 Q. Should we put our property on the market before
we start looking for another property?
A. It depends on the market conditions. If the market is soft
(i.e., a Buyer's market) and sales are slow, it makes good
sense to put the existing property up for sale. If the market
is hot, (i.e., a Seller's market), you should find the new
property then contract for enough time (60 days) to get the
old one sold.
Q. Should we ask a higher price than 'market'
or 'appraised' value for our present property to give us room
to negotiate?
A. You should price the property at 'market' so that you are
not 'overlooked by the lookers'. You will end up selling sooner
and at a better price vesus going through a series of price
reeductions to prompt a sale.
Q. Should we advertise our property for sale in
the local newspapers and/or magazines?
A. Print media has a short 'shelf life'. Today's newspaper
is trash tomorrow. This month's magazine may lay on the coffee
table then it will soon be discarded. It is best to promote
real estate on the Internet via Broker hosted Web Sites, Realtor.com,
RealEstate.
com, etc. Over 85% of home buyers start their search on
the Internet.
Q. Should we hold 'Open House' on the weekends?
A. Holding an
'Open House' may generate interest only if done right away
when the property goes on the market. Otherwise, it is far
better to rely on your Realtor's marketing efforts and cooperative
efforts with other Realtors to achieve a timely sale.
Q. Should we list our property "For Sale By
Owner" so that we can save the real estate fees ?
A. You are free to offer your property for sale through
yourself. Our experience has proven that prospctive Buyers
will want to discount the price of your property in an amount
that is equivalent to or exceeds the brokerage fees. Secondly,
it is far more difficult to negotiate
on your behalf versus relying on your real estate professional.
Then there are a miriad of tasks such as:
- Developing brochures;
- Advertising / Promoting;
- Scheduling appointments to see the property;
- Qualifying prospects;
- Drafting Contracts;
- Dealing with Inspection and Appraisal results;
- Scheduling Closing place and time, etc., etc.
Q. Should we negotiate the lowest possible real
estate commisssion with the real estate professional or hire
a 'flat fee' brokerage who puts our property in the Realtor's
database and we show and try to sell our property ourselves?
A. The time tested phrase "...you get what
you pay for..." holds as true today as
when first spoken. Brokers who regularly advertise and/or
offer 'discount' fees often provide 'discount' services. For
instance, they don't produce a fact sheet/brochure or they
create a cheap black & white flyer. They may lack negotiating
skills and may handle a transaction carelessly. Hire the best
and pay the fees!
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