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Real Estate Sellers Seminar
Transcript of Real Estate Sellers Seminar
Average Days on Market: 33 Days
Sale-To-List Ratio : 95% Last Quarter Average Price : $250,000
Average Days on Market: 33 Days
Sale-To-List Ratio : 95% Making the Right Decision When Selling Your Home Topics The Selling Process
Pricing Your Home
How to Add Value
Selling Options Pricing Your Home Look at every comparable homes that is or was listed in the same neighborhood over the past six months.
The list should contain homes within a 1/4 mile to a 1/2 mile and no further, unless there are only a handful of comps in the general vicinity or the property is rural.
Pay attention to neighborhood dividing lines and physical barriers such as major streets, highways or railroads, and do not compare inventory from the "other side of the tracks."
Compare similar square footage, within 10% up or down from the subject property, if possible.
Make sure they have similar features ie: garage, finished basement.
Age. One neighborhood might consist of homes built in the 1950s next door to another ring of construction from the 1980s. Values between the two will differ. Compare apples to apples. Pricing Your Home Active Listings Make sure they are comparable in terms of location, size, type, amenities and features.
These matter only as they compare to your listing, but bear in mind that sellers can ask whatever they want.
These homes are your competition. Ask yourself why a buyer would prefer your home over any of these and adjust your price accordingly. Pricing Your Home Sold Listings Pull history for sold listings to determine actual number of days on market.
Compare original list price to final sales price to determine price reductions.
Compare final sales price to actual sold price to determine ratios.
Adjust pricing for lot size variances, configuration and amenities / upgrades. The Selling Process Choose a Real Estate Agent - A listing agent will represent you and have a fiduciary responsibility to look out for your best interests.
Get Your Home Ready For Sale - Prepare your home for sale by cleaning, de-cluttering and improving curb appeal. Hire a stager or ask your agent to help. Have a home inspection done. And more...
Set a Sale Price - A seller's biggest mistake is to overprice. Price your home in line with comparable homes in your market.
Market & Show Your Home - Identify with your agent the best ways to market your home. Have a yard sign, lockbox and host open houses.
Receive Offers & Negotiate - Make sure buyers are pre-qualified. Negotiate price and conditions accordingly.
Close the Deal - Deal with any financing, inspection and/or other conditions. Send proper paperwork to lawyers, mortgage rep & others. Pricing Your Home The internet has changed the market. Most buyers looking for a home like yours are aware of your property within a few hours. A home that is priced right for it’s condition is typically sold in less than 30 days!
The first 3 weeks are the most important. A property attracts the most activity from the real estate community and potential buyers when it is new to the market. How to Add Value Top 5 Ways to Add Value When Selling Your Home 5) Curb Appeal - The front of your house and your yard are the first thing buyers will see; you need to make a good impression. Exterior painting, fixing shutters and eaves, repairing cracks on driveway and foundation will go a long way to help buyers feel more confidents about your home.
4) Paint - Painting is one of the least expensive ways to freshen and improve your home's look, and consequently its value. Interior walls, trims, baseboards, outside walls and rails.
3) Eliminate clutter - If you are going to be showing your house, you want to get rid of the clutter. A nice, airy feel is what potential buyers are looking for. They won't be able to visualize themselves living in the house with all your personal belongings scattered around. How To Add Value 2) Put up fresh curtains and blinds - Over time curtains and blinds can become faded by the sun. Putting up a new pair will spruce up your home and leave a better impression than the old ones. Also, make sure to maximize the amount of natural light coming in and replace older lightbulbs with new ones to make the space look bright.
1) Small kitchen & bathroom updates - Kitchen and bathroom updates are always a smart move. Even if you can't afford a full remodel, small changes such as replacing old lighting, plumbing fixtures and mirror will really impress buyers. If you can, freshen up the bathtup/shower as well. How to Add Value Hire a professional designer/stager for even just 1 hour. A standard hourly fee is normally less than $100, and in an hour they can give you lots of ideas for needed improvements. Even small suggested improvements, such as paint colors or furniture placement, can go a long way toward improving the look and feel of your home.
