Determine
selling price
Do a Comparative Market Analysis where you analyze what is currently
on the market in your neighborhood, what has sold there in the
last 6 months and what may have expired or been withdrawn. Information
Source: MLS data base and New Hanover County tax records. You
might consider having an appraiser appraise your home. ($150-$300)
Place
sign on property
Design and have made a professional looking sign with the
address and a phone number with voice mail that you can monitor
at least every four hours. ($5-$25)
Take
photographs
Use
a digital camera if you have one so that you can review the
pictures on the spot. They are easy to send as picture attachments
via e-mail to people who call. If you don't have one, a 35-mm
picture will work fine, and you can scan it into your computer
for e-mail and web-site use. ($5-$10)
Produce
and print color brochure
Design an attractive flyer with a color picture of the house
and information that a buyer would want to know such as: asking
price, address, your phone number with voice mail, total heated
square feet, room sizes, lot size or dimensions, schools in
district and special features. ($15-$30)
Place
flyer box with sign
Keep flyer box stocked with color or fresh black and white brochures.
Use colored ones inside to give to people who tour the house.
Purchase and install directional signs from main arterial road
to your property. Be sure to follow County sign ordinance. ($7-$30)
Complete
NC Property Disclosure Form
Most owners are not aware that it is a State law that this form
be completed or else the buyer has an easy way out of an agreement
or contract. If you need one, give me a call. ($0)
Develop
Your Marketing Plan and Budget
Who are the likely buyers for your home? Figure out their income,
age, family and what media outlets they follow so you can target
your advertising to their market. You can understand why it
is so critical to adopt a realistic price, otherwise you waste
valuable advertising money and time while the house is generating
the most interest (First 4 weeks).
Design
print ads
Here is your chance to be creative. Put yourself in the shoes
of the buyer and think about what would excite you about your
property. Write down those special features and neighborhood
amenities that would attract buyers to call for a tour. Also
think of some advertising themes that will give your ad copy
some pizzazz. Call for rates and deadlines. ($35-$75 per week)
Contract
for Virtual Tour Shoot
** FSBO can place on own web site but not on major national
real estate sites **
Agents are beginning to use 360 degree video loops of both interior
rooms and attractive exterior shots for use on the internet
or to attach to e-mail inquiries. If you ask around you might
be able to find someone who will do this for you, or perhaps
you can make a video recording with a camcorder. They can be
mailed or given to a prospective buyer. $25 - $500)
Host
Company Caravan Tour
** Not available for FSBO **
Submit
print ads by deadlines
| Star-News
Saturday |
|
Photo
and copy by Monday for weekend |
| Star-News
Showcase |
**
Not available for FSBO **
|
Mid-week
supplement that buyers use on weekends |
| Real
Estate Preview |
**
Not available for FSBO **
|
Monthly
magazine that buyers use to find available properties |
| Cape
Fear Real Estate Directory |
**
Not available for FSBO **
|
Another
monthly magazine that buyers use to find properties |
Prudential
Buyer's Guide |
**
Not available for FSBO **
|
New
publication that mirrors MLS for just Prudential listings |
| FSBO
Magazine |
|
Look
for a publication and call for rates and deadlines |
Produce
and mail 50 post cards to neighbors
Make up a post cards that lets neighbors know enough about your
home so they can tell their friends who might be interested
in living in your neighborhood. Include the price and special
features.
Submit
information to MLS
** Not available for FSBO **
This is the database used by the 1,200 agents who are looking
for property for their buyers.
Submit
information to websites
| Realtor.Com |
**
Not available for FSBO **
|
Largest
national database used by buyers on the internet |
| HomeAdvisor.Com |
**
Not available for FSBO **
|
Second
largest national database on the internet |
| PruCareRE.Com |
**
Not available for FSBO **
|
Prudential
listings in Wilmington and surrounding areas |
| NeighborhoodFind.Com |
**
Not available for FSBO **
|
Attracts
buyers who search for neighborhoods before houses |
| AllAboutWilmington.Com |
**
Not available for FSBO **
|
Linked
to all above sites and providing large amounts of information
for those moving to Wilmington and the surrounding area. |
| YourName.Com |
|
If
you have your own website, by all means include your home. |
| FSBO.Com |
|
There
are several of these available. |
Set
up voice mail or voice recording
Most owners fail to establish 24-hour phone coverage for possible
buyers. Record a business-like message specifically about your
home and check it at least twice daily, preferably every 4 waking
hours, even when you are out of town or on vacation.
