The Basics of Marketing Your Home
Your broker's marketing efforts and considerations will include advertising,
showing the property, how long the house has been on the market and whether
you're buying another home.
Your home should be listed, whenever possible, in the local Multiple Listing
Service and on REALTOR.com, which has the largest online database of homes and
virtually 100% of potential buyers who look for property on the Internet.
Advertising
The REALTOR'SŪ largest expense has traditionally been classified advertising
in the local newspaper. However, today properties are also exposed through
popular Internet home search/listing services, radio and television promotions,
and real estate guides. Even with all these additional advertising avenues, "For
Sale" signs on the front lawn are still remarkably effective. Many REALTORSŪ use
brochure boxes along with these signs to market the property. When appropriate,
and with your permission, your agent may send a mailing about your property to
neighbors. Sometimes one of them has "a friend or relative who always wanted to
live near me." You never know.
Showings and open houses
To prepare your home for viewing, make it as light, cheerful and serene as
possible. Your REALTORŪ will probably find a tactful way to suggest that you not
be present while the house is being shown to prospective buyers. This is done
because your presence will inhibit their actions and conversations. They won’t
feel free to open closets and cabinets, test out the plumbing, and discuss their
observations objectively as they walk through. It goes without saying that your
children and pets should not be on the premises either.
If your REALTORŪ has scheduled an open house, you may want to notify the
neighbors, and assure them that they'll be welcome. They'll jump at the chance
to poke around in your house, and sometimes they can turn up a buyer among their
friends. In preparing for an open house, you should:
Pull the drapes back
Light lamps
Simmer a few drops of vanilla on the stove
Light your fireplace
Set the dining room or kitchen table if you have particularly nice linen
or china
Put fresh towels in the bathroom
Leave the house so your REALTORŪ is free to deal with prospective buyers
in a professional manner.
TIP: When preparing your home, think about the techniques that are used to
show builders' model homes.
How long has your house been on the market?
Professional appraisers sum up their entire body of knowledge in three words
-- "Buyers make value." Your home is worth as much as some member of the buying
public will come forth and pay for it. After it's been on the market for months,
you've been given a clear message that the property may not be worth what you're
asking for it. This is particularly true if there haven't been many prospects
coming to see it. What you do at that point depends on whether you really need
to sell, and whether you're working with a time limit. If you're not really
motivated to move soon, you can always wait - years if necessary - and hope
inflation will catch up with the price you want. The problem is that in that
time, your home begins to feel shopworn. Buyers become suspicious of a house
that's been for sale for a long time. If, however, you really do need to sell,
discuss with your REALTORŪ a schedule for dropping your price gradually until
you find a level that attracts buyers. There's no point in saying, "We simply
can't sell our house." Anything will sell if the price is right.
If you’re buying another home
Don’t spend a great deal of time worrying about what will happen when you're
selling one home and buying another. You're not alone. REALTORSŪ, lawyers, and
title and escrow companies have had plenty of experience in arranging contracts
and loans so that the two transactions dovetail smoothly. It's best to list your
present home for sale first.
Selling and buying a home is a very emotional event and if you create a
"race" by locating your replacement property before you sell your current home,
you may lose it to another buyer, who does not need to sell in order to buy. If
you do find just the house you want, you can always put in a purchase offer
contingent (dependent) on selling your present one. However, in a hot market you
will have difficulty getting the house you want this way.
Sometimes the seller will sign a contract agreeing to wait a certain period
of time while you find a buyer for your house - sometimes not. What would you do
if you were presented with such a proposal, from a buyer who also has a house to
sell? If you do find that you need to buy the next house before you've received
the proceeds from the present one, lending institutions can sometimes make you a
short-term "bridge" loan to tide you over between the two transactions. Make
sure you fully understand the exposure and emotional investment before
proceeding with this type of loan.