As Realtors, we often find that people assume we somewhat operate under a veil of secrecy. Among colleagues we often find ourselves saying, “Don’t you wish your clients knew________?” It’s time to debunk the myths, squash the confusion and lift the veil. Welcome to the realm of Real Estate.
It’s no longer 2015. The days of Sellers begging for buyers, and the ability, as a buyer to low-ball an offer and have a real shot at sealing the deal are over. 2017's market is far different than even a short 8 months ago. Case in point:
I recently listed a home in Beavercreek, I had sold these clients the home in 2012, they've done some updating and finished the basement. The Cape Cod was ADORABLE to say the least. Upon listing, I advised my clients to put their seat-belts on, as I felt the home may go quickly.
This was Weds. By Thursday we were reviewing 5, yes 5, viable offers from pre-approved buyers. There had been 20 showings in less than 24hrs and 30+ scheduled through the weekend. The list price of the home was $149,900. The sold price???? $156,100. That's right. My more seasoned colleagues and I share stories of begging buyers to view homes in 2010 & 2011. Sellers just looking for someone...anyone to make an offer. In the tough market of 2017, you'd better pack a lunch. As both buyer & seller. Had these sellers tried the FSBO route they would've ended up with a marked lower price-point not to mention potentially upset buyers who may have felt as if they had no doubt submitted the best offer. How can any one family handle the stress?? Hire a Realtor.
The Process: This is said with daunting music in accompaniment. Understanding the Process (yes, with a capital “P”) is an absolute must in any great real estate experience. A good Realtor will brief clients on the process of buying or selling a home. A great Realtor will walk clients through the process from unlocking the first door to the closing table, by your side and clear the way in the event of obstacles. You'll need a trustworthy Mortgage Broker on your side as well, and it never hurts to do your own homework/research. Here's a head-start tip: View your pre-approval letter as crossing the threshold into the journey vs. your golden ticket. Buckle up for the ride!
Price Is Key: Price to sell. Period. When homes are priced above market-value, even to start, it’s a deterrent. Sellers will likely spend more time sitting idle on the market, which opens the door for a host of other issues. Setting your sales price, at or even a few thousand below market value, indicates you are motivated and creates a sense of value within the marketplace.
Commission: The big “C” Clients rarely ask any questions regarding commission, despite the fact that it seems to be a gray area for most clients. The % listed on contracts is divided between, the brokerage(s) involved as well as both buyer and seller agents. Keep in mind that taxes, additional brokerage fees, signage, ads, etc. will all be paid directly out of the agent’s pocket. Donna Summer's, She Works Hard For Her Money, comes to mind...
Keep It Clean: As a seller, few things compare to keeping your home clean and smelling fresh. It showcases your love for your home, as well as your commitment and pride in ownership. As you can imagine, there is nothing quite like purchasing a home that has been well taken care of, buyers are willing to pay the premium for TLC.
Homework: Today’s Realtors have knowledge that knows no bounds, and in the event they don’t know the answer to your question, you can bet they’ll do their due-diligence to find out. With the ropes changing regularly and the next big wave of technology always on the horizon, Realtors must always stay on their proverbial toes. Home ownership is one of the biggest leaps most of us will make in our lives, as Realtors, we are always honored to be chosen to accompany you on the journey.