It has probably been a while since you last sold a home so a refresher may be helpful. Your home will probably be the most valuable possession you will ever sell. It takes skill, experience, and an understanding of the market. Real estate professionals who are members of the National Association of Realtors (NAR) have the training and marketing tools to maximize your return. They also abide by a strict code of ethics.
Most professionals would advise you to look for an agent with a background of success in your area and type of property. Carefully calculate his or her level of preparedness. There are actually real estate agents who specialize in selling homes for seniors. They have earned advanced skills by completing a rigorous training program offered by the National Association of Realtors® and are known as Senior Real Estate Specialists (SRES). An agent with an SRES designation won’t cost you any more to use, but their level of knowledge can make a big difference. For more on engaging an SRES agent see the next page.
One of the first things an agent will do is help you price your home effectively. Sometimes buyers mistakenly believe that they should price their house higher knowing that they can come down in price if it doesn’t sell. But this practice can backfire on the seller. Buyers usually shop around before buying; so, they often recognize value in a specific price range because of this comparison shopping.
Using the Multiple Listing Service (MLS), a real estate agent will conduct a Comparative Market Analysis (CMA). This involves a survey of homes that are on the market, or have recently sold, that are similar to yours. The agent will then advise you on the additional value (or deficit) of your home’s unique features, and factor that into the equation. Depending upon how anxious you are to sell (and how rapidly you need to close), they can suggest a slower strategy that may fetch top dollar, or a barn-burner that is designed to sell immediately.
Using the Multiple Listing Service (MLS), a real estate agent will conduct a Comparative Market Analysis (CMA). This involves a survey of homes that are on the market, or have recently sold, that are similar to yours. The agent will then advise you on the additional value (or deficit) of your home’s unique features, and factor that into the equation. Depending upon how anxious you are to sell (and how rapidly you need to close), they can suggest a slower strategy that may fetch top dollar, or a barn-burner that is designed to sell immediately.
Once the Listing Agreement is signed, your agent will develop a comprehensive marketing plan. But first he or she will tour your home and suggest ways to make it show better (for tips, read “Staging Your House to Sell for More, Faster on page XXX and “Making Your Home Look Its Very Best,” on page XXX).
Your agent will put your home in the MLS so that other agents can become aware of the property and can bring prospective buyers to view it. Ask an agent to prepare “cooperative agent showing instructions” and highlight and fact sheets. These will help colleagues to communicate the unique characteristics of your home. Open Houses are another way to spread the word.
Your agent also may recommend incentive programs, such as assistance with the down payment or closing costs, that motivate buyers. In addition, seller’s inspections and home warranties may give the buyer the confidence to offer more or agree to a fast settlement.
Finally, an agent will help you screen buyers. He or she is trained to recognize a high level of interest, and can probe to find out if prospects can afford the house, whether they can meet your contingencies, or have any of their own. This can save you a lot of exasperation.
Ideally, your agent will be your intermediary with buyers, and will convey your response to any offer (he or she must submit all). This may help to avoid unpleasantries. When you accept an offer, your agent will stay with you through the close and settlement to make sure the documents are in order. He or she can help the buyer locate professional services, as well.
