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Info For Sellers |
Seller Information |
Real Estate Seller Q&A
If you are contemplating selling
your Pensacola property or home, there is a chance that you may be experiencing a variety of
emotions. You might be excited about moving up into
a new home or anxious over the unknowns about a move
across the country. Reluctancy about leaving
friends and memories behind can be powerful, but so can the eagerness of starting a new and exciting
adventure. We are here to help you navigate through the real estate selling process so the impact of those
emotions are lessoned. Call or e-mail me today!
To discover what your Pensacola home is worth in today's
market, click here!
Getting Your House Ready to Sell
Introduction to Selling Real Estate: Reason vs. Emotion
De-Personalizing Your Home
Remove the Clutter, Even Though You Don't Think
of It as That
Fixing The Interior of the House
Fixing the Exterior of the House
Beware About Starting Off With a High Price
Meeting with Prospective Realtors
Which Pensacola Realtor To
Choose?
What Goes On Behind the
Scenes
Lowering The Price...Missed Opportunity?
Types of Real Estate Listing Contracts
Open Listing Agreements
One Time Showings
Exclusive Broker Listing Agreements
Exclusive Right to Sell Agreements
Details of a Real Estate Listing Contract
Price and Terms of The Sale
Do You Allow a Lockbox?
Real Estate Agent Commissions
Pensacola MLS (Multiple Listing Service)
Real Estate Listing Agent's Duties
Agency Dispute Resolution
Real Estate Listing Commissions and Other Issues
Is the Realtors Commission
Negotiable?
At What Point is the Real Estate Agent's Commission
Earned?
"Hot" Market Pricing
Strategy - Issues
The Real Estate Listing Agent & The Marketing Of Your Home
The "Real" Role of a Real Estate Listing
Agent
The
"For Sale" Sign
Putting Flyers
in a Brochure Box
The Real Estate Listing Agent - Marketing The Property to
Other Realtors
The Pensacola MLS (Multiple Listing Service)
Realtor Office Previews
Real Estate Broker Previews and Food
Brokerage Flyers
Real Estate Marketing Sessions
The Real Estate Listing Agent and Marketing Your Property to
Potential Buyers
The Role of Real Estate Advertising
Real Estate Brokerage Advertising
Real Estate Agent Advertising
Neighborhood
Announcements
Open Houses
Showing Your House to Home Buyers
Convenience and Availability
Why You Shouldn't Be Home During a Showing
Lighting, Fragrance, Pet
Control, Etc.
Keep Your Home Neat and Tidy
Introduction to Selling Real Estate: Reason vs. Emotion
When speaking with various Pensacola real estate agents about buying, you may
often hear them refer to your property purchase as a
"home." However, if you are selling the property, they may
often call it a "house." Typically, the reason they do
this is because buying real estate is frequently an emotional
decision. However, when you are involved in a real estate transaction, you should
remove your emotion from the process.
You need to have the perspective that your house is just another commodity to the
public. For single family homes, the goal is to promote the notion of getting
others to see the house as their next home. Your opinion and experiences mean
little if nothing to them. If you aren't successful in making this transition,
you stand a good chance of pro-longing the sale of your property.
You will need to get your home ready by "de-personalizing" it.
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De-Personalizing Your Home
The reason you need to do this is
because you want potential buyers to view the property as their
next home. When a buyer sees your
family photos spaced about the house, it puts your seal of
ownership on the home and may conflict with their
envisions of owning the home. So, put
away the family photos, trophies, collectibles,
knick-knacks, and souvenirs. If you have to rent a storage unit for awhile, so be it.
Avoid the tendency to place them in boxes in the basement, closets, or attic, because another step
in the sales preparation is to remove clutter.
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Remove the Clutter, Even Though You Don't Think
of It as That
This may be one of the hardest things for many sellers to do
because they may be likely emotionally attached the house and the stuff in it. As you know,
living in the same home for years allows clutter to collect that may not be so evident to the owner.
However, there is no doubt about if affecting the way a potential buyer sees the
home, regardless if you, the seller, realize it. Drawers, counters, shelves, closets, attics, garages, and
basements are all places that tend to collect clutter.
Always put yourself in the shoes of the buyer when you inspect the home. Get critiques from
friends and your real estate agent without getting defensive.
