5 Mistakes We Can't Let Sellers Make
This is a list of the top five mistakes I have seen sellers make in the current market. I make a point to go over this list with all of my sellers when they list with me.
Mistake #1: Overpricing
Everyone knows the right price sells a home faster than any other factor. When you list a home at more than 5-10 percent over market value, the price will discourage potential buyers that think they can't afford to look. Buyers that do see your overpriced listing know they can get more for their money elsewhere.
Mistake #2: Fixer upper/as-is
Today's market is very competitive and most buyers do not even want to consider a home that needs multiple improvements. Buyers want a home that is neutral, clean, and in move-in condition. Even when a buyer decides he can tackle the fix-ups, they automatically subtract the cost they think it will cost them from the price they're going to offer. Either way sellers save nothing and likely delay the sale.
Mistake #3: Dark dated colors
The best dollar-for-dollar investment sellers can make is fresh paint. Fresh neutral paint makes a big difference in the feel of the home. Also, carpet is on the way out - replacing it because of condition or color can really help the sale price. If your sellers do not want to spend the money
to re-paint the entire house, have them focus on the kitchen, the master bedroom, and the garage. These areas tend to be inspected first during a showing, and if they aren't up to par, forget landing a buyer.
Mistake #4: Treating buyers as the enemy
Sellers sometimes forget that when we're at the negotiation table everyone wants the same thing - the house to sell. Make sure the sellers put down their dukes and come to a negotiation with a positive mind frame. Tell sellers to leave the discussions regarding price, terms, possession, and other conditions up to you. It's our job to get them the best deal.
Mistake #5: Delayed offer response
One of the most important mistakes sellers make is delaying their response to an offer. Be clear when explaining to your sellers that when buyers make an offer they are, right then, in the mood to buy. We all know how fast a mood can change and you don't want to lose a sale because your seller stalled the reply.
Wednesday, October 8, 2008
10 Smart Tips For Savvy Homeowners
10 Smart Tips For Savvy Homeowners
Here are some tips that I give my sellers when listing their house. It's a mix of domestic wisdom and selling secrets!
1Keep candles in the refrigerator for several hours before use to slow down dripping and make them last longer.
2Have you tried baby wipes on carpet stains? They work so well you will be wondering why no one told you sooner!
3To eliminate strong cooking odors (fish, fried food, bacon, garlic, ect.) heat white vinegar in an uncovered pot on the stove. (Don't boil) Remove after 30 minutes. The light vinegar smell dissipates quickly, taking odors with it.
4After your next party, share flat, leftover beer with your garden. Plants love the yeast.
5Ants hate anything spicy. Sprinkle ground pepper, cayenne, even cinnamon, in their path, and you'll stop them in their tracks.
6Fill nail holes with a paste made from cornstarch and water. Works just as well as putty!
7Your chimney will stay clean if you throw a handful of salt on the fire.
8When a wooden door or gate sticks, bring out the hair dryer. By blowing hot air directly on the wood where its sticking, you will remove the moisture and the swelling will go down.
9Squeaky doors? For a drip less solution, use petroleum jelly on the hinges instead of oil.
10Simmer a sliced apple and a couple cinnamon sticks in water on your stove. Your whole house will smell like apple pie. This one is great for open houses!
Here are some tips that I give my sellers when listing their house. It's a mix of domestic wisdom and selling secrets!
1Keep candles in the refrigerator for several hours before use to slow down dripping and make them last longer.
2Have you tried baby wipes on carpet stains? They work so well you will be wondering why no one told you sooner!
3To eliminate strong cooking odors (fish, fried food, bacon, garlic, ect.) heat white vinegar in an uncovered pot on the stove. (Don't boil) Remove after 30 minutes. The light vinegar smell dissipates quickly, taking odors with it.
4After your next party, share flat, leftover beer with your garden. Plants love the yeast.
5Ants hate anything spicy. Sprinkle ground pepper, cayenne, even cinnamon, in their path, and you'll stop them in their tracks.
6Fill nail holes with a paste made from cornstarch and water. Works just as well as putty!
7Your chimney will stay clean if you throw a handful of salt on the fire.
8When a wooden door or gate sticks, bring out the hair dryer. By blowing hot air directly on the wood where its sticking, you will remove the moisture and the swelling will go down.
