Do you need to move because of a job change? Do you need a bigger home for a growing family? Are you trying to downsize? Whatever the reason is, the question is the same: how do I sell my home? Should you use a realtor? Should you try selling it yourself? We certainly recommend utilizing a realtor.
What Does a Realtor Do?
Realtors ist your house with an Multiple Listing Service (MLS). The Memphis Area Association of Realtors (MAAR) provides the MLS for Heritage Homes. Each home is described in detail, appropriately mapped, and pictures are added for marketing purposes. The MLS feeds a huge number of websites from the database. The point is to get your home to as many potentialy buyers as possible.
Realtors often market your house via advertisements, fliers, publications, and websites.
Reatlros advertise and host open houses as well as facilitate "showings" of your home. All that advertising will ultimately create calls and requests to see the home in person. Realtors will coordinate the showings to potential buyers.
Realtors help with the negotiations and completing the approved, appropriate agreements for each purchase. Realtors generally have a solid network of qualified experts such as attorneys, title companies, mortgage companies, appraisers, inspectors, and handymen. This network will help with each step along the way.
Here are the steps to follow if you decide to forego using a real estate agent to sell your home:
General Steps to Selling a Home:
- Assess your home. Determine the basics: How many bedrooms are there? How many bathrooms? Are you aware of anything that needs to be repaired or updated? It is important to determine the basics of your home in order to compare it with comparable properties.
- Price your home. After assessing your home, you will be able to compare it to comparable properties. A Realtor can assist with comparing nearby homes and assessing differences/similiarities in order to price appropriately. Realtors have access to tools via the MLS that help determine minimum, maximum, and average prices depending on a variety of factors.
- Market your property. Once you have priced your home, you can beging the process of marketing. It is a great idea to put your home on the MAAR MLS to be displayed on a maximum number of websites. Put a sign in the yard. Print flyers and have them available with the sign in your yard. The more people that see your home the better chance you have of getting an offer.
- Host an open house. Notify your friends, your neighbors, and family. The more people that come, the better. Have brochures available for visitors to take with them. Put signs around the neighborhood. Everyone has seen the ballons on signs and arrows with "Open House Today" signs. Potential buyers absolutely keep an eye out for such notifications.
- Prepare for showings. We recommend keeping your house clean and free of clutter. The potential buyers will be imaginging themselves living in the house, and you definitely want to promote it in a positive way. A Realtor can assist with showings by coordinating times, but they should also have a keybox for access by other Realtors.
- Ask for feedback. The first person to see your home may be the actual buyer, but it may be the 100th as well. It is important to get feedback from the people and realtors after showings. You may think your purple walls are fun, but perhaps most potential buyers feel differently. If you monitor feedback, you may be able to prepare your home better for the next showing.
- Negotiate. Perhaps you will get a full price offer with no required closing costs. Perhaps you will get an offer for less than you are willing to take? It is entirely appropriate and perhaps even expected to negotiate a little for homes. A Realtor should be familiar with market conditions. Is it a seller's market? A buyer's market? Should you expect multiple offers? Your Realtor can be a valuable asset here.
- Close it cleanly. We recommend using the appropriate experts such as closing attorneys and title companies to make certain of a clean transaction. These experts are trained and practice these functions daily.