The Process of Selling a Home
Selling a home is a very exciting time in one’s life. You may be moving forward into a new adventure or looking into other investments, and it is important to keep in mind that selling a home is not always instantaneous, it involves a good amount of work. Below we have broken down some of the key considerations when going through this process:
Working With a Broker
Whether you are planning to sell the home yourself or are working with a broker, the same amount of steps are involved. We have outlined some of the key considerations to why it would be beneficial to partner with a real estate team.
Top Four Reasons to Work with a Real Estate Team
With work, family, and friends, it can be time-consuming and challenging to take on a large undertaking like selling or buying a home by one’s self. Although there are small cost savings without a real estate salesperson, there are many hurdles that a licensed professional could save you time and effort on. Below are four major reasons why you may want to consider working with a licensed real estate salesperson:
- Real Estate professionals know the market – Did you know that sold data is old? When a price is recorded it’s been closed typically two months already. Then you add in the time in contract, and days on market before that. You could be looking at prices from last year. PLUS, in cities like NYC, there are plenty of different neighborhoods, boroughs and streets that have drastically varying price points. A real estate professional will be able to easily navigate through the various factors to identify exact price point for your home. This effort alone could save a lot of time since it will allow the experts to price the home and work to sell your home as quickly as possible.
- Able to promote property at a level that is unparalleled – Just think… if you are trying to sell a home yourself, where do you begin with promoting that your home is for sale? Craigslist, Facebook, Twitter? Sure, these are solid options, but they are not completely tapping into the wealth of resources that a real estate team will be able to provide. Depending on the team, there could be varying options to give your listing optimal exposure. Just to name a few examples, real estate professionals can promote your listing to their database, referral network, digital campaigns and can even stage your home for an instant appeal upon first look. This is another area that could save you plenty of time and stress.
- Assist with the heavy amount of paperwork and people in the transaction – Did you know that there are a minimum of 10 people involved in a transaction? It can even go as high as 16! With the home buying and selling process comes plenty of paperwork such as the purchase agreement and closing disclosure. With all of the items to sign and many people to encounter, a real estate professional can help (along with the attorney) to guard the client’s legal interest when facing tough negotiations and confusing contracts and conversations.
- A real estate team will allow you to work with specialists – By choosing to work with a real estate team, you will have the opportunity to be guided by professionals who specialize in a specific segment. At Focus, we have specialists who work specifically with those looking to buy or those looking to sell and even in different markets (Long Island and New York City). Our specialists have a keen eye on the market from the buyer vs. seller lens and can further assist through this experience.
LISTING THE PROPERTY
Marketing the home:
There are some recommended key strategies to get your home prepared for showings and offers. This would include:
- Coming soon handwritten mailers, inviting your neighbors to a Neighbors Only pre open house where we offer light snacks, Mimosas, and raffles.
- Launching a “Coming Soon” campaign – your property can be promoted in advance so that potential buyers know that they can expect to see the property listed and at open house-ready in the near future.
- Establishing a competitive price – there are many factors that can go into the comparative analysis of the home, but it is important to make sure that it is priced appropriately against the market conditions and neighborhood.
- List the property once ready to show – The property will need to get listed on major listing sites like StreetEasy, Zillow, Trulia for maximum exposure along with compelling description copy and imagery.
- Our database, everyone who has ever come to an open house is in the database and tagged by location, and size.
- Understanding the “buyers’ psychology” – In order to sell for the most money possible in the quickest amount of time, we have created a method to sell. We look into bringing the buyers five senses into an open house. We incorporate sight, different sounds, texture, smells, and even taste into the open houses and the staging of the unit so that the buyers can become more emotionally attached and therefore give an offer. What we do starts from before we list, until the offers start to come in, and we would love to show you what all of those steps are.
Getting the home ready for showings:
Buyers want to buy a lifestyle. They buy into how they want people to see them, which our team can help you with through fresh flowers, candles, setting a mood with lighting, etc. We come in to make it look like a magazine. Think of a buyer like someone going through a magazine that can’t put it down!
Just like with any other product, it is also important to highlight the competitive advantages of a home compared to what else is in the neighborhood. Especially when a buyer’s market hits, the home should be as marketable as possible for a faster sell and to get the property sold at a higher price. Below are our team’s top tips to getting the home to be ready for showing and potential offers:
1) Keep the home clean and simple – While it is important to keep the necessities, homes are trending towards less cluttered styles. When showing the home, buyers are also looking to see what they can do with each room. Having many things lying around could get in the way of helping a buyer to see what they can do with each room and also makes it tougher to imagine the actual size. Some ideas to clean it up are to: decrease the amount of furniture and put away excessive or unnecessary items.
