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A Seller’s Guide to Finding the Right Real Estate Agent for the Job of Professionally Marketing Your Home…
There are hundreds of real estate licensees in our area. Choosing the right agent for your home can be confusing. It is especially difficult when you speak with several different agents and they all seem so convincing.
The following list provides you with questions to ask each Prospective Realtor. If you allow me to interview for the job, you should ask these tough questions of me as well. The answers to these questions will tell you what you need to know in order to select the best agent for the job of selling your home.
1) Do you work as a full-time Realtor®?
2) How many years have you been licensed to sell real estate full-time in Texas?
3) Do you GUARANTEE your services?
4) May I cancel my listing with you at any time if I am not satisfied with your performance, no questions asked?
5) Do you have a system to follow-up after every showing so that we get valuable feedback?
6) How many properties have you sold within the past 6 months? In your career?
7) Do you have references that I may check? (Sellers who are currently listed with you, or past clients)
8) Do you have an Internet Strategy that includes Social Networking and Syndication to expose and promote my home 24/7?
9) What is my property worth? What listing price do you recommend? Will it sell at that price?
10) Will you GUARANTEE my home will sell for the price you suggest?
11) Why should I choose you?
The 3 Market Types
There are three types of overall market conditions when selling your home:
1) Seller’s Market – This is when the inventory in a specific area is low. Properly priced homes generally sell within 14 days to 21 days maximum. If your property has not received an offer within this time period, it is priced too high.
2) Normal Market – This is when there is no real perceived advantage to either the buyers or the sellers. Properly priced homes should sell within 30 to 45 days.
3) Buyer’s Market – This is when you have lots of homes on the market for sale in every price range and area. If you price your home just below the other similar homes on the market, a sale should result within 60-90 days. Usually, homes are declining in value in this type of market.
Therefore, the sooner you sell, the better it is for you.
Revealing Research…
The National Association of Realtors researched the history of homes that actually sold in all three types of markets, and they discovered two critical pieces of information:
1) 95% of all homes that closed escrow, sold within 60 days after the listing price (seller’s asking price) when set at the appropriate market price.
2) Homes properly priced sold within 3% of the seller’s asking price.
Therefore, if a property has not received an offer within 60 days, it is overpriced by at least 5% to 10% or possibly more.
Time is of the Essence
The majority of buyer activity on a new listing occurs in the first two to three weeks of the initial marketing period.
For this reason, it is important that you have your home in the:
BEST CONDITION and at the RIGHT PRICE at the FIRST EXPOSURE to the market.
Several Possible Pricing Strategies
“As Is“ Pricing Strategy
The property is SOLD without benefit of any repair work paid for by the Seller that is either required or recommended in any inspection reports.
Buyer may have any and all inspections deemed necessary to satisfy themselves as to the condition of the property. These inspections will be paid for by the Home Buyer!
A Strategy such as this is used when the Seller is either in a Short Sale Situation or have little or no equity.
“Quick Sale” Pricing Strategy
This strategy is almost always effective because when a property is priced at or below the current market, it will usually sell quickly.
This pricing strategy makes it much easier for me to get the attention of other agents in our area. As a result,there are numerous showings. Which then generates one or more offers coming from agents that wait for properly priced homes to show to their BEST Clients.
This is by far the most effective strategy to get your home SOLD FAST and for the highest realistic price the market will bear.
“Traditional” Pricing Strategy
This strategy is called TRADITIONAL because it calls for doing all of the normal and usual activities that eventually lead to a sale on your home…
Such as obtaining the proper Inspections and completing all necessary repairs called for before the home is placed on the general market.
We are following a series of actions called for in our marketing plan. Basically, we are implementing numerous marketing activities designed to create a demand for your home by targeting specific home buyers.
Note: If we do not have an offer within 30-40 days, the property is priced too high and is in need of a price enhancement.
Who Determines the Market Value of My Home?
Truth is, No One Can Tell You What Your Home Will Sell For…
There are lots of opinions, yet only one set of facts. We will examine the Facts of Record and together determine a PRICING STRATEGY designed to sell your home for the most money.
The Real Market Value is Determined When Someone Says…
“I’ll Buy it!” Then, they either borrow the money or take it out savings and close escrow. Then and only then, is the true market value of your home determined.
Until this event happens, it is important to examine the facts of record to help determine a Pricing Strategy designed to sell your home for the highest possible price.
How Do You Determine Which Pricing Strategy is Best for Selling Our Home?
As I said before, there are lots of opinions but only one set of facts. Together, we will examine the facts of record to determine the most effective pricing strategy to assure we sell your home for Top Dollar!
Our ‘Total Market Overview’ examines 3 things:
1. Similar Homes Recently Sold
Tells us what buyers are willing to pay for this kind of home, in this area, at this time. This group shows us exactly what home buyers are willing to pay today!
2. Similar Homes Now For Sale
Tells us about our competition. Buyers will compare your home to these homes.
3. Expired Listings
Tells us what buyers are not willing to pay for this kind of home, in this area, at this time.
WHY YOU SHOULD PRICE YOUR HOME REALISTICALLY
TIME – Chances are that your home will sell at its fair market value. Pricing it realistically at the outset simply increases the likelihood of a timely sale with less inconvenience and greater monetary return.
COMPETITION – Buyers educate themselves by viewing many homes. They know what is a fair price. If your home is not priced within the correct range, it very likely will not be exposed to its potential or targeted buyers.
REPUTATION – Overpricing causes most homes to remain on the market too long. Buyers, aware of a long exposure period, are often hesitant to make an offer because they fear “something is wrong” with the house. Often homes that are on the market for a long time eventually sell for less than their fair market value.
INCONVENIENCE – If overpricing keeps your home from selling promptly, you can end up owning two homes – the one you’ve already purchased and the one you’re trying to sell.
80% OF THE MARKETING OF YOUR HOME IS SELECTING A PROPER PRICING STRATEGY.