The
Basics of Marketing Your Home
Your home should be listed in the local Multiple Listing Service,
on REALTOR.com (which has
the largest online database of homes), on the brokerage's web site, and on the
agent's web site. Many potential buyers who
look for property on the Internet. If your agent isn't internet savvy, you
may be choosing lesser service.
Advertising
The REALTOR'S® largest expense has traditionally been classified
advertising in the local newspaper. However, today properties are also exposed
through popular Internet home search/listing services, radio and television
promotions, and real estate guides. Even with all these additional advertising
avenues, "For Sale" signs on the front lawn are still remarkably
effective. In the Cleveland County, very few REALTORS® use brochure boxes along with these signs to market
the property. Those brochures are very important though.... Timid buyers who
won't call a real estate office to inquire about a home will stop and pick up a
flyer. When appropriate, and with your permission, your agent may send a
mailing about your property to neighbors. Sometimes one of them has "a
friend or relative who always wanted to live near me." You never know.
Showings and open
houses
To prepare your home for
viewing, make it as light, cheerful and serene as possible. You should not be present while the house
is being shown to prospective buyers. This is important because your presence will
inhibit their actions and conversations. They won’t feel free to open closets
and cabinets, test out the plumbing, and discuss their observations objectively
as they walk through. It goes without saying that your children and pets should
not be on the premises either.
If your REALTOR® has scheduled an
open house, you may want to notify the neighbors, and assure them that they'll
be welcome. However, be aware that the open house is largely beneficial only to
the agent (According to the National Association of REALTORS®, only 2 percent
of buyers result from open houses) It is, however a great tool for the
agent to pick up buyers. Should you choose to have an open house, you should:
- Pull the drapes back
- Light lamps
- Simmer a few drops of vanilla or cinnamon
on
the stove
- Light your fireplace
- Set the dining room or kitchen
table if you have particularly nice linen or china
- Put fresh towels in the bathroom
- Leave the house so your REALTOR®
is free to deal with prospective buyers in a professional manner.
TIP: When preparing your home, think
about the techniques that are used to show builders' model homes.
How long has your house been on the
market?
Professional appraisers sum up their entire body of knowledge in
three words -- "Buyers make value." Your home is worth as much as some
member of the buying public will come forth and pay for it. After it's been on
the market for months, you've been given a clear message that the property may
not be worth what you're asking for it. This is particularly true if there
haven't been many prospects coming to see it. What you do at that point depends
on whether you really need to sell, and whether you're working with a time
limit. If you're not really motivated to move soon, you can always wait - years
if necessary - and hope inflation will catch up with the price you want. The
problem is that in that time, your home begins to feel shopworn. Buyers become
suspicious of a house that's been for sale for a long time. If, however, you
really do need to sell, discuss with your REALTOR® a schedule for dropping your
price gradually until you find a level that attracts buyers. There's no point in
saying, "We simply can't sell our house." Anything will sell if the
price is right.
If you’re buying
another home
Don’t spend a great deal of
time worrying about what will happen when you're selling one home and buying
another. You're not alone. REALTORS®, lawyers, and title and escrow companies
have had plenty of experience in arranging contracts and loans so that the two
transactions dovetail smoothly. It's best to list your present home for sale
first.
Selling and buying a home is a very
emotional event and if you create a "race" by locating your
replacement property before you sell your current home, you may lose it to
another buyer, who does not need to sell in order to buy. If you do find just
the house you want, you can always put in a purchase offer contingent
(dependent) on selling your present one. However, in a hot market you will have
difficulty getting the house you want this way.
Sometimes the seller will sign a
contract agreeing to wait a certain period of time while you find a buyer for
your house - sometimes not. What would you do if you were presented with such a
proposal, from a buyer who also has a house to sell? If you do find that you
need to buy the next house before you've received the proceeds from the present
one, lending institutions can sometimes make you a short-term "bridge"
loan to tide you over between the two transactions. Make sure you fully
understand the exposure and emotional investment before proceeding with this
type of loan.
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