SELLING YOUR HOME MADE EASY by Five Woods Loft & Homes

Before You List
Why Use A Realtor
How to Sell Your Home for Top Dollar - Fast!
Choosing the Right Agent
Showing Your Home Tricks
Getting the Best Price
Preparing Property for Sale

BEFORE YOU LIST

Most of us sell only a small number of homes in our lifetimes. With limited experience in real estate how are we to be capable of maximizing the profits from our home sale? Many home sellers make the critical mistake of thinking all Realtors are the same. They list with the first agent who comes along. Does it make good business sense to put the responsibility of selling your home with someone who has no plan or qualifications? This special report will educate you with valuable information that will help you make the best decision concerning: Which real estate agent should you list with?
Start by doing a few hours of research. Ask around... get to know who has the most signs, ads and marketing material in your neighborhood. Who’s the most active agent? Compile a list of agent names and use these questions to help you determine which agent is right for you.

Could you send me some information about yourself? - You can often get a good idea of which agents are the most professional by looking at their promotional materials. If their own materials aren’t professional, how well are they going to market your home? Track how long each agent takes to respond to your request and how quickly they follow up. If they don’t respond efficiently to your listing requests imagine how they’ll handle potential home buyers.

How many homes have you sold in the last six months? - Look for an agent who has experience with homes similar to yours and is active in your area. If your home has special features look for an agent with experience in those areas. Your agent should have a good record of selling homes, not just listing them. After all, this is your ultimate goal.

What is your average length of time from listed to sold? - Don’t automatically assume the shorter time on the market the better. That could reflect selling homes quickly at lowball prices. Look at what the asking price was compared to the selling price. An agent who sells close to the asking price and quick is effective at helping clients determine the right price and helping them get it.

How long have you been in business and what professional organizations do you belong to? - The length of time a real estate agent has been licensed is not a sure fire sign that they’ve been an active seller. They may have been in business for 10 years but only part time, whereas an agent who’s been in business for 2 years may be a real top producer. So take into account what professional organizations they belong to. The minimum should be a licensed professional who’s a member of the local real estate board and multiple listing service as well as the state and National Association of Realtors. Local community groups and associations are also pluses in terms of networking and commitment.

Do you have an assistant or support staff? - By employing someone to handle the details of their business the agent can spend more time servicing your needs. However, make sure you know how much time an agent will spend and how much time their assistant will spend on the sale of your home. It may be fine if the assistant does most of the legwork as long as the agent is there at the most critical times of the transaction period.
How often will you hold open houses? Will they be public or by appointment only? - Simply putting a sign on your lawn and holding open houses every Sunday will not sell your home. Too frequently open houses make the property a target for low ball bidders. Look for an agent with a specific plan for each open house. The plan should be just one facet of a complete marketing plan.

What listing price do you recommend and what is that price based on? - Pricing is the most critical step to selling your home. Take great care in choosing an agent with the knowledge to price your home effectively. Keep in mind the selling price should attract prospective buyers to your home, get you top dollar in the current market and reflect the condition of your home. Be realistic and avoid ‘yes agents’, who will say ‘yes’ to any request or price while your home languishes on the market. Lowball agents will try to talk you into an artificial price simply to sell as fast as possible.

What does the listing agreement entail, what are the beginning and expiration dates, and what are the fee amounts I will be paying? - Have your agent go over every detail in the listing agreement with you until you understand it completely. Make sure the beginning and ending dates are on the agreement; a good standard for length is three months. Know exactly what fees you will be paying and remember that less is not always better. If the agent stands to make very little commission you can bet it will be reflected in the amount of time and effort that is spent marketing your home. If the agent reduces their commission to get the listing it may mean they intend to spend very little money promoting the property. The normal commission is between 5 and 7 percent.

What disclosure laws apply to me and what do I need to be aware of? - Make sure your agent helps you with locating professional inspectors for the various mandatory home inspections required in your area. Create a home marketing file including a property fact sheet, a property transfer disclosure statement, pest control report, applicable C.C.& R’s , applicable study zones report, structural engineering report, property profile from the title company, plans for alterations or additions, and special equipment report for pools, spas, sprinklers and alarm systems. Your agent should be able to handle this for you.

