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A seller wants the most money they can get for their property in the least amount of time with the fewest number of problems. In today's economy we have a number of things working against the seller and in favor of the buyer but those can be overcome and solving your problems is what we do regardless of the economy.
I. Listing Your Property
II. Pricing Your Property
III. Marketing Your Property
IV. Your Responsibilities
V. Your Agents Responsibilities
VI. Where Your Listing Goes
Listing Your Property: Listing property has an undeserved reputation, after all, it's listing a property that gets it out there for the world to see. Maybe it's because of unpleasant listing presentations by agents in the past, in any case, it doesn't have to be that way.
The agent is there to give you the information you need to make an informed decision as to pricing, marketing strategies, follow-up actions to be taken and the eventual close of escrow. You and your agent should spend time deciding how best to get your property sold, not disagreeing over small details because this is a joint effort, neither party can be successful if working alone.
A successful listing presentation will result in smiles all around, a signed listing contract that is acceptable to both parties, an agreed to Marketing Plan that will get the property sold, and options should the initial plan not work, agreement on where to go from here.
Pricing Your Property: this is another area where there should not be disagreement; a thorough and accurate Market Analysis of the property will tell you almost to the penny at what price the property will sell. If you list it above that price you will not be seen by qualified buyers in that price range. If you get an interested party, the property will not appraise meaning no loan and last, in a declining market like we've been experiencing for the last few years, your price will move further and further away from market value until it is just sitting there like the "white elephant" it is with no activity at all.
Market value is the price a buyer and seller agree to exchange money for the title. Market value has nothing to do with your neighbor's list price. Market value has nothing to do with a sale 5 miles away and a year ago. Market value is what similar properties have sold for in the very recent past and of homes near to yours or in similar subdivisions.
The real estate honeymoon is the first 30 days. If you price your property too high in the beginning, possible buyers may never see it because they will be searching in their price range. The people searching in the higher range you've put yourself in will immediately realize that your property does not belong in that higher range and will walk away from it. You are not doing yourself any favors by over pricing your property just to see if someone will come along and fall in love with it. In my 14 years in real estate, I have never had a single sale where the buyer(s) fell in love with the property and just had to have it.
Marketing Your Property: In that first 30 day honeymoon period, getting your property in front of as many people as possible is key to getting it sold. The three absolute musts are first, to have the property priced right. Second, have the property presentable, lots of curb appeal and neat and clean inside. Third, have the property available for showing on a moments notice. I will guarantee you that if you meet those requirements, your property will sell in short order.
The agents responsibility is to get the property out to the world. To do that, the property information must immediately be sent to every active agent and broker in the property area. Real estate professionals are involved in over 85% of every transaction that takes place. That means the best chance of finding a buyer is notifying every agent that this well priced, clean and easily seen property is on the market.
Next is to splash it all over the internet. The number one real estate site is Realtor.com which gets over 3 million hits per month from people looking for property. 80% of those on that site are buyers looking for a home, condo or land to buy. Having an enhanced site there gives our sellers the best exposure and multiple photos for those potential buyers to see. Getting the information into Hawaii Information Service, our local MLS provider, gets the information out quickly to people searching in Hawaii for property. Getting it on our company web site along with a video will get even more exposure to a group of people who already have a trusting relationship with Ferrari Pacific Realty.
Including the property information in our weekly newsletter, Aloha Friday, also gets the word out to hundreds of other people who also have a working relationship with our company. If the property is in an area where there is lots of foot traffic, holding Open Houses can be effective. Having a sign in the yard lets people know it's for sale and contacting neighbors can sometimes find a buyer among their friends looking to live near people they know.
Your Responsibilities: As the seller, your cooperation is needed to achieve the big 3 mentioned earlier i.e., right price, clean and attractive, and easy to see. In addition, there are other requirements spelled out in the listing agreement we will go over at the time of signing. For example, if things change you agree to tell me. If there are problems with the property you agree to forthright and honest about those issues. If there is a danger of a foreclosure which is so common in today's market, you will tell me about that.
Your Agent's Responsibilities: I am to be completely honest with you at all times. I have a legal fiduciary responsibility to you to represent your best interests above all others. My practice is to be available for all showings whenever possible. I know the property so much better than any agent representing a buyer so I need to be there to show it off. I am going to keep you apprised of any changes in the market that could have an effect on your property and I'm going to do everything in my power and within the Code of Ethics to get your property sold as quickly as possible and for as much money as possible.
Where Your Listing Goes: When we enter your listing into MLS and our web site the data feed goes to a number of other sites so you get the greatest possible exposure possible. Click here to see some of the sites that receive the MLS data feed. |