Real estate deals are all about coming to a mutually satisfactory agreement between the buyer and seller. You don’t want to come across as someone who is trying to give the other party a raw deal, and you also don’t want to fall for any gimmicks.
You need to know what you’re doing when it comes to making real estate deals, both as a buyer and seller.
So here are the top 10 tips for sellers.
Seller Tip #1: Do your research
Before you even begin the process of selling your home, you should take the time to thoroughly dig through research. Get a handle on typical selling prices in your area, the time it takes for a process to complete, the different options that you might be presented with, and common tactics to maximise your house’s appeal to future buyers.
Knowledge is power, and you should arm yourself with as much knowledge and research as you can handle. An excellent source of information is to contact a local real estate agency, as many can help equip you with the information and decision making power that you need.
Seller Tip #2: Don’t underestimate the timeline
In today’s market, we hear stories all of the time how people sell their house the very same day they put it on the market, but this is the exception and not the rule (precisely why we hear about it). Even if you’re not a first time seller, local markets are very sensitive to external factors, especially financial factors and that of the local economy.
If a particular neighbourhood has had a high amount of turnover and competition for purchasing homes, you very well might sell it more quickly than average. If the reverse is true, your neighbours can engage in a price competition in order to lure potential buyers to their home instead of yours. Speaking with a real estate agent can give you a realistic expectation for the process.
Seller Tip #3: Get a proper valuation
Every day homes hit the market without a true understanding of their worth. A proper valuation from a trained and licensed appraisal office is the only way to ensure that you’re selling your home for the right price. You wouldn’t want to put out an asking price that will undersell the home, nor do you want to overvalue and reject good offers. As always, working with a real estate agent that is experienced in this field can help you to properly value your home.
Seller Tip #4: Set the right asking price
Along with getting the proper number for your home’s value, setting the right asking price can be a tricky game of salesmanship. Many people aren’t comfortable with trying to get the maximum amount that they can for their home. While you should never mislead people or misconstrue the value of a home, it is typical that buyers will negotiate the final sale price of the home to below the asking price.
This in turn creates an expectation on behalf of the seller, that they will set the price slightly higher than the true value of the home. This technique can require a lot of experience, and knowing the right amount to adjust your home’s value can be daunting. Most real estate agents will help work with you to set your price and expectations to an appropriate level.
Seller Tip #5: Don’t be too quick to renovate
While newly renovated homes are more likely to sell, and tend to sell more quickly than non-renovated homes, research shows that the return on your renovation investment is generally poor (even less than breaking even in most cases.) This is to say that while renovating your home might tempt a higher price and quicker turnaround, the expense (and often aggravation and energy) you put into your home is often never recouped. If you do plan to renovate, go through a professional and vetted contractor, or speak with your real estate agent about your best course of action.
Seller Tip #6: Pick the right real estate agent
It is often tempting to let your friend of a friend who does some part time real estate work sell your house on the cheap, but let’s be honest, a professional and experienced agency that’s been vetted is your best course of action. Any time that you’re going through the agent acquisition process, make sure to do as much research on the agent (and their agency) as you can. It isn’t considered bad taste to want to meet with a potential agent before you hire them; meet for a few minutes and grab a coffee to discuss your house so you can get a feel for the agent (and they you) to determine if working together will result in a positive experience.
Seller Tip #7: You’re in charge, but listen to your agent’s advice
It can be difficult to surrender control over such a major piece of your life to someone else, but the entire purpose of hiring a real estate agent is to maximise your selling potential. If you’ve gone through the proper research and vetting process to pick out the right real estate agent, listen to their advice and recommendations. Often, this will be your first or second house you’re selling, while this agent might have sold dozens (if not hundreds) in his or her career. Listen to their advice and trust in their expertise.
Seller Tip #8: Consider your offers
If you have multiple offers, you should consider what each is providing to you. Sometimes one might offer a slightly higher price, but keeping the appliances (which you hadn’t planned for.) Even if something sounds good right off the bat, don’t be too eager to jump to put pen on paper. Talk it over with any of the other homeowners, your spouse, and your real estate agent to get their input on who seems the best potential buyer.
Seller Tip #9: Decide what is and isn’t negotiable
You should go through the full laundry list of everything that you’re willing to wiggle on or not. Get out a pad of paper or open up a note app on your phone and jot down everything you can think of that someone might want. Does the buyer want to keep your appliances? What about your furniture? Your lawn? Do they need it repainted? Take your time during the early phases of selling your home, and talk it over with your agent. Once you have your list, figure out the worth (both financial and sentimental) of each item/element, and decide whether it is something you’d be willing to part with, and how that would affect the selling price. Preparing in this way will help you to negotiate more logically if the buyer makes peculiar requests you hadn’t thought of.
Seller Tip #10: Execute upon a strategy
Don’t just amble into selling your house someday. Come up with a strategy, go through your home as a prospective buyer and determine what (if anything) needs to be fixed, cleaned, changed, or modified to be more enticing. What small things can be done to ramp up your chances of a fast sale? What resources do you have to market your home, other than your personal network?
Once you select and meet with your real estate agent, go over your strategy and preferences with him or her, and they can help you to formulate (and then execute) upon your strategy. Once it is go time, don’t just throw your notes out the window, stick to them! Be flexible and willing to adapt, as it is impossible to plan for everything, but sticking to a strategy will keep your stress levels low and maximise your chance for sales success.
Most importantly you need the help of a real estate agent!
Regardless of if you’re currently a buyer or a seller, you need professional assistance on your side to help you through the entire process.
So if you’re looking for a professional, dedicated, and honest real estate agent, then contact me today.