Courtesy of our friends at HGTV
Sell the Benefits of Your Smaller Home
Impress buyers with money-saving and eco-friendly features
By Jen A. Miller, FrontDoor.com Published: 7/10/2008
Buyers looking to save on utilities, taxes and maintenance will jump at a small home.
If you're looking at the undulating real estate scene and think your smaller-than-average-home has no shot, think again. Your house is the perfect fit for a lot of people. Anyone looking to save on utilities, taxes and yard work -- from first-time buyers to the eco-minded -- is going small. Plus, the idea of average is shrinking for a lot of people as those McMansions are proving too big and expensive for a lot of budgets.
So what great things can you highlight about your small home and how? Read on.
Lower Costs
Make sure your brochure and online listings include information about the lower utility costs your house affords. Also, if your small home is on a small lot, research property taxes on larger lots so your agent can point out how much money potential buyers will save in taxes.
Easier Maintenance
Many first-time homebuyers and those downsizing are looking for easy-to-maintain homes. Your Realtor can tell potential buyers how much time it takes you to cut the lawn, for example, or he/she can point out that a small lawn requires little to no watering. Highlight any new features -- heating system, air conditioner, appliances -- because new systems mean no maintenance (or at least warranty covered), which is attractive to first-time home buyers who are used to having the landlord take care of any fixes.
Earth Friendly
Make "green" information obvious. "Put colorful signs right on a space-saving, cost-efficient, on-demand water heater, new energy-efficient heating system or on the closet leading to the attic with the special insulation," says Shirley VanScoyk, Realtor with Weichert of West Chester, Pa. Also, get rid of paint and solvents lying around sheds or garages (and dispose of them properly according to town regulations). But be careful of going overboard, warns Christopher Lowell, host of Work That Room with Christopher Lowell: "If a home is not all green in the key areas, then it's best to focus on easy maintenance and low economics," he says.
It Is Enough Space
People who are cutting back are re-thinking all that extra space in big homes, so it's your job to show that your smaller home does have enough room. You can make those rooms look bigger a few simple ways:
Cut clutter, even if it means renting a storage unit or POD while you're showing the house.
Let in the light. "If I can walk into your house and see all the way through it to the backyard, it's going to give me a feeling of space," says Elizabeth Blakeslee, region three vice president for the National Association of Realtors. Open up the blinds and drapes, and wash the windows to let in as much light as possible.
Sell the area. If there are shops and restaurants within walking distance, make it known. It shows potential buyers that there's plenty to do outside of the house. "It's not the size but the location and function of the spaces that matter," says Lowell.
Read:
Top 10 Real Estate Trends You Have to Know:
Homes in foreclosure reach record highs
Home prices continue to fall
It's harder to get a mortgage
Bad real estate agents will get weeded out
Mortgage rates are still at historic lows
Urban areas are making a comeback
Bigger is not always better
Buyers are going green
Technology and social networking are changing how we buy and sell homes
Flipping is out, buying and holding is in
Friday, February 20, 2009
Thursday, February 19, 2009
LISA LAPORTA: TIPS FOR STAGING YOUR HOME
Many thanks to our friends at the HGTV NETWORK
Grimy bathroom walls are a major red flag to buyers.
Here is an easy way to get rid of surface mold: Mix a spray bottle with one part water and one part bleach. Just spray it on the wall, and watch the mold disappear. Give it a fresh coat of paint, and your grimy bathroom will go from red flag to red-hot.
Don't replace a yucky shower door: Just scour it.
A grimy glass shower door can really wash out your sale. Instead of replacing it, clean it with a mixture of one part muriatic acid and about 10 parts water. Scrub with steel wool. After wiping it down, reinstall the door and you'll have a shower that'll help you clean up at the open house.
Avoid dated tile by painting.
Bathrooms sell houses, but dated tile in a bathroom doesn't. A low-cost alternative to replacing the tile is to use paint. First coat the tiles with a high-adhesion primer. Next, brush on a special ceramic epoxy covering. For a fraction of the cost of new tile, you will have an up-to-date bathroom that brings in big bucks.
