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Insist on a Weekly Report Before You List Your House with a Realtor

By Bigg Success Staff
04-07-08

Life Changes

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You’ve listed your house for sale with a realtor. Days, even weeks, have gone by with no apparent interest in your house. You start to get anxious. What’s going on?

So you call your realtor. He or she tells you what’s being done to market your house. You discuss some alternatives. You hang up your phone and you feel better.

But in a few days, you still don’t see any potential buyers so you call again. Is your realtor doing anything? So you call your realtor again. And once again, after talking with him or her, you feel better about what’s being done to move your house.

Then a few days later … well, you get the picture!

There’s a better way – insist on a weekly report before you list your property with your realtor.

4 Pointers for the Report

Short

You don’t need a detailed written report from your realtor. After all, you want him or her focusing on finding buyers, not talking to you! However, your realtor should be able to get you up-to-speed on what’s going on in a few minutes.

Form
Agree to how the report will be delivered. It can be a phone call or an e-mail. See what your realtor prefers. If it’s a phone call, take notes and e-mail them to your realtor for review to make sure you accurately understood what was said.

Activities
You want to know what’s been done to market your product. Get a feeling for the number of times your house has been shown, any comments that were made, and any suggestions your realtor may have now.

Alternatives
Your contact with your realtor should conclude by discussing your alternatives. We’ll discuss this more in our next article on selling your house.

Getting a weekly report from your realtor serves two purposes:

  • It keeps your realtor accountable
  • It keeps you from bugging them too much!

You’ll feel less stress if you communicate regularly with your realtor. You may also be able to make some adjustments as new information becomes available.

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Differentiate Your Offer When You List Your House for Sale

By Bigg Success Staff
04-02-08

Life Changes

incentives_sign

When you’re ready to sell your house, we recommend that you 290 list it with a realtor]. They will prove to be an invaluable resource in moving your home relatively quickly for a reasonable price.

A good realtor helps you in many ways. One of those is making recommendations, based on the market at that time, to make your house and your offer attractive to prospective buyers.

So you’ll want to discuss incentives with your realtor. A good realtor will welcome a seller willing to consider incentives because it shows that you are serious about moving your property.

Here are some common incentives for buyers that you may consider:

  • pay for the buyer’s home warranty coverage for a year
  • prepay the buyer’s homeowner’s association dues for a year
  • offer a credit toward the buyer’s closing costs

Of course, what you offer depends on the value of the home you’re selling. You still want to come out ahead, but don’t be afraid to get creative.

For example, if your situation allows, consider a travel voucher (for a weekend away or longer). Buy this house and you’ll get a vacation for free! Would that get your attention?

Another thing to consider is that your realtor’s compensation is negotiable as well. A lot of sellers try to negotiate down. Among other things, this may unintentionally signal that you’re not serious about moving your house quickly.

Consider doing the opposite – give them a higher rate. Instead of that, you may consider a bonus if the house moves within a certain time frame. Good realtors don’t base which homes they sell on what they get paid. However, they may put forth a little extra early effort, and even spend more money, getting the word out about your listing if there is a reason to do so.

In the end, your professional realtor will weigh the options you’ve discussed and make some recommendations about which incentives will be best. The odds are that they’ll direct you to toward buyer’s incentives, if your listing price allows them.

You’ll have to make the final decision. Balance what you need and want from the sale of your home with how quickly you want it to move to create a price with incentives that is likely to meet your goals.

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How Will Your Realtor Market Your House?

By Bigg Success Staff
03-25-08

Life Changes

house 

We highly recommend that you enlist the services of a professional realtor when it comes time to sell your house. Good realtors pay for themselves!

Your realtor will list your property on a multiple listing service so every associated realtor in your area can show it. If your realtor is not associated with a service like this, consider going with one who is.

You should also discuss with your realtor upfront how he or she plans to get the word out. This discussion should take place before you contract with them.

Ask them for something in writing that commits to what they will do to market your home. You can’t expect them to guarantee results. You can expect them to commit to certain activities. By getting it in writing, you both have something to refer to throughout the process.

Keep in mind this is just a marketing PLAN. The plan may change as get into the process.

There are many ways to get the word out about your house. What you want from your realtor is an attack on multiple fronts. Here are some ways it may be done:

Web site

Will your house have a prominent position on the realtor’s web site? For how long? Do they have a featured area that you will be placed in? Do they have an area that highlights their newest listings?

Newspaper advertisements
Does your realtor advertise in the newspaper? Will your house be listed? How often?

Specialty publication advertisements
Does your realtor advertise in publications of homes for sale? Will your house be listed in one of their ads? How many times?

Direct mail advertisements

Does your realtor regularly mail to a list of prospective home buyers? Will your house be featured in an upcoming mailing? When?

