GETTING YOUR HOME READY
Inspect your property for items that need repair or renewal. Consider fresh paint throughout, clean all windows and window coverings, organize the garage, clean the gutters, make sure all sealants (windows, tub, shower, sinks) are in good condition. Make sure all appliances are in excellent working order. You might consider having a home inspector inspect your home. ($200-$300)
THE MARKETING PHASE
Determine selling price
Do a Comparative Market Analysis where you analyze what is currently on the market in your neighborhood, what has sold there in the last 6 months and what may have expired or been withdrawn. Information Source: MLS data base and New Hanover County tax records. You might consider having an appraiser appraise your home. ($150-$300)Place sign on property
Design and have made a professional looking sign with the address and a phone number with voice mail that you can monitor at least every four hours. ($5-$25)Take photographs
Use a digital camera if you have one so that you can review the pictures on the spot. They are easy to send as picture attachments via e-mail to people who call. If you don't have one, a 35-mm picture will work fine, and you can scan it into your computer for e-mail and web-site use. ($5-$10)Submit information to the MLS
** Not available for FSBO **
Produce and print color brochure
Design an attractive flyer with a color picture of the house and information that a buyer would want to know such as: asking price, address, your phone number with voice mail, total heated square feet, room sizes, lot size or dimensions, schools in district and special features. ($15-$30)Place flyer box with sign
Keep flyer box stocked with color or fresh black and white brochures. Use colored ones inside to give to people who tour the house. Purchase and install directional signs from main arterial road to your property. Be sure to follow County sign ordinance. ($7-$30)Complete NC Property Disclosure Form
Most owners are not aware that it is a State law that this form be completed or else the buyer has an easy way out of an agreement or contract. If you need one, give me a call. ($0)Develop Your Marketing Plan and Budget
Who are the likely buyers for your home? Figure out their income, age, family and what media outlets they follow so you can target your advertising to their market. You can understand why it is so critical to adopt a realistic price, otherwise you waste valuable advertising money and time while the house is generating the most interest (First 4 weeks).Design print ads
Here is your chance to be creative. Put yourself in the shoes of the buyer and think about what would excite you about your property. Write down those special features and neighborhood amenities that would attract buyers to call for a tour. Also think of some advertising themes that will give your ad copy some pizzazz. Call for rates and deadlines. ($35-$75 per week)Contract for Virtual Tour Shoot
** FSBO can place on own web site but not on major national real estate sites **
Agents are beginning to use 360 degree video loops of both interior rooms and attractive exterior shots for use on the internet or to attach to e-mail inquiries. If you ask around you might be able to find someone who will do this for you, or perhaps you can make a video recording with a camcorder. They can be mailed or given to a prospective buyer. $25 - $500)Host Company Caravan Tour
Submit print ads by deadlines
** Not available for FSBO **
Star-News Saturday Photo and copy by Monday for weekend Star-News Showcase Mid-week supplement that buyers use on weekends Real Estate Preview Monthly magazine that buyers use to find available properties Cape Fear Real Estate Directory Another monthly magazine that buyers use to find properties Prudential Buyer's Guide New publication that mirrors MLS for just Prudential listings FSBO Magazine Look for a publication and call for rates and deadlines Produce and mail 50 post cards to neighbors
Make up a post cards that lets neighbors know enough about your home so they can tell their friends who might be interested in living in your neighborhood. Include the price and special features.Submit information to MLS
Submit information to web-sites
** Not available for FSBO **
This is the database used by the 1,200 agents who are looking for property for their buyers.