Kitchen Clutter
Start in the kitchen. The kitchen is one of the most important rooms in the home
and commonly ends up collecting a lot of your "stuff."
Remove everything, even the small appliances, off of the counters. Take the toaster out
when you need to use it, then put away when you are done.
You may have to make more room for the commonly used small appliances, by
removing and boxing up the unused dishes.
Prospective buyers touring your home are sure to open up your kitchen cabinets
to see if there will be ample room for them, so avoid jamming them full by
boxing up items that you don't use routinely. Empty cabinets help
to demonstrate that there is more storage space in the kitchen - which
everyone likes.
That junk drawer...Get rid of it! Make more space!
If your cabinets are crammed with a bunch of food items, begin
using them to free up space and create openness. You don't want to be
moving heavy canned goods to your new home anyway. Make a menu to systematically
run through the food items.
Pay special attention to the area under the kitchen sink. Clear it out and make
it as empty as possible. Clean the area well, and look for any signs
of plumbing leaks and repair the leaks and the damage. This can promote
hesitation in a buyer if damage is noticed.
Closet Clutter
Clutter always finds its way into closets. Your shoes, coats, raingear, and blankets
may not be clutter to you; however, it doesn't belong to the buyer
and they may view it as such. Anything in your closets makes them appear
smaller.
Furniture Clutter
Too much furniture, and many people have it, can give the illusion that the
space is smaller than it actually is. Home buyers almost always are shopping
to get the most for their dollar. Your congested appearing room may turn
them away. Take a look at a few professionally decorated model homes
to get some ideas on what you can do to achieve a great presentation
of the space you have.
Storage Area Clutter
Sheds, basements, and attics accumulate the most amount of clutter. In fact,
it can be seen as downright junk. Clear the areas and make them as
empty as possible to help the buyer envision how much room they will have and what
they want to do with it - even if it means storing their junk.
Consider a garage sale.
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Fixing The Interior of the House
Plumbing and Fixtures
All of the sink fixtures should appear shiny and new. If you can't
accomplish this by cleaning, consider buying new
ones. By shopping around, you can buy them inexpensively, and most are
easily installed. Ensure all hot and
cold water knobs turn easily and don't leak. Replace the washers on the
ones that do, it isn't very difficult.
Check for good water pressure and remove the stains on
the porcelain. Hire a cleaning crew if you need to, they deal with difficult
stains every day.
Ceilings, Walls and Paint
Check the ceilings for stains. Sometimes
leaks leave stains from long ago even after the repair. Obviously, if you have a leak,
get it fixed.
The same holds true for walls. Stains and accumulated dirt should be removed or
covered. If your color scheme is outdated, consider repainting.
Painting has shown to be a very good investment when trying to sell
your home. It isn't very expensive and can
often be done by yourself. Choose your new colors
based upon what would have a very broad appeal to potential buyers, not
necessarily what you preference is. An off-white typically is a safe choice
because it will help the room appear spacious and bright.
Flooring
If your carpet is not outdated are worn, a professional cleaning
may be all that there is to do. If the decision to replace it is made
chose one that is somewhat inexpensive and in a color that is neutral.
Repair or replace those broken floor tiles, but I caution you to not
spend a great deal of money. Remember, you're
not improving the property for yourself. Your goal is to minimize the opportunities for
negative impressions and to move out.
Doors and Windows
Check to ensure that all of the doors and windows operate fully and smoothly. WD40 does wonders!
Replace the cracked or broken glass panes prior to showing the property.
Odor Control
Those of you that have smoked in your homes over the years have an uphill battle!
Fewer people smoke nowadays, and most that do want their houses to smell good
and do so outdoors. Smoke odors are very difficult to remove. Some tricks
such as neutralizers or ozone spray will help, but painting and cleaning may
be required. Smokey houses have been known to languish on the market.
You may become used to the odor of your pet(s), but visitors to your home
typically notice them immediately. Empty those litter boxes
daily and add an odor control product on top. If possible, keep Rover
outdoors as much as feasible. Use carpet freshener periodically.
Repair Costs
Keep your spending in check and don't do expensive improvements like a remodel. Use
savings instead of credit cards or loans especially if your selling process will quickly
turn into another real estate purchase and subsequent mortgage. You don't want to negatively
impact your ability to qualify for a new home loan.
