The first item I always discuss with a potential seller is, “Have you considered renting your property?” Here’s a great blog that will help you determine if renting is a possible option for you and your family: “Is Renting an Option to Selling”.
If renting isn’t an option, it’s time to move forward.
Step 1 – Choosing a Realtor to handle the sale of your property. You might think that realtors pretty much do the same thing. They put your property on the MLS, maybe post it on some social media sites, a few email campaigns and an open house or two. That’s just the basics and what many full service realtors refer to limited services. They usually charge a lower percent fee or a flat rate. In today’s market you’ll need a realtor with creative and unique sales and marketing skills. I recommend you interview at least 3 realtors and do not let the first interview convince you not to see the other two realtors. That’s the first thing they teach realtors in real estate school.
Step 2 – You’ve picked your realtor! Now it’s the time to coordinate a sales and marketing plan. There are Basic Dominos that you’ll need to win in today’s market:
- Win The Competition On-Line – 95+% buyers are looking on-line to select which properties will go to see in person or what we call their “A-List” or “Short-List”. The buyer then hands the list to their realtor to schedule showings. If you do not make the “A-List” you will not get in-person showings or thereby offers.
- Next you will need to Win The Competition of Showings – Once you’re on the “A-List”, you need to make sure the buyer has an incredible in-person showing experience. That includes:
- Curb appeal is vital. A bit of fertilizer to get the grass green, nicely mowed and trimmed. Get a few flowers in the front & back yard to add color.
- For the majority of buyers, the kitchen is a key point. Make sure it’s clean and if any upgrades are considered, this might be a good place to start.
- Declutter and de-personalize. Make sure you do this for inside and out. Less is more in most cases.
- Minor repairs & Cleaning – it’s interesting how many homes I go into and the electrical outlets and wall switches are missing covers. Shower, bathtub and windows are dirty and the list goes on. Just a day or two of minor repairs and cleaning can make a huge difference. It gives your property the impression that it is well maintained which is huge in the eyes of a buyer.
- Negotiations, Inspections and Appraisals. This is important because if you get to an agreed price, terms and conditions, you’re still far from closing.
- I think this is one of the most mis-handled steps in selling process. While you don’t have to accept an offer, there should be a discussion with the buyer agent about what’s most important to the buyer. If the buyer will move on a key item for the seller, perhaps the seller will move on a key item for the buyer. Listing your (the seller’s) key points (privately) and prioritizing them is an important first step and a big part of the negotiating process.
- If you get multiple offers, allow the buyers to make a final best offer. This is important and fair for all parties to get to the “Closing Table”.
Step 3 – Preparing to sell your home. There’s a lot to preparing your home to sell, especially in today’s market. You’ll need your home to looks it’s best inside and out, so be prepared to put some effort and perhaps some $’s to bringing buyers to the table. Here’s, “The Ultimate Home Seller Checklist” to help you prepare. Keep in mind that each property will have different needs and areas for improvement so talk to your realtor about what else may need to be done.
Step 4 – Stay patient and don’t count on anything until closing is done and the keys have been handed off. There are so many steps to selling your home and at any given step, the sale could fall apart. Your realtor will advise you of any hiccups in the process. Be supportive and know that it’s his/her job to put your best interest before anyone else.
If you’d like me to see a full listing presentation and competitive market analysis (home valuation) for your property, I’ve included my contact information below.