Pedestal sinks are a big hit with buyers.
They show off square footage in small bathrooms beautifully. First, your old vanity has to go. Next, just hook up your new sink, and your bathroom will have dramatic appeal that brings in big bucks. Plus, buyers will see how much floor space your bathroom has.
A master bedroom should appeal to both sexes.
When you are selling, your master bedroom should appeal to buyers of both sexes. Get rid of features that seem too gender-specific. Paint the walls a neutral color, and choose bedding that matches. Then accessorize with items that complement the overall color scheme.
Do you have an overpowering brick fireplace that sticks out like a sore thumb?
Here's an easy way to tone it down with paint. Use a rag or brush to rub a light coat of paint on the bricks, one at a time. This will give them a new tone without covering them completely. And, if you use a paint color that matches the walls, your fireplace will go from sticking out to standing out.
Updating an old fireplace screen is a cheap (and quick) fix.
After removing the screen and wiping it down to get rid of the dust, mask off the windows so you won't get paint on them. Then, using a can of heat-resistant spray paint, give the screen a facelift. Hold the can about 18 inches away, and use long, even strokes. For less than $5, you will have a fireplace screen that'll keep your sale from going up in smoke.
Turn an unattractive fireplace into a selling feature.
Need to turn an unattractive fireplace into a selling feature? First, that dated brass screen has got to go. Next, give the fireplace a good cleaning, scrubbing it with soap and water. Then, using a stone color enhancer, polish the bricks to make them shine. In no time you will have a fireplace that will turn your house into the hottest property on the block.
Stain dated kitchen cabinets instead of replacing them.
Dated kitchen cabinets can be a big turnoff to potential buyers. Instead of paying big bucks to replace them, just stain them. First, apply the stain in even strokes, going with the grain of the wood. Add some stylish hardware, and your kitchen will have the up-to-date look that buyers love, for less than $200.
Stainless-steel appliances are definitely in with buyers.
Instead of buying a new dishwasher, here is a low-cost way to resurface an old one: First, remove the front panels, and clean them. Next, apply a stainless-steel stick-on covering, and cut it to size. For just $20 your dishwasher will go from outdated to ultra-modern.
Fill existing hardware holes instead of making new, unsightly ones.
Removing old kitchen hardware can leave your cabinets with stripped-out holes. Here is a trick to reusing the existing ones.First, dip a toothpick in glue and place it in the stripped hole. Cut off the excess piece. Once the glue dries, you'll be ready to put in the hardware that buyers love.
Save money on granite countertops.
Granite countertops are a huge selling feature, but they can be expensive. Here are a few ways to save on this investment:First, do the demo yourself. Also, ask the vendor for remnants from previous projects. Remember, any money you spend will definitely be returned in the value these beautiful counters add to your kitchen.
New kitchen appliances bring high returns from sellers.
Studies show that new kitchen appliances bring high returns from sellers, so get rid of old appliances that make the rest of the kitchen look dated. Once you install the new equipment, it will scream "new kitchen," and you will see that spending a little money will make you even more.
Need to dress up a window but don't want to shell out big bucks for window treatments?
Here's a trick: Use place mats. First, apply a hook-and-loop fastener to the place mats and attach them in a row to a basic curtain rod. Now that the place mats are attached to the curtain rods, pin them together at the bottom, and you'll have a stylish valance that costs about $12.
Adding drama to old hardwood flooring is easier than you might think.
First, isolate damaged boards, cut them out and replace them with new pieces. Rent a sander from a local hardware store, and give the floor a good sanding. The last step is to stain the boards with a rich color, and watch your floor go from drab to dramatic in no time.
Buyers love built-in bookshelves.
There's a fine line between filling them with clutter and staging them to sell. The trick is to arrange neutral items in clusters. Make sure that no single accessory stands out too much. That way, you'll show off your attractive built-ins, and not your personal belongings.
Curb appeal is vital to attracting buyers.
