Advice to Sellers of Real Estate
The objective in selling real estate is to receive the greatest amount of money in the shortest period of time with the least amount of resistance. Effective marketing and transactional expertise are required of your broker to facilitate the sale of your property. When considering advice to sellers, the price and appearance of your property are the two most important factors, both of which you as the seller control.
FREE BROKER’S PRICE OPINION
Red Hawk Realty’s services include a free Broker’s Price Opinion. The Free Broker’s Price opinion includes the average monthly change in market value, the present market value of your real estate, and the estimated marketing time it will take to sell your property based on current market conditions. At your request, we will recommend changes for the purpose of increasing the value and/or shortening the marketing time of your property.
ESTABLISH PROFESSIONAL RELATIONSHIPS
When selling property, professional guidance in the following areas can save you money and time: the transactional tasks and sequence, financing, taxation, and preparing your property for the marketplace. A qualified real estate broker will be able to refer you to the appropriate professionals, if you are unable to independently contract these services.
DRAFT A PLAN
Identify all of the tasks and the timing involved in the process of selling your property. A good question to ask is, “What needs to happen to receive the greatest sum of money for my property in the shortest period of time?” Hopefully, this question will generate a short list of tasks, the costs associated with these tasks, and the sequence in which the tasks should be completed to ensure a quick, clean, and profitable sale. Your broker can also provide a list of reputable, local service providers who can assist you with projects in preparation of marketing your property.
PRICE YOUR PROPERTY COMPETITIVELY
The value of real estate in any given market is not a factor over which we, as individual sellers, have control. A common mistake is to value property based on our own needs, not what the market will bear. The most common reason that a property does not sell is because it is priced above the market threshold at a given point in time. If the average market time is 90 days, and a property has been actively marketed for 120 days, it would be wise to either adjust the price to current market conditions or wait for the market to rise to your price.
A fair question to ask is, “How do I know that my property is overpriced and not under exposed?” If the marketing effort for your property is producing inquiries and showings, you can be reasonably confident that you have a pricing issue. If you have very little or no activity resulting from your marketing and advertising efforts, consider re-evaluating the condition of your property and marketing plan before adjusting your price.
OFFER YOUR PROPERTY IN TOP FORM
There is a direct correlation between quick sales and turnkey properties – and receiving a premium price. Property requiring minimal post-purchase investment and little effort to occupy means savings of time and money to a prospective buyer. A savvy seller can separate their property from competing properties by preparing it to appeal to the greatest number of potential buyers: taking care of all items that the buyer will perceive as saving them time and money. Everyone wants to save time and money.
DISCLOSE AND REFER
Investigate all potential disclosure issues. Fear of future litigation, not the loss of a potential sale, should be the operating motivation when considering items for disclosure. A qualified real estate professional can identify disclosure issues and refer you to the appropriate professional for advice which can mitigate the negative impact that a disclosure item can have on a potential sale. Full and accurate disclosure can greatly enhance then chances for a smooth and timely due diligence period by establishing an important level of trust between all parties involved in the transaction.
BE RESPONSIVE TO ALL INQUIRIES
Of the complaints fielded by the Department of Real Estate, the lack of communication between a broker and client is consistently at the top of the list. Consider selecting a broker who responds in a timely manner to all inquiries. Something else to consider is how inquiries are fielded: does a person or a machine answer the phone? Is the broker representing you technologically competent?
We sincerely hope this Advice to Sellers has been helpful. In today’s real estate market, the internet plays an important role in all aspects of real estate. Successful brokerages rely on volume to offer the highest level of marketing exposure to sellers and investment opportunities to buyers. Technology is the key factor in sustaining a viable volume of real estate transactions. For technology to be effective, a qualified staff of trained specialists must be on hand to research and provide information to prospective buyers, and, at Red Hawk Realty, that’s what we offer you, the potential seller.