STEPS TO SUCCESS For Selling Your Home Landon Simmons, Realtor Mobile (469) 576-2344 Email: Landon@LandonSellsHomes.com Website: LandonSellsHomes.com
Selling Your Home in 7 Steps • Step 1 – Selling Consultation • Step 2 – Develop Pricing Strategy • Step 3 – Develop Marketing Strategy • Step 4 – Implement Customized Marketing Plan • Step 5 – Understanding Your Role • Step 6 – Negotiating the Purchase Contract • Step 7 – Managing the Transaction Through Closing
Working for You as Your Seller’s Agent Selling Your Home in 7 Steps There are 3 types of Agency Relationships between parties in a real estate Step 1 transaction: Selling Consultation • Seller’s Agent – An agent who represents the Seller • Buyer’s Agent – An agent who represents the Buyer • Dual Agency – An agent who represents both Seller and Buyer When you select Citiwide Real Estate Services to promote the sale of your property, we become your “Seller’s Agent” working on your behalf and looking out for your best interests. We will market your home, evaluate and negotiate offers from buyers and guide you throughout the entire transaction to ensure a successful closing. A Dual Agent, or Intermediary www.LandonSellsHomes.com represents both Seller and Buyer in the same transaction and works to assist in negotiating a mutually acceptable transaction.
DETERMINE YOUR NEEDS What is Most Important to You? Selling Your Home in 7 Steps Motivation – Why have you decided to sell your home? Timing – Are you flexible in timing or are we working towards closing before a specific date? Pricing – How much do you owe on the home? Is there a concern of a short Step 1 sale with the bank? Selling Consultation Decision Making – Will anyone else (family member, financial advisor) be involved? Communication – How often would you like updates and what is the best way to contact you? Previous Real Estate Experience – What went good, what went bad? Personal Property – Are you including/excluding any personal property in the sale? Relocation – Can we assist you in purchasing a new home or help refer you? Concerns – Are there any general concerns you would like to discuss? www.LandonSellsHomes.com As an option, this can be documented online! A Seller’s Consultation is located on the website.
LEARN MORE ABOUT YOUR HOME Selling Your Home in 7 Steps Marketability: • What will you miss most about your home? • What will you miss most about this location/neighborhood? • What are some favorite features about your home? Step 1 • What compliments have friends and neighbors made about your home? Selling Consultation • What characteristics do you feel make your home unique when compared to others? • Who do you consider to be the target market for your home? Issues: • Is there any litigation with the home or HOA? • Any existing issues that needs to be disclosed? • Have you had to do any major repairs to your home such as foundation repair? • If there is an HOA, what are the annual dues and is there a transfer fee? www.LandonSellsHomes.com As an option, this can be documented online! A Seller’s Questionnaire is located on the website.
Selling Your Home in 7 Steps • Step 1 – Selling Consultation • Step 2 – Develop Pricing Strategy • Step 3 – Develop Marketing Strategy • Step 4 – Implement Customized Marketing Plan • Step 5 – Understanding Your Role • Step 6 – Negotiating the Purchase Contract • Step 7 – Managing the Transaction Through Closing
The Risks of Pricing Too High Percent of Buyers Who Will View Property Asking Price in Relationship % of Prospective Purchasers to Fair Market Value Who Will Look at Property +10% 2% Selling Your Home +5% 30% in 7 Steps Fair Market Value 60% FMV Step 2 Develop Pricing Strategy -5% 80% -10% 92% If you price your home at “Fair Market Value” you will see good activity and a good amount of buyer interest. The higher you go above Fair Market Value to “Test the Market” the less showings you will have. If you get really aggressive and price below Fair Market Value, you will get an increase in showings, and may end up receiving multiple offers with buyers trying to outbid each other for your home. www.LandonSellsHomes.com An asking price that is beyond market range can adversely affect the marketing of a property.
The Excitement of a “New On Market” Listing Selling Your Home in 7 Steps Step 2 Develop Pricing Strategy When selling your home, time is not your friend. When a new home is listed for sale, we market it extensively to other agents and potential buyers. Most of the local working agents and their prospective buyers will see it come onto the market right away. Interest will build over the first week or two, with a peak of interest usually at about 2-3 weeks out. Then as we always see, the activity of inquires and showings will start to decrease rapidly. Your home becomes “old” and “stale” in the eyes of other agents and buyers. Marketing time is prolonged and our initial marketing momentum is lost. If you are not priced right, you may miss showing www.LandonSellsHomes.com opportunities, or showings that do occur will not produce an offer. Your home may eventually sell below market value due to these costly delays.
The Problem with “Testing the Market” Selling Your Home in 7 Steps A common mistake sellers make is pricing their home high in the beginning to “test the market”. The thought is “we can always lower the price if we Step 2 don’t receive any offers” or “we need to build in a cushion for negotiation.” Develop Pricing Strategy Unfortunately most of the showing activity occurs when the home is first listed. Once initial pool of buyers have seen the home and it doesn’t sell, the sellers will then have to wait for new buyers to come into the market and they will have to reduce their price to be competitive. Also, the longer your home remains on the market, the less interest it will generate among all buyers. Buyers typically feel that they should pay less for a home the longer it has been on the market. At that point you have to face the real possibility of being forced to sell it for less than if you had priced it at fair market value from the start. It is especially important to make sure that your home is priced correctly when the conditions are leaning towards a buyers market. In that scenario buyers are very sensitive www.LandonSellsHomes.com to price and will look harder to find homes that offer the most value. Simply put, buyers are not making “low - ball” offers on properties, they are waiting for properties priced correctly to come onto the market.
Why Your First Offer is Often Your Best Offer Selling Your Home in 7 Steps Step 2 Another common mistake Sellers make is to disregard the first offer they Develop Pricing Strategy receive. Often, if they receive an offer quickly, they get over confident and think maybe they could do better if they wait for another buyer. Rarely is that the case. When you first list your home for sale, New Buyers and Buyers who are Waiting for the Right Fit will come see your home. So it is possible, if priced at Fair Market Value, that you could get a good offer right away. After time goes on, and pricing comes down, you then attract the Deal Makers . Then after more time and more price reductions you attract the Bottom Feeders . www.LandonSellsHomes.com Who would you prefer to sell your home to?
The “Selling Equation” Selling Your Home in 7 Steps Step 2 It’s really quite a simple equation. Price + Exposure = Your Home Sold. Develop Pricing Strategy You must first start out with the correct, accurate pricing for your home. Then once we have the home priced right, we will heavily market the home to both potential buyers as well as to other Realtors in the area. We have established many great avenues and resources for marketing your home, but if we are overpriced, all of our extensive marketing efforts will go to waste. www.LandonSellsHomes.com
Selling Your Home in 7 Steps • Step 1 – Selling Consultation • Step 2 – Develop Pricing Strategy • Step 3 – Develop Marketing Strategy • Step 4 – Implement Customized Marketing Plan • Step 5 – Understanding Your Role • Step 6 – Negotiating the Purchase Contract • Step 7 – Managing the Transaction Through Closing
Where Buyers Find the Home They Purchase Selling Your Home in 7 Steps Step 3 Develop Marketing Strategy The pie chart above illustrates where buyers find the home they purchase. 87% of home sales are generated from the marketing efforts of a real estate professional. Real Estate Agent and Internet leads are directly driven from having your home listed on the MLS. www.LandonSellsHomes.com Source – National Association of REALTORS - 2017
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