I wrote earlier about some things you should consider as you are seeking a REALTOR to help you find a home in your new location. I just spent some time helping clients of mine in Boston who need to sell their condo in order to move to San Francisco, and in doing so I thought I would share some more thoughts on how to select your REALTOR in this type of situation.

While knowledge of the industry is important, and having experience working with people who have relocated (even in state but from another area) is critical, it is also important to work with someone who puts your needs above their own. Sounds like a simple matter, right? Well, it isn't. You need someone who will take the time to understand your needs, now at the beginning of the process but also throughout the entire process. Being a good listener is essential. You need someone who can add value to the process - while the person you select needs to listen to you and understand what you need, s/he should also be able to provide expert advice and propose solutions to help solve problems as they arise. This is particularly true if you have never done this before.

You also need someone who can be flexible in their style, and adjust their work habits to accommodate your situation. You very likely will be dealing with different time zones and work schedules. You may prefer email to phone calls, and very frequent vs. infrequent contact. You should feel comfortable talking about what works well for you and your needs if the agent does not ask you directly. If you sense resistance or some discomfort then that person may not be the best fit.

If I can help you formulate some questions based on your particular situation, OR you would like me to help you find a qualified REALTOR with my network of agents around the country, please don't hesitate to ask.

Buyers have often asked if there is a good time to relocate? Tough question, and one with many facets.

First, you may not have a choice if you are transferring with a job, so the question may be moot.

If you DO have a choice, let me throw out some issues to consider:

• Time of year - holidays may be tougher in terms of getting the services you need and working with poroviders. Plus it disrupts your family traditions.
• Children - this can be complex. First, moving in the middle of the year or in the semester can be very disruptive academically and emotionally. If you can, go after school is done for the year. Other considerations - check to see about enrollments in the new school district - you may need to be a resident in your new home for a period of time in order to get your kids into the school you want.
• Movers - check  with your moving company (or the ones you are considering). They may be booked up at certaing time of the year, and it is common that the end of the month is busiest. You may actually save money moving at certain times of the year or month, so ask these questions.
• Selling your home - this  may be easier in the spring, when most markets heat up. And it is often tougher during the winter, especially around the holidays. Fewer people are looking, although who are tend to be really serious buyers.

Bottom line? You relocate when you have to, but if there are some options, consider your timing. Good luck, and don't hesitate to drop me a line if there are questions about YOUR relocation.

This is the last in this series of issues that all sellers thinking of brokering their homes themselves should review, and CAREFULLY consider. If you are dead-set on forging ahead on your own, good luck!  And don't hesitate to ask me for help and advice, as I will be happy to support your efforts with suggestions.

Read Part 1,  Part 2,  Part 3  and Part 4 here.

 Price Setting - this is probably the MOST CRITICAL task at hand, even for those working with a broker. There is so much competition, and unless you are in a seller's market (and few are), pricing is going to determine IF you sell, and WHEN. Setting the market price is not easy, even for professionals with lots of knowledge and experience. The KEY POINT to remember, if you remember nothing else, is that the market sets the price, not you the seller, nor any agent. No matter what you think it is worth, the market, and a willing and able buyer who wants YOUR house, will determine what it sells for. So, how ARE you going to set your price? Do you know what other homes have sold for in your area? Do you know where your competitors are priced? Keep in mind that buyers who look at homes for sale by UNREPRESENTED SELLERS are looking for a deal. Since you are not paying a commission to a listing agent, they will look for this additional discount when they make an offer, at a minimum...and it will typically be a low-ball offer to begin with.

 Friendly, neighborly advice - I can't tell you how many times I have heard that a seller's friends, family or neighbors gave them advice on pricing and how to sell the home themselves. Are these people experts on pricing and selling? Can they really be objective and tell you what the truth is about your home and it's salability? Do they know any more about the actual market conditions than you do? Or do they just read the papers and watch TV like you do? Keep in mind these people, while good intentioned, have no vested interest in your home selling - only YOU do (and an agent who is listing your home if you go that route). Just because your neighbor, who has the same house, got $X for his home 6 months ago does NOT mean you will now, with the changes that the market has seen. Be careful about the friendly, neighborly advice you get! And what you listen to. Your friends and neighbors aren't selling...YOU ARE!

