Putting up your house for sale puts you in a place of responsibility as the owner, because of course; we all know that earning profit is not that easy. But rest assured that after this experience, you will have gained more skills, insights, and tricks!
1. Do your homework: research on the price range of properties in your area – Doing this saves you from overpricing or under pricing your house. Look into houses within your area that are of similar feature to yours in terms of lot size, number of bedrooms, bathrooms, and parking capacity. If you have time to spare, visit these homes yourself during their open houses. Checking competition will also help you evaluate not just the right price for your home, but also things that you could improve on your house to make it look more marketable.
2. Make your house market-ready – With all the available (free) information for everyone today, buyers have higher standards in choosing a house. They may have envisioned the perfect home on their mind through browsing magazines or photos on Instagram or Pinterest, and it would be of an advantage to your property if you at least try to make it look as if it's straight from their dream. If you’re willing to spare extra cash and effort, you could hire a team of professionals composed of a home stager, landscaper, painter, and handyman. Just make sure that you account these expenses for your final pricing. No budget? You can opt to go DIY. Also, the cheapest way to make your home market-ready is to make sure that it’s clean and free from clutter at all times.
3. Hire a reliable agent – You shouldn’t just hire an agent from a pool of names and faces listed in your directory; ask trusted friends for referrals on agents and interview them before hiring. Ask the right questions to your prospective agent so that you know how selling your house will be handled.
4. Have a professional inspect your house before pre-listing – Buyers might make their offer contingent upon certain inspections such as pest and septic, so it might be a good idea to hire a professional home inspector in order to tend to the issues you may not have spotted on your house. Ask for a detailed report from your home inspector and have them include photos for proof.
5. Any season is a peak season for selling a house, except winter – As most people are busy with Holiday errands and out-of-town, out-of-country trips and social gatherings, there wouldn’t be much buyers on the hunt for houses. You could put your listing on hold until spring comes, but if you’re taking your chances, you could still try during winter, as there are also fewer sellers. That means less competition!
6. Prepare necessary documents – Your agent will notify you of the necessary documents needed once the selling transaction begins. This may include documents on title of property and outstanding balance on mortgage (if any) & pay-off balance. Gathering these documents ahead of time will ease the way for a faster transaction.
7. Yup, it may not sell like hot cakes – Despite countless preparations (including the emotional one) and seeing your house as The Best Ever in the Market, it may not sell as quickly as you thought and wanted it to be. Relax, a house is a huge investment on the part of the buyer, and they may be nitpicky on the average and flaky at worst.
8. You could be your own salesperson, too – Don’t rely solely on your agent to do all the marketing – you could ask a photographer friend (or if you know how to take good photos yourself) to capture your home as beautiful as possible. You could use social media to your advantage by putting up ads on Facebook and Instagram (it’s actually cheap), or just by simply posting it in your social media accounts and asking friends and family to share it.
9. Have a gauge on your potential profit (or loss) – Reduce the selling price to the following expenses that will be incurred throughout the selling process:
Title charges
Government recording and transfer changes
Real estate agent sales commissions
Additional settlement charges
Debt obligations that needs to paid off on an ongoing mortgage
Home repairs and enhancements prior to listing
10. Research on current tax laws – You could have your agent explain this to you as they may be knowledgeable and updated on tax laws, but it's good to also do some research on your own. It could also help you when estimating your potential profits after selling.

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An MAI of 30 is typically balanced; over 30 is a seller's market, under 30 is a buyer's market.
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Pre-Approval

