Real Estate Article: Be a Successful Seller
08/09/2002
Many people have had the experiences of buying or selling properties. Unfortunately, not that many people can tell me that their experiences were pleasant ones. Especially the sellers are most of the time very unsatisfied with the whole transaction.
Actually, the sellers are on the initiative in a real estate transaction, therefore whether or not the deal goes through smoothly, depends greatly on the behalf of the sellers. There are some preparations that you can work on before you sell your house to ensure you become a happy, successful seller.
The following is a reasonable selling plan:
1. Understand the selling procedure—sellers need to know every single procedure in selling a property, and what a seller needs to do in each stage. A qualified agent will provide you with such information, and even if the agent fails to do that, you should ask for the
information.
2. Fix up your house—some houses only need to clean up, get rid of clutters, and repaint. But in some cases, the sellers need to do a little more than that depending on the conditions of their properties. A good agent will give you suggestions on what needs to be done to ensure that you get a good price on your house. Sometimes, you can get a professional to give you an estimate so you know what you need to do.
3. Calculate the net proceeds—in general, after the seller set a selling and asking price, she or he needs to figure out:
A. Amount of money for fixing up the house
B. Escrow fee, title insurance, inspection and disclosure report fee, recording fee, and home
protection plan…
C. Closing cost—including the agent’s commission, and any other amount you might have agreed to pay with the buyer. When you subtract the these items and your present loan amount from the selling
price you get the net proceeds, or the net profit that you walk away with after the
deal. Many sellers complain about extra fee that they didn’t know about before
they close the deal. Know your fee and net proceeds will avoid conflicts between 
the seller, the agent, and the buyer.
4. Execute your selling plan—after you’ve done your homework as a seller, all you
need to do is to follow your plan accordingly. Do whatever expected of the
sellers, pay whatever fee you need to pay. Fulfill your responsibility as a seller is the start of a successful real estate transaction.
Sellers want to sell their properties for the highest price possible. But who wants to be the fools to buy overpriced properties?
Well, the answer is obvious—no one. That’s right, no one wants to buy overpriced houses, so price your house reasonably. Your agent will compare the houses that are similar to yours in location, in exterior, interior conditions, and built year…to give you the most accurate market value. There is absolutely no reason why your agent will want to lower your house value because they work on commission, and the more money you make, the more they make. Put yourself in the buyers’ shoes—a reasonable priced house is much more attractive. Therefore accepting the market value because over pricing will do the sellers more harm than benefit.
Good communications with the agent and the buyer will ensure a happy transaction. Be happy with the price; be happy with your agent. I can’t stress enough that finding a good, loyal agent is the most important thing in selling and buying. Some sellers didn’t care or participate at all of the selling transaction, which will make things more difficult for everybody. Some sellers on the other hand, stay by the side of the potential buyers when their agents are showing them the house. Now that’s not a good thing either. Be honest with your agent and the buyers about flaws of your properties. By law, you are required to disclose any fact you know about the property to the buyer. If you try to cover up something so you don’t have fix it now, you will end up spending more money later when you see the buyer in court.
To get more business, some agents will lower their commission by being the dual agent—both the buyer and the listing agent. When this happens, the agent will not let other agents bring their clients to see the house. The sellers will loose exposure and in terms loose in prices. Some agents might give you a high estimate to get you to get your listing. Later on when your house doesn’t sell, then the agent will ask you to lower the price. Some agents think that they are the “big shots” and they don’t treat other agents too polite. Agents like that will also have a reputation that other agents will try to avoid. When you look for an agent, interview at least a couple before you decide to list your house with her or him.
The bottom line is, put yourself in other people’s shoes. Fulfill your duty as a seller, then others will do their jobs, too.
At last, I sincerely wish everyone a happy, successful seller. If you have any questions please call: (626)712-9088
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