Selling your home: 10 Keys to Success : Real Estate Blog for Palo Alto, Mountain View, California, and Surrounding Communities

Unless you live in one of the few isolated pockets that continue to thrive despite the mortgage meltdown, the days when you could stick a sign on the property and almost any price you wanted on the listing and still get multiple offers are gone. These days it is essential to follow the basic rules for success in selling your home:

Prepare the house. Every single detail should be as attractive as possible, starting with the front of the house. Clean the yard and add flowers and shrubbery to give it a soft lush look. Paint the exterior a neutral color with a complimentary trim and add a splash of color at the front door. If people don't like the appearance from the street as they drive up, they may just keep on driving!! Inside should be uncluttered, clean, bright, and tastefully decorated. Splurge on staging if you can… staged homes sell faster and for higher prices than unstaged homes.
Price realistically. Don't be the highest priced home in your price range. Remember, this is a contest. You are competing with homes that are similar in size and style and location to yours and people will select the one that offers the best value, all other things being equal.
Hire the best, not the cheapest. Interview more than one agent and select the one that will do the best job for you. Ask specific questions… like exactly where they will advertise and how often, how many open houses they will hold, will they hold the open houses or will somebody else, besides advertising what else will they do to sell your home, how long have they been in business, are they full time, etc. While there are some discount brokers out there who do a good job, remember that this is a business and the agent wants to earn a respectable income after expenses. If they drop the commission, they may have to also drop some of their services such as extensive advertising (although most will not admit to this) in order to stay profitable.
Offer incentives to the agents. At least 85% of all buyers end up working with an agent, and agents respond favorably to incentives such as commission bonuses, weekend getaways, etc. If an agent can sell one home for 2.5% and a similar home in the same neighborhood for 3% plus a $2000 bonus, which home do you think they will encourage their buyers to purchase?
Offer incentives to the buyers: Buying a home is difficult. Buyers need to be able to come up with adequate down payment plus closing costs. If they face major repairs on top of that, they may decide to pass because they just can't afford it. Why not offer a credit towards closing costs, or a termite clearance, or even a prepaid Home Protection Plan… the latter only costs $25--$300 for a basic plan but it is one less thing for the buyer to worry about and it may just tip them in your favor.
Be sure the house is easy to show. If possible ask your agent to install a lockbox with instructions for agents to call first before showing (if you still live there.) If an agent has to call for an appointment, they may just not show the property. Sometimes clients are only in town for one day, or even for just a few hours, and if they can't see your property at that time, they just don't see it.
Make yourself scarce. Buyers want to be alone with their agent to discuss the property and may be deterred by your presence. If they have questions they will call your agent for details. Please, please do not try to show the visitors around or follow them around.
Make arrangements for your pets. Do not let dogs greet visitors at the front door. Either take them with you or possibly leave them in the garage with a big note on the garage door warning visitors there are dogs present (even if they are friendly dogs.)
Live frugally. It seems to be a rule of nature that somebody will want to see your home as soon as you start cooking dinner or get the vacuum out. Do yourself a favor and treat yourself to dinner out. Spare the kitchen mess and buy take-out. Leave fancy towels, carefully folded on the towel bars and toss the ones you really use into the dryer as soon as you have finished with them. Be prepared to go for a walk at a moment's notice if somebody calls and wants to come by right away. If you ask them to wait an hour or two, they may not come at all.
Keep it bright. If you know somebody is coming to look at the house, open all of the drapes and turn on ALL of the lights. People do not like dark homes. You may spend a bit more on electricity but your house will probably sell faster.

Real Estate Blog for Palo Alto, Mountain View, California, and Surrounding Communities

• Nov. 11, 2007 - Selling your home: 10 Keys to Success

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