Selling a home is can be very stressful; and considering that most owners are selling due to some other major life change such as a job change, marriage, or a baby, the stress is amplified. Finding the right agent to guide you through the process will save you time, reduce stress and bring the highest sale price possible for your home. So, what is a seller to do?
Step 1: Find the Right Agent and Brokerage
The right agent to sell your home should have experience in the neighborhood where you live, have a track record of success of selling homes and providing exceptional service. The firm they work for should be well respected and bring support and expertise to assist the agent and seller with the sale of the home.
There are many factors that will ultimately determine what a home will sell for. The market controls some factors, the seller controls some and the agent controls the rest. The market place controls the prevailing economy, employment rate and interest rates. The seller controls the condition of the home, the availability of the home for showings and the price.
The agent controls the marketing of a home and the negotiations of the contract. Make certain you choose the agent you hire only on the aspects under his or her control. That means only select an agent on his or her ability to market effectively and his or her ability to negotiate.
Step 2: Determine the Price
After choosing your agent it’s time to work with your agent to determine the right list price for your home. It is a common misperception that the agent will choose the price for a home. That’s not correct; the agent will give guidance to a seller as to what price will generate the highest sale price. However, ultimately, the seller will determine the list price of the home.
Step 3: Create a Marketing Plan
Your agent will create a marketing plan for the sale of your home. The plan should be multi-faceted and complete. Aspects to consider are: Internet, social media, direct mailing, print advertising, agent-to-agent marketing, open houses, signage and word of mouth advertising. Your agent will provide guidance as to which methods would be most appropriate for your particular situation.
Step 4: Prepare the Home for Sale
Selling a home and living in a home are two very different things. When a home is on the market it’s important to realize your property needs to appeal to as many potential buyers as possible. Removing clutter and personal property is very important. In order to sell a home you need to allow the buyers to envision themselves in your home, so putting away personal mementoes and photographs is crucial to the sale of your home. Again, your agent will walk through your home and advise you as to what to do.
Frequently, owners become so comfortable in their own home they don’t realize that there are repairs that need to be made. Your agent will give you guidance about what repairs to make. One of the most common mistakes an owner makes is making repairs or improvements to a home that don’t add value to the property.
Step 5: Allow the Home to be Shown
It seems easy enough to sell a home, but the reality is different. Buyers are interested in seeing your home in at all different times of the day. In Washington everyone is short on time and buyers do not give sellers much notice of when they want to see a home. This means you need to have your home in “Show Ready” condition at a moments notice. Your agent will discuss showing times and how showings proceed before putting your home on the market.
Step 6: Negotiate the Contract
When an offer comes in for the sale of your home it will be exciting. Your agent will arrange a time to go over all the details and provide you with guidance as to the best course of action. Usually this involves counter-offers and detailed negotiation. This process can take anywhere from hours to days.
It’s important not to get discouraged during contract negotiations. Low offers frequently can be made to work and high offers frequently have sticking points that will prevent you from accepting them. In many parts of the country an attorney handles these negotiations, but in the Washington area all of this is handled by your agent.
Step 7: Complete Contingencies
As soon as your contract is complete you will have deadlines that must be met. Fortunately for the seller most of the initial deadlines are imposed on the buyer. These deadlines are called contingencies. These contingencies frequently include home inspection, financing, appraisal and termite. Each contingency requires careful coordination and quite possibly further negotiations. While the initial deadlines for these contingencies are imposed on the buyer, the seller has deadlines as well.
Your agent is your advocate and will guide you through the various steps, procedures and options you have as the contract proceeds. There are many considerations during this period of selling your home and it’s important to have good advice through this time. It’s also important to keep these additional negotiations in perspective.
The goal is to get your home sold for the most money possible. It’s a common misperception of sellers that the contract price is going to be the final price. In reality, there will almost certainly be some small repairs that will need to be made or credits given to the buyer to complete the sale. These costs will need to be factored in at the beginning of the negotiations for the contract.
Step 8: Move
It’s so obvious that it’s frequently overlooked. The seller needs to vacate the property prior to settlement. Generally it's a good idea to move at least two days prior to settlement so that if there is a "last minute" problem with the movers or the weather you will have a chance to still move in time.
The day of settlement is the day you will sign all the papers required to transfer the property from you to the buyer.
In many parts of the country the sellers bring a personal attorney to settlement, but that is not the case in the Washington area. Instead, your agent will confirm that all the paperwork is ready ahead of time and usually attends the settlement with you.
The actual settlement process takes about fifteen minutes for a seller and is conducted by an attorney who will make sure all the appropriate steps are taken to legally transfer the property to the buyer.