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Selling a Real
Property
The Process
Hire an Agent? Decide between
selling the home yourself and choosing a listing agent to market the
property and guide you through the process.
Hire a Listing Agent: If you have
an agent list your home, sign a listing agreement with a licensed
agent. This is a contract between you, the agent, and the agent's
broker, allowing the agent to sell your home. You will be working
closely with this agent, so make sure the agent is someone you can work
with and trust. Make a list of any special features that are not
obvious to buyers: nearby schools, pools, golf courses and public
transportation. Ask your agent: How will he help you? The list below
provides guidelines about the process. The listing agreement may be
"exclusive agency," meaning the agent gets paid if they procure the
purchaser, or "exclusive right to sell," the agent is paid even if you
procure the seller.
Marketing: At Gamzeh
Realty.com, we have the most powerful tools to market your
home. Over 70% of home purchasers shop for and find their home online.
When you market with us, your home is not only listed in all home sale
databases and traditional print ads, it stands out here as the first
thing buyers see when they begin their search. This means that the
several thousand individuals who view our site every day see your home, and see it
first. Contact me for a consultation. Before you make your
decision, read the following guidelines for selling your home.
Marketing.
Ask your agent what they will do to sell your home. Do they have a
website? Will they advertise in newspapers? Will they hold an open
house? Does their company have good market exposure? Will they work
hard to sell your home? Come out at night to show your house to
prospective buyers? Selling DC Real Estate takes commitment.
Follow
Up. Check your home's listing on the Multiple Listing System.
Did your agent describe the property to make it attractive to buyers?
Is your agent actively showing the property? What has your agent done
to attract other agents to the property?
Disclose.
Tell your agent about defects with your property. Your agent will ask
you to fill out a disclosure form, as required by law. If you know of a
problem and don't disclose, you will be liable for any harm it later
causes.
Price.
Have an agent give you a free home valuation to determine the price of
your home. Do not hire an agent based on quoted price - good agents
price your home realistically, bad agents compete by quoting higher
prices. Compare your home realistically with others in the
neighborhood. Potential buyers will be doing the same, so try to see
your home from their perspective. Your home is most salable the first
week on the market. Overpriced homes sit on the market, and lose
leverage with buyers. When calculating how much cash you will have left
over, subtract from the sale price the transfer taxes and related
closing costs (plan on around 1.5% of the sale price), as well as any
capital gains taxes owed, agents' commission, and mortgage balances.
Remember that these costs do not affect the value of your home to a
purchaser.
Documentation.
Retrieve all documents relating to your property. If you own a condo or
coop, order an updated set of association documents from the management
company.
Clean.
Remember that people will be coming through your home randomly, so keep
it in its best condition at all times. Will a home sell for more just
because it is clean and looks "showable"? Yes. Buyers know that your
home is occupied, but don't make it too obvious. Reduce clutter
wherever you can by minimizing objects on table tops, counters, floors
and dressers, and hiding objects that don't have a place - a crowded
home looks smaller.
Fix
it or forget it? Repair broken items and make low cost
improvements, but don't spend heavily to make general improvements,
such large expenses are difficult to recover. Painting, cleaning and
washing are usually enough.
Access.
Make your home available to agents as much as possible. If you are
home, greet visitors and the door, then excuse yourself so visitors
with agents may view your home freely. Restricting access will reduce
the number of people that can see your home.
Consider
offers. Decide in advance special needs such as specific
closing dates, how much time you need to move out, and what
contingencies you will accept from the buyer. Contingencies bind you to
the contract and take your home off the market, while allowing the
buyer time to rethink the purchase.
Questions to Ask an Agent:
Full-Time
Realtor: If your agent is part-time, run - don't walk - to
another agent. This business is 24 hours a day.
Communication:
Is your agent easy to reach? A buyer or buyer's agent who can't reach
your agent will quickly move on to another property. Do they return
phone calls the same day? Surprisingly, many don't.
Commitment
to Excellence: Is your agent professional and attentive to
details? Are they just relying on past homes sales to prove their
experience? Hint: selling a home in this market does not take much
experience, but it does take commitment and time.
Retail:
Does your agent entice shoppers into viewing your home? Check online to
see if your agent has described your home in a way that will make it
interesting. Pull up other listings by that agent to see how they
marketed other properties. Were maps, photos, and enticing descriptions
part of that retailing? These are simple tools for agents and should be
used on every listing.
Websites:
Will your agent market your property individually on their own website?
Is it a website purchasers will see?
Location:
Does your agent work nearby? Selling a house may require repeated
visits to the home in order to let purchasers in. If they have to drive
from far away this isn't possible.
Open
Houses: Will your agent conduct open houses until your
property is sold?
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