HERE’S HOW TO SAVE THE REAL ESTATE COMMISSION
The real estate commission earned by a REALTOR® on the sale of your property can amount to a lot of money. And I know that you’ll agree it’s tempting to try to save that commission by selling your property yourself.
So, if you do decide to market your own property, I invite you to consider the following steps that you must take in order to save the real estate commission.
Conduct your own mini walk-through inspection. Make notes of all items that need repair or improvement. Your checklist might include:
• Fresh, clean paint throughout.
• Clean windows and window coverings throughout.
•Well-manicured lawn and yard.
• Plumbing and all appliances in working order.
• A well-organized, clean garage.
•All sealants (window, tub, shower, sink, etc.) in good condition.
• Roof and gutters in good condition; no repair needed.
Make all necessary repairs and improvements before you begin to advertise your property.
Carefully research information regarding the prices and terms of sales in today’s real estate market. Investigate recent sale prices for property similar to yours in your immediate area. Then establish a realistic price for your property based on that information.
Meet with local lenders and determine financing alternatives for your prospective buyers.
Determine which newspapers and homes magazines, etc., will best advertise your property. Call them for rates and deadlines.
Establish an advertising budget. Make sure you have covered all the bases and will be able to advertise frequently enough to get your property noticed.
Prepare a professional, attention getting advertisement that will attract the right buyers to your property. Place your ad in the newspaper(s).
Prepare a plan to reach those out-of-town buyers who account for a major portion of today’s home purchasers.
Purchase an eye-catching and weatherproof yard sign; install in the front of your property.
Purchase special “open house” signs and install them in paths that lead from main roads or thoroughfares, through the neighbourhood, and to the property.
Prepare a “feature/benefit” fact sheet outlining specific features of your home and the corresponding benefits to prospective purchasers.
Schedule and conduct open house “weekdays” as well as open house weekends.
Make your property more inviting by placing freshly cut flowers in several rooms. You might burn scented candles in the living room, kitchen and baths. The aroma of freshly baked bread or cookies also adds to the ambiance of your property.
Be available at all times so that you can walk through the property with prospective buyers to answer their questions and offer information about local schools, parks, transportation, shopping, churches, etc.
Learn how to separate the “lookers” from qualified buyers. Ask for names and phone numbers and be sure to follow up with telephone calls.
Be prepared to negotiate with the buyer(s) as though you are an impartial third party. Remain calm and refrain from any emotional outburst that might spoil a sale.
Obtain all forms necessary for the legal sale of real property such as:
o Deposit Receipt & Offer to Purchase
o Buyer’s Cost Sheet
o Seller’s Disclosure Form [In our increasingly litigious society, it is imperative that all known defects be disclosed to the buyer(s)].
Determine the type(s) of financing that you are willing to consider such as:
o Conventional Bank Financing
o Private Placement
o Seller Carry back First Loan
o Conventional Loan with Seller Carry back Second Loan
o “Wrap Around” Loan
Negotiate with the buyer(s) all final terms of sale including price, financing, inspections, date of closing, date of possession and other pertinent considerations.
Plan a final walk through with the buyer(s) before the settlement process is complete in order to resolve any dispute. Have a witness present.
While you are marketing your current property, locate and negotiate to purchase your next home. Attempt to schedule both transactions so that they close simultaneously. In this way, you and the buyer are able to move at the same time.
Many people are very comfortable in the role of “For Sale By Owner”. You may find that you are one of those people.
Whether you chose to take on the task of selling your property alone, or prefer to work with a real estate professional, I will be happy to help you get started by providing you with a complimentary HOME MARKET EVALUATION.
Real Estate Office: 250 716 7001
Toll Free: 1 888 716 7001
Coast Realty Group Ltd
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