Here is how to stop traffic using color. First, with two tones of paint, add a faux finish to any corner keystones. Next, bring out the color of walkway pavers using a stone sealer. Plant flowers in bloom, and you'll have buyers swarming like bees to your front door.
A nice outdoor deck can be a big selling feature, but an old one is a major liability.
To give your outdoor space new life, first sand the wood. Cover it with a light-colored stain instead of paint to give it a rustic, grainy look. Furnish it for entertaining, and watch your open house turn into a party.
Breathe new life into a worn patio.
Do you have a red-brick patio surface that needs to be freshened up? Here is an easy way to give it new life with paint. First, roll a light coat of paint onto the bricks. Next, lightly spray them with water and then dab them before they dry to give them an outdoor look. When you are done, you will have a patio that looks fresh and reels in buyers.
Staging rooms to show off their true potential is essential when selling your home.
Clear out clutter or other personal items that will distract buyers. Paint the walls a neutral tone, and furnish the space to show off how functional it is. When buyers come through and imagine themselves there, you can bet an offer isn't far behind.
A shabby wood-panel wall is not a strong selling point.
Instead of ripping it out, cover it up. Use wood filler to carefully fill in all the cracks between the panels. Then, use a sponge to wipe away the excess filler. Once it's dry, paint the room. You'll see an unattractive wall go from standing out to blending in.
Use tape outlines on the floor instead of actually moving furniture around.
Rearranging a room to stage it for your open house? Here is a tip to save time and effort: Instead of lugging the heavy furniture around the room to see what feels best, put outlines on the floor with painter's tape. Arrange the room according to your outlines, and save your energy for counting offers.
Vinyl tile is an inexpensive way to update your home.
Laying vinyl tile is an inexpensive way to update your home, but there's a right way and a wrong way to do it. You need to avoid laying patterns that look too perfect. Instead, make sure to switch up the direction and placement of the tiles to mix the tones. That way, you end up with a floor that has a natural feel.
Let the sun shine in.
Buyers love light and airy living rooms, but dark and dingy isn't on their list. Open up your window shades to let some light in. Cheat some sunshine with a light-colored paint and lots of artificial lighting. You can never have too many lamps. Last, arrange the space with lightly colored furniture, and you'll have a living room that brightens your chances of a sale.
Stage rooms with one purpose so buyers will know what it is.
Potential buyers are confused by extra rooms that have a mishmash of uses. To avoid this problem, first clear away clutter and excess furniture. Paint the walls a neutral tone and then furnish the room with a desk to stage it as a home office in which buyers will want to get down to business.
Unpleasant pet odors won't win over buyers.
We all love our pets, but unpleasant pet odors can make a negative first impression. Be sure to get rid of old carpet that can trap offensive smells. Replace it with fresh new carpet in a neutral color. Plus, if you paint the walls to match, your living room will look bigger. It'll go from designed to smell to designed to sell.
Pack up unnecessary items and furniture before you show the house.
An overpacked living room is a red flag to buyers that your home lacks storage space. Pack up unneccesary items and furniture, and move items to your garage or a nearby storage facility. Clear the way for a sale by letting buyers see your square footage, not your personal belongings.
Storage space sells!Potential buyers love homes that have lots of storage space. Since they will open your closets, it's a good idea to clear out unnecessary clutter, and organize your shelves to show off how much storage you really have. Plus, it gives you a chance to start packing, as you will definitely be moving once buyers see all that closet space.
Create a nice flow in your rooms.
Buyers are attracted to homes that have a good flow. You can create circulation by replacing square or rectangular dining tables with round ones. Cutting the corners adds room to this maneuver and creates a spinoff effect that adds flow to your home — cash flow, that is.
Create a better flow in the house by starting with the floor.
Want to create better flow in your house? Start with the floor. Join two rooms together by using the most cost-efficient material in the book: vinyl tile. First, use a snap-line to create a center point between the two rooms. Next, the fun part: Peel and stick the new vinyl tile down, and watch your kitchen and dining room go from old to sold!
