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Real Estate Selling Tips

Most people are not regular sellers of real estate so what you think you know may not be current.  These Real Estate Selling Tips could save you money and stress.

Points to Consider:

  1. Why sell?
  2. The appraisal – Valuation and Worth
  3. Marketing
  4. Negotiation
  5. Agent selection
  6. Preparing for sale
  7. I’m on the market

When selling your most valuable asset, making the right decisions before you start could be the difference on average, of between 3% and 10% on what you will receive for the sale of your home.

You will find that some of the above topics will be inter-connected. All topics are important inclusively and all need to be addressed to enjoy the full measure of success.

Why Sell?

This question may sound comical but some sellers have not explored all options or even decided where they wish to go before placing their home on the market.

  • You should start with your WHY?
  • Explore your alternatives e.g. Renovate, refinance.
  • Use the over and under rule.
  • Know where you wish to go.
  • Do your research.

    The Appraisal:

This is one of the most confusing areas for sellers, firstly let me make a few things clear.

An appraisal is done by an agent and is an opinion with no legal value.
An appraisal can be made with so many variations and motives. It can be made with ‘just winning the businesses as a primary goal. However this method will have a degree of accuracy.

They will base their opinion on previous sales, other property they have for sale, buyer feedback on similar property, property condition and features and the current demand for similar property.

Market opinions can be done on line via websites or apps. This method is an average across the area for similar key main attributes, such as number of bedrooms, number of bathrooms, car accommodation and land size.

This method should not be considered accurate.

A valuation is done by a licenced valuer and has a legal standing. Valuations are based on set criteria and are considered accurate by banks, lenders and solicitors in dispute resolution.

WORTH - This is such an important and overlooked topic. I feel it’s a topic that some agents don’t know the meaning of or how to address it with the seller.

Your home has a worth! This is the amount paid by a buyer and the amount you will receive at sale. The BIG question is how is the worth decided? How is the best possible worth achieved?

 

Marketing:

This once again is an interesting topic.

Let me start by making a point - ADVERTISING IS NOT MARKETING… but is certainly part of the process.

This part of the selling process is very closely associated with our next topic, negotiation.

A lot and I mean a lot of real estate advertising does nothing more that weaken your position when a contract is being negotiated. The copy, the images used and the information supplied are all critical in marketing. Some points to consider are:

  • Who are my likely buyers?
  • What age are my likely buyers?
  • How and where will the buyers see my home?
  • What information is relevant?
  • What methods will my agent use to reach buyers?
  • Pricing!
  • Should I be paying for marketing?

Negotiation:

I believe that negotiation is the most important aspect of selling a home.

Negotiation starts at the very first meeting between seller and agent. Your first discussion has an impact on the price at which your home sells and the level of satisfaction you receive from the process. It is interesting to note that 88% of buyers in one survey claim they would have paid more for their purchase.

Some of negative factors that affect your final price which is governed by the negotiation process are:

  • Poor marketing.
  • Poor copy writing exposing weakness or desperation.
  • Pricing techniques.
  • Selling methods.
  • Preparation.

And the most important is your agent’s negotiating ability.

Agent Selection:

By now you may realise there is a bit more to success than first thought.

70% of sellers only interview one agent.

Agent selection is complex. Do you even need an agent? If you possess the right skill sets and have the time and resources you may even decide you don’t.

Talk with your agent about marketing, negotiation, past and present success, the culture of their office, e.g. sales support, relationship with colleagues and list to sell ratios. These are important factors.

What training have they done? What were their past careers? Your agent should have good answers regarding these topics as well as a sound strategy.

Preparing for Sale:

Make sure you are prepared for the sale!

We have covered why but please consider when. Make sure you are ready to go as a large percentage of the best contracts come early!

There are hundreds of versions of the same thing available on the internet so we won’t argue the topic as far as the property preparation.

Remember Excite the senses, sight,sound, smell, touch and perception (for the purpose of the exercise we'll leave out taste)

First impressions are important!

I’m on the Market:

Be happy with your decision as doubt is your biggest enemy! This can come from expert friends, other agents and your own mind. Ask questions and keep your agent accountable. He or she now works for you!

Just some closing notes:

Question your agent thoroughly. Ask for a service guarantee that lets you cancel their services early if needed and ask them to demonstrate negotiating techniques, marketing techniques and skills.

Make sure you have a strategy to work to. Question your agent’s opinions and make sure you are comfortable with their ability. If they can’t do these things DON’T HIRE THEM

I hope these real estate selling tips have helped you to make a real estate decision you won’t regret!