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Selling a Home
Selling your home - What renovations are essential in boosting your home's value
So, you’ve decided to sell a home. Maybe this is our first major play in the real estate market, or maybe you are a seasoned pro who has listed tons of houses for sale over the years … regardless, it can be a trying a nerve wracking experience, so planning is of utmost importance. We will explore some of the different ways to sell a home, and I hope this will helpyou into your foray in the exciting and demanding world of Real Estate!!
Option 1: Use the services of a real estate agent - You can find a good real estate agent through a referral, and increasingly (in many markets) on a real estate blog. Look for a real estate agent who lists homes for sale that are similar to yours, or that would appeal to the same buyers. Often such a real estate agent will have a vast network of potential buyers, and they often get referrals from other buyers that would be help find people interested in your property. Remember, real estate is a market, and to get a top price when you sell your home, you need to increase the demand for your home buy upping the number of prospective buyers! A good real estate agent can help you to pick a listing price, to help understand the market around you, and research what other homes for sale have sold for in your neighbourhood. Be sure to ask what the strategy of your real estate agent is … will they try to list your home for a low price to attract multiple bidders? Will you try to pick a good price and stick with it? Many real estate agents have different strategies, and different skills at both strategies, so be wary of this. Some are top negotiators, others are better at marketing to buyers, and avoid negotiation by lining up lots of interested buyers. Both can be good ways to sell a home, so find out what style your real estate agent is, and make sure it fits with the style you feel more comfortable with. Often reading the real estate blog of your real estate agent can offer clues to their style, and a bit about your personality. Real Estate is not a science, but an art, so fit and feel are very important when you sell your home with a real estate agent. Some people choose to use the services of a real estate agent who is a friend when they sell their home, and while this can be a great way to find a good real estate agent (whether or not you like their real estate blog), be careful to hold them to account the same way you would any other business partner. You may like your friend, and you may be under pressure to use them, but are they lazy? Do you find yourself questioning their judgement? When you have seen them in action with other houses for sale, do they complain about everything and put in the bare minimum? This is not the real estate agent you want to sell your home. You want a real estate agent who can be aggressive when they need to, to be patient when they need to, and be dogged in their pursuit to sell a home … especially when it is your home! Think of a realtor like a doctor or a dentist … you are relying on their judgement to make decisions when you are not able to make them, or to advise you on issues (especially legal issues) you may know nothing about. If your friend was a bad dentist, you would not use them, no matter how close your friendship is. When it comes to houses for sale, the risks are too great to pick a bad realtor.
Option 2: FSBO, or For Sale By Owner - This is a popular way to sell a home, and increasingly so, but it is one that can be riddled with challenges and frustrations. If you are the entrepreneurial type, don not not frustrate easily, have lots of patience, and perhaps most important of all, have lots of free time to devote to selling your home, you might be a good fit for FSBO. Real Estate is a heavily regulated industry, so any FSBO listing to sell a home will have lots of legal hurdles for you to clear. Houses for sale are listed all over the place, so you might get the impression it’s easy to sell a home by an FSBO listing, but do not kid yourself, it is a lot of work and a lot of headaches. I personally would recommend FSBO to sell a home for retirees, for self-employed people who can plan their work days and working hours, or for an entrepreneurial home maker who may have a spouse in a 9 to 5 job. You must be available to sell a home – if you aren’t at home, and can not be available on short notice, there are lots of homes for sale that your buyers might see before yours. This just hurts your chances to sell your home. You might also find that your buyers are turned off by the style you use to sell a home – it is yours after all, and you probably like it. You may get bogged down in stories, or oversell your real estate, or leave buyers the impression they are buying your home – rather than a future home for them. To sell a home, make sure it looks inviting and welcoming as a home, but remember that they will want to make the space their own, so it might be wise to minimize the personal touches when it comes time to sell a home. Real Estate is a tricky business. Roughly sixty percent of people who try to sell a home through FSBO listings turn to a real estate agent. They find they do not have the time, or that it has been on the market, or that other homes for sale are selling quicker and do not understand why. Your real estate agent is a professional, and they are not as attached to your particular real estate – this is important because you are trying to sell a home to someone else, not to yourself. Many people who try to sell a home by FSBO over price it, or stupidest of all, become too emotionally attached to their real estate and decide they don’t like a buyer. This sounds silly, but in fact happens all the time. Your real estate agent doesn’t care who the buyer is. So if you decide to list FSBO, be sure to pay very little attention to the personality of the owner. If they want to tear out the hedge you just planted last summer, who cares?? When you sell a home, you should be comfortable walking away and letting it go. It’s real estate, not a pet or a child, at the end of the day. If you decide to sell a home, and list it FSBO among other homes for sale, you must be ready to LET GO and walk away. It’s just a hedge after all – and you can plant a new one when you move into your new home. When you sell a home and turn over the keys, your attachment should end right then and there. A real estate agent can de-personalize the process, but if you sell a home by FSBO, be prepared to get over your attachment at the beginning.
Option 3: Become a realtor - I know this sounds crazy, but Real Estate is an exciting business, and may people choose to become a real estate agent. The courses can be interesting, and you could save a lot of money. Many people try to sell their home, and then list properties for their friends and family that let them pull in a few extra bucks on the side. While this is not much different from FSBO, it can be if you decide to get fully licensed as a realtor and list other homes for sale in future. I recommend people try to sell a home by FSBO before making this commitment, but indeed, the courses can be interesting, enlightening, and not overly expensive. One real estate deal can pay for the courses … a small price to pay if you end up listing many homes for sale! You may also like to discuss real estate with others … a real estate blog is a popular way to publish your opinions and fuel discussions on this interesting topic. Just remember the same conditions as an FSBO listing – you will need to be very entrepreneurial, very focused, very driven, and deal with people very well. This can be a fun and exciting process, and real estate is a great industry in which to work, but it is still WORK so think very carefully before you make a big commitment. I wish you best of luck when you sell your home, and on behalf of fellow realtors and real estate agents, a warm welcome to the wonderful world of Real Estate!!