Choose the Right Sales Associate. While 44 percent of home sellers, according to the National Association of REALTORS(R), use a friend or relative's referral when selecting a sales associate, it is smart to interview a variety of prospective associates and invite them to show their listing presentations. Pay attention to how they plan to market the home, and find out how many homes they (and their companies) listed in your local market in the past year and how many of them were sold. Also, make certain they plan to list the home on the multiple listing service (MLS), and inquire about the breadth of the sales associate's network of contacts. Remember, the more prospective buyers a sales associate can attract, the better the chance for a successful sale. Finally, because selling a home will require a lot of communication, the seller should ensure he or she connects with the sales associate's personality.
Do Your Homework. Home sellers should work with a real estate sales associate to develop a written comparative market analysis (CMA). This will provide a list of recent sales prices of similar homes in the area (with comparable numbers of bedrooms, baths, square footage and lot size), the asking prices of homes currently for sale in the neighborhood and other important information. Based on the CMA, a sales associate will provide his or her professional estimation of a legitimate selling price.
Take the Emotion Out of It. While the seller likely has spent years in the home and takes pride in it, the sales associate will not set the price based on a seller's emotion. Instead, the location, condition and size of the home will significantly impact the list price. A house in a secluded, exclusive area may be appealing to some buyers, while others will want to be closer to schools, shopping and health care facilities. What is the physical condition of the home? Is it a fixer-upper? Does it make a good first impression (the ever important "curb appeal")? Will it appeal to a growing family, or is it better suited to empty nesters? The sales associate will know the type of buyers who will be interested in the home.
Determine If It Is a Buyer's or Seller's Market. Home inventory, mortgage interest rates and the economy play a role in determining whether the buyer or seller has a negotiating advantage. Interest rates remain at historically low levels even as the economy shows signs of improving, allowing buyers to be in a good position to shoulder the "good" debt of homeownership. A sales associate will know the inventory levels in the community.
Do the Math. Do not forget to figure in closing costs, legal fees and other selling expenses when determining the selling price. The sales associate should be able to provide cost estimates, and negotiate with a potential buyer to ensure a good sale price.
Give It the Once Over. After working with a real estate sales associate to get a CMA and considering all the other factors, the list price will be set. But there is one more step in trying to ensure that the house sells for that price, or more. Do as much as possible to improve the home's appearance: touch up the paint, fix leaks, seal any cracks, clean the home, eliminate clutter and rid the home of any pet odors. The house has only one chance to make a first impression.
About Coldwell Banker(R)
Since 1906, the Coldwell Banker(R) organization has been a premier provider of full-service real estate. In 2004, Franchise Times magazine's prestigious Top 200 issue ranked Coldwell Banker number one in real estate and number eight among all franchisors. Additionally, the Coldwell Banker organization received the "Highest Overall Satisfaction For Repeat Home Buyers Among National Full Service Real Estate Firms" from the J.D. Power and Associates 2004 Home Buyer/Seller Satisfaction Study(SM). The study was based on responses from 4,977 home buyers and sellers. The study was conducted for Cendant Corporation by J.D. Power and Associates. The Coldwell Banker system has more than 3,800 residential and commercial real estate offices and 121,000 Sales Associates in 28 countries and territories. The Coldwell Banker system is a leader in the industry in residential real estate, and in niche markets such as resort, new homes and luxury properties through its Coldwell Banker Previews International(R) division. It is a pioneer in consumer services with its Coldwell Banker Concierge(R) Service Program and award-winning Web site, http://www.coldwellbanker.com/. Coldwell Banker Mortgage is one of the largest telephone/web based lenders in the country and the Coldwell Banker Commercial(R) network is an industry leader in providing commercial real estate solutions that serve the needs of tenants, landlords, sellers and buyers in the leasing, acquisition, disposition and management of all property types. Coldwell Banker Real Estate Corporation is a subsidiary of Cendant Corporation (NYSE:CD) . 2005 Coldwell Banker Real Estate Corporation Coldwell Banker(R) is a registered trademark licensed to Coldwell Banker Real Estate Corporation. Each office is independently owned and operated except for offices owned and operated by NRT Incorporated.
Source: Coldwell Banker
CONTACT: David Siroty of Coldwell Banker Real Estate Corporation,
+1-973-496-7199, David.Siroty@cendant.com; or Catherine Sullivan of Publicis
Dialog, +1-212-279-6345, Catherine.Sullivan@publicis
Banker Real Estate Corporation
Web site: http://www.coldwellbanker.com/