Before you consider selling your house yourself.
Ask yourself if you are going to have the time needed to sell your house - even if you just cover the basics.
The Basics
-
Complete an extensive research of local market conditions, including:
-
the listing and selling price of all houses in your area for the last six months,
-
the listing price of houses currently on the market, and
-
the listing prices of houses that were on the market but did not sell.
Tips: Begin your research on the Internet. Follow-up by visiting the county tax records office to determine the selling prices of houses.
-
Put together a marketing plan.
-
How will you market your house to real estate agents? Most buyers use a real estate agent, so marketing to real estate agents is essential. At a minimum, you'll want to send a letter and sales flyer to all real estate agents within a 30 mile radius.
-
How much money can you afford to devote to advertising? Call the local newspapers to determine how much it will cost for advertisements. You'll want to run daily and Sunday ads in the newspapers.
-
Who will create your sales flyers? Buyers expect fact sheets to take with them when they drive-by or tour a house for sale.
-
Where will you place signage? In addition to your front yard, is there areas leading in to your neighborhood where signage would be appropriate?
-
How will potential buyers find information about your house on the Internet? You'll want potential buyers who begin their house shopping on the Internet to find your house. Be sure to build a website to help sell your house.
-
Who will take inquiry calls and schedule appointments? You'll want someone to be available to answer inquiry calls and schedule appointments. Be sure to schedule showings as quickly as possible - even the same day.
Tips: Ask newspapers for a discounted advertising rate for multiple placements. Be sure to check with local officials to determine if there are any restrictions on where you place signs.
" Pre-qualify buyers before showing your house.
-
Confirm that the potential buyer has pre-qualified for a mortgage loan.
-
If the buyer is buying with cash, confirm that they have the necessary resources.
-
If the purchase is contingent on the buyer selling their own house, confirm that the buyer's house is on the market. (You may also want to determine how long the buyer's house has been on the market.)
-
Negotiations, Contracts and Closings
-
Are you prepared to negotiate the contract?
-
Do you know what the legal responsibilities of the seller are in your area?
-
Who will write the contract? Will you need to hire an attorney? If so, what will be the attorney's fees?
Tips: In addition to the sales contract, you'll need to complete a Seller's Disclosure and a Lead Based Paint Disclosure.
The ABC’s of Real Estate
Homeowners attempting to sell their home without the assistance of a real estate professional generally do so for one and one reason only: to avoid paying a commission fee. Is it worth it? Only the homeowner can answer that, but experience has shown that many for-sale-by-owners find that it’s not. Before making a costly mistake, consider the benefits, from A to Z, you receive from working with a trained real estate professional.
A – Advertising – The agent pays all the advertising costs.
B – Bargain – Research shows that 77% of sellers felt their commission was “well spent”.
C – Contract Writing – An agent can supply standard forms to speed the transaction.
D – Details – An agent frees you from handling the many details of selling a home.
E – Experience & Expertise – In marketing, financing, negotiations, and more.
F – Financial Know-how – An agent is aware of the many options for financing the sale.
G – Glossary – A real estate professional understands, and can explain, real estate lingo.
H – Homework – An agent will do homework on how to best market your home.
I - Information – If you have a real estate question, an agent will know (or can get) the answer.
J – Juggle Showings – An agent will schedule and handle all showings of your home.
K – Keeps Your Best Interests In Mind – It’s an agent’s job.
L – Laws - A real estate professional will be up-to-date on real estate laws that affect you.
M – Multiple Listing Service – The most effective means of bringing together buyers and sellers.
N – Negotiations –An agent can dandle all price and contract negotiations.
O – Open Houses – A popular marketing technique.
P – Prospects – An agent has a network of contacts that can produce potential buyers.
Q – Qualifies Buyers – Avoid opening your home to “curiosity seekers”.
R - REALTOR® - A member of the National Association of Realtors®
and subscribes to a strict code of ethics.
S – Suggested Price – An agent will do a market analysis to establish a fair price range.
T – Time – One of the most valuable resources in an agent.
U – Unbiased Opinion – Most owners are too emotional about their home to be objective.
V – VIP – That’s how you’ll be treated by your agent!
W – Wisdom – A knowledgeable agent can offer that wisdom that comes with experience.
X – X marks the spot – An agent is right there with you through the final signing of papers.
Y – Yard Signs – An agent provides a professional sign, encouraging serious buyers.
Z – Zero-hour support – Selling a home can be an emotional experience. An agent can help.
14 Questions to ask a Realtor
* What is your guarantee?
* Do you personally answer all phone calls on the property?
* Can we cancel the listing if we're not happy?
* Do you have a personal assistant?
* If you don't call me back within 24 hours will you take $50 off the escrow?
* May I see your personal Internet web site?
* What systems do you have in place that will keep you in constant contact with me during the listing and the transaction?
* Are you fully automated with your own personal computer, FAX machine, copier, pager, voice mail, etc.?
* What is your average market time vs. other agents' average market time?
* What professional designations do you have?
* I want to give my home the advantage of the latest marketing strategies. How much time & money do you invest each month in professional training?
* Can you give me a list of your clients who have closed escrow and can I call them?
* Why are you personally motivated to sell my house?
* Why should I list with you rather than any other agent who is calling?
Below are some important links for you to review: