Selling Real Estate
What is the first thing I should do when I want to sell my home?
Thanks to the digital age and the internet there is a wealth of information available to home owners that pertain to your home value and selling your home. However none of these sources can replace a professional Realtor - someone who can factor ALL the information related to your home and its value. You should first hire a Realtor with the expectation that he or she can help you every step of the way, even if you don't plan to sell your home for a while. After signing your listing contract, there are several things you can do to help the sale of your home and your Realtor will help you prioritize these items.
How do I get the best price for my home?
Basic economics tell us that the market value for any item is the price the general population is willing to pay for that item. Quality, prestige, utility and convienience are a few of the factors that pertain to market value. When selling a home, you need to take all these things into consideration in order to maximize your potential selling price. If your home appeals to a wider variety of potential buyers, you are more likely to recieve an offer for your home. Our job as your Realtor is to help you present your home in a way that will appeal to the greatest audience, thus increasing your potential selling price. Some homes may need some minor changes before being listed for sale. It is true that there are no home improvement projects that will yield 100% return on investment but that is not the whole truth. For example, if there is some old wall paper and dingy colored walls in your home the cost to repaint will not add any value to your home but it does add APPEAL. Spending a few hundred dollars or even a few thousand (depending on the situation) can greatly increase the appeal of your home and it should generate an offer much sooner. Every month your home is on the market it costs you not only money, but also the potential opportunity to purchase your next home, maybe even your dream home.
Why should I hire a Realtor instead of selling my home myself?
While it is true that you can sell your home yourself, there are many reasons why that usually isn't the best thing for you. A good analagy to this situation is car repair. You can save quite a bit of money doing your own car repair but the question you should ask yourself is what are you giving up in order to save a little money. Selling a home isn't the car equivalent to changing your oil, it's more like repairing your transmission. It takes specialized tools, training and skill in order to complete the job (all of which your Realtor will have at his fingertips). If you attempt it yourself, you won't spend a couple of thousand on a repair specialist but you will most likely end up spending several thousand more buying a new transmission when your attempted repair results in a destroyed transmission. It is much better to pay a commission to a Realtor so that you may avoid many of the consequences that may arise from attempting the sale yourself (which could cost you much more than the amount of the commission).
How do Realtors justify their commission?
A Realtor's commission is much like the selling price of a home - there is no law stating what it should be. Realtors charge their commmission based on what they believe they are worth to the seller. Realtors do many things for their clients during the course of selling your home - at their own expense. Our job is to sell your home therefore we are paid only when the job is completed. This very question is why you should interview your Realtor and allow them to give you a listing presentation so that you may see what they will do for you. Realtors that do the most for their clients and do it the best are 'worth their salt'. Your Realtor can be the difference between settling on a mediocre price or getting the best price for your home. Isn't that worth a little more than the average Realtor?