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Home Selling in a Tough Market Best Left to Real Estate Professionals - 2008-03-16 |
In years past, the metro Atlanta real estate market has, on occasion, been sizzling hot. In recent years, sometimes so hot that simply placing a "for sale" sign in the front yard might generate multiple purchase offers in a single weekend. Some areas were so sought-after that potential buyers would bid against each other for the right to own your home.
But today is not one of those times.
Buyers seem to be in a hibernation mode, under the mistaken impression that home values are actually falling, waiting nevertheless for an unexpected sign from the oracle.
If you need to sell your home, you may be tempted to go to the hardware store and buy a "for sale" sign, and stick it in the front yard. And there have been times that I might have told you to do just that.
But today is not one of those times.
Instead, if you need to sell your house, you need a real estate agent. In addition to the experience they bring to the table, the selling process involves a lot of work. Here are some of the things an agent can do for you better than you can do for yourself:
* Provide you with current info on what's sold recently in your neighborhood as well as what the competition is offering. Agents can even find out about homes "under contract" and other homes that may be coming on the market in the near future. This market intelligence is vital today because your home's value is a function of what it takes to buy similar properties.
* Assisting you in the accurate completion of your Seller Property Disclosure Statement. While this form is not mandatory, you are required to disclose any conditions or circumstances surrounding your property that might negatively affect its value and that are not readily discoverable in a thorough inspection. Using this form can protect you against later charges of fraud.
* Giving you advice and suggestions on what improvements to do (and what not to do) to make the house more attractive to buyers in your target price range. Owners waste millions of dollars yearly having the wrong home improvements made in hopes of commanding a higher selling price. Your agent is in the market every day and knows what will and won't appeal the typical buyer.
* Advertising your home in the proper media channels so that the maximum number of potential buyers is exposed to information in a timely manner. Your agents real strength should be in marketing, and that is the art of gaining an advantage over the competition through the use of information. Great agents are all about marketing, and this activity is what will sell your house.
* Placing your home in the Multiple Listing Service is a critical element in your marketing plan, because it enables all the agents in Metro Atlanta to see that your home is available and that you will cooperate and pay them an appropriate fee for delivering their buyer to your doorstep. Remember that the hottest part of the buying market is corporate transfers into town. They have a real need to buy quickly, and most have cash from the sale of their previous home to the company relocation firm. And they don't sit in their hotel rooms calling "for sale by owner" ads. Instead, they work with successful agents.
* Getting your home viewed by as many agents as possible in "caravans" where agents go out in groups and simply see what's on the market. It's funny how many times a house will be sold by an agent who saw it last week on caravan. But if an agent previews a house, it becomes part of their mental inventory, and tends to sell more quickly. In addition, your agent will "talk up" your home to other agents as a good deal. This type of promotion would not be well received if it came from you.
* Dealing with prospective purchasers who often have questions that they are reluctant to ask the homeowner. And screening out prospects who have no real chance of affording your home but are just window shopping. In addition, your agent will show your house to prospects when you are not available to do so, and can hold open houses that allow nosy neighbors to view your home. These neighbors may have friends or relatives that want to live nearby, so it's smart to let them look all they want.
* Analyzing offers and handling negotiations between the parties are another part of the agents job. Because the agent has no emotional stake in the property, she can focus on bringing the parties to a "meeting of the minds" rather than having buyer or seller feel resentful. The goal here is to get the house sold, not to win or lose, and agents can prevent the parties from killing their own deals.
* Seeing the deal through to the settlement table is a major job in and of itself, and your agent doesn't get paid until the closing papers are signed, sealed, and delivered.
Perhaps in another place and time, I might recommend that you try selling your home yourself.
But today is not one of those times.
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Upcoming Events
The May series of Seminars is entitled "Short Sales, Subject To's and Bank REO Sales... How You Can Beat the Real Estate Market Like A Drum in 2008!"
In all the years I have been investing in real estate, I have never seen opportunity like this. The moon is in the seventh house and Jupiter is aligned with Mars, and for the next 12 to 18 months, you have a window of opportunity to buy quality investment houses at discounts that were simply unheard of a couple of years back.
Come meet with me at one (or more!) of four locations in May:
- Northside, Tuesday, May 6th - Holiday Inn Select, Chamblee-Dunwoody Road, 6:15 - 9:30 PM
- Southside, Thursday, May 8th - Holiday Inn Atlanta Airport North, Virginia Avenue, 6:15 - 9:30 PM
- Norcross, Saturday, May 10th - Simpsonwood Conference Center, Jones Bridge Circle - 2:00 - 5:15 PM
- Savannah, Monday, May 12th - Spiva Law Center, Abercorn Street - 6:15 - 9:30 PM
All this for only $29! Bring a friend for an extra $20. Click on the "Seminars" banner, read more about it and sign up now!
This course has been approved by the Georgia Real Estate Commission for Three Hours of Real Estate Continuing Education Credit.
The Real Estate Investors Institute will be held at Emory University on May 17, 18 & 19, 2008. You may read about it and register online under the "Seminars" banner.
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