out on the sale.
The price is the first thing a buyer will look at, so if your property does not reflect the market or actual property value, you will not be taken seriously as a seller. In order to set a reasonable price, consider the following:

• Compare your house to other listed homes of similar size, location, etc.
• Research buyer trends
• Be realistic and set a price that reflects market trends
• Ask your agent (if you use one) for a CMA that includes:
  • Other houses in your price range and area that sold within the last six months
  • Current inventory of houses on the market
  • Features of houses on the market (are they similar to what you are offering?)
  • Difference between asking and selling price for all homes sold
  • Current market condition

Have a Plan for Selling your Home
Selling your home can be easy if you have a plan. Consider the following seven simple steps and be on your way to making the sale:

1. Understand how your reason for moving will affect your sale - if you know that time is a priority for the sale or that price is the most important then you are in a better position to negotiate and get what you want. You are better able to determine what you can and cannot be flexible on.
2. Ensure your home is in selling condition and give the buyer a good first impression. This means making any last minute fixes or improvements that will make your home more attractive to buyers.
3. Hire a professional, reputable real estate agent who understands your needs, who will work for you, and who can negotiate the best deal.
4. Prepare to negotiate and try to understand the transaction from a buyer's standpoint. By understanding your buyer, you will know your limitations and what demands you can or cannot make.
5. Stick to your pre-set goals and start negotiating for the best price. It is also important to understand that you do not have to accept the offer as is. You can provide a counter offer and negotiate further.
6. Ensure the contract is complete upon accepting an offer. This means that all information is accurate and truthful concerning the condition of the property.
7. Insist that a professional home inspection is completed to protect yourself and the buyer. An unbiased third party opinion will help to alleviate any issues (legal or otherwise) after the sale is complete.
   

Finding an Agent that is Right for You
When hiring a professional service it is always extremely important to make a decision based on your own personal needs and situation. You have the right to be picky, so select someone that you can work with and someone you can trust.

If you decide to list with an agent, look for someone who is well connected with the industry. Ask detailed questions and determine how well he or she knows the market. You can also ask the agent to provide references, a sales history, current listings, and even a marketing plan for selling your home. It is also a good idea to find someone who is familiar with your city or community because he or she is more likely to serve your needs more effectively because they know the area.

Personality and character traits are also important. You do not necessarily have to like the person, but you should trust them and know they will work for you. Someone who is assertive, but not overly aggressive is likely to negotiate well, but not alienate potential buyers. Ask yourself if you would do business with this person? Your instinct and comfort level will help you make the right decision.

Taking Offers in to Account

• The buyer will pay the majority of the closing costs
• The buyer will be responsible for any repairs
• The buyer is pre-approved and able to quickly close the deal
• The buyer may offer an all-cash deal

Do not rush through an offer. Remember to read the entire package and determine if the offer meets your needs. If it does not, you can submit a counter offer and work with the buyer to make the property sale happen.

Protect your Interests - Insist on a Home Inspection

Real estate transactions are major investments for the buyer and also a big deal to the seller. It is important to protect both parties, so having a home inspection is a must. By having a home inspection completed, both parties will be aware of the property condition and each can make their own decisions based on the outcome.

A professional home inspection includes an assessment of the plumbing, the roof, the electrical, and the structural integrity. Many of these things are not readily visible and can be missed or overlooked by an untrained eye.

The formal written home inspection report protects you, the seller, because it details the actual physical condition of the property at the time of sale. This prevents the buyer from coming back after the transaction is complete and demanding that you make repairs.