Intelligently Sell your Property

We all know that buying or selling a home can be a time consuming process. Although there are thousands of people looking to buy homes, it can be a tricky process finding the right person interested in your home.

With hundreds of thousands of homes for sale in America, there is always some form of competition.  A real estate agent can help, although he or she can only do so much.
If you want to sell it fast, you’ll need to do some preparation work yourself.  Here are some tips that will support your efforts.

Step 1

Pricing the Property

The most important factor to consider when selling your house or condo is Price.  If you price the house correctly, chances are you’ll sell it faster and with less negotiation.  Choosing the right price involves the estimating the true value of your home based on several factors that are based in reality.  You don’t want to price the house too high because that can cause it to remain on the market until it stalls after the first two to three weeks of showing it and nobody buys.

If you price it too low, statistics show that homes priced below market value will often receive multiple offers, which will then drive up the price.

Talk to a Real Estate Agent about the price of your property property.  Pricing is about Supply and Demand, and experience does make a difference.

Step 2

Prepare your Property to Sell

Get your home in first class condition so prospective Buyers and Real Estate Agents cannot bring-up any significant objections.

  1.  Clean Everything!  Clean the inside and outside, and complete all minor repairs.
  2.  Improve landscaping in the front, sides and back of the home.
  3.  De-Clutter the Property, inside and out.
    – Remove clutter and depersonalize – consider renting a storage unit for personal items.
  4.  Organize closets and drawers.
  5.  “Stage” your home like a model home or condo you’ve seen.
  6.  Make the front door inviting – Buy a new welcome mat.

Say to yourself, “This is not my home; it is a House we’re going to sell.” or “This is not my home, it’s a Condo we’re going to sell.”

  • Make the mental decision to “let go” and focus on the fact that soon this house or condo will no longer be yours.
  • Say “Goodbye” to the living room, family room, kitchen and every other room…
  • See yourself handing over the keys and envelopes containing appliance warranties to the new owners!
  • Done Look Back!

Step 3

Marketing your Property

Marketing and advertising opportunities are everywhere, and they are constantly evolving.  The method in which your home is marketed will have a profound impact on the sale price, so discuss the marketing plan with a good real estate agent.
Selling your home is more than sticking a “For Sale” sign in your front yard and running an ad in the Sunday paper.  Your goal when marketing your home is to get high exposure, as fast as possible.

Exposure in the housing market will put your home in front of the greatest number of potential buyers. The larger your pool of buyers, the higher the likelihood you will get multiple offers.

When multiple offers are received, an atmosphere will be created where prospective buyers will compete with other offers, and will offer their highest and best price.

One of the most effective strategies is to run a promotional blitz.

  • Professional quality photographs and/or virtual tour of your home on the Internet
  • Printed materials such as flyers, pamphlets, postcards, etc. that buyers can take home (include photos and major selling points)
  • Multiple Listing Service (MLS) with all photos and full details
  • Post the listing on social media sites like Facebook, Twitter, and Pinterest
  • Newspaper and/or magazine ads
  • Offer a “Broker/Agent Tour” the first week on the market

How to find a good Realtor:

  • Select an agent with the right credentials.
  • Research how long the agent has been in business.
  • Look at their current listings.
  • Look up their licensing and any complaints.
  • Check them out online.
  • Talk with one or two recent clients.

Step 4

Negotiate the Best Price

You can never know too much about negotiations.  Once you get to the table with a buyer or their Agent, it can get very intense, so learn as much as you can about how price negotiations work before you even put your home up for sale.  If you do not know about, or learn about ‘negotiating tactics’, you will run a high risk of being out negotiated and in many cases stand to lose thousands of dollars from what you might have been offered.  Once you come to an agreement on price, that’s it.  Your done.

  • Avoid emotional decision making – detach yourself from the house you are selling and focus on where you are going next.
  • Always counteroffer a lowball offer.
  • It’s not always only about price – Timing, closing costs, total profit, financing, etc.
  • Determine who has the upper hand – is it a Buyer’s or Seller’s market?
  • Move quickly – your first offer is often your best offer.
  • Trust your REALTOR®, but verify their decisions.

Step 5

Closing

Sometimes referred to as ‘completion’ or ‘settlement’.  This is the final step in executing a real estate transaction. The closing date is set during the negotiation phase, and is usually several weeks after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer.

Several things happen during closing:

  • The buyer and/or his/her lender deliver a check (generally in the US, a cashier’s check or wire transfer) for the balance owed on the purchase price.
  • The seller signs the deed over to the buyer and gives it to the buyer.  Everything is notarized
  • Commonly, the seller delivers possession to the buyer, typically by giving the buyer keys to the property.
  • A title company, lawyer, notary, or the buyer registers the new deed with the local registry office or recorder’s office.
  • A declaration or statement by the buyer or seller regarding the purchase price is filed with the government.
  • Taxes and fees will typically have to be paid, which are part of the closing costs.
  • The seller receives a cheque or bank transfer for the proceeds of the sale, less closing costs and mortgage payouts.
  • From the funds allotted for closing costs, prepayments for real estate taxes and insurance may be required, and fees charged by other parties may be paid, such as real estate broker/agent commissions, title companies, lawyers, etc.

The Closing Process might seem like a lot of work, but much of this work is done by the Real Estate Agent(s) and the Title Company.  Most of the time, you’ll be waiting for someone else involved in the transaction to work out the details.  Feel secure in the knowledge that you’ve done your research and know how what factors are in play, and check in with those involved every day or two (within reason).