Tips for Selling Your Home.

It is no secret that the real estate market has slowed down in the past couple of years. Inventory of homes for sale is up, and the time on the market for home listings has increased. In the past, selling a home was pretty easy. Demand was high and competing offers were quite common. In contrast, today's market is favoring buyers. Buyers have more choices and are able to be picky, so selling a property now requires better marketing, more effort, more patience and listening to recommendations of an experienced agent.

Here are 10 quick tips to keep in mind if you plan to sell your property:

1. First impressions matter - The single biggest marketing event for a property is when it first comes on the market. You will receive the highest number of website views and in-person showings during the first few weeks that a property is on the market, so make it shine! Make sure the curb appeal is there by cutting the grass, trimming the shrubs, properly shoveling the snow or raking. The interior should be well-organized, free of clutter and very clean. Seek the advice of an experienced real estate agent on the appearance of your home. Avoid agents who are part time, are novices - have less than 5 years in business (unfortunately the majority of agents fall in this category) - or agents that work for limited service companies (they charge a huge upfront fee and could care less if you sell). Pick carefully such as a seasoned Homeowners Concept agent (All Homeowners Concept's agents are veterans in the industry and rank in the top 1% in sales). Swallow your pride and allow them to be critical. They see homes every day and know what helps to sell a home more quickly.
2. Price it to sell - Everyone wants to sell their home quickly, but to achieve this in today's market, you must price your home accurately and be more flexible by not paying a high commission. Homeowners Concept's fees range from about 1.5% for the majority of homes sold to as high as 4.4% for the "everything under the sink" type full service program. A home should be priced based on a recent market analysis on homes that have sold in your neighborhood. Comparable sales should never be older than six months and you should always give the most weight to homes that have actually sold. Don't try to "test the market" with a higher price, which will simply increase your time on market. Be honest and analytical in your approach, and don't set your price based on the proceeds you would like to receive at the end of the process. Buyers do not make their buying decision based on what you owe or "what you need to get out of it".
3. Analyze your competition - There is no better way to gauge your competition and to set your price than to take into consideration similar homes for sale near you. Again, an experienced agent will be very useful in this analysis.
4. Acknowledge your property's weaknesses - All real estate is unique and every property has certain weaknesses. Some homes have more obvious weaknesses that need to be addressed with your price. Whether it is an ugly view, a noisy location, messy neighbors, or an odd floor plan, buyers have choices and will simply pass on such a property unless the weakness is reflected by a lower price.
5. Patience is a virtue - Marketing a home takes time. This is often one of the toughest things to go through as a seller, but you should mentally prepare yourself that it could take awhile, especially if you price your property higher than the competition. The time from listing until you receive an offer is often measured in months, not days.
6. Share your situation with your agent - Much like a lawyer, a professional agent cannot fully help you if you don't share your situation with them. If family or financial situations require an urgent sale, make sure your agent knows that. Agents will likely recommend a different pricing approach for someone who needs to sell immediately versus someone who can afford to wait a few months.
7. Be willing to change the price - If no one is showing your property or if you have had no offers after a long time on the market, you need to lower your price. Price is the single largest motivator to change the behavior of buyers, and no amount of advertising or open houses will be as effective as a lower price. Make your price decrease a substantial, meaningful amount and be sure to give them time to take hold in the market (2-3 weeks, typically).
8. Negotiate all offers you receive - even a lowball offer, which sometimes feels insulting (fortunately only a small percentage of buyers fall in the category of lowballing). Don't be offended and don't be deterred. Everyone wants to buy for a lower price and buyers feel empowered right now. Inevitably buyers are willing to come up in price, sometimes far enough to make it acceptable to the seller. The only way to find out is to continue the negotiations.
9. Maintain your home during the listing - Your home may be on the market for a number of months. Keep the yard maintained and make sure that the interior is neat and clean at all times. Consider hiring a yard service or maid service to keep things in top condition.
10. Get feedback from showings - Your listing agent should be in contact with buyers who had a private showing and agents who have shown your home to buyers. There is no better gauge of what the market thinks of your property than feedback from a group of active buyers and agents in your neighborhood.

Reason for this blog

Our goal for this blog is to help educate and inform people about housing market topics, the Metro Milwaukee-area real estate market, and general advice and lessons about buying and selling homes. We hope that you will add us to your list of RSS feeds.

Homeowners Concept is entering its 25th year in operation in Metro-Milwaukee. We are proud of our record, having sold tens of thousands of properties and saved well over $90 MM in commissions. We have done this by providing more in marketing properties (having the most widely distributed homes magazine and a great website, among others) and having highly skilled, full time, long term agents who are truly dedicated to real estate. This is so different than the way traditional high commission real estate works. You see, the traditional 5, 6 or 7% commission office is like a revolving door. Agents enter and leave the business constantly (ever wonder why the larger offices have to continually hire and train new agents?). They count on each agent to at least attract a relative/friend or spend enough money of their own to attract a client outside their sphere of influence. It takes a lot of time and money for traditional agents to convince the consumer to pay the exorbitant commissions and to differentiate themselves from the competition. Traditional agents then are left with less time to do actual real estate work and stay in business long enough to become veterans in the industry. After a couple of years in business many quit or resort to working part time having another job elsewhere to survive. On the flip side, our agents don't have to market themselves and we make every effort to hire just enough dedicated experienced agents so that they make a decent living. Our marketing is almost exclusively geared to promoting the properties for sale which is good for our clients and our long term survival as evidenced by our 25 yrs in business. Our agents are truly focused on buying and selling homes, not promoting themselves.
We have become the company that not only saves the sellers thousands of dollars in commissions but provides exceptional real estate expertise. We truly think that our way is the best way to sell real estate.