CREATE YOUR TEAM
You and your family will be your
SALES TEAM!
You and your FAMILY
are an essential part of the successful sale of your house!
Working together:
To Prepare the house to be placed on the market.
To Keep the house ready to show on short notice.
To Answer the phone and take good messages.
To Actively distribute sales flyers.
To Keep the box on the sign filled with flyers.
To Keep a positive attitude during this time when the
house is on the market.
FINDING AN AGENT
You will want to contact at least four (4) Real Estate Agents (make sure they are Realtors®, members of the National Association of Realtors®).
It is inevitable that real estate agents are going to contact you when they see that you have your home For Sale By Owner and they will want to meet with you to attempt to get your listing. Unfortunately this is the way of doing business and can take up much of your valuable time. To avoid this hassle you need to contact agents and interview them and select an agent you will list with if you decide to list you house with a Real Estate Company. By being the one calling them you maintain control and you are able to really interview them as you would an employee.
There is always the possibility that for one reason or another there may come a time in this process that you decide that you want to list with a Realtor® this way you already have an agent lined up that you trust, have confidence in their ability, and feel comfortable with ready to step in if the need arises. Let the agents know up front that you are going to sell the house For Sale By Owner. During their interview they should provide you with their marketing plan, their experience and qualifications, their designations i.e.: GRI, (Graduate of the Realtors Institute), CRS (Certified Residential Specialist), ABR (Accredited Buyer’s Representative) to name a few (for a list of all designations click on REALTOR®Designations ), a comparative market analysis, and references. Also, through this interview process, (if you plan to buy a new house) you can select an agent to represent you in your purchase if you choose to have representation. As a buyer there is no reason to not use a Realtor®. The seller is paying the commission and just like you they are not going to automatically reduce their price just because they are selling it themselves. It also does not exclude you from finding a house for sale by owner but I do advise to be up front with the agent and let them know you want this option. As throughtout this process communication is always key.
Tips to find a REAL ESTATE AGENT?
Ask family, co-workers and friends for names of agents that they have used and would recommend. Be sure to get both the positive and negative feedback.
Pick up some of those HOME sale magazines you see in the entry of the grocery stores and look through them. Find agents who have listings in the book in your area. Also pay attention to their ads and marketing in these books.
Check on the internet and Google or use your favorite search engine and search for Realtors
Enter: realtors in _________ (your zip code) or: realtors in ________city,state.
What attributes should you look for in a Real Estate Agent?
You want your agent to be full time. They need to be able to give 100%! Unfortunately if they are part time it is very possible that they would not have the time to spend on your sale due to other obligations. Plus part time agents don’t usually have the resources that full time agents have.
Make sure they are familiar with your area and ask about listings they have recently sold. Pay attention to what the houses were originally listed for, how much they sold for, and how long they were on the market. Do NOT Be IMPRESSED if an agent tells you they listed a house for $$$ and sold it in 3 days!!!! If they sold it in three days my opinion is that is was priced too LOW!!!!!!
Ask that they go over their marketing plan with you.
Ask how much the property was listed for and how much it sold for.
Make sure they work with houses in your price range. You don’t want an agent listing and selling $100,000 dollar houses and your house is priced at $360,000 they may not attract the buyer’s for your house.
Make sure they are professional in both dress and actions.
Don’t be modest ASK for REFERENCES AND FOLLOW UP ON THEM.
Here are some INTERVIEW QUESTIONS:
Are you a REALTOR®?
Are you a full time Agent?
Do you represent both sellers and buyers?
How long have you been in the Real Estate business?
Are you a member of the MLS (Multiple Listing Service)?
How familiar are you with the area where our house is located?
How many houses did you sell in this area in the last 12 months?
Can you provide me with 3 names and addresses of recent clients for whom you sold a home in the last 2 years that we can contact for reference purposes?
May I have information on 5 of your listings in the past year including date listed, original list price, days on market, sale date, and sale price including any closing costs paid or concessions made by seller.
How did you arrive at the suggested listing price for our home?
What is your specific marketing plan for our house?
Do you hold open houses?
How do you plan on keeping us informed of the progress of the sale of our home?
Click and Check out the differences between just an agent and a Realtor®
Click and find out what those letters mean after agent's names.
