- Real Estate
How to Sell A House Quickly According to the Pro
Tips on Selling a Property
You might be thinking about selling your home, due to state of the housing market. If you currently own a home in this sinking Real Estate Market, the decision to sell or not to sell your house, is primarily a personal choice of yours! However, if you and your family have no problem whatsoever with the idea of relocating and are fully committed to the goal of selling, you may want to take immediate action. You should not procrastinate, because the longer you wait, there is a greater possibility that your home could lose further value.
First and foremost, you should be prepared to accept far less for your property than you think it may worth, according to some housing market researchers. Another word of advice from housing market experts, is that it's of paramount importance that you follow these 10 key steps below:
1. You are advised to use a strong marketing savvy Realtor with a recent track record of selling many properties in the same general category as yours.
2. You should make sure that you work with your agent to review "Comps" - recent sales of comparable homes in your neighborhood. Make sure they are:
- Truly recent
- Actual sales
- Really comparable
3. It is recommended that you first do some math to calculate an average on the comps and then reduce it by at least 10 percent. If market conditions are rapidly deteriorating and/or you're in a great hurry, cut it down further by another 10%
4. It is important that you work with your Realtor to come up with an estimate of the final proceeds of the sale, in other words - the amount you're likely to receive after negotiations, commissions, and costs. The final sale price should not be significantly lower than your asking price, if you have priced your property aggressively.
5. Don't mark the price down incrementally when you are finally ready to list the property,(i.e. don't try to list it at a higher price first and if it doesn't sell, you then mark it down further. According to some Real Estate experts, you will likely to fail using this approach, because the best time to attract buyers is within a short time window after your initial launch.
6. Offer your Realtor a special commission bonus. Although commissions are typically 6%, give or take a point or two in special situations, it's highly recommended that you offer a two - point , extra commission bonus, bumping up the total commission to 8%. You should then tell your agent to make sure the extra commission is clearly stated in the MLS listing.
7. Your house should be immaculately clean, if that means repainting, replacing old carpets with new ones, a lawn makeover etc. This will be a worthwhile investment - both cost and time wise.
8. Try to come up with a carefully designed, multichannel marketing plan. Within this plan, make sure you include the following:
- The single most important, outstanding feature that separates your property from others
- A virtual online tour, with the listing on as many websites as possible
- A special launch e-mail to send to all Realtors in the area
P.S. You shouldn't underestimate the importance of all the above efforts.
9. Whenever you get bids for your property, never turn down any of them, regardless of how ridiculously low they may sound. Your agent will have the opportunity to guide the negotiations along and possibly warm the buyer up to a price that you may be able to accept. Moreover, it will give you a sense of what a buyer's typical objections may be, to help you overcome that next buyer's objections.
10. If you have to, consider offering special incentives to the buyer, but don't make this move initially. For example, you could offer one of the following:
- An average for closing costs
- A decorating allowance worth a small fraction of the sale price
- A buy-down of the buyer's mortgage if absolutely necessary
In each case, your Realtor should try to get a sense of what the buyer's objections are, or what special extras the buyer is trying to obtain. You should then customize your incentives to meet each buyer's individual needs and tastes.
Different Realtors may offer various other advices, this is quite natural. However, in the end, the burden is going to be on your shoulder to follow all the advice that seem more reasonable or practical. The bottom line is, if you have come to the decision that selling your home is the best thing to do in this falling housing market, you will have to be prepared to take a rather aggressive, yet smart approach in order to get your house sold as quickly as possible for a reasonable price.
(C) Copyright I.W.McFarlane 2013