Selling a home or property is one of the most stressful times for many people. Even after you make any upgrades or improvements, your job is not done. Performing routine maintenance quickly becomes a chore when buyers could show up last minute, and nervousness can build if offers fail to meet your expectations. The 4 Things To Consider When You Are Selling A Property below will not only help ensure that your property sells for as much as possible, but ensures that the entire process goes as smoothly as it can.
Tip 1 Pick The Right Agent
Your real estate agent will be with you every step of the way, from preparing the initial listing to booking showings to navigating the details of the final contract. Therefore, it is important to choose an agent you are comfortable working with. You will be talking to this person dozens of times throughout your property’s listing, so you cannot afford a situation where you dread the sound of your agent’s voice. You need someone you can trust.
Working together is important, but you also need an agent who knows how to sell property in your area. A great buying agent may not have the same contacts to help a seller, and an outstanding knowledge of one neighborhood does not guarantee a similar understanding of another one. The best agent for you will have recent experience selling comparable properties in your area.
The best way to determine if a given agent is right for you is simply to do your homework. Ask every prospective agent how well they know your specific area, look into referrals, and get a sense of what their marketing strategy will be for your home. This feeling out process will not only provide you with the answers to your questions, but will also give you a sense of whether you will be able to work with the person in front of you. Price is an important consideration as well, but getting thousands more for your home is worth an extra percentage point or two.
Tip 2 Start With The Perfect Listing Price
Once your agent is selected, you need to agree on a listing price for your property. While buyers expect to negotiate, your starting figure is of vital importance to your eventual ability to sell. Prospective buyers will simply gloss over properties with an excessive asking price, not even bothering to look at it. Such a situation may limit interest to the point that you need to reduce the asking price, creating a sense of desperation that buyers will try to capitalize on with low ball offers. Alternatively, you can keep the higher price and become a stale offering on the market, generating none of the buzz that competing properties are enjoying. Neither situation is desirable.
If your price is too low, buyers may assume your home has some flaw that makes it unworthy of their time or investment. You also will not be able extract maximum value out of your home if someone is willing to pay more than your initial ask. Therefore, you should always start with a reasonable asking price that is neither too high or too low.
Tip 3 Ensure Your Home Looks Great For Every Showing
First impressions are vital in the real estate industry. You cannot afford to have anything but a well maintained lawn and well cared for shrubs greeting potential buyers as they approach the premises. When the prospective buyer enters the home, they should not be greeted by a temperature extreme because you did not leave the heat or air conditioning on when you left. Foul odors can be equally off-putting. Either will encourage the buyer to end the showing as quickly as possible, a situation that rarely if ever ends in an offer.
This requires a certain level of constant maintenance on your part. Do not cook strong smelling foods, such as fish, the night before a showing. The odor will be impossible to cover up in time. Using air fresheners or baking cookies to create an attractive aroma can be a good idea, even if no offensive odor is present. You also need to stay on top of your landscaping, whether you hire a professional or do it yourself. Nobody wants a property with brown grass.
Tip 4 Accept The Right Offer
You may think that accepting an offer simply means choosing the one with the highest dollar amount, but this is not the case. While the money is obviously important, you also need to consider any contingencies the buyer places into the contract. Do you have enough time to move out? Are you required to fix or leave anything you did not plan to? A buyer with a ton of contingencies will probably be more difficult to work with later on in the process as well, jeopardizing the sale.
It is also important to review your buyer’s financial information with your real estate agent. Can they afford the agreed upon down payment? Did their bank pre-approve them to borrow the required funds? If the buyer’s finances fall through, the deal is dead and you are back to square one. It can be disheartening to come so close to the end of the process only to lose it at the last moment. Other agents may even become leery of your property if it suddenly ends up on the market again, making it more difficult to sell.
Selling property seems like it should be easy at first glance, but the reality is far more challenging. Real estate markets are constantly in flux, and you cannot afford any mistakes if you hope to sell your home for a fair price in a timely manner. Following the tips above will help you accomplish exactly that.