 Competition - this is another critical issue. Do you KNOW who your competition is? And why they are your competition? Not just on your street but in the larger neighborhood and community? Do you know the details of other properties on the market that will be compared to your home (amenities, age, size, bedrooms, interior and exterior condition, pricing, seller concessions)? How can you insure that YOUR home is not the one that makes the competition a better value? Part of this is pricing, but there are other factors as well. What can you do to be sure YOUR home comes across as the best buy, not your neighbor's?

The value of a REALTOR is that YOU do not have these issues to worry about, at least not directly. For more information on how a REALTOR can add value to your transaction, visit my website.

Here are some more issues to seriously consider if you are thinking of selling your home by yourself. Part of the value of a REALTOR is that you do not have to worry about these things.

 Exposure - This is a buyer's market, for most parts of the country. In order to sell a home quickly and for top dollar, it is CRITICAL to have maximum exposure in the marketplace because there is so much competition. Some neighborhoods have more than 10 homes for buyers to choose from. How will YOU get the exposure you need? And do you know what your target market is? You can't put your home on the MLS with out the aid of an agent (even one that does this for a fee and provides no other services (some areas have an MLS of thousands of agents). You also can't get your home on Realtor.com, probably the most widely used site for home searching by buyers. how many people are actually going to drive by your For Sale By Owner sign? How will the market know your place if even for sale? There are websites that cater to FSBOs, but many others that only list properties to agents - so you are limiting your Internet exposure (and 80% of buyers these days search on the web for their new homes).

 Qualifying Buyers - Do you know how to determine is a buyer is qualified to purchase your property? What questions do you need to ask? How do you know they are qualified buyers and have the financial wherewithal to meet the mortgage approval criteria? Are you actually comfortable quizzing prospective buyers on their financial status? Do you really want to show you home to a buyer who can't afford it but is having fun dreaming? Or checking out your decorating sense?

 Staging your Home - Is your home really ready to show buyers? Do you know how to create an atmosphere that will encourage buyers to envision themselves living there? What mood does your home convey to people walking up to the front door, or even driving by? Do you know what amenities buyers are searching for and how you can make sure buyers are aware of these things in YOUR home? Are there some design or functional faux pas in your home that needs to be taken care of, and do you know what this is?

I hope you find this helpful in your thinking. Please feel free to contact me with any questions you may have.

Here are some more issues to ponder if you are seriously considering trying to sell your home by yourself:

Read Part 1 and Part 2 here.

 Marketing - are you a marketing expert? Do you have a digital camera so you can take lots of high-quality photos? Having lots of photos is important, as buyers always want to see photos of homes in listings and property flyers. Do you know how to do a virtual tour (again, buyers like to see this sort of technology and it will provide a competitive edge) and how much are you willing to spend on this? Do you know how to format a quality property flyer that will showcase the features of your home and include photos? You will also need to think about advertising, both in print as well as the Internet. What publications are you going to use and why? How much money do you have to spend on advertising (a small ad with a photo can cost several hundred dollars, or more)? What websites are you planning to use to advertise your property? If you are going to be offering a commission to a licensed buyer agent who brings in a qualified buyer, how are you going to get the word out to the real estate community? In summary, with the competition in this market, how are you going to maximize your exposure in order to capture the interest of buyers in the target market?

 Open Houses - are you going to run an open house? Do you know how to set up and advertise an effective open house? Do you have the time (at least 2-3 hours on the weekend or during the week) you can set aside to sit the open house (not counting prep time)? If the house does not sell you may want to hold multiple open houses - do you have this kind of time? When buyers arrive, how are you going to manage the open houses? What questions can you safely ask? How do you avoid turning a buyer off to your home? How will you qualify prospective buyers that come by? What about the lookers? How re you going to follow-up with all the attendees and do you have the time to do this?

Stay tuned for my my last 2 posts on this topic in the next day or so. Enjoy the rest of your Holiday Weekend!

What is escrow?

If you are relocating to Southern California from another part of the country (like I did, coming from Massachusetts), the word ESCROW may be relatively unfamiliar. And unless your state uses them, you might have no knowledge about the role of an ESCROW COMPANY in a real estate transaction.

I also write a blog for first time buyers, and for them knowing about escrow here in CA is pretty important. So, rather than write more here, visit my FIrst Time Buyers blog to learn more about escrow and how it works.

You can also visit my website for a free downloadable report on "What is Escrow?" (under Report Downloads)

As you are getting going in your house hunting in your new location, you may run across one or more properties known as a short sale (Southern California, for example, and other markets where the market has slowed following fairly dramatic appreciation in the last few years).