What types of things separate you from your competition and will you give me some feedback? - How effectively will they advertise? Do they have 24-hour advertising capability? Will all the leads be followed up on by your agent’s team or will they go to other agents who may have other listings they would prefer to show? Agents who are innovative and offer new methods of attracting home buyers will measurably outperform agents who rely on methods of the past. Marketing effectively in the 90’s and beyond requires progressive strategies that add value and service for both buyers and sellers!

 

WHY USE A REALTOR?

All real estate licensees are not the same. Only real estate licensees who are members of the NATIONAL ASSOCIATION OF REALTORS® are properly called REALTORS®. They proudly display the REALTOR "®" logo on the business card or other marketing and sales literature. REALTORS® are committed to treat all parties to a transaction honestly. REALTORS® subscribe to a strict code of ethics and are expected to maintain a higher level of knowledge of the process of buying and selling real estate. An independent survey reports that 84% of home buyers would use the same REALTOR® again.

Real estate transactions involve one of the biggest financial investments most people experience in their lifetime. Transactions today usually exceed $100,000. If you had a $100,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $100,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR®.

But if you're still not convinced of the value of a REALTOR®, here are a dozen more reasons to use one:

1. Your REALTOR® can help you determine your buying power -- that is, your financial reserves plus your borrowing capacity. If you give a REALTOR® some basic information about your available savings, income and current debt, he or she can refer you to lenders best qualified to help you. Most lenders -- banks and mortgage companies -- offer limited choices.

2. Your REALTOR® has many resources to assist you in your home search. Sometimes the property you are seeking is available but not actively advertised in the market, and it will take some investigation by your agent to find all available properties.

3. Your REALTOR® can assist you in the selection process by providing objective information about each property. Agents who are REALTORS® have access to a variety of informational resources. REALTORS® can provide local community information on utilities, zoning, schools, etc. There are two things you'll want to know. First, will the property provide the environment I want for a home or investment? Second, will the property have resale value when I am ready to sell?

4. Your REALTOR® can help you negotiate. There are myriad negotiating factors, including but not limited to price, financing, terms, date of possession and often the inclusion or exclusion of repairs and furnishings or equipment. The purchase agreement should provide a period of time for you to complete appropriate inspections and investigations of the property before you are bound to complete the purchase. Your agent can advise you as to which investigations and inspections are recommended or required.

5. Your REALTOR® provides due diligence during the evaluation of the property. Depending on the area and property, this could include inspections for termites, dry rot, asbestos, faulty structure, roof condition, septic tank and well tests, just to name a few. Your REALTOR® can assist you in finding qualified responsible professionals to do most of these investigations and provide you with written reports. You will also want to see a preliminary report on the title of the property. Title indicates ownership of property and can be mired in confusing status of past owners or rights of access. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your REALTOR®, title company or attorney can help you resolve issues that might cause problems at a later date.

6. Your REALTOR® can help you in understanding different financing options and in identifying qualified lenders.

7. Your REALTOR® can guide you through the closing process and make sure everything flows together smoothly.

8. When selling your home, your REALTOR® can give you up-to-date information on what is happening in the marketplace and the price, financing, terms and condition of competing properties. These are key factors in getting your property sold at the best price, quickly and with minimum hassle.

9. Your REALTOR® markets your property to other real estate agents and the public. Often, your REALTOR® can recommend repairs or cosmetic work that will significantly enhance the salability of your property. Your REALTOR® markets your property to other real estate agents and the public. In many markets across the country, over 50% of real estate sales are cooperative sales; that is, a real estate agent other than yours brings in the buyer. Your REALTOR® acts as the marketing coordinator, disbursing information about your property to other real estate agents through a Multiple Listing Service or other cooperative marketing networks, open houses for agents, etc. The REALTOR® Code of Ethics requires REALTORS® to utilize these cooperative relationships when they benefit their clients.

10. Your REALTOR® will know when, where and how to advertise your property. There is a misconception that advertising sells real estate. The NATIONAL ASSOCIATION OF REALTORS® studies show that 82% of real estate sales are the result of agent contacts through previous clients, referrals, friends, family and personal contacts. When a property is marketed with the help of your REALTOR®, you do not have to allow strangers into your home. A REALTOR® will generally prescreen and accompany qualified prospects through your property.

