When the time comes to sell your home or investment property, there are many things you will want to take into consideration. By being proactive and preparing for the sale, you will know what to expect and will typically have a better experience.
It is not possible to cover every aspect of what may occur in a real estate transaction, but listed here are many of the general steps that you can plan for.
Finding a good Realtor: It is very important to select a good Realtor to guide you through the many steps of selling your property. In looking for a Realtor, it is recommended that they be experienced, full time and be familiar with the area where the property is located. You will want to meet with them in person, so you can get a feel for their professionalism and how they interact with you.
Selling a property is a very significant event, and you will want to know your Realtor is well qualified and you will want to feel comfortable with him or her. Do not be afraid to ask the Realtor for references and make sure that they will be available to you throughout the process.
After you have selected a Realtor, they will walk you through the many steps of selling your property.
Preparing your home: You will want your home to look as good as possible to prospective buyers. Get rid of items that are not necessary, both inside and out. This includes clearing closets, garages, basements and attics. The more items and junk you can get rid of the better your property will look.
Next, you can work with your Realtor to assess what repairs and touch up items should be done. Typical examples are giving a coat of fresh paint to the interior and in some cases the exterior, installing new carpet, manicuring the yards and making any general repairs like leaking faucets or broken windows. Once this is done, you will want to give your house a good clean, including the windows.
First impressions are very important. Preparing your home to look good will give it great curb appeal and a warm and inviting feeling.
Determining the listing price: Setting the price of your property is a key component to a successful sale. If the price is too high, then you can run the risk of not getting offers and having the property stay on the market. This will result in having to do price reductions and potentially having the listing become stale. If you price too low you can run the risk of potentially selling the home too low. So be sure to look at recent home sales in your immediate area that are as “apples to apples” as possible.
Participating in the Multiple Listing Service (MLS): Make sure your Realtor puts your listing in the Multiple Listing Service (MLS) immediately after the house goes on the market. This is the most effective way to sell residential property and to get the best price for your home.
It is not in the best interest of the seller to not have their property in the MLS. There are many other marketing tools that your Realtor will use in conjunction with the MLS, but none of them statistically will be as important and effective.
Having open houses: After your property is on the market and has been put into the MLS, it is recommended that your Realtor host a broker’s open house. This is an open house where agents are invited to come and preview the property for prospective buyers they may have. After the broker’s open house, it is also recommended to have your agent host open houses to the public.
Whether you are having a broker’s open house, an open house to the public or a showing for a potential buyer, it is always very important that the home is bright. Make sure that window blinds and curtains are open and that lights are on for these occasions. Also make sure that the house is well ventilated and that there are no undesirable odors in or around the home, such as cat box odor.
Setting your goals as a seller: Typically, one of the biggest goals for a seller is to get the best price possible for their property. In addition to price, you should think about other aspects such as: the length of escrow, the strength of the buyer, the amount of earnest money deposit and whether you are willing to provide the buyer with credit for closing costs. Many of these items have customary aspects to them.
For example, a typical residential escrow is 30 days after an accepted offer and a buyer’s earnest money deposit check should be at least one percent of the amount that is being offered. The main goal for the seller is to have a smooth and successful escrow where both buyer and seller comply with the contract and have a timely closing.
Remember that selling your home is a very important event. Make sure you hire a well-qualified Realtor to be with you each step of the way, so that the whole experience is positive and wonderful.
Trent St. Louis is a licensed Real Estate Agent and a member of the National, California and San Diego Association of Realtors. He can be reached at trent@tns.net or at his office in Hillcrest, The Metropolitan Group. DRE#01273643.