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Fixing the Exterior of the House
Although preparing the interior is crucial, the exterior is certainly more important.
A buyer's first impression, while they are still in their car, sets the mood.
Inspect your house from across the street and compare it to those nearby.
Landscaping
Your landscaping should at least be average for your neighborhood.
If it isn't, then consider buying a few plants and freshen up the mulch and trim
the bushes. Don't use your money on mature trees because they are expensive and typically
don't return your investment.
Flowers that are already in bloom don't have to be very expensive, but
will add color and vibrancy enhancing that good first impression.
Keep the lawn freshly cut and trimmed. Routine watering will help with greening and
avoiding dead, brown spots. Don't overlook the need to re-sod problem areas. Don't wait
until the last minute; the grass will take a little time to respond, especially if you have
applied fertilizer recently.
Always rake the leaves and remove grass clippings.
House Exterior
Painting the exterior can be a big decision; however, it can add a lot of dollars
to an offer and cut the marketing time compared to a faded or tired appearance. The color
choice should fit in with the rest of the neighborhood and not be unusual.
If the roof needs repair or replaced, then do it. A home inspection will uncover
the problem anyway and then you will have a large negative perception to overcome with
a potential buyer. If you know about any leaks, the laws specify that you must disclose them
so it's simply best to repair them.
The Back Yard
The back yard should be trimmed and tidy. Ensure that you keep the kids toys
picked up to prevent the impression of sloppiness. If there is a pool or
spa, ensure it is maintained and is consistently clean and sparkly.
Consider removing large playground structures and swing sets to help make
your yard appear large and spacious. Keep the dog "debris." picked up.
The Front Entry
The front door needs to be sharp. Everyone will come through it and they will have a
chance to stand in front of it momentarily while waiting to come inside.
Polish or clean the door hardware until it gleams.
If the door could use a refinishing, don't hesitate to make it happen.
Remove that plaque or cute shingle with the family
name on it.
Ensure the door hardware works easily and properly.
Why bother with a negative first impression when the buyer's realtor has to jiggle or
cuss while trying to get the door open?
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Meeting with Prospective Realtors
OK. The decision has been made to sell your home and you
think that you know what it is worth. Making sure you do a thorough job
you make appointments with 3 or so Pensacola Realtors. Each real estate
agent comes with a "Competitive
Market Analysis" in a nice binder or expensive paper and they recommend
a sales price.
Sure enough, several of the Realtors came up
with sales prices that are lower than you had expected; however,
they back up the recommendations with data from recent sales of similar homes in the area, but
you aren't convinced that they have considered everything good about your house and you believe
that it is worth more. One of the real estate agents that you visited with, however, has provided you
with a price that is in-line with what you have been thinking - or even higher. Now you are excited and
may think that you have made your decision.
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Which Pensacola Realtor To
Choose?
Most people choose the last Realtor that told you what you wanted to hear. After all,
this agent seemed willing to listen to you and really understood how your property was
different. Look, even if they are little high, you can always come down a little and make that sale.
This is how everyone else does it, Right?!
The fact is that you most likely met a real estate agent that engages in questionable behavior
called "buying a listing." They "bought" your listing by
leading you to believe that they could get you more money for your home than the other Realtors. Most
likely, they already know that it is doubtful that your house will sell for the price that you discussed, but
the intention all along was to get you to choose them and then convince you to lower the price
under the guise of "e; the rapidly changing market."e;
Why do real estate agents do this? Well, some may be quite innocent by feeling the pressure from the
homeowner with an inaccurate and inflated perception about their home's value, while others purposely
engage in this practice frequently to garner real estate listings.
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What Goes On Behind the
Scenes
There are many things involved in a real estate closing, most of which occurs "behind the scenes"
That you don't see or know about.
Unlike what most think, real estate listing agents
don't usually try to sell your house to a buyer.
That would be inefficient. Real estate listing agents will
market your house to many other local Pensacola
Realtors and real estate agents who are working with buyers,
leveraging the sales force and marketing effort.
In the beginning, your house should experience
a flurry of activity possibly with other real estate buyer's agents
previewing your house so they can try to sell it to their
clients.
If the price is right.