11. Your REALTOR® can help you objectively evaluate every buyer's proposal without compromising your marketing position. This initial agreement is only the beginning of a process of appraisals, inspections and financing -- a lot of possible pitfalls. Your REALTOR® can help you write a legally binding, win-win agreement that will be more likely to make it through the process.

12. Your REALTOR® can help close the sale of your home. Between the initial sales agreement and closing (or settlement), questions may arise. For example, unexpected repairs are required to obtain financing or a cloud in the title is discovered. The required paperwork alone is overwhelming for most sellers. Your REALTOR® is the best person to objectively help you resolve these issues and move the transaction to closing (or settlement).

Courtesy of NATIONAL ASSOCIATION OF REALTORS®

 

HOW TO SELL YOUR HOME FOR TOP DOLLAR - FAST!

"No matter what I do, I just can't sell my home," you exclaim!  Houston Real Estate can be a competitive market, especially with so many Houston homes for Sale in addition to competition from Houston Home builders.

Actually, most homes can be sold in today's market in a reasonable amount of time, generally within two or three months, and most sellers are getting close to their asking prices.

There are nine steps in selling a home. If you're having a problem selling your home, review the following to try and determine where the problem lies:

* STEP 1 - ANALYSIS: The critical element is to correctly predict the price your home will bring in current market conditions. When you get the expected value of your home wrong, you're in for trouble from the start. The typical problem is that a home is priced too high for the market. This is the case for the majority of homes currently for sale. It is either the fault of the agent, the seller or both. You decide.

* STEP 2 - MULTIPLE LISTING SERVICE WORDS AND PRICE: The data entered into the Multiple Listing Service computer will affect the number of times your home's information appears in other agents' computer searches of properties to consider. It will also determine whether your home will be shown to a prospective buyer. Carefully review the words and the price.

* STEP 3 - TRAFFIC: A home needs at least three or four showings weekly in order to confirm that it is "in tune" with the market. If few agents call to show your home, the problem is certainly in steps 1 or 2 above.

* STEP 4 - REMEMBERING: It is important that the buyer is able to remember your home. The brochure he or she has picked up in your home will help. It is critical at this stage for the buyer to rank your home among the best of the 30, 40 or 50 he or she has seen and to keep it under active consideration. Be sure your home's brochure is well prepared.

*STEP 5 - RETURN FOR A SECOND VISIT: If the buyer decides to return for a second visit, either he or she has forgotten some detail or, more likely, your home is on his or her "short list." It is most important to alert your agent promptly and to put your home's best foot forward at such a critical time.

* STEP 6 - THE OFFER: When you receive a written offer, your home is almost sold: At this point most buyers have decided your home is the one. But be careful: Many will have a second choice, and a good buyer-broker will not forget to mention this when the contract is presented.

* STEP 7 - AGREEMENT: Assuming you have a serious buyer and you have avoided an emotional conflagration, you will come to an agreement. What is said during negotiations is often less important than how it is said. What is not said can be critical.

* STEP 8 - REMOVAL OF CONTINGENCIES: Although you can hit a bump or two at this stage, they normally are not fatal. Possible problems that can surface very late in the game are a low appraisal or lack of loan approval. While these are serious problems indeed, especially in the week or two before settlement, they can usually be resolved with the help of experienced agents.

* STEP 9 - FINAL INSPECTION AND SETTLEMENT: When you get to the settlement table, the only issue remaining is usually the result of the buyer's final inspection. Any findings are customarily minor. At this point significant problems are unthinkable, so relax and keep signing.

So there you have it. There's no excuse for not selling your home. You and your agent should be able to pinpoint and resolve any problem. Save time and fix the problem today .

 

CHOOSING THE RIGHT AGENT

Choosing the right agent - Look for an agent you can relate to – one who understands your needs and is willing to work with you to accomplish the sale. Make sure the agent you are considering shows you a marketing plan and discusses how they plan to market your property. Your choice of broker may depend on the location and type of property you own. Larger firms and franchise brokerages tend to be good for residential income properties, while a unique property in a certain location may be better served by a smaller broker who specializes in that area or property type. When you find an agent you like to work with, you are likely to develop a relationship of trust and respect. It will serve your interests to try and deal exclusively with that individual.