Move extra furniture and knick knacks to a storage locker until the house sells. It will help make your home look larger and brighter.
If you have a garage, make sure it is de-cluttered and the remote opener works.
If you have a hall, hang mirrors on both side to give it an impression of openness. Other Ways to Add Value How to Add Value Major Renovations Areas of improvements that will add the most value when selling your homes are the following:
Kitchen & Bathroom: Replace cupboards, countertops, lighting, plumbing fixtures and appliances. Kitchen & bath updates can be your best bet for a big return, netting, on average, an 80-85 percent return.
Flooring: Take the old carpet or laminate out and replace with new high quality laminate or hardwood floors. Tiles in the bathroom.
Roof, hot water tank and furnace: Make sure they are recent since home buyers view those as expensive nuisances.
Windows: Replace windows with new triple pane energy efficient ones. How to Add Value Making a great first impression is critical. Buyers prefer to not have any upgrades or renovations to do when looking at homes. A freshly painted home with new flooring, which has been de-cluttered and properly staged will sell for more money in less time. The cost of staging will be substantially less than your first price reduction.
With buyers shopping on the Internet, quality photos have never been more important. While a properly priced home will generate interest, a properly staged and prepared home will generate offers. Your professional, full time agent will help you make these important choices and connect you with the professionals who can help. Marketing Strategy Objectives Sell your home in the shortest amount of time
Sell your home for the highest price possible
Make the process as clear, simple and satisfactory as possible Marketing Strategy Marketing Strategy As you can see 9 out of 10 buyers start their search online. Which is why it is important to use a company that has a proven online and social media marketing strategy. Full MLS® System Exposure
World Wide Internet Exposure on Realtor.ca, Web Syndicated Sites (eg. Kijiji)
Real Estate Review Newspaper
Experienced Professional Real Estate Agent
High Quality Digital Photos
Responding to Consumer & REALTOR® inquires
Showing the Property to Prospective Buyers & Assisting the Seller in Negotiating Favorable Terms & Conditions with an Offer
Assisting in the Completion & Possession process
Visible Yard Sign Marketing Strategy Professional Photography A realtors’ association survey found that when it comes to web features that buyers consider “very useful,” 83 % cited pictures. Real estate photos are worth more than a thousand words and making every pixel count is more important than ever. We always use professional photography. Marketing Strategy Brochure Potential buyers often see several homes for sale in a day and pick up a brochure at each locations they visited. Make sure that at the end of the day, your brochure stands out among the competition and positively reminds them of the wonderful features of your home and, more importantly, how great it looked with appealing high quality photos. Marketing Strategy When selling your home, holding an open house can be a valuable marketing effort. It permits buyers to come in, experience the home, ask questions, peer into the rooms and get a feel of the place. Selling Options Understanding Agency Seller Agent: A seller's agent is hired by and represents the seller. All fiduciary duties are owed to the seller. The agency relationship usually is created by a listing contract.
Buyer Agent: A real estate licensee who is hired by prospective buyers to represent them in a real estate transaction. The buyer's rep works in the buyer's best interest throughout the transaction and owes fiduciary duties to the buyer.
Dual Agency: Dual agency is a relationship in which the agent represents both the buyer and the seller in the same real estate transaction. Dual agency relationships do not carry with them all of the traditional fiduciary duties to the clients. Instead, dual agents owe limited fiduciary duties. Because of the potential for conflicts of interest in a dual-agency relationship, it's vital that all parties give their informed consent. Selling Options Dare to Compare Selling Options Full MLS® and Realtor.ca Exposure - Exposure on Multiple Internet Sites - High Quality Digital Photography - - Yard Sign - Professionally designed brochure - Other Agents Showing Your Home - Lockbox - Open Houses and more. Selling Options FAQ Selling Options FAQ Contact