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December 7

Sell Your Own Home

sell, tips and tricks

GET READY TO SELL YOUR OWN HOME

There are several alternatives to working with an experienced real estate agent. First, you may want to sell your own home. If you go this route, be ready for a lot of effort! It can be done and has been done. But if you lack the time or energy to do it or if you need to sell soon, this alternative might not be the best fit for you. If selling your own home sounds like too much effort, you might want to choose an assist-to-sell program. Several discount brokers offer these types of programs - these programs may including flyers, yard signs, a marketing plan, and a marketing strategy at a very reasonable charge.

Most people struggle to find the time and resources to work with a real estate agent. To get the best price for their home, it is best to deal with a professional real estate agent. Whether or not you decide to work with a real estate agent or not, you need to do your homework and follow a few steps. 

Before diving into our four step process, here are a few steps to start getting your home ready for sale. 

KNOW YOUR PROPERTY

If you haven't already, you should know everything including property's taxes, zoning, lot size, square footage, and other details. Also examine the conditions of your existing loan if you have one. Great, you have all the basic information. 

NOW LOOK AT THE REAL ESTATE MARKET IN YOUR NEIGHBORHOOD, THE MOST RECENT SALES,  AND THE REAL ESTATE RULES

  • How much do similar homes typically sell for?
  • What are the sale's conditions?
  • Which legislation governing disclosure of real estate must you take into account?

SET THE PRICE

Once you have all the information about your house and you researched all the comparable properties in your area, set a realistic market price. When selling your own home, buyers know your are saving money so don't scare them off with unreasonable prices. You should also refer to RASM for updated market statistics for Sarasota Florida.  

DETERMINE FINANCING OPTIONS

Contact your local lenders and learn about your prospective buyers and their options. You should be informed and prepared to answer questions. Otherwise your lack of knowledge may discourage buyers from dealing with you.

"WALK THROUGH" YOUR PROPERTY

Think about it from the viewpoints of inspectors and potential buyers. After that perform a walk-through of your property and note down all the things that need repair or replacement.

  • Have the interior paints and finishes lately been changed? Are they still in good shape, or do they require a refresher?
  • Are all of the appliances in good working condition?
  • Is everything operating properly, including the plumbing and electrical systems. Are they entirely functional?
  • Are the flooring materials, including the carpets, clean and in excellent condition? consider spending money on floor coverings if you want your house to have an excellent first impression.
  • is the paint appealing and well-maintained?
  • Are windows, sinks, shower, and tub seals in good condition?
  • Is there enough illumination in each area to prevent potential buyers from thinking you are hiding something?
  • Are all of the light fixtures working properly?

CURB APPEAL

A prospective buyer is less likely to go inside if your house doesn't look good from the street (and online). So just as you clean and fix up the inside of your house, it's important to go over the exterior. Make any changes that will spruce up its appearance, here are helpful questions to ask yourself:

  • Should it be painted because the current one is damaged or faded? If the color is an acquired taste will it turn off potential buyers?
  • If it's a condo, there isn't much you can do about the structure. But do you like the front door and balcony, if there is one. 
  • Are the windows and doors in good working condition?
  • How cleanly kept are the gutters and roof?
  • Is the lawn recently cut, the hedges trimmed, and the leaves cleaned? Are all toys, including bikes, scooters, and other items, put away?

KNOW YOUR COMMUNITY

Most prospective buyers will seek details on the local parks, stores, schools, and other facilities in the Sarasota area. So make sure you're ready to answer their questions effectively.

STEP 1: OUTLINE YOUR OBJECTIVE

Outline your real estate objectives in detail. I.e., selling your home in Sarasota

  • Why do you choose to sell?
  • When do you anticipate moving?
  • To where are you relocating?
  • What are your main concerns?

Understanding the market

  • Macro and micro dynamics of the real estate market
  • Supply and demand
  • Personal timing & seasonal considerations
  • Analyses of active, pending, and sold properties

Your House Plans

  • Describe features and advantages
  • identify differentiations based on active inventory
  • identify any potential problems

STEP TWO: CONTRACT DETAILS LISTING

If you decide to sell your own home, this is where most sellers make critical mistake. As long as you have the proper completion of documentation and contractual agreements you will gain some upper hand during the sale process. Also make sure to visit the Florida Realtors webpage find all the relevant forms

  • Completion of any property amendments
  • Hire a media and photography expert
  • Consult a staging consultant
  • Organize a meeting with trusted advisors
  • Establish a launch schedule

Preparations for marketing

  • Gather materials for launching properties
  • Use traditional advertising,
  • Plan for digital marketing
  • Strategy for social media,
  • Exposure to broker networks,
  • Approach for showings,
  • Cross-marketing, and
  • Approach for dealing with foreign buyers

STEP 3: PRESENTING THE PROPERTY 

Make a strategic marketing plan. This is equally important as pricing and preparing the home. Visit the Real Estate Marketing page to learn best practices and get some inspiration. Ask yourself, how will you accomplish the following:

  • Create the perception of value
  • Attract and qualify prospective buyers
  • Conduct safe showings
  • Monitor and follow up on buyers interest
  • Establish a communication strategy for weekly reports, updates, and communication

Negotiation strategies

  • Procure written offers
  • Qualify and evaluate each offer
  • Strategically respond to offers
  • Negotiate to achieve the best possible price and terms
  • Navigate through multiple- offer process and backup offers


STEP 4: ESCROW PROCESS

  • Delivery of Contracts
  • Complete Disclosures
  • Manage Deadlines

Closing

  • The transition from the property
  • Final Documentation
  • Closing and Celebrations 

EXTRA TIPS AND TRICKS 

Now you understand how to sell your own home. You will need a marketing plan to showcase your home in the best possible light. Below are some tips and tricks that Ben recommends to help you market your home for sale. 