 

SHOWING YOUR HOME TRICKS

When you have your home on the market, it needs to be ready to show at all times. Now of course you won't have someone showing up at 7:00 a.m. or 10:00 p.m. , but during reasonable hours, your home could be shown multiple times through the day and evening.

Having your agent put a lock box outside will allow them easy access without bothering you. Lock boxes contain a house key, and only licensed agents will have access.

If you have indoor pets or some other situation where a lock box wouldn't work, agents can schedule appointments, which gives you a little advanced notice. Keep in mind that they could call 10 minutes before a showing although usually you will get an hour or two notice. Therefore, the best plan of action is to be prepared at all times. If an agent requests a showing and you refuse, instead of rescheduling, more than likely the potential buyers will just move on to the next house, meaning you've lost a possible sale. You never know what a showing will turn into a contract.

Stay away

If possible, don't be home when agents show your home. This allows the prospective buyer to look around at leisure and ask questions without pressure. If you're home. For example, in the middle of cooking dinner, stay out of the way and don't volunteer any information unless directly asked a question. Otherwise, let the agent do the talking.

Environment

If your home is being shown in the summer, make sure your home is cool on the inside just as you would keep it warm in the winter. You want to do everything possible to make your home feel like a home, which is what appeals to potential buyers and it leaves a lasting memory.

Cleanliness

Your home doesn't have to look like it just came off the cover of Better Homes and Gardens, but you should do your best to have it clean and tidy. Make sure there are no papers scattered about, the sink is empty of dirty dishes, toys are picked up and put away, and things are dusted and vacuumed.

Lighting

When you know someone is coming, ensure that appropriate lighting is on. At night, this would include front and backyard lights. This provides a cozy feeling and makes your home more inviting.

Repairs

If you notice rooms or areas that need paint touch-up or complete repainting, this is the time to do it. Make sure there is no torn wallpaper, gouges in the wall, etc. These types of things should all be fixed prior to your home going on the market.

Fragrances

Try to avoid scented sprays such as room fresheners or carpet deodorizers. Even if you use these products on a normal basis, to the buyer, it might appear as though you're trying to mask some other type of odor. If you do want to have a nice fresh fragrance, consider fresh cut flowers, potpourri, or a soft-scented candle. A great home remedy is to mix one tablespoon of each - nutmeg, cinnamon, ginger, and pumpkin spice. Pour all into a small saucepan filled with one cup of water, blend well, and simmer. Another option is to place a couple drops of vanilla extract directly onto the stove burner and heat quickly. The aroma is wonderful. Either option will give your home the fragrance of a nice home-cooked meal. Just don't use anything too overpowering since you don't know if the potential buyers have allergies or not.

Visuals

Set a bowl of colorful, fresh fruit out on the kitchen table. Perhaps a soft throw blanket over the back of a recliner, magazines neatly fanned on the coffee table, or a couple candles glowing in the bathroom. These things make your home more homey and inviting. Just take a quick look around each room and see if there are things you can do to add a nice, finishing touch. If you need more ideas, look through some home decorating magazines for quick ideas.

Trash

Make sure the trashcans in all rooms are kept emptied, especially the kitchen trash where food items are thrown, and bathroom trashcans that might contain personal items. When people look at your home, you want to leave a positive impression. Seeing overflowing trash isn't the way to go about it.

Don't forget the garage

Make sure you don't forget the garage. Keep your tools and storage items neatly arranged. If there are oil stains on the garage floor, use some sand and newspaper to wipe it up. This is just another room of the house and it should get the same level of attention.

Pets

This can be a little tricky. Make sure your listing mentions that you have pets. First, you don't want them to accidentally escape and second, you want people who might have allergies or be fearful of pets to be aware they're in the home. If possible, remove your pets prior to the showing. If you can't do this, try to put them in a kennel, the backyard, or garage where they will be out of the way.

And it's just that easy.

GETTING THE BEST PRICE

Making a mistake in selling a home can cost you hundreds or thousands of dollars in lost profit.

Often home sellers make the same mistakes over and over. Avoiding these mistakes is easy and takes little time and effort on your part. Take the time with your home sale and follow the guidelines in this report.

