SELLERS
THE VALUE OF YOUR HOME
As an alternative to engaging an experienced real estate agent, you may opt to sell your home independently. However, embarking on this route demands a substantial amount of effort. While it is a feasible approach, it requires a significant time and energy commitment. This option may not be suitable for those with time constraints or those seeking a prompt sale.
If the prospect of selling your home independently seems daunting, consider assist-to-sell programs offered by most agents. These programs typically encompass yard signs, a marketing strategy, and flyers at a reasonable cost. In most cases, individuals lack the time and resources that a real estate agent possesses. Hence, it is advisable to enlist the services of a dedicated professional who can leverage a broad spectrum of resources to secure the best possible price for your property.
Regardless of whether you opt for a real estate agent or not, thorough research is imperative. To guide you through the process, a checklist is provided below:
PROPERTY KNOWLEDGE
Become acquainted with pertinent details concerning your property such as property taxes, zoning regulations, lot dimensions, and square footage. Additionally, review the terms of your current loan agreement.
RESEARCH THE CURRENT MARKET AND PROPERTY LAWS IN YOUR AREA
What are the current selling prices of properties similar to yours? Could you outline the terms of these sales? Additionally, which property disclosure laws should you prioritize as part of your considerations?
SET THE PRICE
Once you have gathered detailed information about your property and researched the selling prices of comparable properties in your vicinity, establish a realistic pricing strategy.
DETERMINE FINANCING ALTERNATIVES
Reach out to local lenders to ascertain the available options for your potential buyer. Being well-informed prior to their inquiries is essential, as your expertise or lack thereof can significantly impact their decision to engage with you.
PERFORM A "WALK-THROUGH" OF YOUR PROPERTY
Examine the situation from both the potential buyer's and the inspector's viewpoints. Make comprehensive notes on all necessary repairs or replacements. Factors to contemplate encompass:
EXTERIOR:
Does the property necessitate a fresh coat of paint, either due to noticeable cracks or fading in the existing paint, or perhaps owing to an unconventional color choice that could deter potential buyers?
For properties with a yard, is the landscaping well-maintained and aesthetically pleasing?
In the case of a condominium, while alterations to the building may be limited, consider the appeal of the front door and balcony, if applicable.
Evaluate the condition and attractiveness of windows and doors.
Ensure the roof and gutters are in good repair.
Assess the tidiness of the exterior, including well-manicured grass, neatly trimmed hedges, and a lack of clutter such as stored toys like bicycles and scooters.
INSIDE PROPERTY:
Are the interior paints and finishes recently updated and well-maintained, or do they require refreshing? This aspect offers an excellent cost-benefit ratio, as a modest investment in this area can significantly enhance the appeal of your home, potentially influencing a successful sale.
Are the appliances in good operational condition and relatively new?
Are the plumbing and electrical systems in optimal working order and fully functional?
Do the carpets or other floor coverings present a clean and well-maintained appearance? Similar to paint, ensuring the attractiveness and upkeep of floor coverings can greatly impact the impression your home conveys.
Are the sealants around sinks, showers, tubs, and windows in good condition?
Are all light fixtures functioning correctly, providing adequate illumination in each room to assure potential buyers that there are no hidden issues?
KNOW YOUR NEIGHBORHOOD:
Prospective buyers typically inquire about local amenities such as schools, shopping centers, parks, and transportation options. It is advisable to be well-prepared to provide informed responses to their queries.
SELLING YOUR HOME
FRESH START, NEW BEGINNINGS
DEFINING SUCCESS
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What motivates your decision to purchase?
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What timeframe are you considering for your relocation?
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What is the destination of your move?
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Which factors hold greater significance for you?
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Do you have intentions to acquire another property?
Understanding the Market
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Outline features and benefits.
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Identify key differentiators based on current inventory.
Selling Your Home: Strategic Planning
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Analysis of active, pending, and sold transactions.
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Identification of key differentiators based on active inventory.
LISTING DETAILS
Finalize Documentation & Contractual Agreements
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Finalize any property improvements.
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Consult with a staging expert.
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Collaborate with a professional photographer and media specialist.
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Schedule a meeting with a trusted advisor.
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Establish a clear launch timeline.
Marketing Preparations
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Traditional Advertising
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Digital Marketing Plan
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Social Media Strategy
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Broker Network Exposure
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Showing Strategy
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Cross Marketing
INTRODUCING THE PROPERTY
Launching the Marketing Plan
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Creating the Perception of Value
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Attracting & Qualifying Potential Buyers
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Safe Showing
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Monitor Interest
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Weekly Reports, Updates, & Communication Strategy Respond to Changes in the Market Place
Negotiation Strategies
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Procure Written Offers
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Qualify & Analyze the Merits of Each Offer
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Strategically Respond to Offers
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Negotiate to Optimize Price & Terms
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Multiple Offer Process & Back-Up Offer Strategies
GOING INTO ESCROW
Process
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Complete Disclosures
Inspections & Disclosures
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Transitioning from the Property
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Final Documentation
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Closing & Celebrations
Working Together Again
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Staying in Touch & Keeping You Informed Second Homes & Investment Properties Providing Resources
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Feedback, Testimonials, & Referrals
ESTABLISH A MARKETING BUDGET
How Much Are You Willing to Spend to Sell Your House?
