your own real estate can be a financially
saving you thousands in realtor's commisions.
True, but be aware that realtors work hard for that commision, and you will too by selling it yourself! Familiarize yourself all you can about the real estate market and real estate transactions before you place your home on the market. Talk to the profesionals. Tell them what you're doing and ask for their advice. Here's some tips on Who you should work with, What you should do before placing your home on the market, and How to pre-qualify potential buyers, show your home, ask for the sale, overcome objections and Close the Deal!
The sale of real estate is a complex procedure. Complex does NOT mean Difficult! Understand the whole process and have a plan in place before your first potential buyer comes to your door.
Profesionals You Should Talk to:
Tell these people what you're doing and ask them how they could help You.
Call three who are experienced in real estate transactions. Ask them what the legal requirements are for your state, what forms you should use for all aspects of the transaction and where to get them. Legal forms for your state are probably available at any office supply store. Find out precisely what they would charge to handle the all legal aspects of the transaction.
Having your home pre-approved for mortgage financing is an excellent bonus that you can offer a potential buyer. Talk to several and find out how they can help you. Let them know that you might be willing to get the mortgage for your new home with them if the terms were right. You might be surprised to see what a little competition might bring you!
A good person to interview is an experienced full-time realtor. Realtors are valuable resources. They can help your home sell faster in a number of ways. They can do a price opinion of your property, they know the local market, and they can recommend repairs and improvements you could do. Talk with several realtors and find one that you'd like to work with. A nice bonus for the realtor is to refer them to the buyers who decide they do not want to buy your home. Be sure you overcome the buyer's objections first! (see below)
You should get your home pre-inspected by a professional. Having this important feature available for potential buyers to look at will only add to their confidence to buy your home.
Having a recent certified appraisal done in advance of marketing your home will give you confidence that you have your home priced right. Along with a realtor opinion of value, the Certified Appraisal on file will help convince buyers that your home is worth what you are asking. Only appraisals done recently will work, appraisals more than 3-4 months old are not usually acceptable to lending institutions.
You should also do these before placing your property on the market.
Pre-qualifying Buyers before they arrive will save you alot of time and headaches! Don't be afraid to ask them personal questions on the phone before setting an appointment. Questions you may want to ask are:
Confirming an appointment the day before can eliminate a lot of "no shows".
Remind them to bring their check book for the Ernest Money Agreement!
Be sure your home looks appealing from the moment they park the car at the curb. A first impression is just that, a one time opportunity. Be sure to use it to your advantage!
Rehearse your greeting and the presentation of your home! The more confident you are, the better you'll feel about the whole process and the more confidence the buyer will have in you and the more comfortable they will be. Know all the benefits of your home and choose the best spot in each room to point these out to your prospective buyers. Be sure you cover each and every benefit, including your location and proximity to schools, shopping and other services.
Ask for the sale! I know, that may sound silly because, after all, they know you're selling! But it is an important part, ask any professional sales person. While we're on the subject, if you have little or no experience in sales, it may well be worth your time and effort to go to your local library and find some books about selling and overcoming objections.
Consider potential objections and rehearse your answers. Your goal here is to find the real reason they are resistant to the sale. People will seldom tell you the real reason the first time you ask. By eliminating the objections one at a time, you will discover their real objection.
You should rehearse all of this a number of times so that you are relaxed and confident. Remember, there are a lot of savvy people trying to find bargains out there. It is worth a lot to you to become as savvy about the real estate market as you can.
This is by no means a complete list of every detail you will have to deal with. As you begin talking with the professionals you will learn a lot more of what you'll have to do to ultimately sell your home. Teach yourself all you can about selling your real estate. Know what you're getting into before you start!