Dear Homeowner. You’ve got something that a lot of people out there want; a home. For one reason or another, life has guided you to sell this asset and move on. It happens. Here’s what you need to know to make your experience as smooth as possible.
Know Your Asset
Your home is likely your most valuable asset. It helps to know everything about your home. Keep a list of all improvements made to your home. If you happen to still have your home inspection report from when you purchased the home, this will be a valuable tool to look back at and note the things you have improved. Understand your home’s value. Is it location? Is it a unique building style/design? Is it a unique layout? Does it have opportunities for investors? Why is it attractive to prospective buyers?
Present your Best Foot Forward
Once you’ve identified your target market and talking points for the property, strategize as to how to present it to the most buyers, at the same time. Exposure is key. Timing is everything. The more buyers who understand what they are buying who become interested in your home at the same time will create the Seller’s most valuable tool in their sale; Demand. Once you’ve chosen a competitive price based on your asset and hired a professional photographer to showcase your properties’ selling points, be sure to exercise every outlet available for advertising. Your local MLS, its IDX partners, print ads, blog posts and more are available to you. You can compile these materials and release them at an ideal time. Here’s an example of the services we at Hawaii Life offer to our Sellers.
Know the Process
Be prepared to let your home do the work once it’s marketed. Make it easy for buyers and their agents to come preview the property. Be ready to talk about your home confidently and negotiate with multiple buyers at the same time. Once you’ve secured the best buyer for your property, you’ll need to understand the process of sale. Typically a standard form contract is available through your local Real Estate Board. Engage with an escrow company who will handle the transfer of funds from the buyer to you as the due diligence and contract process begin. Allow the buyer time to thoroughly inspect your home and have a written sign off of this inspection so as to avoid a potential lawsuit against you or your property in the future. Ensure the buyer is well qualified if they are getting a loan and ensure that their timeline for loan approval does not fall off pace, or you may have the right to cancel the contract. These are just a small set of examples of the steps to arrive to a successful closing.
In Summary
In Residential Real Estate Sales you can elect to work through the process in many ways. A seller can choose to go the road alone and act as a For Sale By Owner. In this case, the owner will not have access to their local MLS for advertising. The next step is to work with a discount brokerage who will offer to advertise your property for a fee, but will not offer concierge services when it comes to marketing, negotiating and the closing process. Finally, you can work with a full service brokerage, like us at Hawaii Life, who will handle every step of the process for you. Typically, this fee is a percentage negotiated prior to beginning services. The Seller can choose to offer compensation to only their broker, or they can choose to offer a cooperating broker’s commission in order to make their home a more attractive prospect.
If you have any further questions about Selling or preparing to sell your home, please contact me today. I look forward to assisting you.
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