Related Content
30 Can't-Miss Staging Tips
Designed to Sell designer Lisa LaPorta shares some of her best staging tips....
Read More
Grimy bathroom walls are a major red flag to buyers.
Here is an easy way to get rid of surface mold: Mix a spray bottle with one part water and one part bleach. Just spray it on the wall, and watch the mold disappear. Give it a fresh coat of paint, and your grimy bathroom will go from red flag to red-hot.
Don't replace a yucky shower door: Just scour it.
A grimy glass shower door can really wash out your sale. Instead of replacing it, clean it with a mixture of one part muriatic acid and about 10 parts water. Scrub with steel wool. After wiping it down, reinstall the door and you'll have a shower that'll help you clean up at the open house.
Avoid dated tile by painting.
Bathrooms sell houses, but dated tile in a bathroom doesn't. A low-cost alternative to replacing the tile is to use paint. First coat the tiles with a high-adhesion primer. Next, brush on a special ceramic epoxy covering. For a fraction of the cost of new tile, you will have an up-to-date bathroom that brings in big bucks.
Pedestal sinks are a big hit with buyers.
They show off square footage in small bathrooms beautifully. First, your old vanity has to go. Next, just hook up your new sink, and your bathroom will have dramatic appeal that brings in big bucks. Plus, buyers will see how much floor space your bathroom has.
A master bedroom should appeal to both sexes.
When you are selling, your master bedroom should appeal to buyers of both sexes. Get rid of features that seem too gender-specific. Paint the walls a neutral color, and choose bedding that matches. Then accessorize with items that complement the overall color scheme.
Do you have an overpowering brick fireplace that sticks out like a sore thumb?
Here's an easy way to tone it down with paint. Use a rag or brush to rub a light coat of paint on the bricks, one at a time. This will give them a new tone without covering them completely. And, if you use a paint color that matches the walls, your fireplace will go from sticking out to standing out.
Updating an old fireplace screen is a cheap (and quick) fix.
After removing the screen and wiping it down to get rid of the dust, mask off the windows so you won't get paint on them. Then, using a can of heat-resistant spray paint, give the screen a facelift. Hold the can about 18 inches away, and use long, even strokes. For less than $5, you will have a fireplace screen that'll keep your sale from going up in smoke.
Turn an unattractive fireplace into a selling feature.
Need to turn an unattractive fireplace into a selling feature? First, that dated brass screen has got to go. Next, give the fireplace a good cleaning, scrubbing it with soap and water. Then, using a stone color enhancer, polish the bricks to make them shine. In no time you will have a fireplace that will turn your house into the hottest property on the block.
Stain dated kitchen cabinets instead of replacing them.
Dated kitchen cabinets can be a big turnoff to potential buyers. Instead of paying big bucks to replace them, just stain them. First, apply the stain in even strokes, going with the grain of the wood. Add some stylish hardware, and your kitchen will have the up-to-date look that buyers love, for less than $200.
Stainless-steel appliances are definitely in with buyers.
Instead of buying a new dishwasher, here is a low-cost way to resurface an old one: First, remove the front panels, and clean them. Next, apply a stainless-steel stick-on covering, and cut it to size. For just $20 your dishwasher will go from outdated to ultra-modern.
Fill existing hardware holes instead of making new, unsightly ones.
Removing old kitchen hardware can leave your cabinets with stripped-out holes. Here is a trick to reusing the existing ones.First, dip a toothpick in glue and place it in the stripped hole. Cut off the excess piece. Once the glue dries, you'll be ready to put in the hardware that buyers love.
Save money on granite countertops.
Granite countertops are a huge selling feature, but they can be expensive. Here are a few ways to save on this investment:First, do the demo yourself. Also, ask the vendor for remnants from previous projects. Remember, any money you spend will definitely be returned in the value these beautiful counters add to your kitchen.
New kitchen appliances bring high returns from sellers.
Studies show that new kitchen appliances bring high returns from sellers, so get rid of old appliances that make the rest of the kitchen look dated. Once you install the new equipment, it will scream "new kitchen," and you will see that spending a little money will make you even more.
