In this tight market everybody needs to be on the same page when it comes to getting a home sold. Here is an excellent post on how to get it done right and get to a successful closing.
I Want To Be My Real Estate Agents Best Friend!
Being a serious seller takes participation on the real estate agents team.
If you want the real estate agent you select to have you on the top of their mind, you need to be the most cooperative seller they have!
Think about it... an adversarial attitude about the agent does not help get the property sold! You want to be on the same team and work together to attract the perfect buyer for your property.
The current market conditions are frustrating to everyone! Lenders, title companies, real estate agents, buyers, sellers, insurance companies, inspectors and anyone else who touches a real estate transaction.
The external factors flying around in today's economy make every transaction a mess.
The key to Managing The Mess is to be prepared! Listen to the things your real estate agent is explaining about today's market.
How do you 'Manage The Mess" in today's real estate market?
Communication and Trust
The selections process to connect with the right agent is paramount to the success of selling your property!
Selecting the right price, terms and condition can compensate for location but each factor has to connect to get the property sold.
Once you have selected that person to represent you in a real estate transaction you need to TRUST that you have made the right decision and form a winning relationship to achieve your real estate goals.
Remember, you are on the same team. Today's real estate market is like none other in history. Each wave is a new hurdle to navigate. If you are in the same boat rowing together you can get through the storm but you have to TRUST that you have selected the right person to get you through the mess. The real estate agent is the messenger, listen to what they say, to get the property sold and do it.
On July 1, 2010 it was announced there would be 22 million people unemployed. There is a huge controversy about extending unemployment benefits for all those people. What does that say to you? What does that say about the real estate market and how your plans fit in to the picture. These are seious questions you need to address if you want to MOVE your proprty.
If your home or lot is not selling think about some of the concepts below to re-evaluate where you are and what you need to do to get on with your future plans.
1. How many homes/lots are listed right now in the geographic area similar to yours.
2. How many homes/lots have CLOSED like yours in the past 6 months?
3. Based on the number sold and the number listed how many months supply to you have in the area?
4. Are you the best property at the lowest price?
5. What creative ideas can you have to help a buyer even "LOOK" at your property? Do you have something to trade or sweeten the deal? Of course you have to comply with all lending regulations but look at the properties that have sold and closed determine what they did to attract a buyer and DO IT.
I like to practice what I preach and you might relate to our story. None of us are exempt from the sting of the market change. My husband and I had a game changing meeting with our aggressive real estate agent in Bullhead City, Arizona, Candice Donofrio about getting something to go on our golf course lot in Laughlin Ranch.
We paid $225,000 for a magnificent, elevated golf course lot which is above the flight of the golf ball zone and looks down on five fairways along with having a Colorado River view. We were going to build a spec home in 2006 and paid over $25,000 for custom plans, $1,250 for Home Owner Association approval, $580 for city approval and then decided NOT to build the home based on the build estimate that came back at $785,000. We have kept the lot waiting for the market to change paying over $5,000 a year in HOA and taxes for a free and clear lot... sound familiar?
We know that the market will change however, we are ready to move on NOW with a different plan and would like to liquidate the property. We are willing to leave money on the table for a new buyer.
To mix up the marketing we implemented the following:
- Reduced the listing to $10,000 under one of the two sold lots in the last 6 months on a golf course. The lot we paid $225,000 for is now listed at $139,000. We have to complete with foreclosure and short sale pricing.
- The two sold lots in the last 6 months, included a home build package so we:
- Obtained a new build bid under $400,000 to be able to show a buyer how they can build this house for almost 50% less that we were going to spec the home out at.
- Raised the co-op commission to 10%
- Offered to pay 2 years of Home Owners Association Dues to the buyer so they have no HOA cost during construction.
- Added terms to encourage a buyer to CREATE an offer as we are open to ideas to meet each others needs. We own the property free and clear so can be VERY creative!
Are you really looking to SELL your home or lot? Maybe you need to adjust your terms and price? Trust the agent you selected to represent you, make a new game plan and leave some money on the table for a new buyer. Give your agent somthing to share with other agents..... an important change, something that makes them say, "I need to contact a prospect about this property."
Your real estate agent really is your best friend when you need to sell your property! The even better part of this fact is they will continue to be your friend for life, if you allow them to be.