If you and/or your agent have overpriced your home, fewer
real estate agents will preview your house. After all, they are
Pensacola Realtors, and their job is to know the local market
conditions and house values. If your home is
substantially above the market, why would they waste their time? Their
time would be better spent previewing properties that have a
realistic price.
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Lowering The Price...Missed Opportunity?
After a while on the market, when you do decide to drop the price, your home is "old
news." You probably won't ever be able to recapture that initial
flurry of activity that you might have garnered with a solid,
realistic price, and furthermore, your home could take longer to
sell.
Even if you were able to obtain a contract on your home at a price above the market
price, your buyer will most likely be required to get a mortgage. The mortgage
company will always require an appraisal which is determined by comparable sales
of similar homes, usually within the last six months. If current market
conditions don't support the price on your contract, then the house
won't appraise for that value, not allowing the loan that the buyer needs, and hence making the deal fall apart. At
this point the buyer has to come out of pocket with more money to pay for a house that he now knows is overpriced
or you renegotiate a lower price. Then there is always a good chance
your home will be placed "back on the market."
It always seems that after your property has fallen out of a deal or sits
on the market for awhile, it is harder to get good
offers. Other prospective buyers will think you may be
getting desperate and usually initiate with lower offers.
So overpricing your property in the beginning could
actually result in achieving a lower price than you
might have otherwise received.
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Types of Listing Contracts
Although there are several types of real estate listing
contracts, very few are used. The
"Exclusive Right to Sell" is by far the most common, but
others include the "open listing," "exclusive agency
listing," and the "one-time show."
Open Listing Agreements
"Open listings" are mostly used by those trying
to sell their property "by owner" but are also willing to
work with Realtors. In effect, it allows a
real estate agent the opportunity to show potential buyers
your home. If real estate agent's client buys the property,
the agent earns the commission. Nothing
is exclusive about this agreement and a seller
can allow any number of Realtors to participate.
And for that very reason, no Realtor is going to put any effort towards marketing your
home or include it in the Pensacola MLS (Multiple Listing Service.) If
your house fits the desired criteria of one their
clients, and it is convenient, they might be open
to a showing with the client. That is about all an "open
listing" is good for.
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One Time Showings
A "one-time show" listing agreement is similar to the open listing in
many aspects; however, it is mostly used by Realtors
who happen to be showing a FSBO (for sale by
owner) property to one of their buyers. The seller
will sign the agreement, and identifies the potential
buyer, while guaranteeing the Realtor a commission in the event
the buyer purchases the house. This prevents the
seller and buyer from negotiating apart from the Realtor at a later time in an attempt
to avoid paying a commission.
Similar to an open listing, Realtors will not be
spending their money on marketing the home and it will
not be included in the Pensacola MLS (Multiple Listing System.)
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Exclusive Right to Sell Agreements
Entering into an "exclusive right to
sell" agreement with a Pensacola Realtor doesn't mean that there won't
be other real estate agents involved. Your Realtor is the
listing agent and part of their job is to
market your home to other Realtors who work in the community with
buyers. These agents are going to show your home to their
clients. Regardless of which agent sells the house, or even if it's
you that sells it to a friend, your
listing agent will earn the commission.
An exclusive right to sell agreement is the only type of
listing contract that an effective Realtor will accept.
The reason for this is because this method is the only way that they would reasonably be expected
of recouping any of their money spent on marketing and promoting
your home.
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Details of a Listing Contract
The seller's name, property address, and legal description
will obviously be included in the listing contract.
There are other things that are included as well,
and you should be aware of them.
Price and Terms of The Sale
When considering the terms of the sale, the most important thing you
will be concerned about is the price. As we discussed earlier, by now, you will have an
idea of what your house is worth.
Exercise great care in setting your asking
price, ensuring that you don't set it too high or too
low.
In addition to setting the price, you will list what other
property, if any, goes with the home when. Personal property is anything
not attached or affixed to the home, like washers,
dryers, refrigerators, and so on.
There may be some items that are considered "real
property" that may not want to include with the
house in the sale. Since real property is attached to
the house, your chandelier
that has been in the family for generations may be assumed by a
reasonable buyer to go with the house, and you would therefore need to explicitly
exclude it in the agreement.