Realtor.Com Largest national database used by buyers on the internet HomeAdvisor.Com Second largest national database on the internet Prudential.Com National franchise database used by Prudential customers PrudentialCarolina.Com Prudential listings in Wilmington and Charleston NeighborhoodFind.Com Attracts buyers who search for neighborhoods before houses AllAboutWilmington.Com Linked to all above sites and providing large amounts of information for those moving to Wilmington and the surrounding area. YourName.Com If you have your own website, by all means include your home. FSBO.Com There are several of these available. Set up voice mail or voice recording
Most owners fail to establish 24-hour phone coverage for possible buyers. Record a business-like message specifically about your home and check it at least twice daily, preferably every 4 waking hours, even when you are out of town or on vacation.Conduct Open House
Run an ad with house picture and directions in Star-News the day before or day of event. It helps to place a sign in the yard announcing the open house with time and date at least the day before. Have colored flyers out, ask all visitors to sign in with their name and address/phone number. Many owners make the mistake of hovering over visitors. Create a self-guided tour by making professional looking 4x6 special feature cards and placing near that feature. Ask open-ended questions so they will tell you what they are looking for. Extra touches might include cut flowers, fresh baked cookies, soft background music if so inclined. ($25-$35)Host Realtor Luncheon
** Not available to FSBO **
Realtors will only go to luncheons hosted by Realtors who list in the MLS.Follow-up on all showings
Since you would be the one showing your house, you should call the potential buyer the next day. Make sure you get their name and phone number during the open house.Make Feature-Benefit Fact Sheet
An effective marketing piece used by on-site agents of new homes is a fact sheet that lists the special features and explains how each one benefits the buyer.Collect information about schools, etc
Be ready to answer questions such as month utility costs, school district, parks, nearest shopping malls, etc.Reduce Price in Response to Showings & Market Conditions
You must realize when your house needs to be reduced. The first sign is no showings; the second is a lot of showings but no offers.
NEGOTIATING THE OFFER
If a Real Estate Agent Calls
Real Estate Agents will seldom contact a FSBO unless they want the listing or the client they are working with asks to see your home. The agent will call and ask if you will give him/her a one time listing (usually 5% to 7%) or if not, would you be willing to pay the agent a partial sales commission (generally between 2.5% and 5%)? If you agree, the agent will ask you to sign an agreement before bringing their client to your home. When they arrive, have your home ready to show and give the agent and client space to wander. Be available to answer questions as they leave.The Realtor calls to present an offer
If you agreed to pay the selling commission, the agent will be representing the buyer and will have performed a Comparative Market Analysis on your property for the buyer. You will be negotiating on your own behalf. This is when a recent appraisal could be useful to substantiate the value of your property. If you agree to a one-time listing, the agent will explain that he/she will be acting as a dual agent guiding both you and the buyer through the process to the closing.A Buyer without an agent calls to make an offer
Hopefully the buyer will make the offer in writing. Unless you are very experienced in selling property on your own, you should have a real estate attorney review the contract before signing it. All changes should be initialed and dated by all sellers and at least one buyer. Use real estate forms whenever possible.Negotiating Guidelines
Know what is important to you and the buyer. Never reject an offer outright. Either accept it or make a counter offer. Never reject an offer over $1,000. Deal as if you were a third disinterested party. Don't lose your head.
GETTING TO CLOSING
Loan Approval
Your contract should specify the price, type of financing, the terms, the date by which the buyer's lender will provide you with loan approval, date of closing, date of possession and any other terms and conditions you would like. If you require earnest money, who will hold it and under what terms will it be released.Make the House Available
Most buyers will need access to your property for various agents working on their behalf. A pest inspector and home inspector will actually need to go inside your home. A surveyor and appraiser will need to have permission to come onto your property. The buyer and the home inspector may need to come back to check repair work prior to closing.Making Repairs
Your contract should specify that all inspections be completed by a certain date so that you will have ample time to make repairs prior to closing. Which repairs you make depends upon the buyer and their lender. All repairs are negotiable, but structural, safety, certain operational, and water damage repairs are generally expected to be performed. Most buyers want those items repaired before closing, but there are cases when the buyer may want money instead.Deed Preparation
You may have their closing attorney or your real estate attorney prepare the deed prior to closing. Whoever does it will want a copy of the contract.The Closing
The sellers sign whatever needs their signature prior to closing. Usually the only ones to attend the closing are the buyers, their agent, the closing attorney and the seller's agent if one is involved.
Many people are very comfortable in the role of the "For Sale By Owner." You may find that you are one of those people. If you determine some time in the future that you would like to resume a normal life and let an experienced broker take on this process, please keep me in mind. And if you would like for me to help you find your next home (that fee is covered by the seller), feel free to contact me.
Bob Jamieson, Broker
CRS, ABR, GRI
Intracoastal Realty Corporation
1900 Eastwood Road at Lumina Station
Wilmington, North Carolina 28403
Toll Free 877.505.5272
Business 910.232.1893
Fax 910.397.2825email bob@bobjamieson.com
web www.bobjamieson.com