If you have decided to sell your house, you need to be considering how you can get top dollar for the sale.
While some home owners have the time and inclination to try to sell “by-owner”, there are some distinct advantages to using a real estate brokerage.
- Security: Real Estate Agents do interview potential buyers to get information about what they are looking for and when they plan to buy. Appointments are arranged and the agent is with the prospects. ON the other hand, if you are allowing unknown people in your home without that level of “vetting” – you can potentially place you and your family in danger, or become the victims of crime when the person, posing as a buyer, checks out your home and learns a bit about your schedule. So SECURITY is a big part of hiring a real estate agent.
- Legal documents: Many documents are required in a real estate transaction, such as your Sellers Property report to convey different issues that the buyer should know about the furnace or the foundation or appliances in the home, etc. If you don’t have this document in place when you get an offer, and convey to your buyers, you could put yourself in legal hot water for a potential lawsuit after the closing, if you have not provided that document, and the buyers end up with a problem that you did not tell them about in writing.
- Negotiations: The fiduciary duties of a real estate brokerage are not without importance. Real estate agents or their brokers, have experience with negotiations and know the advantages and pitfalls that belong to the seller. A real estate agent can certainly help you to keep your emotions at bay during the negotiations part of your transaction. A lot of deals fall through when one or another party gets angry about something or other. It could be the results of a home inspection – when the buyer can negotiate after the initial offer has already been made – or the delays that occur with financing. Keeping a cool head is made much easier when you have the real estate agent acting on your behalf.
When you see a “for sale by owner” sign, you know that the owner is not using an agent to negotiate on his behalf. In these cases, when selling “by owner”, know that the “owner” is responsible for every aspect of the sale, and he or she takes all legal responsibility for the transaction and disclosures that were presented to buyers.
Sellers who list with an agent, are assigning that legal responsibility to him or her, in return for paying a commission.
The advantage here is that you do not have to worry about the details. Your agent has a lot more experience marketing a home in its best light and getting top dollar for it. So, you are paying for his or her expertise. Before you list with an agent, be very clear about what services that professional will provide. Look at the listing agreement and ask the agent to clarify anything that you do not understand.
In order to price your home properly, the agent will assess the size of the homes and the amenities included. By pulling reports out of the multiple listing service, the agent will get an idea of the average selling price for a similar home in your neighborhood or area. This will give you, the client, an idea of how much you should offer your house for. You do not want to price it too high to discourage potential buyers, yet you do not want to price it too low either.
The main point of pricing your home is that the market values are based upon what buyers will pay, not what the sellers will sell their home for. Comparables are absolutely the key tool to learn what price will present a competitive edge in the current or upcoming market.
You will need to stage your home properly for the time when your agent begins making appointments to show the home to buyers.
Start to pack away most of your personal belongings that you do not use often.
Remove all photos of your family members.
Each room should look as generic as possible because you want your buyer to envision his or her family in it. Often if you leave photos of your family members, the buyer can feel “uncomfortable”, like he or she is invading your personal space. This is why you really need to “de-personalize” your house before it is shown to prospective buyers.
Clean the house thoroughly, declutter by picking up and storing away items inside and outside of the home that don’t have a purpose, and leave no corner undusted.
Imagine each room of your house to be a furniture showroom. Each room should look attractive and inviting.
If you have minor repairs to fix, fix them right away.
Something like a broken faucet or chip out of your flooring, or ugly paint, is a real negative to the buyer’s eye, but can be inexpensively replaced by you. Small repairs make a big difference. If a repair is going to cost a lot of money, and you don’t think that it would worth the investment, then just let it go, but you will have to disclose it in your sales contract. The buyer may opt to fix it themselves as part of the negotiations.
Decide ahead of time how low you are willing to go in your price.
This will come into play when negotiation starts. You will mostly not get your initial asking price, unless you are selling in a hot seller’s market.
Think about these points as you are planning for the sale of your house.
Using good strategies will net you top dollar in the sale of your home of property.