Buyers and sellers need to go to the real estate agent with preparation. Like anything in life, being prepared is a prerequisite. I learned that early on in scouts, and try to read up on something, ask around, and lastly, go to the professional with the information I think the professional will need to better assist me.
BUYER PREPARATION:
1. Know how much home you can afford before taking the real estate agents precious time looking at homes. Speak with your mortgage company or bank contact. Get something in writing from the lender as to what your price range is. The agent can do a helpful search on what is available based on that price range.
2. Have adequate contact information for the agent. Be reachable via text messenging on your cell phone (one of my preferred ways to communicate), phone, email, and have other numbers if that would be helpful. Make sure you adjust your email filter so that your agent’s email is not sent to the spam box. It would be a good idea to provide your local address to.
3. Have a consistent schedule as to when you can meet to see properties.
4. Know your time frame for buying a home, or have a good idea. If you have a home to sell, get an idea of what the market is there, and set a realistic selling price so the home will sell in the time frame you want. Of course, the buyer will make the decision about buying the home. In this market, price is crucial.
5. If you have not bought a home, or have not bought a home recently, read up on the home buying process. My website at https://kennethfach.com/ has a presentation of the homebuying process. Real estate is real estate, but the laws and regulations change more often than not.
6. Be realistic in your negotiations through your real estate agent. The seller wants to reap a reward, just like you the buyer want to reap a reward. Don’t ask for the kingdom. Make the seller feel like he/she is a winner, but also you can be a winner to. It really is about both parties being successful, and having their needs met.
7. Use the JOTT system to record your To Dos, Reminders, and Thoughts about a home. It is very practical technology. Go to http://jott.com/. You get both a transcription of your verbalization, plus the audio version. I use Jott to organize my day, and record my thoughts. You can record notes on homes you see, since after seeing 5 plus homes, people’s memory start to get mixed up, and it is easy to confuse one feature of a home, with another home. Jott resolves that issue fast.
SELLER PREPARATION:
1. Know your location, what is going on in your neighborhood, what is on the market, and what has sold in the last 30 days. See your real estate agent for this information. She or he will have absorption rates for the neighborhood, and can tell you where in the price range your home should be place in order for it to likely sell in your time frame.
2.Let your agent know what your time frame. Pricing the property accordingly is crucial. Homes often stay on the market for months and months only because of price.
3. Get a home inspection right away, and resolve issues before the buyer complains about them. You will be in a better negotiating position if you present a shiny apple versus an apple with dark spots on it. Buyers can be very particular in this market, since there are plenty of other nice homes for sale. You may want to offer an allowance for carpet replacement, or a new refrigerator.
4. Ask your agent for staging tips and what suggestions agent may have for a more successful sale. There are professional stagers who can make your home shine.
5. Have copies of a survey, homeowners disclosure, homeowners association documents, and utility bill handy to provide to a potential buyer. Buyers want knowledge. Give them the information they want.
6. Do not rely on what neighbors say their homes sold for, or what advice they give you. Neighbors often lie about what they really sold their home for. I see this all the time. Neighbors say they sold their home for such an amount, but when I check the property records I find other numbers, and I do check more than one source for confirmation.
7. Remember, the buyer wants to be your solution: Selling your home so you can buy that other home you want. See the buyer as friend, not enemy. Support the buyer, but don’t give the castle away either.