Need to dress up a window but don't want to shell out big bucks for window treatments?
Here's a trick: Use place mats. First, apply a hook-and-loop fastener to the place mats and attach them in a row to a basic curtain rod. Now that the place mats are attached to the curtain rods, pin them together at the bottom, and you'll have a stylish valance that costs about $12.
Adding drama to old hardwood flooring is easier than you might think.
First, isolate damaged boards, cut them out and replace them with new pieces. Rent a sander from a local hardware store, and give the floor a good sanding. The last step is to stain the boards with a rich color, and watch your floor go from drab to dramatic in no time.
Buyers love built-in bookshelves.
There's a fine line between filling them with clutter and staging them to sell. The trick is to arrange neutral items in clusters. Make sure that no single accessory stands out too much. That way, you'll show off your attractive built-ins, and not your personal belongings.
Curb appeal is vital to attracting buyers.
Here is how to stop traffic using color. First, with two tones of paint, add a faux finish to any corner keystones. Next, bring out the color of walkway pavers using a stone sealer. Plant flowers in bloom, and you'll have buyers swarming like bees to your front door.
A nice outdoor deck can be a big selling feature, but an old one is a major liability.
To give your outdoor space new life, first sand the wood. Cover it with a light-colored stain instead of paint to give it a rustic, grainy look. Furnish it for entertaining, and watch your open house turn into a party.
Breathe new life into a worn patio.
Do you have a red-brick patio surface that needs to be freshened up? Here is an easy way to give it new life with paint. First, roll a light coat of paint onto the bricks. Next, lightly spray them with water and then dab them before they dry to give them an outdoor look. When you are done, you will have a patio that looks fresh and reels in buyers.
Staging rooms to show off their true potential is essential when selling your home.
Clear out clutter or other personal items that will distract buyers. Paint the walls a neutral tone, and furnish the space to show off how functional it is. When buyers come through and imagine themselves there, you can bet an offer isn't far behind.
A shabby wood-panel wall is not a strong selling point.
Instead of ripping it out, cover it up. Use wood filler to carefully fill in all the cracks between the panels. Then, use a sponge to wipe away the excess filler. Once it's dry, paint the room. You'll see an unattractive wall go from standing out to blending in.
Use tape outlines on the floor instead of actually moving furniture around.
Rearranging a room to stage it for your open house? Here is a tip to save time and effort: Instead of lugging the heavy furniture around the room to see what feels best, put outlines on the floor with painter's tape. Arrange the room according to your outlines, and save your energy for counting offers.
Vinyl tile is an inexpensive way to update your home.
Laying vinyl tile is an inexpensive way to update your home, but there's a right way and a wrong way to do it. You need to avoid laying patterns that look too perfect. Instead, make sure to switch up the direction and placement of the tiles to mix the tones. That way, you end up with a floor that has a natural feel.
Let the sun shine in.
Buyers love light and airy living rooms, but dark and dingy isn't on their list. Open up your window shades to let some light in. Cheat some sunshine with a light-colored paint and lots of artificial lighting. You can never have too many lamps. Last, arrange the space with lightly colored furniture, and you'll have a living room that brightens your chances of a sale.
Stage rooms with one purpose so buyers will know what it is.
Potential buyers are confused by extra rooms that have a mishmash of uses. To avoid this problem, first clear away clutter and excess furniture. Paint the walls a neutral tone and then furnish the room with a desk to stage it as a home office in which buyers will want to get down to business.
Unpleasant pet odors won't win over buyers.
We all love our pets, but unpleasant pet odors can make a negative first impression. Be sure to get rid of old carpet that can trap offensive smells. Replace it with fresh new carpet in a neutral color. Plus, if you paint the walls to match, your living room will look bigger. It'll go from designed to smell to designed to sell.
Pack up unnecessary items and furniture before you show the house.
