For Sale
Before you consider selling your house yourself, ask yourself if you are going to have the time needed to sell your house - even if you just cover the basics.
The Listing Contract
Also referred to as a listing agreement, the listing contract gives a licensed real estate professional authorization to act on your behalf in the sale of your home. Listing contracts come in all shapes and sizes, but there are characteristics which are common to all. Among the elements of any valid listing contract are:
Writing - All real estate contracts must be in writing.
Employment - The listing contract is a personal services contract between you and the broker. It contains all of the terms and conditions of employing the broker and authorizing the broker to represent you in marketing and selling your home.
Compensation - For any contract to be valid, there has to be compensation. The listing contract will specify the amount and timing of payment to your broker. Typically, payment is an agreed upon percentage of the sales price, payable at closing. It is important to note that your obligation to pay your broker may not absolutely depend on a finalized sales transaction. For example, if the broker finds a bona-fide buyer who is willing to pay your asking price and agree to the terms you have offered, but you get cold feet at the last moment and decide not to sell, the broker has done his job and is entitled to be paid under the terms of the listing contract.
Title - All listing contracts will ask who has title to the property. Property can't be sold unless everyone with holds title interest in the property are part of the sale.
Termination date - You shouldn't sign any listing contract without a specific termination date. The most common duration is 180 days. If the contract has an indefinite duration such as until sold, or no duration specified at all, dont sign it. The listing contract is a legally binding document and you don't want to get locked into one with no clearly defined termination date. If the contract expires before your home sells and you still want to keep using the same broker, you can simply sign a new contract.
There can be and often are other elements to a listing contract. As with any legal document, you should read the listing contract very carefully and be sure you understand exactly what you are agreeing to before signing. If you have any questions about your listing contract it would be wise to consult a lawyer for clarification.
The Multiple Listing Service (MLS)
What is the MLS, and how does it work for you? The MLS is a database of properties currently on the market in the area. Brokers participating in the MLS (which includes virtually all Brokers in the area) list all the homes they have for sale and agree to share in the sales commission of the properties. This means that if I list your property on the MLS for you, but another agent finds a buyer for your house, that other broker or agent is entitled to part of the commission. The big advantage to you, as the seller, is that every single broker and agent participating in the MLS has an incentive to sell your home. This effectively puts every agent in the area to work selling your home! The first place a buyers agent looks is always the MLS. There is simply no better way to gain instant and widespread exposure for your home than listing it on the MLS.
So, the first thing I'll do as your agent is get your home listed on the MLS! When another agent is searching for a home to meet the needs of a buyer, the agent will search the MLS based on the buyers criteria for price range and features. So I'll enter all the important information about your home, such as the size, number of bedrooms and bathrooms, and any special features. I'll also take photos of your house and include them with your MLS listing. Agents and buyers alike are always more likely to look at listings with photos.
El Servicio de Listado Múltiple (MLS)
¿Cuál es la MLS, y ¿cómo funciona para ti? La MLS es una base de datos de propiedades actualmente en el mercado en la zona. Intermediarios que participan en la MLS (lo que incluye prácticamente todos los intermediarios en la zona) una lista de todos los hogares que tienen a la venta y de acuerdo a participar en la comisión de venta de las propiedades. Esto significa que si la lista de su propiedad en la MLS para usted, pero otro agente encuentra un comprador para su casa, que otros corredor o agente tiene derecho a una parte de la comisión. La gran ventaja a usted, como vendedor, es que cada agente y agente de la participación en la MLS tiene un incentivo para vender su casa. Esto pone a cada agente en la zona para vender su trabajo a casa! El primer lugar se ve un agente de los compradores siempre es la MLS. Simplemente no hay mejor manera de ganar al instante y de la exposición generalizada de que su casa lista en la MLS.
Así, lo primero que haré como su agente es obtener su casa que aparece en la MLS! Cuando otro agente es la búsqueda de un hogar para satisfacer las necesidades de un comprador, el agente de búsqueda de la MLS sobre la base de los criterios de los compradores de precios y características. Así que voy a entrar en toda la información importante acerca de su casa, tales como el tamaño, número de dormitorios y baños, y todas las características especiales. Voy a tomar fotos de su casa y los incluyen en su listado de MLS. Agentes y compradores por igual son siempre más propensos a ver los anuncios con fotos.
