Plano realtorYour home may very well be the most valuable asset you own.  So if you have plans to buy a larger home, downsize, or relocate, selling will be the most important decision you’ll make.  In order to get familiar with the home selling process, this report has been specially prepared for people just like you.  These 10 Tips will show you how to ease your anxiety, be in control, and get the most out of your investment.

1. Keep it Real. Recognize your motivation to sell is the driving force behind the marketing strategy. It will affect everything you do from how much money, energy, and effort you’ll put into preparing the house for the market to your asking price.  Your reason for selling will also determine your approach to marketing the home.  For example, most homeowners will usually price their home competitively if they need a quick sale. However if the sellers want to maximize their net returns, they will frequently choose to spend some time and money making repairs and improvements to the house.

2. Hire a Realtor. After you have decided to move, you will need to hire an experienced agent to represent you.  Don’t think you can wing it just because you’ve bought a couple of homes in your lifetime.  The fact of the matter is there are many agents who help clients buy and sell homes multiple times per month.  Therefore, they know the contracts and potential pitfalls, local market conditions, and they also know how to market your home to bring the greatest number of potential buyers.  However here is a quick word of warning: make sure you hire a Full-Time Realtor.  There are many who do this on a part-time basis only in order to supplement the income.  Do your homework before you sign on the dotted line.

3. Price it Right. Just out of curiosity, do you go to the doctor so you can tell him how to properly treat you or do you go looking for professional advice?  You answer is most likely the latter.  The same should be true when selling your home.  If your Realtor has completed a thorough Competitive Market Analysis (CMA), the evidence will clearly show exactly where you should set the price. Should you go against the Realtor’s advice and list higher, you may never see a profit because the home may never sell.

4. Keep it Confidential. This can often be a bit of a challenge for many home owners.  After all, being honest and upfront is human nature, right?  Wrong!  The Reason you are selling can and will impact the way you negotiate an offer. By keeping the “Why” confidential, you are preventing your potential buyer from getting the ammunition they want in order to negotiate a lower price. Let’s just say you are relocating to another city and need to move quickly, you could be placed at a disadvantage in the negotiation process by disclosing your reason for moving. This should be between you and your trusted real estate advisor.

5. Disclose, Disclose, Disclose. In the previous paragraph, we discussed remaining confidential about the reason for moving.  However, you must disclose everything you know about the condition of the property, any repairs you have completed as well as any existing latent defects they buyer may need to know about.  This must be completed in writing (Seller’s Disclosure Notice) and before the house goes on the market.  Potential buyers will want and need to know exactly what they are buying into before they place an offer on your home.  All too often, a seller may inadvertently “forget” to disclose pertinent details about the house only for the unsuspecting buyer to find out long after they have moved in.  Don’t let this happen to you.  Lawsuits can be very expensive.

6. Go House Shopping. Believe it or not, when you put your home on the market, it’s a dog-eat-dog contest to see who will get to the finish line first.  In this case it is not a finish line, it’s the closing table.  So, if want to know how to beat your competition, you have to understand their strategy.  The best way to know what today’s buyers want, you will need to get out there and do some house shopping.  Have your Realtor schedule showings of comparable homes in your neighborhood and area.  Attend some open houses and visit builder’s model homes.  This will give you a unique perspective of what is going on in the marketplace and also an idea about how to compete.

7. Don’t Get Emotional. When selling a home, think of this process as a business transaction.  Remove all of the emotion you’ve invested in your home and focus on your new home and next great adventure.  When you receive a lowball offer (and in this market it happens frequently), remember that buyers are looking to purchase the best home for the least amount of money. Knowing what motivates them and keeping your cool will enable you to negotiate more effectively.  With all the emotions in check, you’ll gain and maintain the upper hand.

There’s nothing worse than to enter into the home selling market unprepared and uneducated.  As a result, your home could sit unsold for many months because of improper pricing and a weak marketing strategy. Nonetheless, either of these situations is extremely frustrating to any home seller. But more than that, it can be financially crushing if you’re counting on the full proceeds of the sale of your home to fulfill another responsibility. Don’t let this happen to you!  This unfortunate scenario can be avoided with planning and preparation.

If you need assistance with selling your Plano home or with Plano Real Estate just need professional advice, we would like to help.  Call Joy Rice of RE/MAX DFW Associates today at
(214) 662-5588.