10 Tips to Selling Your Home
1 DON’T SELL ON YOUR OWN
Selling a home is a detailed and involved process. If you don’t feel you are equipped with the knowledge, time and skill required use the services of a real estate professional. Statistics show that homes listed with a REALTOR® sell for more than if they were listed as an unrepresented seller aka For Sale By Owner.
2 PICK A GREAT LISTING AGENT
Sellers usually pick their agent based upon who recommends the highest price for their home. This is often referred to as “buying the listing”. Instead pick your agent based upon their skills in marketing a property, negotiation experience, transaction management, your trust level with them and who makes the most realistic pricing strategy backed by facts. Also do not confuse years of experience with success, skill and capability.
3 GET A PRE-HOME INSPECTION AND APPRAISAL
Any potential buyer is most likely going to get a home inspection, and their mortgage company is definitely going to appraise the property. Why not do both first to find out what is potentially wrong with your home (especially in older homes) and what a bank might say your property is worth. This way you will be able to correct any problems before pricing your property or price your property accordingly to avoid issues down the road.
4 BE UP FRONT ABOUT SERIOUS PROBLEMS
Fill out a sellers disclosure of condition statement to show the buyers you’ve got nothing to hide. By being up front and honest about your homes problems you can avoid serious and expensive legal consequences down the road. You may ultimately win those legal battles, but is that what you really want out of the home sale process?
5 START WITH A REALISTIC PRICING STRATEGY
Its crucial to properly price your home from the get go and have a plan to adjust according to the market feedback and removing emotion. Over price your home in todays market and it WILL sit on the market causing a “what’s wrong with that house” attitude from buyers. This almost always results in selling the home for less than if you had properly priced to begin with. Plus your paying the carrying costs and missed opportunities associated with staying in the house longer.
6 SELL YOUR EXISTING HOME BEFORE BUYING YOUR NEW HOME
By selling your own home first, with a contingency based upon you finding suitable housing, you are able to price and market your home without the pressure of having to sell your home to purchase your new home. The result is less stress on the selling side and buying side, you are in more control of the process and you’ll know just how much new home you can afford. You may even be able to negotiate a rent back option on your current home while your looking for you new home.
7 PROPERLY STAGE AND MAKE MINOR REPAIRS
By properly staging your home to make potential buyers see their possibilities in the home, you will stand a greater chance of having a quick sale. You also want to make minor repairs, like fixing a leaky faucet or that noisy toilet bowl. If needed, repaint rooms in a neutral color and make sure the outside grounds are groomed for showing. Hold off on major improvements as it is unlikely you will receive a dollar for dollar return or more on your investment.
8 GO OUT FOR SUNDAY LUNCH
When your REALTOR® is showing your property, you do not want to be there. Buyers typically feel uncomfortable when the owners are present causing them to not ask the tough questions they need to know to make an informed decision. Also, since selling your home becomes a very emotional process you want your agent to handle all interactions with the buyers or buyers agent in a professional business like manor to keep you objective in the process and create a win-win attitude for each side.
9 BE FLEXIBLE WITH SHOWING TIMES
You never know when a buyer may want to see your home and obviously you can’t be open to show your home 24/7. However, you do want to be as flexible as possible in allowing your agent or the buyers agent to show the property. Refusing an opportunity to show your property is never a good idea, unless there is a serious reason not to.
10 REMEMBER THE MAIN GOAL OF YOUR NEGOTIATIONS
Remember, you want to negotiate to SELL not to WIN. Keep the mind set of a win-win scenario for both sides in the process. Remember when you purchased this home and what types of emotions you were feeling, your buyer is likely feeling the same. Although you may be correct in refusing a credit for some minor repairs, at the end of the day do you want your home SOLD or do you want to say I WIN?