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Do You Allow a Lockbox?
A lockbox is a locked compartment that holds a key to your house.
Only someone with an electronic key
can get into the lockbox and access the key.
A lockbox makes it easy for other realtors
to get access to your house.
Without it, real estate agents representing buyers
would have to make appointments to meet you and or your
Realtor at the home so they could
show the home. This would be inconvenient for all, and since
just about every other home has a lockbox
available, if you don't allow one, most other Realtors will
simply not show your home to their buyers. You can certainly miss out on
opportunities to sell your home.
The listing agreement specifies whether you will allow a
lockbox or not. The lockbox will be locked in place, usually on
the front door, and cannot be removed without a code. Only other
Pensacola Realtors can access the lockbox with their electronic
key.
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Real Estate Agent Commissions
Real estate agents usually expect to earn a
commission within a certain range. The commission amount is typically a
percentage of the sales price of the property. Some companies will instead
charge a set fee. Just
like anything else in real estate, the amount is
negotiable. You and the Realtor will agree to the amount or the percentage
and document it on the listing agreement.
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Pensacola MLS (Multiple Listing Service)
Your listing agreement should specify whether or not
the home will be listed in the local Pensacola MLS
(multiple listing service). It is very important
that you do have the home listed because by doing so
your sales force is multiplied by all of the other Pensacola Realtors.
If, on the other hand, it doesn't get listed, then you will only have one
real estate agent working for you instead of many.
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Real Estate Listing Agent's Duties
The listing agreement will likely specify that your agent is
acting under "single agency." This means that they
are working for you and you alone and they are bound to act in your best interest always. However, there may be a time when your
listing agent encounters another client who wants to purchase your
property. In that case, there is a little provision in most listing contracts
to act as a "transactional broker" when properly disclosed and agreed upon by you.
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Agency Dispute Resolution
On occasion there may be a time when you and your Realtor will have a
disagreement that you seem to be unable to resolve by yourselves.
This could be a result of poor performance, misrepresentation,
or something else. This could even be a result of the real estate agent
having a dispute with you.
The contract will specify what method will
be used to settle the dispute. You have the ability to choose, beforehand, to
accept binding arbitration, typically cheaper and faster
than hiring an attorney and going to court.
On the other hand, you don't have to sign for
binding arbitration. This would allow you
to hire an attorney and pursue resolution in
civil court instead. You should consult an
attorney for advice on this and any other legal matter.
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Is the Realtor's Commission
Negotiable?
Real estate agents usually expect to earn a
commission within a certain range. The commission amount is typically a
percentage of the sales price of the property. Some companies will instead
charge a set fee. Just
like anything else in real estate, the amount is
negotiable. You and the Realtor will agree to the amount or the percentage
and document it on the listing agreement.
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Cut-Rate Listing
Commissions
With the popularity of the web, a lot of Realtors are
offering "cut-rate" commissions. Usually,
lower commissions are tied to lower levels of
service from the agent. If all you desire is to be listed with the
Pensacola MLS (Multiple Listing Service) and a sign in the
yard, then a cut-rate commission may be the right choice for
you. If, on the other hand, you need a Realtor who will actively market
your property to others, both agents and buyers, including spending their money on
advertising, then you will probably not get
that kind of service with an agent accepting reduced commission.
Other times, a lower commission may be offered
when you agree to use other services offered
by the agency or broker, such as using a specific
lender or title company. The
broker, but not the agent, may have some form
of ownership or profit participation in these
businesses. The issue with agreeing to these services with the
companies is that they aren't always as competitively priced on their services.
Another practice when you see an ad for
reduced commission is when the commission is
lowered upon your agreement to buy your next property through
the same real estate agent or broker. Typically, the reduced
commission is not being offered on the listing and sale
of your present home, but on the purchase of the
next one. The ads may be unclear about this.
Therefore, when you consider an offer for a lower
commission for real estate services, you should study what you are giving
up by agreeing to such an offer. It most likely will not
be apparent in the advertisement. Ensure you
ask lots of questions.
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At What Point is the Real Estate Agent's Commission
Earned?
The listing agreement specifies a listing price for the property.