Signage
What signage will be put up in your yard? When? Will signage also be placed at the end of your street to direct buyers your way?

Brochure / Flyer
Will your realtor have a professional brochure prepared for your home? If not, will they prepare a flyer?

Open house

Will your house be featured in one or more open houses? When?

Many home sellers see open houses as the panacea of real estate marketing. Houses rarely sell at open houses. They bring exposure for your property, but they should be part of an overall plan to market your home.

Realtor caravan
Will your house be part of a realtor caravan? When?

You may find that a realtor caravan is more productive than an open house. It gives a number of realtors the chance to view your property without a buyer tagging along.

Other
What else, if anything, will your realtor do to market your home?

They may be creative and have just the right solution to get the word out.

The single most important thing you can do when it comes to marketing your house is hire the right realtor. Then, discuss a marketing plan with him or her so you know exactly what will be done to move your house so you can move on!

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4 Things-to-Do Before Listing Your House for Sale

By Bigg Success Staff
03-17-08

Life Changes

home_interior 

You want to sell your house. As we’ve said before, we highly recommend that you 290 hire a good realtor] to help you through the process. Among other things, they are a great resource for 313 determining your asking price].

No house is perfect. A reasonable buyer won’t expect yours to be. However, with the counsel of your realtor, there are things you can do to increase the likelihood that your house sells sooner rather than later for more rather than less.

Here are four things you should do before listing your house for sale.

#1 – Get a professional inspection
Chances are high that your buyer will want an inspection. So be proactive and get one before you take your house to market. Talk to your realtor to see which, if any, repairs you should do before you list it.

Your buyer will take comfort in knowing that an inspection has already been done. You’ll have receipts for work that you’ve already completed. Then your inspection report can be a marketing tool.

#2 – Make cosmetic improvements

Talk with your realtor about the aesthetic changes you should make. Minor things – like a fresh coat of paint, fashionable window treatments, refaced cabinets, or refinished bathtubs – often make a huge difference.

If you can’t do the work yourself and don’t know someone, ask your realtor for a referral. They’ll almost certainly have a stable of people with whom they regularly work.

#3 – Clean it
When you bring it to market, your house should be cleaner than it ever has before. Remember cleaning your apartment to get your security deposit back? That’s not good enough!

Simply stated, the cleaner your house, the better it will show. If you don’t want to do it yourself, pay someone to do it. Your realtor can help you find a good cleaning company, if you don’t know one. 

#4 – Stage it
Discuss staging with your realtor. If you’ll be moving out of the house before putting it on the market, you may want to work with a professional staging firm. If you’ll continue to live in the home while it’s on the market, you may do some minor redecoration. For example, you may want to remove photos of your family so potential buyers can picture their family in the house

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How Do You Determine the Asking Price for Your House?

By Bigg Success Staff
03-11-08

Life Changes

price_is_right 

Determining the initial asking price for your house is an important decision. If you set it too low, you may leave money on the table. If you set it too high, potential buyers may just pass you by.

We’ve said before that we highly recommend selling your house through a good realtor. They’ll earn every penny you pay them. Helping you determine your asking price is one of the ways they’ll do it.

5 things you need to know to determine your asking price

#1 – Time on market
Your realtor will know about how long it takes, on average, to sell a house in your market. This is good information to have. If it fits with the schedule you have in mind, you can price with the market. If you want to sell it faster, consider setting your asking price a little lower than you otherwise might.

#2 – Spread between ask and sell
Most buyers assume that your asking price is not your selling price. Your realtor should be able to give you an idea of how much sellers are reducing their asking prices to move their home. If you set your asking price much higher than that assumed spread, buyers will move on without even looking at your place.

#3 – Comparable transactions
How much are sellers getting for houses like yours? Your realtor will look at actual sales of houses like yours so you get a feel for the market in which you’ll be competing. This is probably the single most important thing for you to understand to set your price appropriately.

#4 – Comparable listings
You also need to understand how listed houses like yours are currently priced. That’s what your buyers will see. Buyers see a lot of houses; you only see one. They get to know the market relatively quickly.

Also, try to get a feel for who the sellers are. If there are a lot of empty houses on the market, you’ll know that you’re competing with investors, homeowners who have already moved on, and financial institutions who have repossessed the house. They are likely to discount more heavily than your typical homeowner.

#5 – Price levels
Finally, talk to your realtor about strategies. Sometimes there are price points that heat up – houses selling in a certain price range are in demand. This will help you determine if you should put your house on the market at it is or if it might pay to do a little work before you list it.

Your realtor works for you. They are in the market every day. They know it. However, they can only make recommendations. You have to make the final decision on price.

Hear today's lesson and laugh on The Bigg Success Show.

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