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Under Contract or Escrow

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Appraisal

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Inspections

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Closing

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Counseling Session Activities
- Prepare the buyer for executing a buyer representation agreement
- Explain agency relationships to the buyer and get state required legal consent to represent, if needed
- Inform the buyer of working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
Building a Relationship
- Learn the buyer’s wants and non-negotiable needs
- Understand the buyer’s budget and what will be needed financially
- Help the buyer understand what property their chosen budget will buy
- Consider having the buyer fill out a homebuyer’s checklist
- Assist the buyer in examining how much they can afford to spend
- Provide quality lender resources
- Partner with the buyer to locate suitable properties for consideration
- Match the buyer’s needs with available property
- Constantly re-evaluate buyer’s needs and refocus property showings to fit those needs
- After ensuring the buyer understands what is done for them, how it is done,and the benefit to them, obtain signatures on the buyer representation agreement
- Explain how compensation is paid, who pays it, and what the buyer’s options are for paying it
Educating the Buyer
- Communicate the working relationship based on state law, the REALTORS® Code of Ethics, and the broker’s business policies
- Explain Federal and State Fair Housing laws
- Explain what to look for in applicable property disclosures
- Reassure the buyer that their personal information will remain confidential
- Inform the buyer that you will always disclose all known material defects
- In accordance with state law, provide information on checking the sex-offender registry and crime statistics for the neighborhood
- Discuss available resources that the buyer can check to learn more about prospective neighborhoods

Preparing the Buyer
- Explain the timeline for house hunting, mortgage approval, and closing
- Explain the local market and how it impacts the buyer
- Show statistics on what percentage of list price sellers in the area are currentlyreceiving
- Inform the buyer on what home features are popular
- Identify current average days on market
- Share the dangers of using the price per square foot to figure home values
- Explain the concept of absorption rate and how it impacts the buying process
- Indicate current listing months of market inventory
- Share estimated potential out-of-pocket costs to complete the transaction
- Assist the buyer in analyzing the loan estimates
- Qualify the buyer for financial ability to purchase
- Help the buyer account for the complete costs of homeownership
- Prepare lender for listing agent calls
- Assist in comparing different financing options
- Help the buyer select for viewing only those homes that fit their needs
- Proceed in showing homes that fit the buyer’s must-haves
- Caution the buyer on posting information to social media
- Review the sample sales contract so the buyer is prepared when it comes time to make an offer
Showing Properties
- Schedule showings and provide access to all listed properties as soon as they become available in their local MLS broker marketplaces
- Educate the buyer on the immediacy of new listings appearing in their local MLS broker marketplaces and the lag time for them to appear on some websites
- Collaborate with the buyer on properties they may have learned about through their sphere contacts
- Research and assist on all unlisted properties the buyer wishes to see
- Preview properties prior to showing if needed
- Network with other agents to source properties not yet in their local MLS broker marketplaces
- Contact homeowners in focus areas to see if they are considering selling
- Set up an automated email alert system through their local MLS broker marketplaces that immediately notifies the buyer of properties that fit discussed requirements
- Arrange a tour of areas, schools, and key points of interest
- Provide resources containing neighborhood information on municipal services,schools, etc.
- Inform the buyer of negative aspects like nearby venues or operations that may result in issues that could impact value
- Collect and share any other vital information on available homes, remembering to follow all fair housing laws at all times
- Check applicable zoning and building restrictions
- Help the buyer decipher public property and tax information
- Collect and share pertinent data on values, taxes, utility costs, etc.
- Compare each property shown to the buyer’s wants and needs list and remind them of what they were looking for
- Help the buyer narrow the search until the buyer identifies top choices
Negotiating Offers
- Assist the buyer in getting the best property at the best price
- Suggest that the buyer learn more about the neighborhood prior to makingan offer
- Prepare a comparative market analysis (CMA) in advance of making an offer
- Prepare the buyer to have the most attractive offer in the current marketplace
- Explain common contract contingencies and include approved protective clauses in the purchase offer
- Ensure that the buyer receives and understands all state and federally-required disclosure forms
- Prioritize contract negotiation goals with the buyer
- Help create a negotiating strategy
- Use strategies such as an escalation clause to maintain a competitive offer
- Prepare the buyer for a multiple offer situation and develop negotiation strategies
- Write an offer that has a reasonable chance of being accepted
- Recommend optional contingencies and explain the pros and cons of using them
- Provide information on purchasing incentives that may be available
- Discuss financing alternatives
- Negotiate the buyer’s offers to arrive at the best price and terms
- Utilize hyperlocal expertise and strong communication skills to assist the buyer in being the successful offer

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Starting August 17th, 2024

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