Distress Selling: At times, selling quickly is unavoidable. That’s when knowing the right techniques to sell your home without looking desperate and making yourself a target for low bidders really pays off. Know all there is to know about the market before listing and work hand in hand with the right real estate professional. Ensure that you are not settling for the first offer through the door.

Best Home in the Neighborhood: Your home is one of your most personal possessions. Don’t be blind to flaws and needed cosmetic improvements. This will cause overvaluing of the home, hurting it’s chances to be sold. Listing with the right agent gives you a well informed third eye that will help you price your home at a fair market price.

Limited Home Viewing: Buyers want to view a home on their own time schedule. Unfortunately their time schedule does not always coincide with your time schedule. Leave a lockbox or key with your agent so your home can be shown when you are not around. You never know if the one who got away was your buyer.

Restrain Emotional Decisions: Don’t allow a few hundred dollars to ruin a sale. That money will mean very little to you in the long run. Take a look at the big picture and react rationally. Use sound business judgment!
Make Cosmetic Improvements: Prospects make up their minds within the first twenty minutes. First impressions can make all the difference in selling your home. Spending $1,200 on new carpet might add another $4,000 to the price of your home. Get an objective point of view from your real estate professional. They can provide you with a list of items that will maximize the profit of your home sale.

Disclose Property Flaws: Property disclosure laws require sellers to list any flaws required by your state. If you are unaware of flaws or attempt to cover them up, you risk losing the sale and finding yourself in court. Get professional assistance from your agent who can introduce you to qualified inspectors and ensure the smooth sale of your home.

For Sale By Owner: Most homeowners who decide to sell their own home do so because they believe they can save the commission paid to the real estate agent. Everything has a price and selling a home carries a high one. The enormous amount of time and effort required to sell a home often surprises the "For Sale By Owner." Furthermore, many costly mistakes can be avoided with the right guidance.

Refusing to Trust Your Agent: Would you tell a physician that you’ve decided to run your own tests and come to your own diagnosis? By choosing the right Realtor, you can relax and trust their judgment. The right agent is a valuable team member who will protect your best interests and make your sale as profitable as possible.

Know Your Market: Most homes that do not sell in their first listing period are priced too high. Conversely, most homes that sell quickly are priced too low and cheat the homeowner out of profits. You need to understand the market and evaluate the value of your home based on fact, not gut instinct or conventional wisdom. A professional agent knows the market, just as you know the market for your business.

Choosing a Realtor Based on Personal Relationships: Home sellers often pick a friend or family member as their agent. Choose an agent with a strong track record and aggressive Marketing Plan. A top producer knows the market well and can generate many buyers. Selling your home is one of the most important decisions you’ll ever make! Base it on good, sound business sense and the rewards will add up.

Before you make one of your most important decisions regarding your home sale shouldn’t you become as informed as possible? By aligning yourself with a top agent you ensure that all the important issues and seemingly insignificant but....very important....details are handled professionally. Your home sale should not be a grueling ordeal. The more informed you are, the better chance you have of making a sound business decision.

PREPARING YOUR HOME FOR SALE

The sale of your home is one of the most important events in your life.

If you have decided to sell, now is the time to enhance the relative attractiveness of you home so that prospective purchasers will be willing to pay you top market price. In a seller's market (one in which the inventory is rapidly decreasing), seller's don't have to do much to obtain a high selling price because buyers don't have many choices. However, in a buyers market (one in which the inventory is rapidly increasing), sellers need to distinguish their home from the competition to get top price.

