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10 STEPS TO SUCCESS for SELLERS |
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The information provided here are merely suggestions. Please do not assume them as facts until you verify them independently. |
| 1. PRICE IT RIGHT | Visit open houses in your area to get a feel for what's out there (your competition) and be objective. Visit www.Zillow.com for a mostly reliable and instant value range (without the email and phone solicitations common with other similar sites). Paying for a professional appraisal can be a big plus in assuring your buyer that it's priced right. Call some major local lenders and ask what appraisers they use. Appraisals are relatively inexpensive. |
| 2. SPRUCE UP | You only get 1 shot for "first impression", make it outstanding! Begin with "curb appeal", then create a welcoming entry leading to neat living spaces and clean kitchen & bathrooms. Less clutter is always good, especially in smaller rooms like bedrooms and bathrooms. Light up the whole house when showing to make the place seem bigger and cleaner. Trimmed landscaping implies low maintenance while overgrown vegetation implies neglect and deferred maintenance. Paint, touch up cracks, fix broken items and remove worn out items. Your house may be an older house but it doesn't have to look aged. |
| 3. GET INSPECTED | Begin with hiring a reputable home inspector (check local realtors for recommendation). Based on the report, proceed to the extent you believe is most cost effective. Knowing all the gory details about your property ahead of time can avoid deal-killing surprises. |
| 4. ERECT SIGN | Put up an attractive "For Sale" sign with contact information that are easy to read when driving by. Include a flyer box with well designed flyers--good photos showing key features; specs like rooms/baths/square footage/lot size/garage/year built/price/contact info/reports available/perks--pool, spa, etc. |
| 5. ADVERTISE | Newspaper ads still work but can be expensive. Internet listings range from free to low cost. Search Google/Yahoo/etc. for "free home listing" and check out the links. You'll also find many useful resources like forms, guides, check lists, at many of these sites. In your ads, keep in mind what buyers may be most attracted to your property and highlight those features that would interest them most; i.e., proximity to school for families with students, easy access to freeway for commuters, quiet neighborhood for retirees, etc. Often overlooked features include safe neighborhood, proximity of comparable homes to help maintain value, friendly neighbors, good climate for reduced utility costs, etc. The things that resonate with you will most likely resonate with your buyers as well. |
| 6. PUT UP A WEBSITE | If you're techy, create a website to show off your property in detail. If not, check out the many services offered by searching Yahoo/Google for "home seller" or "website creation". Most forms of advertising are very limited in space and content due to cost, but a website can house everything you want to show or say at a fantastically low price or even free. Using other forms of advertising to point to your website for full details is very effective! |
| 7. EASY ACCESS | Make it easy for buyers to see your property. Make yourself available readily or recruit some people you can trust to help out, i.e., your neighbors, relative, close friends. If using others to help show your property, prepare a fact sheet for them so they can answer buyers' questions. Your helper should also be able to call you if they need help answering questions. The properties that are easiest to show get shown more often. (Secure valuables such as jewelry, etc. so they'll be safe--after all, you're letting strangers into your house.) |
| 8. NEGOTIATE | An offer is just the beginning. Don't get offended if it's low--simply counter and negotiate. Offer to pay for things that are tax deductible for you and remind the buyer they should consider the tax benefits in figuring out what the property is really worth to them. Check with your tax preparer--remember that tax write-off and credits can significantly skew the actual dollar amount. For example, would your buyer consider an addition of solar electric panels in lieu of a price discount? The tax credit you'll get will drastically reduce your dollar cost while the buyer gets the benefit of lower electric bills. Explore other win-win possibilities like paying for Home Warranty insurance, leaving behind items your buyers are interested in having, etc. |
| 9. CHOOSE ESCROW | Although escrow/title companies are similar, they're only as good as the officer handling your account. One way of assessing an escrow officer is to ask him/her to give you a net sheet based on your selling price and conditions. (Net sheet is the itemized costs showing the seller's and buyer's expenses estimate.) If the officer is amiable and meticulous in doing your net sheet, it's a good indication. |
| 10. DISCLOSE | When in doubt, disclose! Don't try to hide any material facts from your buyers. In California, buyers have 3 years to sue you if they think you hid material facts such as tendency to flooding, shoddy repairs, uncommon recurring problems, litigations involving your property, etc. In the case of willful attempts to hide material facts which can be construed as fraud, they have 5 years from discovery to stick it to you. The laws may change in time but full disclosure is always the best policy for honest folks. Always check with an attorney regarding legal questions as laws do change and can vary from from state to state. |
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Staging your property to show it off can be very helpful. When staging, focus on bringing out the best features of your property (both inside & outside) while softening the downside. For example, proper furnishing can make a room pop; clean view windows squeaky clean to show off the view; make hallways seem larger with good lighting and remove clutter like too many hanging pictures; really clean and open kitchen up by removing clutter including small appliances, refrigerator magnets/stickers, etc. Light & pleasant natural fragrance of flowers, spices, freshly baked pies, etc. are great when showing the house. Around the outside, pick up the kid's toys, clean up after your pet, gather up the water hoses and gardening tools, add some color/fragrance with blooming plants strategically located (potted plants will do), clean stains from driveway & garage floor, organize and de-clutter the garage. |
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Keep in mind that nobody is looking to buy YOUR house! Buyers are looking for a house they can easily adapt to make it THEIR home. The more they can imagine making the house their dream home, the more they're willing to pay for it! Your job 1 is to remove obstacles that can stifle that dream and/or do what you can to enhance it.
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