Reginald E. Sullivan, Sales Associate
(478)447-9517
Troy Young Realty
546 Emery Highway, Macon, GA 31217
Office: (478) 745-5463 Fax: (478) 745-3117
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Real
Estate Mid Georgia Reginald E. Sullivan, Sales Associate (478)447-9517 Troy Young Realty 546 Emery Highway, Macon, GA 31217 Office: (478) 745-5463 Fax: (478) 745-3117 |
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Many homeowners believe that to maximize their profit on a home sale they should sell it themselves. At first glance, they feel selling a home is simple and why should they pay a broker fees for something they could do themselves? In fact, close to 25% of all the homes sold last year were sold For Sale By Owner (FSBO). However, close to half of the FSBO’s said that they would hire a professional next time they sold. Thirty percent said they were unhappy with the results they achieved by choosing FSBO. Why? Many FSBO’s told us that the time, paperwork and everyday responsibilities involved were not worth the amount of money they saved in commissions. For others, the financial savings were even more disappointing. By the time they figured the amount of fees paid to outside consultants, inspectors, appraisers, title lawyers, escrow and loan officers, marketing, advertising... they would have been better off having paid the broker’s fee which would have included many of these charges up front. Selling a home requires an intimate understanding of the real estate market. If the property is priced too high, it will sit and develop a reputation for being a problem property. If the property is priced too low, you will cost yourself serious money. Some FSBO’s discovered that the lost money as a result of poor decisions outweighed the commission. Before you decide to sell FSBO, consider these questions and weigh the answers of assuming the responsibility versus employing a professional. A little time spent investigating up front will pay off tenfold in the end.
Do I have the time, energy, know-how, and ability to devote a full forced effort to sell my home? One of the keys to selling your home efficiently and profitably is complete accessibility. Many homes have sat on the market much longer than necessary because the owner was unwilling or unavailable to show the property. Realize that a certain amount of hours each day is necessary to sell your home. Am I prepared to deal with an onslaught of buyers who perceive FSBO’s as targets for low balling? One of the challenges of selling a home is screening unqualified prospects and dealing with lowballers. It often goes unnoticed... how much time, effort and expertise it requires to spot these people quickly. Settling for a lowball bid is usually worse than paying broker commissions. Am I offering financing options to the buyer? Am I prepared to answer questions about financing? One of the keys to selling, whether it’s a home, a car... anything, is to have all the necessary information the prospective buyer needs and to offer them options. Think about the last time you purchased something of value, did you make a decision before you had all your ducks in a row? By offering financing options you give the home buyer the ability to work on their terms and open up the possibilities of selling your home quickly and more profitably. A professional real estate agent will have a complete team, from lenders to title reps for you to utilize...they’ll be at your disposal. Do I fully understand the legal ramifications and necessary steps required in selling a home? Many home sales have been lost due to incomplete paperwork, lack of inspections or not meeting your states disclosure laws. Are you completely informed of all the steps necessary to sell real estate? If not, a professional would be a wise choice. Do I have the capability of handling the legal contracts, agreements and any disputes with buyers before or after the offer is presented? Ask yourself if you are well versed in legalese and if you are prepared to handle disputes with buyers. To avoid any disputes it is wise to put all negotiations and agreements in writing. Many home sales have been lost due to misinterpretation of what was negotiated. Have I contacted the necessary professionals....title, inspector (home and pest), attorney, and escrow company? Are you familiar with top inspectors and escrow companies? Don’t randomly select inspectors, attorneys, and title reps. Like any profession there are inadequate individuals who will slow, delay and possibly even cost you the transaction. These are the reason why you must choose me, Reginald Sullivan when you are conducting a major sale like your home. You may reach me directly when you telephone: (478)447-9517 or simply send an email to: Reg4000000@aol.com I will help you select the best offer for your property. I will get you the most money for your home.
