Have you ever wondered where to begin when selling Real Estate?
It’s a Seller’s Market, and being prepared is key. Bidding wars, dealing with offers, and changes in market value are just some of the many details that involve selling a property. Many don’t have an idea of how to prepare for selling real estate, so here are some fundamental steps!
Find the Right Broker
If your plan is to work with a broker, you’ll need one with expertise, presenting a range of marketing strategies, and overall confidence to handle challenges. Brokers have access to the most comprehensive data available with a network of specialists to answer any questions that may come up. Having a product that is both intelligently priced and carefully presented is a must when the goal is to stand out in a hot market, and qualified professionals can bring a powerful combo to the table.
Investing & Pricing
The proper evaluation and pricing of your property are key to attracting interest and securing a qualified buyer. The single greatest factor in determining the price is location. Buyers will compare and interpret value based on other available properties. An effective marketing plan and pricing strategy must take these conditions into account.
Value-adding tips: Lighting is everything. Great lighting will show off the best parts. Organize your space and keep it clean. Everyone loves stainless steel appliances, so investing is always a great choice. Paint walls and refinish floors where needed, fix any broken items, and clean mirrors. Photographing the results will make your property appealing to prospects.
Planning is Key
Review published annual, quarterly, monthly, and daily reports on the real estate sales market. Comb through recent sales in your building, research your building’s sales history, adjusting for variables such as views, floors, condition, etc. We have access to the most comprehensive data available with a network of specialists.
Open house planning is also important, so make sure to pay attention to early interest on showings and adjust prices if necessary. Make sure to cover every detail of the property during showings, so interest is not based solely on aesthetics or location.
Investing in renovations results in greater property value.
Offers
When receiving offers, the amount of money offered is confidential, but you can let buyers know that a higher offer has come in. It is also acceptable to disclose closing time frames. Don’t be shy when setting a deadline for buyers to submit their second, better offers. Asking about every term and information necessary to make a decision, so that no follow-up questions are needed. Long deadlines can raise opportunities for a decrease in motivation and interest — 24 to 36 hours should be enough.
Prioritize those more likely to be approved by the board, the timeline for the closing, and of course, what is financially secure. The best offer is not always the highest.
Closing the Deal
When closing the deal, make sure your winner is ready to go before notifying your unsuccessful bidders. Sending multiple contracts is a sign of bad business, and your losers can decide that they won’t accept not being the winner, and raise their offer. In those cases, as long as the agreement is not signed, you can send out a new one and change buyers.