An overpacked living room is a red flag to buyers that your home lacks storage space. Pack up unneccesary items and furniture, and move items to your garage or a nearby storage facility. Clear the way for a sale by letting buyers see your square footage, not your personal belongings.
Storage space sells!Potential buyers love homes that have lots of storage space. Since they will open your closets, it's a good idea to clear out unnecessary clutter, and organize your shelves to show off how much storage you really have. Plus, it gives you a chance to start packing, as you will definitely be moving once buyers see all that closet space.
Create a nice flow in your rooms.
Buyers are attracted to homes that have a good flow. You can create circulation by replacing square or rectangular dining tables with round ones. Cutting the corners adds room to this maneuver and creates a spinoff effect that adds flow to your home — cash flow, that is.
Create a better flow in the house by starting with the floor.
Want to create better flow in your house? Start with the floor. Join two rooms together by using the most cost-efficient material in the book: vinyl tile. First, use a snap-line to create a center point between the two rooms. Next, the fun part: Peel and stick the new vinyl tile down, and watch your kitchen and dining room go from old to sold!
Related Content
30 Can't-Miss Staging Tips
Designed to Sell designer Lisa LaPorta shares some of her best staging tips....
Read More
TAX DEDUCTIONS FOR HOME OWNERS/FROM MID-ATLANTIC TITLE
Wednesday, February 18, 2009
Thanks to our friends at Mid-Atlantic Title Services...
Tax Deductions for Homeowners
I was inspired to write this blog because one of my Realtor clients (thank you Sunita) asked me to draft a letter that she can forward to all the clients she helped buy property last year. This letter will outline possible tax deductions and be accompanied by a copy of their HUD1 settlement statement. I am posting a copy of this letter here for informational purposes only, we all know how complicated the tax code can be so this is just my understanding of how this works.
Dear ____________:Once again, congratulation on the purchase of your new home last year and as tax season is fast approaching, I am including a copy of the HUD1 settlement statement, the “debits and credits” to the transaction so you can take advantage of some deductions available to homeowners. I have referenced the possible deductions with the line item on the settlement statement where appropriate.I encourage you to discuss these items with your accountant but here’s a synopsis of a few pages of Publication 530 by The Internal Revenue Service entitled “Tax Information for Homeowners”.Real Estate Taxes:You may be able to deduct any amount paid as taxes to your state and local government, including amounts paid on your settlement statement. You may start deducting taxes from the day of settlement and forward, even if the seller paid them on your behalf.If your taxes and insurance are escrowed with your lender (included in your monthly payment), you may only deduct what is being paid for taxes and not the hazard insurance.Items you may not be able to deduct on your taxes include money collected by local or state government for water, trash collection, fees for single service such as lawn or pool maintenance.Some special assessments are deductible provided they were paid for the benefit of marinating infrastructure that tends to increase your property value. Talk to your account.You may not deduct homeowner association fees or transfer taxes (stamps).Home Mortgage Interest:You may be able to deduct interest on your home provided it is your main home (primary residence) for up to $1,000,000 or $500,000 if filing separately. Special limitations apply if you refinanced your loan.Pre-paid interest on your settlement statement may be deductible.Late payments and pre-payment penalties may be deductible.Points:You may be able to deduct the entire amount you paid as points provided the home you bought or built is your main home (primary residence), and points were not charged in lieu of other charges such as appraisal fee, inspection fee, title fee or closing fees. Points must be clearly shown your settlement statementThe points had to have been computed as a percentage of the loan amount and must be clearly itemized on the settlement statement.You may be able to deduct points even if the seller paid for them on your behalf, provided you meet other qualification.Basis:Some fees on the settlement statement are not deductible but you can add them to your “basis”. This is the amount your accountant will use in the future to figure out how much profit you made from the sale of your property. The higher the basis, the less taxes you pay. These items include abstract fees, legal fees, recording fees, surveys, transfer taxes, owners title insurance. Additionally, some costs you paid on behalf of the seller can also add to your basis.The above is not intended to be tax advise but rather a quick glance at some of allowable deductions. You are encouraged to consult your accountant for further clarification.I encourage you to contact the IRS at 800-829-3676 or www.irs.gov/formspubs.com and request copies of Publication 936 “Home Mortgage Interest Deduction”, Publication 530 “Tax Information for Homeowners”. You can also write to the IRS at:
Internal Revenue Service1201 N. Mitsubishi MotorwayBloomington , IL 61705-6613
Posted by Harry Yazbek at 1:33 PM 0 comments Links to this post
Labels: Taxes
Tuesday, February 17, 2009
Thursday, August 7, 2008
Seller's Reality Check
In this price-driven market most Buyers aren't letting their emotions interfere when they decide to purchase a home--they're looking with their pocketbooks, not their hearts. A Seller's
reality check may come only after the listing has languished on the market for several months without a nibble. Losing a home sale to a competing and lower priced home down the street can be an eye-opening experience for many Sellers who may then decide to cut their price. Unfortunately, most Seller's tend to like incremental price cuts (which only serve to make them look desperate) rather than one big decrease that will generate more interest.