Your Realtor's job is to find a "ready, willing and
able" buyer for the home and present an offer. If an agreement
is reached with the buyer, then the real estate agent has done
their job and earned a commission. After the sale has
closed, the Realtor's broker gets paid from the
sale proceeds.
If the buyer is unable to complete
the sale, the house will be put back on the
market and the Realtor has to earn their
commission all over again.
However, if a seller backs out or doesn't
accept an offer that does meet the price and terms of
the listing contract, the listing broker has still
earned the commission. They may very well want to be paid
even though the home did not actually sell.
Therefore, it is important to consider carefully
every detail of the listing agreement
and to accept an offer, that meets the agreements terms, to buy your
home.
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"Hot" Market Pricing
Strategy - Issues
In a "hot market" a certain marketing
technique, though very effective, can cause
issues because of the way the agreement is written.
This practice is known as "under-pricing" the house. In
a hot market, a house that is under-priced usually gets a lot
of attention from buyers through other real estate agents.
Often, you can get
into a situation where several offers are presented to you
and the price starts going up because of the competition.
You may end up selling the home above your asking price
and maybe even above what you would have received if
it had been priced traditionally.
However, this technique may have the potential to
backfire, so you need to build safeguards in to prevent
having to pay a commission "just in case."
The listing agreement usually states that
if an offer is received that meets the terms
in the contract (including the price), the
Realtor has earned their commission--even
if you decide not to sell. A reputable agent
would never collect a commission if they
were going to use the "under-pricing" technique and it
backfired--even if they are technically entitled to
one. You should specify
your true target price at which the Realtor as
earned the commission.
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The Role of Your Real Estate Listing
Agent
When you purchased your home, you may have used the
services of a Realtor. You may have found that
real estate agent through a referral from friends or family,
or through some sort of marketing or advertising. The agent probably helped you in numerous ways and
eventually you found your home, presented an
offer, and closed the deal.
Now it's time to sell your
house and you need a Realtor again. Many
sellers, especially those that are selling their first
house, tend to think that all real estate agents are similar to the
one that helped them before in their purchase.
Although Realtors can, and do, work
with both buyers and sellers, many tend to
concentrate more on one than the other.
When you purchased your house, you may have
worked with a "selling agent" - one that works
mostly with potential buyers.
Due to some people's perception, many home sellers expect their listing
agent to do the same things that a selling agent
does; i.e. find a buyer for their property. After all,
they may do the same things you would expect if they were
searching for potential buyers. A sign goes up in the front
yard; ads are placed in the local paper and real
estate magazines; the Realtor holds an open house on
weekends; and your home is proudly displayed on the
internet.
But it doesn't stop there and this is only what is seen on the surface. More
important activity should be occurring behind the scenes. Once
the "for sale" sign is up and the flyers are printed,
your Realtor's main focus is to market the property to
other real estate agents, not particularly to homebuyers.
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The "For Sale" Sign
It's obvious that when your home is up
for sale that the Realtor will put a "for sale"
sign in the yard. The sign identifies the
real estate agent's company, the agent, and will have a telephone number
so that prospective buyers can get information.
Signs are good at generating telephone calls, even
if no one actually purchases the house they call
about. However, you may be one of the lucky ones.
So you should understand what happens
when an interested party calls the number on your sign. Does the
agent or representative answer the call or does the caller get sent
to voicemail?
You desire to have someone answer the call while the
caller is "hot." When interested buyers call,
they should reach a live person who can
answer their questions and give pertinent information immediately. A buyer may
actually be on the street looking at your home and placing the call
with a cell phone.
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Putting Flyers
in a Brochure Box
Your Realtor should prepare flyers that display a few
photos and provide details about your home. Again, there
should be a telephone number so those interested can contact
your Realtor to get additional information. The flyers are
typically displayed in a prominent location such as a box on
the post of the "For
Sale" sign.
This brochure box is handy for those potential buyers
that drive by and happen to see the
sign in front of your home. It should provide enough
information so those interested can determine if they want to
pursue your listing agent with a call or to pass on to their own
Realtor for more information about the home.
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The Pensacola MLS (Multiple Listing Service)
Before anything else is done, your Realtor
should include your home in the Pensacola MLS.
The MLS is local database of all the properties listed by Realtors in the area.
