|
| The Buying Process | |
Buying/Selling Process Graphic | Prepare
Your Home |
From
Real Times
1. How much is my
home worth and at what price would you list my home?
 Pricing
strategy is crucial in any type of real estate market. If you price
the home too low, it might attract only low offers. If you price
the home too high, it could stay on the market for many months.
Don't get too excited and hire an agent solely because he or she
suggests a value or list price that's significantly higher than
what other agents suggest.
In fact, be very wary of an agent who suggests a price that is out
of line with the other estimates you're hearing. Go with the consensus.
Ask about market conditions and pricing strategies in addition to
raw numbers.
Tip: Well-priced homes sell more quickly than over-priced ones.
2. What will you do
to market my property?
Marketing
is more critical in a buyer's market, that is, when properties are
moving slowly and prices are holding steady, than it is in a seller's
market. If you have a slow-market seller or a property that will
be difficult to sell, you should ask a lot of questions about open
houses, flyers, Web sites, "just listed" postcards, classified ads
and other solid marketing strategies. The more time and money spent
on marketing the property, the greater the chances are of finding
a buyer.
Tip: Get the marketing plan in writing and attach it to the
listing agreement.
3. How do you handle
multiple offers and price negotiations?
In
a seller's market, when properties are moving quickly and prices
are appreciating, open houses, postcards and the like are less important
than negotiating skills. Ask what strategies the agent uses to get
sellers the highest possible price and net in a hot market.
Tip: Make sure your REALTOR® is experienced in
negotiating.
4. Will you hold any
public open houses, caravans or brokers' open houses to market my
property?
Although
only a very small percentage of homes are sold as a direct result
of a public open house, these events can expose your property to
some potential buyers and to neighbors who may pass the word to
their family, friends and coworkers. Brokers' open houses and caravans
allow the real estate community to preview the property before bringing
buyers to see it. (The term "caravan" means the agents in the seller's
agent's office will stop by the home on their weekly tour of the
office's new listings. A "brokers' open" is an invitation to agents
from other local companies. Refreshments usually are served.)
Tip: These
events usually are more important than the public open houses.
5. What type of buyer
would be interested in my home? How would you target your marketing
to attract that type of buyer?
Selling
a two-bedroom condominium to a single first-time buyer requires
a different approach than selling a sprawling ranch property to
a large horse-loving family or a million-dollar luxury home to overseas
buyers.
Tip: Try
to get a sense of whether the agent understands the market for your
home and knows how to attract as many qualified buyers as possible.
|
