The 3 most important skills to sell your home
Three essential skills a listing real estate agent must have to sell your house are Pricing, Marketing and Transaction skills. If any one of these skills are missing you will not maximize your selling price or the transaction will fail to close.
1. Pricing the house
How to set the selling price of a house?
Setting the property price is the toughest part about selling when done correctly. Establishing the right price is the key to how the property can be sold and how fast. Therefore, the brilliant listing agent finds out what the seller wants out of selling the property, then establishes the selling price based on the market and the seller’s needs.
Is the highest listing price always the best starting price?
Selling a house for the maximum price is commonly the most important factor to a property owner. But highest price is not always going to work for every property. Understanding the current local real estate market is the key.
How to do an accurate CMA?
In today’s market, many real estate agents are setting the price all over the place. Most agents try to do a CMA or Comparative Market Analysis. The problem in this market with overpriced listings, distressed property sales and poor quality rehabs all in the mix, an accurate CMA takes more time, knowledge and experience to do correctly.
Are Zestimates a CMA?
Zillow’s Zestimate or Realtor.com estimated home values are not CMA values. They use programs that look at data and not the property. If that is what was used to set the price, the property could be priced high or very low. It takes a professional with training to get a proper CMA.
How cash house buyers impact listing price?
Many homes are selling for cash in the Sacramento area. These cash buyers generally are real estate flippers. Flipper buys property below retail price. These and other factors must be accounted for to establish the listing price. Real estate investors who buy houses for cash in any condition pay more than flippers for a property. They have a longer time horizon to make a profit and take the long view of purchasing a house.
This can cause realtors to tell their clients to set a low wholesale or distressed price on their home. Yes, the property sells fast. But the reason is that they are priced to sell as distressed, not full price. And, the sad fact is, in today’s market there are many retail home buyers willing to pay full price. This means, if you sold your property that way, you lost tens of thousands of dollars of profit you could have kept. When your house is priced correctly, you get the right amount for your goal.
How to maximize the house selling price?
Maximizing the full profit potential for my client is the goal when we price a property. It is harder work. But it pays off for the home seller. The buyers who pay the most are personal home buyers. They pay full retail price for a house. A professional real estate consultant who is a local real estate agent like Dan Parisi will find the maximum selling price.
What are the price-setting criteria of a listing price of a house?
The above are just the starting point of the price-setting criteria we use in determining the price. Other factors are the micro area issues as well as the general area impact. The condition of the property and buildings are central elements to setting the price that are commonly over looked. The upgrades and how well-maintained impact the listing price. Special value details like access issues, garage elements, special rooms, office, sewing, baby, feng shui, yard size, and the list goes on and on. Even the property’s providence could have a big impact on price.
What is the listing price formula?
Another element to the listing price is the seller’s goals. Coffee Real Estate has created a listing price formula:
Listing Price = Market Price + Seller’s Goals
2. Marketing the property correctly will bring the right buyers
How is the local real estate market a very important factor when setting the selling price of a home?
The Sacramento real estate market is very different then the Auburn, California housing market. These cities are just a few miles apart with many shared issues. But the pricing of a home in Sacramento is unique. The neighborhoods, access to freeways, schools and many issues must be factored into the price. The quality of living in Auburn is one the many reasons to live there. A whole set of new variables must be weighed to set the selling price of an Auburn property. The local real estate market is one of the key reasons why people say all real estate is local.
The CMA is just the basics of real estate valuing. Make sure the real estate professional understands and uses a pricing system above the CMA standard to price your home. If they are not, then keep looking for another agent who will serve your needs.
Coffee Real Estate will go beyond the standard Comparative Market Analysis or CMA and establish a Broker Price Opinion or BPO of Value. This process will establish the best-selling price along with the seller’s goals to equal the listing price.
Why is marketing important to selecting the right realtor to sell your home?
Marketing your property to sell is another major element when choosing a real estate agent to sell your home. Marketing your house is paramount.
Some realtors just do the big three: put your home into the MLS system, put a sign in the front yard and hope for buyers to make an offer. Unfortunately, this simple marketing plan will not generate the most leads and will not bring the best price. You can also find a cash investor willing to buy the house in as is condition fast.
What are the important factors when marketing real estate?
Our real estate agents take the personalized approach to each and every house we sell. Each property has the best marketing plan for that individual house. The goal is to maximize a house’s attributes in a way the home buyer finds attractive and valuable.
There are many marketing tools used to sell houses. A property can use all of them or just the right ones to sell your house. A creative agent can even generate a one-of-a-kind marketing tool or event to sell your house.
What does it take to sell your property?
Coffee Real Estate uses The Ultimate 92 Point Marketing Plan to sell houses faster and for more money. At Coffee Real Estate, we provide our clients with a marketing mix that integrates today’s communication’s technologies with traditional methods to ensure your home receives the greatest exposure possible. We employ a team of savvy marketing professionals to promote our clients’ homes. Our real estate agents give the personal service to each prospect that inquiries about your property.
What is a house marketing plan?
Just like a successful business has a marketing plan so do professional real estate agents create marketing plans to sell properties. Success takes a plan. Selling your home takes an individualized property sale’s marketing plan.
Coffee Real Estate takes the personal approach to each and every house we sell. We want to maximize your house’s attributes in a way the home buyer finds the most value in your house. Coffee Real Estate uses The Ultimate 92 Point Marketing Plan to sell houses faster and for more money.
3. The paperwork is very important to have a successful real estate transaction
What are the key elements of the transaction in real estate?
The real estate transactions in California are complicated to say the least. The standard home sale transaction has legal issues involved as well as tax, zoning, ownership, legal transfer, liens, encumbrances, property rights, fees and more fees. The list is a lot longer.
Many real estate agents just write the listing contract then hope everyone else does there job. Just ask the average realtor how many deals “blow up” or did not go all the way through closing and you will be surprised. Many could not be helped. But many could have been prevented and would have saved the home owner grief and problems.
How due diligence in the buyer’s offer can save deals?
I recently sold a home that had two offers near the same price. But one offer was going to be problem free to close and the other one had many places where the deal could have blown up. The reason I knew this, was I did my due diligence on the prospective buyers and understood the financial strengths and weakness of each one. The deal closed on time with very minor issues to resolve along the way.
Not having a deal go through to closing can have a tremendous impact on the home sellers. The cost in time and money can be major. A committed real estate agent that will stay on top of the transaction is a must.