Important and detailed information about your home will be included
here, from square
footage, the number of rooms, to items like the type of
flooring, and whether the home has central air conditioning. There will also be a photo- sometimes many, and a
verbal description about your home and what makes it your house special.
Other Pensacola Realtors search the MLS database for properties that fit the
needs of their clients. They usually pay
special attention to homes that have recently been
placed on the market. This is typically why you may get a
lot of activity when your home is first listed.
Some real estate agents will want to preview your house before
they open it up to their clients.
As mentioned earlier, the main reason to have your home listed in
the Pensacola MLS is to expand and leverage
your sales force by the number of local Realtors. Instead of having just
one Realtor working for you, you will have hundreds, depending on the size
your area.
The listing Realtor's main task is to ensure that
the other Pensacola Realtors know about your home. This is
also accomplished by listing your home in the
Multiple Listing Service (MLS), office previews, and
advertising targeted at other agents, not necessarily to
homebuyers.
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The Real Estate Brokerage Office Preview
If your Realtor belongs to a fairly large office,
an office preview may introduce your
home to the other real estate agents working in that office.
They'll go through it very quickly since many of them
will already be familiar with similar homes in the area. They
will usually be looking for anything memorable or
unique to determine if your home is one that they
would like to show their own clients
Some may come back
with a potential buyer.
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Other Real Estate Broker Previews and Food
Broker previews are similar to an office preview,
except that they are open to any other Pensacola Realtor.
It usually occurs early after your home is listed in the MLS.
Since there are many listings to choose from,
not all of the Realtors will be able to preview each
listing that is added every week, and you may not even get as many
Realtors visiting your home as
there were from the office preview.
This is where one of several forms of bribery may be effective, and you can help if so inclined.
Free food is always effective at attracting a real estate agent.
So if your Realtor offers free eats at a
broker preview, you are likely to get more agents to visit than if you offered nothing. Realize that many Realtors
have been doing the circuit for years, so try and help to be creative and original
in the choice of the treats. Sandwiches from a local deli may not be very convincing.
Obviously, some Realtors will actually come to inspect
your house - whether food is offered or not.
Maybe.
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Brokerage Flyers
Your Realtor will probably prepare flyers about
your home so that prospective buyers can be
told about the features of your
house. The flyers should also be included in a mail out
to all of the other local real estate agencies, too.
The flyer should be done professionally and
photocopied well. Ask your Realtor to show you the copies of
the office flyers they have done in the past.
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The Role of Real Estate Advertising
Every seller likes to know that their
listing agent or the real estate agency will run
advertisings featuring their house. Newspaper ads,
local real estate magazines, and the internet will
typically show your listing.
Of course the companies, or agents, will run some ads
featuring your home, but not for the reasons that you would
expect.
The main objective of advertising is not to
sell your particular home, at least not directly. Advertising is supposed to create phone
calls. Some of those callers will become clients of the real estate agent
that answers the calls. This is how a Realtor builds up a
clientele and future business, whether the clients are looking to sell or buy.
The Realtors representing those buyers only know
about your property because it is listed in the Pensacola MLS, has been in an office
preview, or because your Realtor may have sent
flyers out to the other agencies.
The Realtors representing buyers match up their clients with
homes, of which one may be yours, to show and eventually present an
offer
on one. That is how your property gets sold. Ads only create
a pool of clients for real estate agents, one of which buys your home. Ads
rarely are responsible for directly selling your home.
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Real Estate Brokerage Advertising
As I mentioned, advertising your house in
newspapers or magazines rarely sells your home. Further, the buyer who
eventually buys your property will probably have called on a
completely different home. The same thing will happen to the
buyers who call about your home; they will probably
purchase something else.
Your real estate agent still needs to run advertising.
The ads will generate phone calls and that is how property is sold.
And you might be one of the lucky ones to have someone
who actually called about your home may end up purchasing it.
Realize that when a real estate agency
advertises the homes they have listed for sale, the advertising also demonstrates home sellers
how effective the agency is at marketing properties. This is to
impress you, and more others who may be
thinking about selling their property.
The ads bring in more listings from home sellers, which
generate more telephone calls, which in turn produces more
home buyers. That is the objective of real estate advertising.
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Real Estate Agent Advertising
Individual Realtors may also advertise your house for the very
same reasons as the agencies do.