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Real estate commission applies if an agency is engaged for the sale.
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Advertising expenses, signage, and additional fees are incurred if opting for a "for sale by owner" approach.
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Legal fees, closing agent charges, and other professional expenses.
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Transfer tax related to the sale.
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Prorated expenses encompassing annual charges like property taxes, and homeowner association fees.
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Additional fees customary for sellers in your locality, including surveys and inspections.
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Real estate agents, seasoned in daily transactions, can furnish you with a precise estimation of seller closing expenses.
INVESTIGATE THE REAL ESTATE SECTIONS OF LOCAL NEWSPAPERS AND OTHER PUBLICATIONS
What strategies offer the most cost-effective results? Are there complimentary real estate publications available in your vicinity that permit individual sellers to advertise at no cost? Within local newspapers, is it more advantageous in your region to opt for a text-only classified ad, or do they offer options such as "photo boxes" where both text and property images can be included?
DON’T FORGET THE INTERNET
As evident on the website where this article is located, the majority of real estate agents maintain their own websites, showcasing their clients' listings and providing access to the entire Multiple Listing Service (MLS) database. Collaborating with an agent typically entails having your property featured on their website and included in the comprehensive MLS search, as part of the services they extend to you. Moreover, certain newspapers offer online advertising that can be bundled with their print advertisements either automatically or for an additional fee. It is advisable to acquaint yourself with the advertising rates and submission deadlines for each publication, enabling you to make an informed decision on the most suitable platform(s) for reaching your target market.
ESTABLISH A MARKETING PLAN
Given the established advertising budget, it is imperative to devise a strategic plan to effectively target potential buyers, encompassing both local residents and individuals from out-of-town. Considering the relocation trends of many individuals, integrating Internet advertising into the plan is essential. In larger towns, it may be beneficial to explore the possibility of featuring advertisements in the national edition of the local newspaper periodically.
WRITE THE TEXT AND/OR DESIGN YOUR AD
For optimal marketing effectiveness, it is imperative to craft a concise yet compelling advertisement suitable for both classified listings and photo box formats. Moreover, consider investing in a larger, customized advertisement for newspapers or flyers to distribute during open houses or other relevant events where potential buyers may be present. The quality of your advertisement is paramount; a professionally developed ad has the potential to attract interested buyers, while a poorly executed one may deter them. Even if you are not working with a full-service agent, exploring assist-to-sell options, often available at reduced rates, could be a viable alternative to consider.
PURCHASE AND INSTALL A “FOR SALE” SIGN
This sign should be well-designed, visually appealing, and resistant to weather conditions. It should be strategically positioned for optimal visibility from the street. If you are collaborating with a real estate agent, they will typically supply the sign for you.
PREPARE A FACT SHEET
Please create a concise and visually appealing single-sheet document detailing the features and benefits of your property to captivate potential buyers. Ensure an ample supply for distribution during open house viewings. If you are collaborating with a real estate agent, they will likely undertake this task on your behalf.
PURCHASE “OPEN HOUSE” SIGNS
Ensure that there is a section on the sign for your property address and the date/time of the open house. Besides having one in the front yard, consider placing multiple signs in prominent spots throughout the neighborhood, like on main streets leading to your property. Use directional arrows to guide potential buyers to your home, especially if they are unfamiliar with the area. Remember to remove these signs promptly after the open house to avoid unexpected visitors at odd hours.
SET UP A SCHEDULE OF OPEN HOUSES
Although open houses typically occur on weekends, this timing may not suit all potential buyers. Ensure that your print advertising is coordinated to incorporate details regarding your upcoming open house events.
GET YOUR FORMS IN ORDER
Numerous forms are essential for legally selling your property. Apart from the purchase contract and any counteroffers, approximately 20 additional forms must be furnished by the seller to the buyer. Thoroughly scrutinizing the contract is imperative to ascertain the timeline for submitting these forms and the ensuing rights granted to the buyer upon receipt. Many of these documents adhere to specific formats mandated by state or federal regulations, necessitating strict compliance. Your local Board of Realtors or your representing real estate agent can provide the requisite forms to ensure adherence to legal requirements
NEGOTIATE FINAL TERMS OF THE SALE
Buyer(s) need to come to an agreement (in writing) regarding the following:
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Price
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Inspection Contingencies
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Financing Terms
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Date of Closing
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Date of Possession
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It would be prudent for you to have an attorney review any and all contracts before the deal is finalized
FINAL WALK-THROUGH
When both the buyer(s) and a witness are available, it is advisable to arrange a final walk-through before finalizing the settlement. This step ensures that the property being transferred aligns with the expectations of all parties involved.
FIND AND MAKE ARRANGEMENTS FOR THE HOME YOU WILL BE MOVING TO
Unless you have acquired or constructed a new dwelling, you will need to undertake the role of both buyer for a new property and seller for your current one. Ideally, aim to coordinate the closing of both transactions simultaneously or arrange to close the purchase before finalizing the sale. It is essential to vacate the premises before the new owners assume possession.
