Home Sellers: Before You Sign On The Line…

May 21st, 2007 category: Sellers

We are reminded, when considering the magnitude of choosing a company to sell your home, of an oft repeated line spoken in new home sales: you’re only as good as your last sale.

Selling your home is an undertaking, and how it plays out will be largely dependent on the all important decision: whom to choose. Gone, in most markets, are the days of rapid fire offers, one better than the previous. The pace now has slowed down, creating a different environment in which to sell or buy a house.

With this reality, there is also more time to explore your options. It is very important to locate a company-note the absence of the word individual- equipped to handle both your largest asset, and all of those things included in your world. It is now time for you to ask the questions that will provide you with confidence in the company that you select. The following are some fair questions to ask, and might aid in your decision. You’re the boss; it’s your interview.
1. What is the most effective means, in a slower market, that you believe will afford maximum exposure for my home? If the response provided is not accompanied with tangible examples that you can touch or feel, be on the alert. While words are soothing, generalizations such as “ads” or “open houses” don’t provide enough information for you to make a decision. Request specifics, such as photos of listed homes, strategies employed, and the phone numbers of currently listed homeowners. Examples of the success rate of various marketing methods is an entirely appropriate request.

2. What is the primary benefit of employing your company over others that I will be interviewing? “We’re bigger” gets a gong. Large companies, while having benefits, don’t always offer the most current technology or knowledge. A revolving door of agents is not what you want representing your home. Request the most recent sold listings, and the methods utilized to get the property under contract. Be aware that the number of homes listed may correlate directly with the service that you receive. Today’s market requires more attention.

3. Having viewed my home, what target audience do you feel is most likely to consider my property over other properties on the market? A good real estate professional has done some homework before visiting your property. Demographics play a role in determining the source of potential buyers. While certainly not a science, or guarantee that one specific type of buyer may prefer your floorplan, a real estate professional that demonstrates knowledge of your area is important. Be aware that your real estate professional, by law, cannot share things such as race, creed, color, etc. This is about having a feel for who has purchased in your area recently. Are they second home buyers from out of town? Is there a nearby employer with relocating employees?

4. There is nothing wrong with a request for a guarantee in writing of all services, and duration of services, that a company will provide.
While most listing agreements state methods of marketing, to fine tune these services into a plan of action is a fair request. Rather than, “we will call you back”, fine tune it- all showings will be reported to you within 24 hours is an example. Ads in the paper will be offered at what duration is another example. Internet exposure will include what sites, and when, is a fair request. Make a list of things that you’d like to see regularly, so that your surprises are limited. Request that an escape clause be provided if those things that were represented do not occur, with no fee to you.

Now that you’ve obtained, in writing, all of the things that you expect, you can focus on the individual with whom you will be conducting business. Imagine yourself as a prospective buyer. Do you feel that this person represents the qualities that are needed in order to sell the house effectively? The most telling interaction involves those close to you- the family. Do you feel completely comfortable with this person? To choose someone who, for any reason, doesn’t put you at ease, is ill advised. If they cannot relate to children, will they make prospective buyers with children at ease? If they dislike pets, will your own menagerie be a source of stress for them, and by extension, you? It’s perfectly appropriate for you to ask questions about their own life- hobbies, interests, etc. Someone who enjoys camping with the family may have weekends committed- be aware, and ask questions.

Presenting the priority of pricing competitively should be tantamount. Arriving at a price should include an honest assessment. Recent sales in the previous two month period are about as deep as it gets when a market in flux is involved. Listed properties, while of value to you, are not neccessarily representative of “market value.”

Make sure that you are aware of your competition, and that your real estate agent has visited your competition before your interview. If the house down the street just redid a kitchen, how does it compare to yours? Believe me, the prospective buyer will know. Price appropriately. Unfortunately, sellers often go with the highest assessment, ignoring the facts. Avoid this pitfall. You are engaging the services of a professional who is obligated to provide you with an assessment that will get your home sold. By the same token, do not accept a pricing strategy that isn’t focused on getting you the maximum dollar for your home. While it may sound tricky, solid figures should permit you to arrive at a common sales price.

If you have any questions, please feel free to contact Options Realty. We are happy to provide you with any information that might assist with the sale of your home- we operate on the North Fork of Long Island, focusing our attention on homes for sale in Riverhead, Jamesport, Aquebogue, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, and Orient, Long Island, New York.

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This entry was posted on Monday, May 21st, 2007 at 12:12 am and is filed under Sellers. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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