Again, these ads
rarely sell your home directly. Once again, the objective
is to accumulate buyers and other sellers as clients,
and to impress you with how
well they market their properties. Some Realtors
do actually sell their own listings, but it isn't that common.
It is a mistake to attempt to measure your Realtor's
performance solely by counting the number of magazine
and newspaper ads featuring your property.
Neighborhood
Announcements
Your Realtor may send out
announcements to the other homes in your
neighborhood. This can be in the form of
postcards, letters, or flyers hanging on the
front door. These can be effective because your
neighbors may have friends looking to buy
a home there.
The announcements create "word of mouth"
advertising. This advertising is typically the best.
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Open Houses
An open house, conducted early in the listing period
can be very effective, but not for the
reasons that most sellers believe. Just like with the advertising explained above,
most visitors rarely purchase the house they come to see.
An open house's objective is similar to the
neighborhood announcements. It allows all of your
neighbors to know that your home is for sale, and it
practically invites them to come and take a look. Neighbors are typically nosy,
and will take advantage of the invitation.
Hopefully they will tell their friends about your home,
creating more "word of mouth" advertising.
Open houses also allow the Realtor to "farm" the
neighborhood and use the opportunity to garner future clients.
Open houses held long after your house has been on the
market do not typically serve a useful purpose
in selling your property. Many of the neighbors already
know your home is for sale and as mentioned, open house visitors
rarely purchase the homes they visit.
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Showing the House to
Potential Real Estate Buyers
Your house should always be available for a showing, even
if it is inconvenient for you.
Allow your Realtor to install a lock box in a
convenient place to allow other Realtors
to show your house to potential buyers. Having to schedule appointments
is an inconvenience which can commonly end up in your home getting skipped altogether
for someone else who is more cooperative.
Many Realtors will call and give you several hours notice
prior to showing your property.
If you refuse them, as I said, they typically
will just skip your home. You may have just lost an opportunity to sell
your home.
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Why You Shouldn't Be Home During a Showing
Prospective home buyers may feel like intruders if you remain in the house
while they visit, and they may not be as receptive
to viewing your house. Take a short visit to the cafe, shop, or park with the kids if need be.
If you absolutely cannot leave the property, remain
out of the way in an area of the home and don't
go from room to room. Answer questions from the showing real estate agent,
but don't volunteer any information.
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Lighting
When preparing for a showing, turn on all the indoor and outdoor lights.
At night, a lit up house gives a
"homey" feel, especially when viewed from outside.
During the daytime, the lights prevent
shadows from the sunlight and brightens
dim areas. Your home will look more cheerful and homey
with the lights on.
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Fragrances
Don't use scented sprays prior to visitors.
It will be too obvious, and many find the odors of
those products offensive. Some may even be allergic. If you want to have a pleasant aroma in
the home, have a pot of potpourri or something more
natural. Another idea is to turn a stove burner on for a moment and
drop a spot of vanilla extract on it. It will smell
as if you have been baking.
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Pet Control
If you have pets, ensure your Realtor annotates that
on your MLS listing.
You don't want your pet
running out the door and getting lost. Better yet, if you
are expecting a showing, try to
take the pets out with you during the time the potential buyers tour
your house. Otherwise, it would be best to keep
the dogs penned up in an area of the back yard. Keep
cats in a room when you are expecting
visitors and put a sign on the door. Frequently,
a cat will hide when visitors come to
your property, but at times they may get scared and try to
escape.
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The Kitchen Trash
Make sure you empty the trash prior to a showing
even if the trash can is
stored under the sink. Remember, you desire
to present a positive image about every aspect of your
house. Let's face it, kitchen trash, stinky or not, doesn't emit a positive
image.
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Keeping the House Neat and Tidy
Not everyone normally makes their bed every day, but
when your home is on the market, it is recommended that you
get into the habit. Pick up papers, empty glasses, and keep everything
vacuumed and dusted. Make it look like a model home. One with furniture,
but with no one really living there.
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| Robert Savage is a real estate
broker with the Realtor designation. He is the team leader for the
OurGulfCoast team in the Pensacola, Pensacola
Beach, Pace, Gulf Breeze, Milton, Navarre, Navarre Beach, Fort Walton
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Call Bob at 850-934-0049! |
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