Your first three weeks on the market are important. That is when you'll have your most showings with the most potential. Qualified Buyers are out there and they know the market! If a house is overpriced and in poor condition, chances are it won't make a Buyer's "showing cut"! Buyers keep abreast of the real estate market in their areas of interest via the Internet where they can view photos and compare similarly priced homes. Houses that haven't kept up with the times can't compete with those in the same price range that have been updated (kitchens, baths) and freshly painted.
The days of multiple offers are long gone. Sellers who offer a desirable product at a competitive price will reap the benefits of today's ever-changing marketplace.
reality check may come only after the listing has languished on the market for several months without a nibble. Losing a home sale to a competing and lower priced home down the street can be an eye-opening experience for many Sellers who may then decide to cut their price. Unfortunately, most Seller's tend to like incremental price cuts (which only serve to make them look desperate) rather than one big decrease that will generate more interest.
Your first three weeks on the market are important. That is when you'll have your most showings with the most potential. Qualified Buyers are out there and they know the market! If a house is overpriced and in poor condition, chances are it won't make a Buyer's "showing cut"! Buyers keep abreast of the real estate market in their areas of interest via the Internet where they can view photos and compare similarly priced homes. Houses that haven't kept up with the times can't compete with those in the same price range that have been updated (kitchens, baths) and freshly painted.
The days of multiple offers are long gone. Sellers who offer a desirable product at a competitive price will reap the benefits of today's ever-changing marketplace.
Wednesday, August 6, 2008
Consistency and Texting
Although it is illegal under the Can-Spam Act of 2003 for real estate agents to bulk email or text message individuals without permission or prior business dealings, text messaging is a good way for agents to build their client base and forge relationships with prospects. A text-saavy agent can often obtain permission to send future texted communications simply by listing their text message address on for-sale signs, websites, flyers and mailings. This enables potential clients (or pcs) to text agent with inquiry questions thereby opening a legal channel of communication. The affordable Text Lead Circular service from Real Closer Software ensures that prospects who text message the agent for more information are sent a response from the agent immediately. Additionally, the service facilitates follow-up contact by capturing the prospect's cell phone number and forwarding it via cell phone or e-mail to the agent.
Monday, August 4, 2008
Consistency and The Prospective Client
A recent NewsGenius publication (updated news source for top real estate agents) states that a Realtor's business can increase dramatically (by 40% or more) simply by taking advantage of one of the key opportunities in the real estate business; follow up. I agree! Many people have asked how I continue to manage and maintain a successful real estate practice in the midst of an ever-changing market. One of the answers lies in consistency.
As an experienced real estate agent with over $24 million in sales volume last year, I have found that immediate follow up, either by phone or email is one of the best ways to contact and keep in touch with prospective clients. Many of my initial contacts come from sign or add calls, open houses, personal acquaintance, past clients or referrals and are usually willing to provide a cell phone number and/or email address when asked. Prospects like to receive immediate notification when a property fitting their identified criteria is listed or more importantly, about to be listed.
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