9Squeaky doors? For a drip less solution, use petroleum jelly on the hinges instead of oil.
10Simmer a sliced apple and a couple cinnamon sticks in water on your stove. Your whole house will smell like apple pie. This one is great for open houses!
The 4 Major Factors That Sell An Expired Listing
The 4 Major Factors That Sell An Expired Listing
As a real estate professional in the current market you are bound to run into your share of expired listings. Weather it is your listing that has expired, or a competitors, here are four major areas to address with the seller to get the listing back and get it sold-
1. Communication-
Teamwork and communication between the seller and agent is key to know how to alter a marketing plan for success. Inattention to a listing can be a factor, but rarely is the core issue. Make sure you let your sellers know that you want any feedback they can provide and that you will offer the same to them. The seller is the key source for information regarding changes in the neighborhood and property condition that affect the property's salability. The more you work together, the faster a sale will be closed.
2. Price-
This is the obvious most common culprit for the lack of a sale. An incorrectly priced home attracts the wrong buyers or worse, none at all. When working with a previously expired listing be sure to prepare an up-to-date competitive market analysis, the market conditions have probably changed since it was initially listed. Activity without offers often indicates overpricing. Remember, any home, no matter what the condition is, will sell for the right price.
3. Condition-
A home in like-new condition sells faster and gets the best price because it outshines the competition. Make sure your sellers fix all the little squeaks and drips, paint neutral colors where needed, brightened up and concentrated on outside curb appeal. I suggest having a few other agents from your office take a tour of the home with you and allow them to point out the areas that need to be addressed to make a sale happen. Make sure you relay any information that might be useful to the seller.
4.Marketing-
The saying goes, "Advertising doesn't sell homes, agents do." The secret to success is a carefully crafted marketing plan that exposes the property to the widest possible pool of prospective buyers. Some elements you might like to include in your plan: direct promotion to other agents/brokers, brochures and flyers, listing in an area wide internet website and MLS, broker open and buyer open houses if appropriate; and any other activities designed to capture buyers.
As a rule of thumb, make sure the home is in buyer-ready condition before you re-list it. If it didn't sell the first time around, don't just hope for better luck this time; make sure the necessary changes are made to inhibit a fast sale. Your sellers will thank you for it at the closing!
As a real estate professional in the current market you are bound to run into your share of expired listings. Weather it is your listing that has expired, or a competitors, here are four major areas to address with the seller to get the listing back and get it sold-
1. Communication-
Teamwork and communication between the seller and agent is key to know how to alter a marketing plan for success. Inattention to a listing can be a factor, but rarely is the core issue. Make sure you let your sellers know that you want any feedback they can provide and that you will offer the same to them. The seller is the key source for information regarding changes in the neighborhood and property condition that affect the property's salability. The more you work together, the faster a sale will be closed.
2. Price-
This is the obvious most common culprit for the lack of a sale. An incorrectly priced home attracts the wrong buyers or worse, none at all. When working with a previously expired listing be sure to prepare an up-to-date competitive market analysis, the market conditions have probably changed since it was initially listed. Activity without offers often indicates overpricing. Remember, any home, no matter what the condition is, will sell for the right price.
3. Condition-
A home in like-new condition sells faster and gets the best price because it outshines the competition. Make sure your sellers fix all the little squeaks and drips, paint neutral colors where needed, brightened up and concentrated on outside curb appeal. I suggest having a few other agents from your office take a tour of the home with you and allow them to point out the areas that need to be addressed to make a sale happen. Make sure you relay any information that might be useful to the seller.
4.Marketing-
The saying goes, "Advertising doesn't sell homes, agents do." The secret to success is a carefully crafted marketing plan that exposes the property to the widest possible pool of prospective buyers. Some elements you might like to include in your plan: direct promotion to other agents/brokers, brochures and flyers, listing in an area wide internet website and MLS, broker open and buyer open houses if appropriate; and any other activities designed to capture buyers.
As a rule of thumb, make sure the home is in buyer-ready condition before you re-list it. If it didn't sell the first time around, don't just hope for better luck this time; make sure the necessary changes are made to inhibit a fast sale. Your sellers will thank you for it at the closing!
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