Archive for April, 2010
If you are selling residential real estate, no doubt you want to sell it fast and keep prices competitive. People have pretty high expectations out of properties today and they’ll look for a better deal if they can’t get it from you. If you want to sell off your residential property as quickly as possible and you still want to make sure you make some money on your home, the following are some tips you need to use.
Tip #1 – People Pay Less the Longer Your Home Sits
Have you ever seen homes that have prices that have been slashed a huge amount? More than likely this has occurred because the home has been on the market for a long time without any potential buyers. While some of the reasons for your home sitting without selling may be a reasonable one, most people will think that the home has a problem or is a bad deal. Homeowners that are stubborn really pay, so you need to work on selling as fast as possible for the best price on your piece of real estate.
Tip #2 – Use a Real estate Agent
There is a lot of real estate that is affordable today, and there are more homes out there than buyers. This means you need to make sure your home really stands out and you can do this with a good advertising campaign. However, you’ll need someone that knows how to effective market and advertise a home, which is where a good real estate agent comes into play. Use a real estate agent that will come up with a good marketing campaign to help make sure your home sells quickly.
Tip #3 – Expect to Get Less than You Ask
You need to expect to get less than you ask when you are trying to sell residential real estate. No longer are you going to get people trying to outbid others for your home. Today you can expect to have quite a bit of haggling and you’ll need to compromise if you are going to sell. Having a real estate agent is important because they can help you to get through the deal to a price that is reasonable. So, when you set the price on the residential property that you are selling, just expect to get less than you ask for. It is important that you allow a professional to do the negotiating for you to get the best price.
Tip #4 – Ensure a Professional Reviews the Papers
Before you sell your piece of residential real estate, even if you’re selling it without an agent, it is important to have a professional take a look at the paperwork. The contract should be looked over carefully by someone that knows what they are dealing, since a typo or a small mistake can end up costing you a lot of money or a lawsuit.
Tip #5 – Research the Market
It’s important that you research the market in the area before you even try to sell your home. Sure, you may like those pink counters in the kitchen, but it may turn buyers off and make your home take a long time to sell. You want to ensure that your home appeals to many buyers so that you can sell as quickly as possible. Look at other homes and popular properties to make sure you do the right things to your home to make sure that your piece of residential real estate sells as soon as possible.
By: Dennis Frank
Homeowners rarely consider the time, effort, and stress involved with selling their homes. Many are unprepared for the impromptu walk-throughs, late phone calls, and having to carry multiple mortgages while waiting – desperately – for serious buyers to emerge. This causes a lot of sellers to make mistakes. Often, these mistakes can end up costing them thousands of dollars.
Below, we’ll take a detailed look at several of the most common mistakes homeowners make when listing and selling their homes. We’ll explore the asking price, presentation, promotional savvy (or, lack thereof), and the dangers of hiring an unqualified agent. If you avoid the following blunders, your experience will be far less problematic.
Choosing The Wrong Asking Price
This is the most expensive mistake sellers make. On the one hand, homeowners will often become excited by the prospect of a large cash infusion and price their homes too high. This happens when the owner misjudges the house’s value. He or she lists it at too high a price and becomes discouraged when it sits on the market.
On the other hand, many sellers make the opposite blunder: they list their homes at too low a price. They may not realize the bargain they’re listing on the market. If someone buys, the seller might unwittingly leave thousands of dollars in profit on the table.
Avoid becoming emotionally invested in the value of your home. The person who ultimately determines what your property is worth is the buyer. Appraisals help, but only serve as a guideline.
Neglecting The Presentation
First impressions are lasting. Unfortunately, many people list their homes for sale without considering the impression their property’s appearance will have on potential buyers. Lawns become overgrown; dirty dishes accumulate in the sink; beds are left unmade; stains and odors persist throughout the house. Each of these things limit the listed home’s appeal. If a buyer makes an offer, it will likely be lower than would be the case were the house completely clean.
Related to this is an unwillingness on the part of many homeowners to make small repairs prior to listing their homes. A broken rain gutter, dilapidated door, or torn screen will cause many buyers to wonder whether any other signs of disrepair are hidden from them. Presentation is critical to attract a quick sale.
Poorly Executed Promotion
This is a shared mistake between the homeowner and the agent. Houses are often listed with unattractive pictures, or too few. Photographs of the interior, exterior, and front of the house are essential. They give prospective buyers a good idea regarding whether a given property suits their preferences. If a listing is lacking in photos, many people will simply keep looking rather than contacting the seller.
Also, sellers should consider organizing open houses and agent tours. Paying for spots in local newspapers can also generate interest. What often happens is that a house is listed, but not promoted well. As a result, few serious buyers call which limits the selling price.
Hiring An Unqualified Real Estate Agent
Not all real estate agents are experienced. Some have “normal” 9-to-5 jobs and show homes for sale on the weekends. Others sell real estate as their primary job, yet lack the skills to do it well (or have the willingness to learn). This creates a problem for the homeowner.
An experienced agent should be knowledgeable about the seller’s neighborhood, overall market conditions, and the paperwork needed to support a smooth transaction. They should also be able to negotiate the asking price and be available to answer questions. Many sellers hire agents who are unqualified in these areas. As a result, they’re left without proper representation.
When people list their homes, they often make mistakes that delay the sale and fail to yield an attractive price. With a little planning and attention to detail, homeowners can sell their properties while avoiding the headaches described above.
By: Lawrence Reaves
A real estate agent is the person you hire to help you buy or sell your home. Beyond that simple statement of information, many people do not know what working with an broker means and what it entails. Here is a detailed list of how to successfully work with a residential realtor.
Understand the Legal Restrictions
Real estate brokers are bound to strict anti-discrimination rules by the Fair Housing Act. This means that an agent cannot use or provide information about race, color, religion, national origin, gender, handicaps, or familial status of owners or neighbors of a property they are selling.
So do not ask them to find you a home next to a particular church or ask them about the racial makeup of a certain neighborhood. That kind of information is considered discriminatory and it is illegal for a broker to help you select a home based on any of the mentioned factors.
Realize that Agents Are Not Free
Most residential real estate agents work on commission. That means they are not paid by the hour or by the visit for their time with you. They get paid a percentage of the home sale when the deal closes. So to work most successfully together, you should develop a relationship of trust with your realtor and not be overbearing in your requests.
Common Courtesy Goes A Long Way
Just as you expect your agent to be considerate of your time, you should pay your realtor the same respect by being punctual to appointments and let them know as soon as possible if you need to cancel a showing. And a quick call is always appreciated if you know you are going to be late for an appointment.
Talk Openly About Your Expectations
Realtors are used to working with all sorts of people and personality types on residential real estate deals. That means that they are usually very accommodating, but they need to know what your expectations and preferences are. You need to tell him the best way to communicate with you and what the best times are to contact you.
You should also make it clear whether you want to simply meet your broker at all showings or have them pick you up and drive you there. You should feel comfortable enough talking about anything you are not happy with and finding reasonable solutions.
Let Your Agent Fully Represent You
There is a whole system of protocol in the residential real estate business. This typically includes bringing your agent with you to open houses. Going alone is considered a sign that you are not a serious contender for the sale. If you cannot bring your realtor to a particular open house, at least present their card to the host to show that you are represented and have taken the proper steps to start the home buying process.
Under no circumstances should you start talking figures and prices with the hosting agent; that is a broker’s job and your questions will probably not be well received from the hosting agent and your agent will likely be miffed that you didn’t let her handle that arena.
The main key to a successful relationship with your agent is communication. Open communication will help you understand the bounds of the agent’s job and help your realtor understand your real estate desires.
By: Andrew Stratton