Has your lawn grown up around that "For Sale" sign? Have the wasps moved into the lock box on your front door? Did you just receive an invitation to your real estate agent's retirement party? If so, chances are your home sale fizzled.Here are the six most-common reasons why homes don't sell and what you can do about it. 1. Your home is overpriced. Optimistic home sellers love to parrot the old adage, "There's a buyer for every home." But they often leave off the qualifier: "at the buyer's price."The fact is, buyers -- not sellers -- ultimately determine the market value of a home. You can ask for the moon and set your listing price well above comparable properties in your neighborhood, but at some point it will be up to you, the seller, to accept what the buyer thinks your home is worth. Overpricing is the most common reason homes don't sell. When you ask an unrealistic price, it sets in motion a process that often works against you. Here's why:Most real estate agents, and hence most qualified buyers, will see your new listing within 30 days. If it is overpriced by as little as 5 percent, it will be duly noted and interest in your property will wane, especially if you show no intention of coming off your asking price. You likely already priced out buyers who might have qualified for financing at a more reasonable price. Even if you manage to find a buyer at your inflated asking price, the property may not appraise at that figure and the financing will fall apart. Your real estate agent may have approved or even suggested the inflated asking price to secure your listing (more on this in No. 4). Conversely, other Realtors often use overpriced properties like yours to help sell their own listings ("Here's what they are asking. Now would you like to take a second look at that first house I showed you?") "If you have a house that really should be priced at $200,000 and you've got it listed at $260,000, you are trying to compete against homes that really are worth close to $300,000 and all of a sudden your home really is not competing well," says Jeri Fisher of Jeri Fisher Real Estate in Missoula, Montana. "You want to compete with what is available out there among homes similar to yours." If your home remains on the market for too long, agents and buyers may begin to wonder if there are other, perhaps more serious reasons why it isn't selling."It becomes shopworn, the same as a jacket hanging in the store week after week," says Fisher. "People are aware that it has been on the market a long time and agents stop showing it." 2. Your home doesn't "show" well. Your home is competing against shiny new houses in those pristine subdivisions out in the suburbs with their attractive prices, incentives and community amenities.Face it: Even the best old house needs a little makeover if it hopes to attract a qualified buyer.The good news is most of the work will be cosmetic and relatively inexpensive: a new coat of paint, a few attractive window boxes, a thorough cleaning of floors and carpets. Voila! The place may look good enough to reconsider.A good real estate agent can advise you on where your time and money are best spent."Price and condition are two things that the seller can do something about," says Fisher. "I always give people my 'honey do' list. I think paint is probably a seller's best friend because it makes things smell fresh and look fresh. If it's time to paint, it's time to paint. It's the best return on investment." 3. You're in a bad location. Nothing has a greater impact on your home's value than its location. Your humble abode might be worth a king's ransom were it located in Palm Beach, Aspen or San Francisco. It might even jump thousands in value just two streets over in the next (and far superior) school district."If you're in one of the higher-ranked schools around here, you're going to add $50,000 to $100,000 to the price of the same house," according to Lenn Harley, a broker with Homefinders.com Inc. in Maryland and Virginia.The point is, location rules in real estate.If your home's location is less than desirable, your options are somewhat limited. A good real estate agent will do his best to help you accentuate the positive and eliminate the negative of your circumstances, say by using foliage to screen off offensive adjoining properties or dampen traffic noise.The best way to compensate for a poor location is to reduce your asking price or offer attractive incentives such as seller financing or a lease option with rent credit. 4. You have a lousy listing agent. Yep, they exist: Real estate agents who mislead, misfire and misbehave.Their bad advice can cost you plenty in time, money and the sheer hassle of keeping the place show-ready 24/7.The agent from hell will allow you to overprice your home ("Here's what I can get for you if you list with me!"), not market it properly (see No. 6), fail to screen for qualified buyers, be unresponsive to interest from other agents (if they sell their own listing, they don't have to split the commission) and keep you totally in the dark throughout the process.What's more, if your agent is abrasive, arrogant or otherwise difficult to work with, other agents may not want the hassle of showing any of their listings to prospective buyers. 5. You are battling competition or market conditions. We've all heard the terms "buyer's market" and "seller's market." In real estate, market conditions are affected by any number of external forces, some of them predictable (the weather, sort of), some of them unpredictable (the local economy, interest rates, public optimism or pessimism). In a "hot" or seller's market, homes go fast. Inventory (homes on the market) may be low, meaning less competition for you. Chances are better that you will get your asking price in a hot market; in fact, it is not uncommon to even be offered more than your listing price. But in a "flat," "cold" or buyer's market, sales slow to a trickle, inventories grow and buyers can find bargains, especially when they know the seller is motivated (i.e., paying on two mortgages). If you're trying to sell in a flat market, you're not only competing against all that vacant new construction, but against rentals as well. In this case, be prepared to settle for less than top dollar, or wait to sell until the pendulum swings once again in your favor. 6. You have ineffective marketing. Today's top performers launch a multilevel marketing plan that includes listing tours for area agents, newspaper and even TV ads, weekend open houses, listing fliers and placements in local real estate publications. Computers and the Internet also have changed the face of real estate. According to the National Association of Realtors, today more than 65 percent of all home buyers use the Internet for house hunting. The best real estate agents are computer-savvy. They have your listing in color on their laptops to show clients and communicate frequently via e-mail, a particular boon when working with out-of-town buyers. Suffice it to say that if your real estate agent isn't listing your home online through the company Web site as well as with the local MLS, you may not be getting the exposure necessary to find a buyer. "There are those who just put the listing in the multiple and pray it will sell and those that put a lot of effort into marketing their listings," says Fisher. "Unfortunately, with this weird system of compensation we have, they all get paid the same, whether they know nothing or have many years of experience." Jay MacDonald is a contributing editor based in Mississippi. -- Updated: March 7, 2005
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