GETTING YOUR PROPERTY READY TO SELL

All of your sink fixtures should look shiny and new, even if it means buying new ones. Water faucets should be easy to turn and not leaking. If you have old water stains on your ceilings even though the leaks may have been repaired, be sure to repaint the ceilings. Consider repainting walls so they look fresh and also to cover outdated color schemes. You can paint the walls or get it done inexpensively. When your walls look clean and fresh it sets the mood for the entire property. Choosing an off-white color helps make your rooms appear bright and clean. If your carpeting appears old and worn, replace it with carpeting in a neutral color. The same with floor tiles. Make sure that your landscaping is at least average for your neighborhood. Bushes can be planted inexpensively. Mature colorful flowers add color to your landscaping. The lawn should be evenly cut, edged, well watered and free of brown spots. Placing sod may be necessary in some cases.

SETTING THE MARKET VALUE OF YOUR PROPERTY

The way to set the market value for your property is to have a Realtor compile a competitive market analysis for you. After reviewing properties that are similar to yours that have been sold, you and your Realtor need to examine the variations of prices and determine the market value of your property. Keep in mind that there is no way to scientifically determine the market value of your property. You and your Realtor need to examine the variations of price and determine where the market value of your property fits.

You also need to realize that the terms of financing you offer to potential buyers is just as important as the dollar value you put on your property. If your property may be purchased by a first time buyer it is absolutely necessary to offer easy down payment type financing such as FHA or “zero” down.

Don’t make the mistake of choosing a Realtor who comes up with the highest price on your property. He may be telling you that he can get you more money for your property because he thinks that you will list with him in hopes of getting more money in your pocket. Remember that the Realtor does not set the final price on your property. This is only determined by a willing buyer in a reasonable length of time.

A listing Realtor who quotes a high dollar value on your property may be buying your listing by suggesting a higher price but that does not mean that you will get the higher price just because he says so. Some sellers set an inflated value on their property with the thought in mind that they can always lower the price on their property later on if their property does not sell. Starting your listing with an exaggerated price will put two strikes against you right from the start. First of all, many potential buyers will not write an offer on your property because they believe that the price is over inflated. Secondly when a property first comes on the market, many Realtors will have a backlog of buyers looking for a home in your area and price range. If these buyers don’t write an offer because they believe that the price is over inflated, you will lose this initial influx of buyers. This means that only new buyers coming on the market will look at your property but not make an offer. You will have lost the advantage of the early rush of potential buyers. Your property will take much longer to sell or not sell at all.

Another aspect to be aware of is that the buyer will need to secure a new mortgage and the mortgage company will order a professional appraisal of your property and if, in the appraisers opinion your property is over priced, the sale will fall apart and you will be back to square one.

It is important to be aware of the fact that there are 3,600 Realtors working through the Grand Rapids Association of Realtors. Each of these Realtors will be working with an average of five buyers which means that there will be around 17,500 potential buyers for your property. The main task of your listing Realtor is to put your property on the market at the correct terms and price. Your listing Realtor in most cases will not be the selling Realtor. What he needs to do is to market your property to the 3,500 Realtors with their potential 17,500 potential buyers. Remember, your listing Realtor has two goals to meet for you. He seeks to get the most money for your property that he can but he also needs to market it so that it sells. If it doesn’t sell, It doesn’t matter what price he promises he will get for you.

PERSONAL PROPERTY VS REAL PROPERTY

Personal property is anything that is not attached to your home. Examples are washers, dryers, refrigerators, etc. You will need to determine which personal property will stay with the property if any at all when you sell it. You may also reserve some “real property” not to be included in the sale of your property. An example might be a family heirloom that you want to keep. It’s a good idea to replace items like this before placing your property on the market so that buyers do not see it and become insistent that they stay with the property.

MARKETING TECHNIQUES

There are numerous ways to market a property. Some are better than others and you want a listing Realtor who has enough experience to have tried all of the ways and has come up with the top and best methods of exposing your property to potential buyers and other potential selling Realtors.

Obviously you want your property to be listed with the Grand Rapids Association of Realtors on their multiple listing service so that you have all of the 3,600 Realtors working for you.

Open houses usually do not sell homes but are used by Realtors to pick up buyers for other homes they will sell them. The National Association of Realtors found out in a study that only 2% of properties are sold through open houses.

Newspaper advertising can be utilized but with the availability of more and more technology, buyers are using newspapers less and less to find properties to buy.

Websites are becoming the way that more buyers are finding properties that they buy. The information is timely and updated on a regular basis and they can quickly determine which properties appeal to them.

Visual tours of properties on websites are excellent because it allow potential buyers to see the inside of your home just as if they had walked through it on an open house.