Conduct
Open House
Run an ad with house picture and directions in Star-News the
day before or day of event. It helps to place a sign in the
yard announcing the open house with time and date at least the
day before. Have colored flyers out, ask all visitors to sign
in with their name and address/phone number. Many owners make
the mistake of hovering over visitors. Create a self-guided
tour by making professional looking 4x6 special feature cards
and placing near that feature. Ask open-ended questions so they
will tell you what they are looking for. Extra touches might
include cut flowers, fresh baked cookies, soft background music
if so inclined. ($25-$35)
Host
Realtor Luncheon
** Not available to FSBO **
Realtors will only go to luncheons hosted by Realtors who
list in the MLS.
Follow-up
on all showings
Since you would be the one showing your house, you should call
the potential buyer the next day. Make sure you get their name
and phone number during the open house.
Make
Feature-Benefit Fact Sheet
An effective marketing piece used by on-site agents of new homes
is a fact sheet that lists the special features and explains
how each one benefits the buyer.
Collect
information about schools, etc
Be ready to answer questions such as month utility costs, school
district, parks, nearest shopping malls, etc.
Reduce
Price in Response to Showings & Market Conditions
You must realize when your house needs to be reduced. The first
sign is no showings; the second is a lot of showings but no
offers.
If
a Real Estate Agent Calls
Real Estate Agents will seldom contact a FSBO unless they want
the listing or the client they are working with asks to see
your home. The agent will call and ask if you will give him/her
a one time listing (usually 5% to 7%) or if not, would you be
willing to pay the agent a partial sales commission (generally
between 2.5% and 5%)? If you agree, the agent will ask you to
sign an agreement before bringing their client to your home.
When they arrive, have your home ready to show and give the
agent and client space to wander. Be available to answer questions
as they leave.
The
Realtor calls to present an offer
If you agreed to pay the selling commission, the agent will
be representing the buyer and will have performed a Comparative
Market Analysis on your property for the buyer. You will be
negotiating on your own behalf. This is when a recent appraisal
could be useful to substantiate the value of your property.
If you agree to a one-time listing, the agent will explain that
he/she will be acting as a dual agent guiding both you and the
buyer through the process to the closing.
A
Buyer without an agent calls to make an offer
Hopefully the buyer will make the offer in writing. Unless you
are very experienced in selling property on your own, you should
have a real estate attorney review the contract before signing
it. All changes should be initialed and dated by all sellers
and at least one buyer. Use real estate forms whenever possible.
Negotiating
Guidelines
Know what is important to you and the buyer. Never reject an
offer outright. Either accept it or make a counter offer. Never
reject an offer over $1,000. Deal as if you were a third disinterested
party. Don't lose your head.
Loan Approval
Your contract should specify the price, type of financing, the
terms, the date by which the buyer's lender will provide you
with loan approval, date of closing, date of possession and
any other terms and conditions you would like. If you require
earnest money, who will hold it and under what terms will it
be released.
Make
the House Available
Most buyers will need access to your property for various agents
working on their behalf. A pest inspector and home inspector
will actually need to go inside your home. A surveyor and appraiser
will need to have permission to come onto your property. The
buyer and the home inspector may need to come back to check
repair work prior to closing.
Making
Repairs
Your contract should specify that all inspections be completed
by a certain date so that you will have ample time to make repairs
prior to closing. Which repairs you make depends upon the buyer
and their lender. All repairs are negotiable, but structural,
safety, certain operational, and water damage repairs are generally
expected to be performed. Most buyers want those items repaired
before closing, but there are cases when the buyer may want
money instead.
Deed
Preparation
You may have their closing attorney or your real estate attorney
prepare the deed prior to closing. Whoever does it will want
a copy of the contract.
The
Closing
The sellers sign whatever needs their signature prior to closing.
Usually the only ones to attend the closing are the buyers,
their agent, the closing attorney and the seller's agent if
one is involved.
