1
Understand why you are selling your home.
Your motivation to sell is the determining factor as to how you will approach the process. It affects everything from what you set as your asking price to how much time, money, and effort you are willing to invest in preparing your property for sale. If your goal is a quick sale, that dictates one approach. If you want to maximize your profit, the process might take longer, requiring a different strategy.
2
Keep the reasons you are selling to yourself.
The reasons you are selling will affect the way you negotiate. By keeping this to yourself, you do not provide ammunition to prospective buyers. For example, should they learn that you must move quickly, you could be placed at a disadvantage. When asked, simply say that your housing needs have changed.
3
Before setting a price, do your homework.
When you set your price, you make buyers aware of the absolute maximum they have to pay. If you start out by pricing too high, you run the risk of not being taken seriously by buyers and their agents. Pricing too low can result in selling for much less than you were hoping for. Look at recent sales in your neighborhood to establish a baseline value, or consult a professional Realtor for an accurate market analysis.
4
Do some home shopping yourself.
The best way to learn about your competition and discover what turns buyers off is to check out other open houses. Note floor plans, condition, appearance, size of lot, and location. Particularly note not only the asking price, but what they are actually selling for.
5
When getting an appraisal is a benefit.
Sometimes a good appraisal can be a benefit in marketing your property. Getting an appraisal is a good way to let prospective buyers know that your house can be financed. However, an appraisal does cost money, has a limited life, and there are no guarantees you will like the figure you hear.
6
Tax assessments: What they really mean.
Some people think that tax assessments are a way of evaluating a property. The difficulty here is that assessments are based on a number of criteria that may not be related to current market value. They do not necessarily reflect your home's true worth to a buyer today.
7
Deciding upon a Realtor.
According to industry surveys, nearly two-thirds of people who sell their own house say they would not do it again themselves. Primary reasons include setting a price, marketing handicaps, liability concerns, and time constraints. When deciding upon a Realtor, evaluate candidates carefully on the basis of their experience, marketing plan, and track record. Be sure you choose someone that you trust to do a good job on your behalf.
8
Ensure you have room to negotiate.
Before settling on your asking price, make sure you leave yourself enough room in which to bargain. Check your priorities to know if you will price high to maximize your profit, or price closer to market value if you want to sell quickly.
9
Appearances do matter. Make them count.
Appearance is so critical that it would be unwise to ignore this when going to market. The look and feel of your house will generate a greater emotional response than any other factor. Prospective buyers react to what they see, hear, feel, and smell.
10
Listing on MLS: Beware of disadvantages.
While the MLS can help your listing get exposure, if it does not sell, buyers know. The history of a property on MLS cannot be deleted, and buyers frequently conclude value based on history. Use an agent that will syndicate your listing to the most places online for maximum exposure fast. Look for a team that tracks user activity on the internet and provides reports that gauge the level of interest.
11
Get it spic and span clean and fix everything.
Scrub, scour, tidy up, straighten, get rid of the clutter, and declare war on dust. Repair squeaks, the light switch that does not work, and the tiny crack in the bathroom mirror, because those can be deal killers. You are not just competing with other resale properties, but brand new ones as well.
12
Allow prospective buyers to visualize themselves in your home.
The last thing you want buyers to feel is that they are intruding on someone else's life. Avoid clutter such as too many knick-knacks. Decorate in neutral colors like white or beige, and place a few carefully chosen items to add warmth. Home decor magazines are great for staging tips.
13
Deal killer odors must go.
Odd smells like traces of food, pets, and smoking odors can kill deals quickly. If buyers know that you have a dog or that you smoke, they will start being aware of odors and seeing stains that may not even exist. Do not leave any clues.
14
Be a smart seller: Disclose everything.
Smart sellers are proactive in disclosing all known defects to their buyers in writing. This builds trust, can reduce liability, and helps prevent lawsuits later on.
15
It is better with more prospects.
When you maximize your property's marketability, you will most likely attract more than one prospective buyer. It is much better to have several buyers because they will be in competition with each other. A single buyer will end up competing with you.
16
Keep emotions in check during negotiations.
Let go of the emotions you have invested into your house. Be detached, using a business-like manner in your negotiations. You will definitely have an advantage over those who get caught up emotionally in the situation.
17
Learn why your buyer is motivated.
The better you know your buyers, the better you can use the negotiation process to your advantage. Knowing what motivates them enables you to negotiate more efficiently. For example, does your buyer need to move quickly? Armed with this information, you are in a better position to bargain.
18
What the buyer can really pay.
As soon as possible, try to learn the amount of mortgage that the buyer is qualified to carry and how much their down payment is. If their offer is low, ask their broker about the buyer's ability to pay what your property is worth.
19
When the buyers would like to close.
Quite often, when buyers would like to close is when they need to close. Knowledge of their deadline for completing negotiations creates a significant advantage for you.
20
Be cautious signing a deal on your next home.
Beware of closing on your new house while you are still making mortgage payments on the old one. You might end up becoming a seller who is eager, even desperate, for the first deal that comes along.
21
Moving out before you sell can be a tremendous advantage.
Buyers constantly face the challenge of trying to imagine themselves in your space. To do this, they have to mentally delete all of your furniture. While it is not always practical to move out first, technology like a Video Narrated VR Animated Online Showing allows buyers to see what rooms look like without your stuff.
22
Deadlines create a serious disadvantage.
Do not try and sell by a certain date. This adds unnecessary pressure and puts you at a serious disadvantage in negotiations.
23
A low offer: Do not take it personally.
Invariably, the initial offer is below what both you and the buyer know they will pay for your listing. Do not be upset. Evaluate the offer objectively to ensure it spells out the offering price, sufficient deposit, closing date, and any special requests.
24
Turn that low offer around.
You can counter a low offer or even an offer that is just under your asking price. This lets the buyer know that their first offer is not seen as being a serious one, and sets the stage for real negotiations.
25
Maybe the buyer is not qualified.
If you feel an offer is inadequate, now is the time to make sure the buyer is qualified to carry the size of the mortgage the deal requires. Inquire how they arrived at their figure and suggest they compare your price to similar homes for sale in your neighborhood.