Selling

the SELLING process

Basically, there are three factors that ultimately determine the sale of your house or other property:  LOCATION, CONDITION, and PRICE.  There is no control over location – it does not change.  The only factors over which a seller has any degree of control are the condition of the property and the price.

• LOCATION is, however, a significant factor relative to a property’s value, yet location factors are often intangible.  As an example, a house in a top-rated school district or in a sought-after neighborhood can increase the value of a home.  While, at the same time, a similar home near active railroad tracks or right next to a busy highway could carry a lower value.
• The CONDITION of a home is a significant value determinant.  A home that is well maintained and updated will show better and create more of the emotional value that buyers will find attractive.  If a property is not well maintained, buyers will focus on the items they will have to repair or update and it will cause them to offer a lower price for your house – if they make an offer at all.
• To determine the value of a house/property and to decide on an Asking PRICE, it is important to know the current market conditions when one decides to sell. Listing a sale price too high repels potential buyers and a house could be on the market for a prolonged period of time.  On the other hand, if an asking price is too low – a rare occasion, a seller could lose out on a significant amount that could be realized.

A thorough review and understanding of a COMPARATIVE MARKET ANALYSIS prepared by Tom on a complimentary, no obligation* basis will serve as solid basis (using actual market information) for a seller to determine the initial ASKING PRICE prior to putting the property on the market FOR SALE.

(* OK!, OK!  The only obligation that Tom will seek from a seller as he provides them with a CMA - comp’s as they are commonly referred, is a willingness to seriously consider Tom, as they may consider others, to serve as their exclusive DESIGNATED AGENT – otherwise known as Listing Agent – before they decide to list their property for sale with any other real estate agent.  It’s a small obligation with no strings attached.  Tom will either earn the privilege to be of service to you or not.  All he asks is an opportunity to present you with a CMA and to propose his listing agency services to you.)

And now, for the meat of the matter . . .

prepare, market, and sell

1.  PREPARE

• Look at your home and yard from the buyers’ perspective
• Make necessary improvements that will improve the appearance of your home and not cost a lot of money, if possible
• First impressions are everything, clean out the clutter and move excess items into storage
• Keep lawn and shrubs trimmed and neat
• Plant flowers if climate permits
• Clean gutters and exterior surfaces
• Paint and caulk your front door and entryway if necessary
• Clean windows thoroughly (inside and outside)
• Remove any trash, newspapers, and toys in the yard
• Move any extra cars from driveway to another area
• Allow the buyers to visualize their belongings in the home and remove as many personal items as possible
• If necessary, repaint any dingy or dirty walls; also consider making your home more neutral by avoiding bold, bright or dark colors
• Carpets and floors should be vacuumed and cleaned
• Put toys away and avoid clutter
• Turn on all lights and open the blinds and drapes to make the home bright and inviting
• Remove pets from the house during any open houses or showings
• Clear your house of pet stains and odors

Bedrooms

• Closets should be neat and organized, box up and put away excess items
• Make sure all of the beds are made and rooms are neat
• Keep personal items put away
• Use room deodorizers to eliminate odors
• Put excessive furniture away in storage and arrange furniture to emphasize the size of the room

Kitchen

• Repair or replace any defective hardware (faucets, door handles, locks, etc.)
• Put away all dishes in the kitchen and keep countertop clean and clear of clutter
• Use potpourri to make the kitchen smell good
• Organize and clean out pantry
• Empty the trash cans and make sure there are no dishes in the sink or dishwasher

Bathrooms

• Consider replacing caulking in bathroom areas
• Keep tub, toilet, sink and any mirrors sparkling
• Consider buying new towels to hang

Basement/Garage

• Dispose of everything that your will not take with you when you move
• Pack away excess items and clutter
• Brighten up basements with fresh paint and additional lighting
• Arrange items neatly so areas will look larger
• Keep walkways and stairways clean and clear

2.  MARKET

Having your home on multiple marketing platforms will increase its exposure and bring more buyers to view your house, creatinga better opportunity for an offer. “my st louis agent” and Realty Trust Company use powerful marketing plans that utilize the latest and most advanced marketing methods to obtain great exposure with excellent service.  Here are some of the elements of a marketing plan and strategy that “my st louis agent” provides:

• Powerful Internet Marketing: With our internet marketing, your home will be seen by serious buyers who are looking for a home in your neighborhood. With your internet listing, potential buyers will have access to complete information on your home 24 hours a day, 7 days a week. Buyers will be able to see pictures of your home instantly at their convenience.
• Color Brochures: Full color brochures will be provided to compliment your home’s natural beauty.  The brochures can also be printed or e-mailed by any interested viewers through our web site. Many sellers also use our professional brochures to send to interested buyers, hand out during open houses, and to display in a brochure box in their yard.
• Multiple Listing Service (MLS): The Multiple Listing Service or MLS will give your home maximum exposure to serious buyers who are already working with agents. Over 80% of homes sold involve  Realtors using the MLS which is the exclusive database that realtors use to list and sell homes.  There is no stronger marketing tool available than listing your home for sale in the MLS.
• Complete Disclosures: Take the skeletons out of the closet. To ensure a smooth closing on your home and to avoid any potential lawsuits after you sell your home, it is important to properly disclose all of your home’s known conditions.
• Professional Signs: Professionally designed signs will be placed on the property to give your home the proper image and draw in the attention that it deserves.
• Lock Box: The Realtors lock box system is a secure way for Realtors to show your home without you being home. The lock box system can only be accessed by licensed Realtors and is  monitored by your agent and the St. Louis Association of Realtors.
• Phone Inquiries: In most instances, all phone inquiries on your property will be answered or receive an expedient response from Tom himself.  In instances where Tom is not immediately available, an experienced Realty Trust Company agent will answer calls from customers and agents regarding your home.  A “pre-screen” of potential buyers will make sure only qualified buyers are viewing your home.
• Open Houses and Showings: No one will buy a house without visiting it a few times. Knowing how and when to present your house can be the single most effective way to acquire offers from buyers.   Tom or another Realty Trust Company agent will hold open houses, as may be indicated.  And, of course, individual showings by cooperating Realtors and serious home buyers allow them to tour and view your property.

3.   SELL

When a READY, WILLING, and ABLE BUYER presents an OFFER offer buy,  Tom will help you NEGOTIATE a final agreement SALES CONTRACT and work very closely with everyone involved in the CLOSING process in an intense effort to help effect a smooth closing.

Re:  Negotiations

• Try to keep your emotions separate from your negotiations
• Re-analyze, as may be indicated, recent home sales in your area and utilize that information as a negotiation tool when making a counter offer to the buyer
• Prepare for the possibility (in most cases – desirability) of a multiple offer scenario.   n We will advise you on how to only accept one offer at a time. If we receive several offers at the same time, we will help you understand the merits of each and pick the best one with which to negotiate.
• Get it in writing! Verbal “agreements” can be misleading, misunderstood, and/or mis-interpreted. To protect your best interests, Tom will help you get all the home sale details in writing.

Re:  CLOSING

• Earnest Money — Earnest money is typically collected at the time of an accepted contract. It is used a symbol of good faith from the buyer. This down payment is usually held at a reputable title company. The earnest money is applied as part of the buyers down payment at closing.  However, if the buyer changes their mind and backs out of the contract, the earnest money may, in some instances as determined by the contract language, be given to the seller.
• Home Inspection — Most sales contracts allow for the buyer to have the home inspected at their expense. After reviewing the inspection report, the buyer generally has a limited number of days to request that any unsatisfactory structural defects either be corrected or that the seller make an adjustment to the selling price. If the seller chooses not to work with these requests, the sale contract could possibly be terminated per contract provisions.
• Municipal Inspections — In addition to the building and termite inspection, many municipalities require their own inspections prior to the sale of the home. If you live in a municipality that requires an inspection, it is typically the seller’s responsibility to obtain, pay for, and correct any defects found in this inspection.
• Gas Inspection — In most areas, if your home is connected to a central gas line, it is the seller’s responsibility to request a gas inspection at their expense. It is typically the seller’s responsibility to obtain, pay for, and correct any defects found in this inspection.
• Appraisal — an appraisal of your property is usually performed when the buyer is financing a portion of the homes purchase price. The appraisal will give the buyers lending institution an unbiased assesment of your home’s value. Property appraisals are usually paid for by the buyer as part of their loan approval process. Keep in mind that if the buyer of your home is going to obtain a loan, the lender will make their loan based on the home’s appraised value.
• Loan Commitment — If the buyer is obtaining financing for the purchase of your home, the lender will issue loan commitment prior to closing. The loan commitment date is usually stated in the sale contract. The lender will only issue the commitment after carefully reviewing all of the buyer’s loan credentials.
• Final Walk Through — The final walk through is the process where the buyer reviews the home usually within 24 hours prior to the closing. The purpose of the walk through is to make sure that the house is being sold in the same condition as agreed in the sale contract. Buyers are also verifying that any items that were agreed upon to be corrected per the inspection have been properly addressed.
• Closing — The closing and transfer of property typically takes place at a title company. The ttle company will take care of transferring the ownership, providing title insurance, and the collection and disbursement of the proceeds from the sale. Closing is when the buyer(s) will sign all the loan documents from their lender and the seller(s) receive their funds from the sale.

At this point, in most every case – but not always – closing is an “Oh! Happy Day” cause to celebrate.     That’s it.  Nothing to it!  It’s like a “6 inch putt” or a “walk in the park”!  Next time,  let’s do it all over again!  It’s always a pleasure and a privilege for Tom to be of service in helping clients sell their real estate.