Surviving the Sale

Selling a home can sometimes be a long, stressful, and costly process. Like anything, though, equipping yourself with the right tools and the right knowledge can eliminate a great number of the potential negative aspects of the process – and get you the maximum return on your investment.

Your Team

The importance of having the right allies in the selling process cannot be overstated. Having an expert on your side, not only to assist you in making decisions and getting your home marketed, but also simply in terms of having an advocate in the process, is the single most important step you can take to reduce your stress.

The first step in selling any home should be to arrange to get Comparative Market Analyses for your home from three different Realtors®. Many sellers take this step, but what they do with the information they receive is not always in their best interest.

Once three CMAs have been prepared, the natural tendency is for a seller to hire the Realtor® who produces the highest number. This is often a mistake. Competing Realtors® sometimes inflate these numbers in order to ‘buy’ your listing, intending to later drop their price. If one CMA is significantly higher than the others, be suspicious of how that number was reached.

More important to this process is getting an idea of these Realtors®’ backgrounds, expertise, motivation, and simply their personalities – you may be working closely with this representative for many weeks, so it is important that it be someone you trust.

Your Goals

Goal #1: Make lots of money.

Most sellers fail to move beyond goal #1, and that can cause some problems. Another important goal that should be recognized is the attempt to minimize stress. Will getting an extra percentage or two for your home be worth the inconvenience of having it on the market for an extra month? Two months?

Your priorities are your own, of course, but sometimes sellers underestimate the stress that having their home on the market for an extended period can generate. Constant showings, constant interruptions, and concerns about selling your home before buying its replacement are not minor concerns – each can have a major impact on your life.

Sit down and discuss just where you place the most importance in the selling process. If profit is your only priority, perhaps you can afford to be firmer in your asking price, and can reject offers that are less than ideal. Most sellers who have had their home on the market for an extended period of time, though, would agree that the few extra dollars were not worth it in the end.

Your Trust

The correlative to assembling a strong team is putting your trust in that team.

Few people would second-guess their heart surgeon and insist they could do a better job themselves, or question whether their lawyer’s knowledge of the law is more extensive than their own, but when it comes to selling a home, many homeowners find it difficult to put their faith in the knowledge of their Realtor® fully.

For example, despite the fact that studies show that less than 1% of homes are sold through open houses, many homeowners insist their Realtor® hold one. Indeed, if a yard sign and an open house were all it took to sell a home, there wouldn’t be many Realtors® at all!

If you’ve put the right team in place, put your trust in that team. Realtors® have access to many highly-advanced marketing strategies that you may not even realize are being utilized.

It is your Realtor’s® job to bring qualified buyers to the table – and keep in mind that he or she likely does not get paid at all if your house doesn’t sell! In most markets, the combination of the right representative and the right listing price will result in a sold home. If you recognize this early on, it becomes much easier to take a step back from the process, let your professional representative market your home, and minimize your stress.

Don’t hesitate to speak up if you think that things are not progressing as they should, but likewise, don’t hesitate to sit back and be comfortable in the knowledge that the sale of your home is being handled professionally and effectively.

]]> http://folsomhomes.wordpress.com/2009/01/28/surviving-the-sale/feed/ 0 flatraterealty http://folsomhomes.wordpress.com/2009/01/13/10-mistakes-for-sellers/ http://folsomhomes.wordpress.com/2009/01/13/10-mistakes-for-sellers/#comments Tue, 13 Jan 2009 00:56:51 +0000 flatraterealty http://folsomhomes.wordpress.com/2009/01/13/10-mistakes-for-sellers/ ]]> If you want to sell your home, now is the perfect time to prepare. For most people, a home is their largest lifetime investment, yet many home sellers make costly mistakes when trying to cash in. Here is a list of the most significant errors and how to avoid them:

Home seller mistake # 1: Trying to sell their own home.
Some people are able to sell their own home but many aren’t. Statistics also show that those sellers who are successful in selling their home without a real estate agent net less than sellers who use a professional.

You probably visit a doctor when you are in ill health. You also likely take your car to a mechanic for repair and maintenance. When you require legal advice, chances are that you seek the services of an attorney. Doesn’t it make sense that you should contact a real estate professional when you are preparing to sell your biggest asset?

Home seller mistake # 2: Choosing the wrong agent.
Don’t make selling a home more difficult by choosing the wrong agent. You want an agent who works for you and understands your needs and goals. It’s important to choose an agent with a solid marketing plan and track record to sell your home. Your agent will also be in close contact to walk you through the process so it’s important to choose someone who is both competent and enjoyable to work with.

Home seller mistake # 3: Basing their asking price on needs or emotion.
Many times, people make their pricing decisions based on how much they paid or on how much time and money they have invested in their home. This can be an expensive mistake. Overpriced homes take longer to sell and eventually net the seller less money. Consult with a professional you trust and listen to their opinion. They can assist you in pricing your home correctly from the beginning.

Home seller mistake # 4: Failing to stage their home correctly.
First impressions are the most important. Experience shows that for every $100 in repairs that your home needs, a buyer will deduct $300-$500 from their offer. Thoroughly clean and prepare your home before you put it on the market if you want top dollar in the shortest amount of time.

Home seller mistake # 5: Signing a listing contract with no way out.
Many real estate agents want you to sign a listing contract with no way out. Things may not go perfectly so patience and understanding is important when selling a home, but staying with the wrong agent can cost you valuable time and money. Ask potential agents about your options if you aren’t happy with their performance and avoid signing a contract with no way out.

Home seller mistake # 6:  Failing to take the first offer seriously.
Many sellers believe that the first offer received will be one of many to come. This is especially true if the offer comes in soon after the home is listed. Often the first offer is the best offer, and many sellers have had to accept less money than the initial offer much later in the selling process.  Homes are most saleable early in the marketing period so don’t fail to take the first offer seriously.

Home seller mistake # 7: Not leaving the home for showings.
It is always best to leave the house during showings. Home buyers feel awkward about opening closet doors and lingering for a really good look at the house if the seller is there. Give the buyers adequate time and freedom to view your home without being present to avoid this mistake.

Home seller mistake # 8: Not knowing all of their legal rights and obligations.
Real estate law is complex. The contract that you will sign when selling your home is legally binding. Small items that are neglected in a contract can wind up costing you thousands of dollars. You should consult a knowledgeable professional who fully understands the real estate transaction. If you work with a good agent you will be educated along the way and avoid this mistake.

Home seller mistake # 9: Leaving unpleasant odors.
House odors are big on the uh-oh list. And narrowing it down, odors from cigarette smoke and pets take top billing, with mildew not far behind. If you smoke in the house the smell can offend non-smokers. If you have pets, it might smell, even if you don’t notice it. Ask someone who doesn’t live there (and don’t get angry when they tell you the truth).

There’s only one solution. Eradicate the odors so that you can present buyers with a clean, fresh atmosphere, not a house that’s full of perfumes to cover up the smell. Take the time and effort to eliminate odors and avoid this mistake.

Home seller mistake # 10: Not considering curb appeal.
You must grab their interest from the curb if you want top dollar. Buyers often refuse to go into a house with an unkempt yard, sagging doors or peeling paint. You say you can’t afford to paint? Okay, but get that yard in tip-top shape and grab a screwdriver to fix those doors. These small details can make all the difference in how many buyers even consider viewing the insi