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How do you find an Attorney?
Consider the Real Estate Attorney that closed on your house when you purchased it. He or She will already have your file and probably a copy of your deed. If you have forgotten the name you will probably find it in your closing paperwork.
OR Ask family, co-workers and friends for names of Real Estate Attorneys that they have used and would recommend. Be sure to get both the positive and negative feedback.
Contact the Attorney you decide on and contact his office and talk to him/her and let him/her know you are putting your house on the market and would like him/her to represent your interests in the closing/settlement. Also take this opportunity to ask what would be the charge to review the contract when one is presented and accepted.
Your attorney is one of the most important people on your team. It is their job to protect your interests by making sure all the paperwork is correct for the state you live in and that the contract is clear and written so that it represents what you intend it to. They will make sure your interests are protected.
DO NOT TRY TO SAVE MONEY HERE!
I cannot stress enough how important the Attorney is to you and your SALE! They know real estate law including requirements for your local/state and it’s their JOB to protect your interests!
Lawyers do cost money. Yes, they do. That being said, the cost of a lawyer compared to what you would pay in real estate agent commissions is really no comparison at all.
Let's say hypothetically that you hire an attorney who charges $250 an hour. Let's say he spends 20 hours on your transaction. That equates to a fee of $5,000. Now assume your home sells for $400,000. The traditional six percent commission for the real estate agents would be $24,000. and you would still have to hire and pay an attorney to prepare the deed and represent you at closing. Now, Compare $5,000 for the attorney to the $24,000 plus for the real estate agents and closing attorney fees. Which one is the better choice? Is that $5,000 really that much to protect your interests and assist you in selling your home yourself?
The Rest of your TEAM
YOU WILL ALSO WANT TO DECIDE ON THE FOLLOWING CONTRACTORS SO THAT YOU WILL NOT BE RUSHING TO FIND SOMEONE AT THE LAST MINUTE IF THE NEED ARISES:
(Ask the realtors you interview if they have any recommendations)
PEST CONTROL for Termite inspection or any infestation which shows up
WHOLE HOUSE INSPECTOR the buyer may have their own but it is good to have a couple of reputable ones to suggest. It is beneficial not only for the buyer but for you the seller to get a whole house inspection and it is even better whent the buyer is paying for it. Find an INSPECTOR
HEAT AND AIR CONDITIONING REPAIR
ROOFER line up a reputible roofer just in case you or the whole house inspector fine any leaks or roof damage needing to be repaired.
PLUMBER it is always good to have a reputable plumber to call
ELECTRICIAN there are a lot of things you can take care of like replacing a light fixture you want to take with you, or repairing a socket or switch but it is good to know a good electrician for anything more complicated. Remember turn the power off no matter how small the repair you are making. Even replacing a door bell.
PAINT CONTRACTOR Interior Painting is not that hard but there are many tricks that can make it go easier and assure a good looking job. Painting the exterior of your house can present problems especially in the prepartation so it is sometimes more cost effective to hire a professional. Just having the right tools can become a problem for you.
GENERAL HANDYMAN It is always a good idea to have someone in your contact list who can do just about any minor repair around the house. Fix that leaky faucet in the kitchen or that toilet upstairs that won't stop running. Yes you can do these yourself but sometimes you just don't have the time and you have to figure what the cost is compared to what your time is worth.
SURVEYOR usually not necessary. You probably won't need a surveyor unless the mortgage company requires a new survey.
Tip: Whenever recommending a contractor to a buyer recommend several and give them a choice, that way if there are any problems they chose the contractor so you are not in any way responsible.
NOTE:
It is a very good idea to locate a retailer of appliances that sells floor models, dented or slightly damaged but warranted appliances. Sears usually has such an outlet.
SPECIAL NOTE:
If you have a septic tank in the ground you should have on hand the name of a reputable service company that can empty the tank. Depending on when the tank was last emptied many buyers will request this be done in the contract. Call them in advance and find out how much it would cost so you will have that information when you negotiate the contract.
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What's Next?
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Oct 1, 2009 forsalebyownerhow2 abef Blake Enterprises, LLC
Information deemed to be reliable although not guaranteed
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