Are You Ready to Sell?
- LIST – Complete the listing contract and fill out disclosures with your real estate professional to officially get your property on the market.
- PRICE – Accurately price your property according to current market conditions, taking the attributes of your property into consideration.
- PREPARE – Present your property in the most aesthetically pleasing manner to show your property in-person and online. A well maintained home allows the buyers to see the property as their own.
- ADVERTISE – Market to buyers looking for properties like yours all over the world. Your real estate professional will have photographs taken and put together a marketing plan for your property.
- SHOWING – Interested parties or their agents will view your property in person, 3D, or through virtual showings.
- OFFERS – Interested parties will write an offer on your property for you to accept, counter, or reject.
- ESCROW – The bank prepares loan documents for the buyer, appraisals and inspections are performed, and the title company completes the title search and issues a title commitment.
- CLOSE – Sign final closing documents, hand off the keys, and receive payment for your property.
1. Listing Your Property
Complete the necessary paperwork with your real estate professional to officially get your property on the market. You will sign forms such as a listing agreement and property disclosures. Your agent should explain each document before you sign so you know exactly what you are agreeing to.
2. Pricing For Success
One of the keys to successfully selling real estate is pricing it right from the start. If you price too low, you will obviously leave money on the table. Worse than that, however, is pricing your property too high. This will extend time on the market and, in many cases, cause the property to sell for less than market value.
Determining an accurate asking price takes knowledge of the market. This may consist of data of what has sold, pending properties, the current competition, what price point hasn’t been selling, and the specific attributes of your property. An experienced Realtor can help by providing a Comparative Market Analysis, which is similar to an appraisal. You may also want to consider hiring a professional appraiser familiar with the market to appraise in accordance with local lending standards.
The Effect of Over-Pricing
Buyers are extremely educated when it comes to the real estate market due to the amount of information that is available at their fingertips. If a home is overpriced, buyers will recognize this, since they are able to compare it to other similar properties listed online. The longer a home is on the market, the more likely buyers will overlook it, thinking there is something wrong with it. The beginning of a listing is when a property is viewed by the most people, whether that is buyers or other real estate professionals.
Overpricing also has the potential to limit the buyer pool for a property. This happens when buyers or their agents set search criteria for potential properties. Being just out of these ranges will affect the amount of buyers that see a property listing. Another way of reducing a property’s buyer pool is pricing a property higher than appraised value. A large number of buyers require financing for their purchases and lenders require that a property appraise for at least the agreed upon purchase price. Success in marketing a property is found when the property is presented in its best light and is made avail- able to the greatest number of buyers possible.
3. Prepare Your Property for Sale
Pack Up – Less is more. The less clutter and
personal items you have lying around, the more potential buyers will be able to see themselves in your home.
Organize – When your house is meticulously organized, buyers will envision themselves living a stress-free life in your home.
Rearrange – Make sure your furniture placement allows for easy traffic flow and shows the purpose of each room.
Repairs – Fix things like leaky faucets, sticky cabinets, and replace old screens. Minor repairs add up in the mind of a potential buyer.
Paint – It’s important to make your property appeal to the largest number of potential buyers. A fresh coat of neutral paint will make your home appear larger, and brighter.
Curb Appeal – Pull weeds, rake leaves, and trim overgrown shrubs, especially if they block windows or the path to your home. Also, pressure wash all buildings if needed.
Preparing Your Land – Preparing your land for sale is just as important as preparing a home. You may consider getting your land surveyed if it isn’t already. Brush hogging and cutting hay can make open property more appealing to improve views. Also, making sure trails are cleared, and gates are operable, will make buyers feel the property has been maintained. You want buyers to be able to look at the acreage in its entirety if possible.
4. Ads & Marketing Strategy
Marketing is of top priority when selling your property. Each company will market your property differently, and it is important to compare and know what each party will do for you and your property.
Types of Real Estate Marketing
Yard Signs • Sphere of Influence • Websites MLS • Virtual Tours • Direct Mail • Catalogs Contact Management Software • Direct Email Marketing • Social Media
5. Showing To Prospective Buyers
You will set showing guidelines that you are comfortable with. Your agent and their company will make sure these guidelines are followed. Your agent should let you know when a showing is happening, and they should give you the honest feedback of the prospective buyers to help you make adjustments if necessary.
TEMPERATURE
Be sure potential buyers are comfortable when touring your home. If it’s freezing outside, leave the heat on, and if it’s summer, turn on the fan or air conditioner.
LIGHTEN UP & SMELLING FRESH
Let the sunshine in and turn on the lights. Open all blinds or curtains, and make sure the house is well lit. Keep air fresheners handy.
ALWAYS BE READY FOR A SHOWING
Until you accept an offer, keep your home in tip-top shape at all times. Each room should have a clear purpose, nice flow and be clean and clutter-free. Buyers need to be able to picture them- selves and their belongings in rooms. Taking these steps will help ensure they are able to do so. TIP: Keeping a spare laundry basket can save you a lot of hassles for last minute pickups. Pick up your everyday items off of table, counters, desk and put them in a laundry basket and take it with you when leaving for showing.
6. Offer Presentation
When a prospective buyer has seen your property, and would like to submit an offer, they will work with their agent to write it up. When your agent receives the offer, they will present it to you and help you through your options. You will ultimately make the decision on what to do with any offer presented to you. Your options are to accept, counter offer, or reject it.When you officially accept an offer, you are in escrow.
7. The Escrow Process
Most people have heard the term “in escrow.” For you as the seller, it means a waiting game; but, for the buyer, a lot is happening all at once. Below are examples of what is happening behind the scenes.
Inspection • Bank Loan • Documents Prepared
New Deed Written • Appraisal • Title Search
Title Commitment • Closing Disclosure Sent for Review
Final Walk-Through • Title Insurance Survey Plat • Property Liability Insurance
8. Closing
The final step in the home selling process is the closing. During the closing, you will read through the closing disclosure and sign all the necessary documents including the new deed. The proceeds check will be given to you and you will hand over the keys. Depending upon availability and geo- graphic location, these documents may be signed separately or remotely. Possession is often transferred on closing day, unless stated otherwise in the contract.