So what is a short sale property? Is this something to be avoided or not? Read about it on my First Time Buyers blog.

For many buyers, getting into the neighborhood where the "best" schools are is important. So when you are moving from another part of the state or another part of the country, how do you find out about the schools as part of evaluating where you want to live. Fortunately, much research can be done on-line.

First, I would recommend making a list of the questions you want to have answered (perhaps things like % of kids who graduate; % going on to 4 -year colleges; amount of money spent per student; student/teacher ratio, information about the PTA; test scores; types of programs including after-school, athletic, art, music, gifted/advanced placement, foreign language/bilingual). Some things may be more important you than others, particularly depending on the age of your children. You may also be interested in private, preparatory, boarding, religious, or  Montessori schools.

Second, get on the Internet and do your research. You can look at a directory of school districts around the country as a starting point. You can also choose to look up information on the website for the towns you are interested in or use the school district websites (her are few for Southern California:

Carlsbad Unified School District
San Dieguito Union High School District
Rancho Santa Fe School District
Oceanside Unified School District
Del Mar Union School District
Solana Beach School District
San Marcos Unified School District

Finally, I encourage you to actually talk to the school district itself to ask questions and obtain more information. In particular you want to know what school you children will go to based on where you live - sometimes the boundaries change or may not be clear in the school district website. You can probably also get the names of some parents who are willing to talk to new arrivals. If you have time and schools are in session when you are in town on a house hunting trip, you can also set up an appointment to visit the schools in your prospective area.

Here are some more things to ponder if you are considering brokering your home yourself.

 Time - It takes a lot of time to market a house (just ask any agent). And that is especially true in this market (unless you are in one of the rare seller's markets). Are you really ready to spend hours each week (in addition to working, dealing with kids, keeping the house clean at all times) showing the home, holding open houses (with possibly only a few people showing up), developing and running ads, following up with buyers to get their feedback, etc. Are you ready to do this for several months (the average marketing time in many areas is about 3 months - some homes take 6 months to sell or more)?

 Objectivity - This is your HOME and you are probably emotionally attached to it. Can you really be objective when showing the house, answering questions, and listening to buyers criticize your decor, colors, and the minor defects they see? And what about when you get that low-ball offer from the buyers that "fell in love with your house?" Can you remain objective or will you be so offended that they didn't offer full price that you can't talk to them calmly. And how will you react when they start asking for lots of concessions and repairs on top of the low offer?

 Disclosures and Paperwork - Are you familiar with all the required paperwork and do you know how to fill it out (the offer to purchase in California is 10 pages - I have a list of common seller forms for CA on my website)? Are you knowledgeable about all the disclosures that are required by law and which must be provided to buyers (this varies by state, of course).

It's a weighty task to market your own home. I'll have some more thoughts in the near future.

Are you considering selling your home as a For-Sale-By-Owner (FSBO)? Here are some things to consider before jumping in with both feet. If you have decided to use a REALTOR, this will show you more about the value a REALTOR brings to the transaction.

 Lack of Representation - FSBO means that you are not working with a licensed real estate agent, thus you are UNREPRESENTED (it is becoming more common now to refer to FSBOs as unrepresented sellers). There are some significant implications:

• Perhaps the biggest is that you have no one to protect your real estate interests and apprise you of the legal obligations and the regulations impacting a sale. How do you know you are doing what you are required by law to do?
• If a buyer comes to you and does not have an agent, there is no one to represent the transaction at all, and to protect YOUR interests rather than the buyer's.
• Some buyers will not want to work with a FSBO simply because they know there is no real estate representation

 Financial - repeated studies and surveys show that, nationally, homes sold by FSBO sell for 10 - 15% LESS than those sold through a REALTOR (in some areas it can be higher or lower). So even if you pay a commission of 4 - 6% (they are negotiable), you still come out ahead. on a $500K house that is $20,000 - $55,000 more money in your pocket (depending on the commission that was negotiated)  - not to be sneezed at.

Since you are relocating, unless you are in a hot seller's market, TIME is your biggest enemy. Selling by yourself can work against you - more on that subject soon.

If you are interested in some information on what a FSBO is (in case you don't know), I just posted an FAQ on my First Time Buyer Central blog.

If you are thinking of selling your home and considering doing it without representation, I will be posting some information on this topic in the next day or two.