Don't make your home unsaleable

Now is not the time to launch a major remodeling project. There is a common myth perpetuated by the remodeling industry that sellers can usually recover and make a profit on the costs of remodeling when selling their home. The costs of remodeling a kitchen or bathroom, adding an extra room or air conditioning, installing custom drapes or even replacing carpets are normally not fully recovered when the home is sold. If you spend money on remodeling, there is a 100% certainty that you will incur expenses but there is less than a 100% chance that you will recover the cost of these expenditures. An expense that you feel is absolutely necessary may be considered an unnecessary frill to a buyer. An addition risk of remodeling is that the additional cost and increased asking price will price your home out of the range of similar homes or out of the price range of current buyers in the marketplace. You should evaluate the purpose of every dollar spent in relation to the return that you will get in the sale. This is a good rule to follow, not only when selling a home, but whenever you are considering a renovation or remodeling project.
You don't get a second chance to make a good first impression
The appearance of your home from the street is the single most important consideration when you are evaluating possible changes. Home buyers are in the process of making one of the most important decisions in their life. Most buyers have only a limited time to search for a home and need to make quick decisions to get on with the process. A buyer will normally make a decision about your home before they even get to the front door. You should take a good objective look at your home, and the adjacent homes, from the street. This is where the buyer will be when they first look at your home and the neighborhood. You should attempt to make your home as attractive and inviting to potential buyers as possible. It is our experience that the following items are normally worthwhile projects; however, you may not be able to accomplish all of these items. Do what you can and don't worry about the rest. A competent real estate agent can work around the obstacles.

• Hire a competent contractor to paint the outside if the existing paint is peeling or faded
• Remove heavy oil stains from driveway
• Prune overgrown trees, shrubs and other plants; replace any unhealthy or scraggly plants
• Eliminate clutter and corral children's toys to make the home appear clean and inviting.

Kitchen and Bathrooms: the most important rooms in the house
When you are selling a home, the kitchen and bathrooms should be immaculate. Nobody likes to see other peoples dirt-especially in these rooms. It doesn't take great skill to thoroughly clean but it does take many hours of hard work. It can easily take two hours to properly clean under a kitchen range hood and a similar amount of time to clean a shower. It often takes two entire working days (16 hours), or more, to properly clean the inside of a house.

• The three most important things to do when selling a house is clean, clean and clean.
• Have the windows and screens professionally cleaned inside and outside
• If your home has tiled counters, floors, showers or tub surrounds, clean all the tile and grout
• Remove water spots from shower and tub enclosures
• Burnish all un-anodized aluminum window and door frames with Brillo-type steel wool pads
• Clean all enamel painted surfaces including ceilings, walls and doors
• Repair or replace malfunctioning built-in appliances
• Replace damaged vinyl in bathrooms and kitchen before the sale
• Replace worn knobs on cabinets
• Garage: the least important area
• If you don't have room to store all those articles that you are clearing out of the living area, put them in the garage. Some buyers couldn't care less about the garage and you can park you car in the driveway or the street while your home is for sale. The car won't be there during showings because you will take it with you while you disappear during the showings of your home to prospective purchasers.

Other areas:

• Replace any broken or cracked windows and torn screens
• Replace or repair any damaged exterior doors
• Replace any leaking plumbing fixture
• Edge vacuum around the entire inside of the home
• Clean all the light fixtures and replace any burned-out bulbs
• Remove fingerprints on the walls and surfaces around light switches and from the doors around the door knobs
• Pets shouldn't be seen or heard
• If you currently have pets, keep them out of sight. This may also be the right time to suggest a temporary home for your neighbor's barking dog.

Inspect-don't regret
Ask for the advice of your real estate broker regarding the appropriate inspections to obtain. A competent realtor should know fair and impartial licensed pest control (termite) inspectors, property inspectors, roofing inspectors, chimney inspectors, pool inspectors, etc. It is best to obtain all of these inspections prior to looking at any offer so you know what the cost of your obligations may be regarding necessary repairs under the terms of the purchase contract. Also, we advise that you perform any required repairs (that enhance the attractiveness of your home) early in the marketing process since most buyers would demand that you pay for these repairs. It makes sense to eliminate these visual eyesores by doing this work as soon as possible.

We at Five Woods Loft and Homes realize that you are in the information gathering stage of your home sale/purchase and we respect your privacy.  Should you have any questions, please feel free to call us directly at 832-202-2233 or you can reach us via email at fivewoods@loftandhomes.com.  If you or anyone you know is looking to buy or sell a home, please note that we can provide detailed real estate information and access to homes in:

Houston, Bellaire, River Oaks, West University, Piney Point, Memorial, Galleria, Innerloop, Downtown, Midtown, Medical Center, Heights, Museum District, Meyerland, West Houston, Richmond, Missouri City, Sugarland, Pearland, Katy, Spring.