2) Understand the buyers – In many cases, buyers are looking for move-in ready conditions. Going off of tip number one, the home should appear simple so that people can envision moving in sooner rather than later. Pictures hanging up on every wall and dishes in the sink are not likely to help with the sale and may even deter people from putting offers if they feel too much work needs to be done through just the appearance. One suggestion is to rent a storage space for items that may make the home look busier and far from ready to move-in.
3) Take care of renovations – When a home has many little repairs that need to be handled, this could easily deter people from wanting to put an offer. It will give the instant impression of too much work. If you have a couple of doorknobs that need to be fixed or loose windows, it is more efficient to get them fixed prior to showing.
4) Have curb appeal – If you are in the city or the suburbs, it is important to make sure the entryway of your home looks tidied up. This is the first thing buyers will see and is the initial impression. If you have a front lawn, make sure the grass is mowed, landscaping needs to be updated. Your foyer should be clean, and of course appear simple. The goal is to keep buyer’s from being distracted by these minuscule things. It is recommended to clean up the entry to your home two days before showing.
5) Use colors that pop – With many other homes on the market, you want to make sure that your listing stands out against the rest. In today’s digital world, you only have a few seconds to capture your audience’s attention, so you should have pictures that represent your home well and also stand out against the rest. The Focus Team recommends neutral colored furniture with bright pillow colors such as red or yellow and flowers to match!
The day of the open house
Your open house can be the make or break of offers that can potentially come through. In addition to this, the concept of an open house can definitely be stressful to a seller. To guide you through this step in the process, we have broken down some helpful tips and answered common questions for your next open house:
What should I prep on the day of my home’s open house?
How do you notify people about an open house?
Our team has a strategic process for selling homes. With the floor plan and photography that has already been taken, we will promote the open house several days in advance through all listing sites and will also promote through our own channels (ex: promotions to other brokers in our network and our social channels). Circle prospecting with calls to your neighbors, our past clients, and our database members that are actively looking for a property.
What should I expect from the Focus Team?
From the moment you list with us, we begin. We start actively marketing your property, we have our internal interior designer come to the area to see what edits we should make for it to be in ideal showing condition. Then we have our photographer come out, while we have the description written. We will hold a neighbors only open house before our first open house, offer charcuterie and Mimosas, and use our buyers psychology at every open house.
Our team will conduct a mid week showing as well as a weekend showing. Our team will be in contact a couple of days prior to the showing to make sure that you are okay with the proposed times. We will keep you up-to-date on any feedback of the listing as well as what promotions took place.
If your home is priced correctly, you should expect to receive offers. Whether you receive an offer that comes in very low or right on the mark, it is important to review all of the information surrounding the offer. You should see if there is opportunity to counter offer and also see if the buyer is pre-approved as this can expedite the process.
GOING UNDER CONTRACT
Once price/conditions are agreed upon, you are “in contract.” This means that the home is not available to show to prospects (unless anything changes). You should be moved out of the home prior to closing (unless otherwise specified). In the meantime, you should also be prepped for all of the potential costs:
- Repairs and minor updates on the home prior to listing
- Professional cleaning
- Staging (depends on if you are working with agent)
- Professional photos for marketing (depends on if you are working with agent)
- Repairs following inspection
- Fee for your attorney
- Commission for both listing and buyer agents
- Portion of buyer’s closing costs if part of contract to purchase
- Transfer tax (if applicable)
HOW THE FOCUS TEAM CAN HELP
Selling can be easy with the right team. Let our experienced staff gives your home maximum exposure to a large audience of potential buyers.
Comparative Market Analysis
Our team will provide you with a real-time snapshot of market conditions and other properties similar to use with considerations on location, features and comparables.
Floor plans are key in communicating the flow of your space to potential buyers. We make sure that these are available throughout the selling process.
Your photos are the first impression to a buyer – Let your online and print presence stand out with competitive imagery.
Our goal is to help you sell your home faster and for top dollar so we prepare your rooms for listing pictures, showings and for its online presence.
Our team of showing agents will respond to all showing inquiries for private tours or conduct weekly open houses for ultimate exposure.
Digital and Print Promotion
Our marketing approach includes and is not limited to: social media, web traffic, brand recognition, emails, postcards.
Our team is dedicated 7 days per week to make call and send emails about your listing.
All clients receive weekly updates about the progress of their listing, marketing initiatives toward the listing and buyer questions.
We will work with you and as a team to ensure a seamless transaction from start to finish
At Focus, we are in the business of creating your real estate vision through real estate. If you are interested in selling your home and would like to work with one of our listing specialists, contact us today.