You are relocating and need to sell your home quickly! Consider having a pre-listing inspection to uncover any defects and fix them before a buyer uncovers them. This is especially important if you have been in your home for some time and there is some deferred maintenance or possibly some repairs that need to be made.

Most buyers will have a home inspection to get a better feel for what they are buying and learn about any defects. When buyers see problems (even BEFORE they make an offer) they start to subtract money from the asking price (or even the price they think the home is worth. Once an offer has been agreed and the buyer's inspection completed, any problems that come up will likely  translate into a request for a reduction in the offer price, or for you to take care of the defects.

You may be able to circumvent this by having a pre-listing inspection. You will learn about any problems and can take care of them (some or all depending on severity, cost and other factors) beforehand. For the money spent on the inspection and repairs, you are more likely to get a better offer as well as avoid the possibility of the buyer asking for a price reduction, or WORSE...backing out of the deal altogether.

First, a good listing agent IS NOT the agent who promises that they can get you a particular price (REMEMBER - the market determines the sales price, not you or the agent) and NOT the one who quotes you the highest list price (this one is more likely giving you a high price simply to obtain the listing, which will probably end up becoming an expired listing and you will need to hire someone else). It may be appealing to hear that Agent X can get you $, but if the market does not support that price, you are wasting your time  - if you are relocating this may be your biggest and most costly mistake.

If you are in a seller's market, while it may be easier for your home to sell quickly, a strong agent is still important.

If you have NOT hired a listing agent to help you yet, here are just a few suggestions of what to look for.

• A strong marketing plan, in writing, including print but especially a broad range of Internet strategies - a sign in the yard, a listing on the MLS, and an open house here and there will probably NOT sell your home in this market. You should see clearly WHAT you agent is going to do and WHEN, and you need to hold them accountable for their written plan
• Someone who really knows and understands the current market and can provide you with specific data (comparables, trends, actual sale) to support their position. Do they know who your competition is? Do they know who is most likely to be your target market?
• Someone with a high percentage of sold homes relative to the number they list (just because someone LISTS alot of homes does NOT mean they sell them - some agents sells 50% of their listings)
• An agent who can demonstrate a strong understanding and use of technology in their marketing and real estate business. The majority of buyers these days use the Internet to search for homes FIRST before hiring an agent.
• Someone who asks lots of open ended questions and LISTENS to the answers, and who can provide options as well as solutions to problems
• A list of references that you can call. Testimonials are important, too, but actually speaking with some references will be more reassuring.

For more information on finding a REALTOR, especially to help you with buying in your new location, see my previous post.

In your relocation if you are considering moving into an age-restricted community (typically called a 55+ community or an Active Seniors Community) there are some things you may want to consider before you make a decision.

The age restriction itself - understand what this means for you, your spouse or partner, and any restrictions on visitors (e.g., can grandchildren come to visit and can they stay overnight, and for how long).

The community - do you want to be in a community where everyone is at least 55, or is more age diversity of interest (for some people this is exactly what they want, for others it is not what they are ready for). Is the facility readily accessible to local transportation, shopping, restaurants, and other amenities? What else is nearby the facility (are you near a major commerical area or is it residential)?

Security - some communities are gate guarded and others are not. Is a gate guarded community important to you and, if so, why? What other security measures are there? Is there information on crime in the area?

Amenities and Services - what specific amenities do you want to have on-site. Some places have their own golf courses, while many do not. Most typically offer a range of services, amenities (tennis, pool, spa, photography dark room, etc.), and organized activities, understand what the facility offers as well as what is really important to you. Are there things you are willing to do without?

Fees - are there additional fees for the Home Owners Association (HOA) and, if so, what do they cover? What things are you financially responsible for (e.g., roof, landscaping, exterior maintenance of the unit, etc.). Are there additional fees for activities or use of certain facilities (e.g., golf course)? Are there charges for guests to use the services, amenities and activities when they are visiting you?

Unit Purchase Costs - Are there any other costs associated with the purchase of such a unit other than the standard home buying costs?

Living Units - what types of units are offered (number of bedrooms and baths, single story vs. two story, attached vs. detached). Are there steps into the units or not? How many units are there (some people want a smaller complex, while others are comfortable with a complex of 1000 units).

Make sure you think through these and other issues before you decide. An age-restricted community offers much of what many older Baby Boomers and seniors want, such as many activities and less maintenance, and often at a better price, but it is not right for everyone. Take time to visit some communities with your REALTOR! And for more information on this subject, see my earlier post.