Reasons why homes don’t sell
If you have had your home on the market for several months and haven’t seen much activity or any offers, chances are that one or more of the reasons below are to blame.
Your price is too high
No doubt about it, the most common reason for a home not selling is that the asking price has been set too high. The reasons for setting your price too high to begin with are many. Ranging from over enthusiastic listing agents to unrealistic seller expectations. Regardless of the reason though, if you’ve priced your home too high, you’ve set yourself up for a number of obstacles to selling your home. Even if you do get an offer for the overly high asking price, the deal may fall apart before closing because the buyer may have problems financing at too high a price. Look at other homes for sale, ones as similar and as close to yours as possible. If they are going for less than you are asking, you may be priced too high. The fact is, your home is competing against those other homes, and what buyers are willing to pay is what will determine final sales prices.
The condition of your home
There is a lot of competition out there to sell homes. Your home has to compete against other similar homes for sale, as well as competing against shiny brand new homes. The more you can do to make your home look appealing to a buyer, the better your chances for a quick sale. Look at your home with a critical eye – put yourself in the buyers position. A buyer doesn’t want to have to do anything except move in. Your best “bang for the buck” in improving the condition of your home are paint and flooring. Make sure that all of the paint is in great condition, both inside and out. Repainting doesn’t cost too much, and will usually make the biggest impact on buyers. Make sure all of the flooring looks good too. You may want to consider putting in new carpet. Again, it’s not that expensive but it sure does make an impact on buyers coming to look at your home.
Location, location, location
It’s the oldest cliché in the world, but it’s true. When it comes to real estate, it’s all about location! When it comes to homes, things like how good the schools are, crime rates, visual appeal of the neighborhood and noise or the smell of pollution can all effect how desirable the location is. If you’re in a bad location, a good real estate agent may help to minimize some of the impact by suggesting improvements to the house. But the only really reliable way to overcome a bad location is with a lower price. Simply put, an identical home in a bad location won’t sell for as much as the same home in a better location.
Your marketing campaign is out of steam
The best listing agents all use an aggressive marketing plan to market their listings. If your listing agent isn’t making sure your home can be found easily on the internet, isn’t actively touting his or her listings to other agents in the area, isn’t running ads in the local newspapers and real estate publications, then it might be time to change agents. The best agents might even run radio or television ads for their listings. If all your agent has done is put a sign in your front yard and add your home to the local MLS, then that agent isn’t coming close to doing all that can be done to effectively market your home.
The market is slow
You’ll hear it described as a slow market, or a buyers market, or maybe a cold market. But it all means the same thing. That home sales in the local area, or market, are slow. That there are too many homes for sale and not enough active buyers. There are several things you can do to combat a slow market. The most effective strategy is to sell at a lower price. Buyers are expecting to find bargains during a slow market. You can also help yourself by offering to pay some concessions to help a buyer that might not have a lot of cash. The ultimate way to beat a slow market is to simply wait it out. But that’s not always an option for many sellers.
Your home isn’t easily accessible
To get your home sold quickly, it’s important that other agents in the area show it to as many potential buyers as possible. When a busy agent is compiling a list of homes to show a buyer, the agent will naturally tend to show those houses that are easiest to gain access to first. Many homes on the market have “lock boxes” on them. The lock box is a device which holds a key to the home, that only qualified local agents can access. Homes that are listed as being “lock box, no appointment needed” will get shown more often than homes listed as “agent has key, call for appointment”. If at all possible, you should let your agent put a lock box on your home for easier showing. If not, you should do anything else you can to make it as convenient as possible for agents to show your home.
You have an agent nobody likes
Sounds almost silly, but it’s very true. If your listing agent isn’t liked or respected by other agents in your area, it could slow down the sale of your home. When an agent prepares to show properties to prospective buyers, the agent begins by talking to the buyer to find out what kind of home they are looking for. Then the agent searches the local MLS and other sources for homes that fit the buyer. If there are a number of good matches to choose from, and one of them has been listed by an agent that is hard to get along with, or arrogant, or has otherwise made himself unpopular, well… It’s just human nature to tend to skip over someone you don’t like.