SET A MARKETING BUDGET

  • How much are you willing to invest into the sale of your home?
  • Advertising costs, signs, and other costs if you want to sell your items.
  • Real estate commission if an agent represents your buyer.
  • Costs associated with hiring a lawyer, a closing agent, and other experts.
  • Excise duty on the purchase.
  • Proportionate fees for your percentage of yearly costs, including property taxes, homeowner association dues, and fuel tank rentals.

Vendors generally incur additional costs in your region (such as surveys, inspections, etc.).

Real estate agents can provide you with an exact estimate of the costs related to the seller's closing because they deal with transactions every day.

RESEARCH YOUR LOCAL NEWSPAPERS, REAL ESTATE SECTIONS, AND OTHER MEDIA TO DETERMINE YOUR BEST RETURN ON INVESTMENT.

Are there any free or affordable real estate publications that accept ads from individual sellers? If you decide to advertise in the newspaper, it is best to run a text-only classified, or you can run a "photo boxes" which allows advertisers to include both text and a photo of the property.

ALWAYS REMEMBER THE INTERNET

You probably noticed from this website that successful Realtors like Ben Nathan have their own website, it features clients' listings and the whole MLS inventory of homes. A realtor will probably list your home on their website and in the entire MLS search as part of the services they offer. But if you sell your own home, you should learn to leverage the internet. Newspapers provide either free or automated Internet advertising that is combined with traditional print advertising. You also will want to share your real estate listing on social media and have your friends share the post.

CREATE A MARKETING STRATEGY

Learning about the charges and deadlines of each relevant publication before choosing a vendor. Now set yourself an advertising budget and find bast practices to reach buyers. It's important to know how to attract local and out of state buyer before you develop a marketing strategy. Due to the many people searching from out of state, your approach must include internet advertising. In addition, your advertising should occasionally appear in the "local" newspaper's national edition if your town is big enough to have one. If you need help planning a marketing strategy, you can refer to Ben Nathan's Marketing Strategy

WRITE THE TEXT OR CREATE THE ADVERTISEMENT

Your advertising might be written or designed. For classified or photo box ads, you need a bare minimum to require a few well-written phrases.  You can also choose to distribute fliers at open houses or run a larger, customized advertisement in the newspaper. 

A cheap advertisement can discourage purchasers but a professional one will attract buyers. Even if you do not have full-service agent representation, when you sell your own home consider a "flat fee MLS listing" program. Some agents provide this service at a cheap rate.

BUY A "FOR SALE" SIGN AND PUT IT UP

Don't skimp on this. If you spending money to advertise make the most of it.  Purchase and place an eye-catching, durable, and well-designed "for sale" sign. Position the sign so that motorists see it clearly from the road. Directional arrows help point potential buyers to your home if they are unfamiliar with the neighborhood. Be careful to remove all your signs after the open house.

CONSTRUCT A FACT SHEET

Create a one-page summary of your home detailing the advantages and qualities that will appeal to potential purchasers. This summary should be polished and appealing. Have sufficient copies on hand to distribute during open house viewings. Once more, your agent will take care of things on your behalf if you work with one.

SCHEDULE AND PLAN  OPEN HOUSES

Buyers often find it inconvenient that open houses are hosted on weekends. That said, you should consider scheduling open houses during the week. Also, ensure your next open house details are included in your newspaper advertisements.

DOCUMENT YOUR FORMS

The legal sale of your property requires certain forms to be completed. If you plan to sell your own home you better keep your documents organized. In addition to the purchase contract and counteroffers, the seller must provide the buyer with 12 or more documents. It is essential to carefully study the contract to determine when these papers and documents are due and what the buyer's rights are after receiving them. Many of these forms and contracts are prescribed by state or federal law, for more details visit the Florida Realtors website.  Your local board of realtors or the real estate agent representing you can provide you with the necessary forms.

NEGOTIATE THE FINAL TERMS OF THE SALE

The buyer(s) have expressly consented in writing to the following:

Price, Inspection, repercussions, finance, conditions, the closure date

WALK-THROUGH

Before closing the sale, make sure to arrange a final walk-through so the buyer(s) and a witness (typically the buyers agent) may be present to ensure the property meets the expectations of all parties involved. At the end of the walk-through, have the buyer and his witness sign an acceptance letter. This is especially important when you sell your own home, because without agent representation you are fully liable for the sale. 

About the author 

Benjamin Nathan PA

Ben started with the distinct vision of bringing together clients with a shared appreciation for architectural homes. He runs an idea-based sales team that strives to innovate communication strategies that challenge the mass market approach. Follow Ben on social media.

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