We know that in retail real estate, spring is the key time for selling. What are the things that need to happen to take advantage of this prime selling season for your home, investment property or fix and flip?
Here are four key things that happen and need to be managed when listing a property for sale.
A listing agreement with a real estate agent is usually the initial step. Once that agreement is signed, the first thing an agent will do is have photos taken and perhaps schedule a videographer. The right photos and video allow potential buyers to walk through the property from the comfort of their easy chair. Before you call a real estate agent make sure the property is finished, staged, clean, well-lit and ready for photos.
Lesson one: Don’t list until you are ready for photos and showings.
Speaking of showings, make sure the property looks the same (if not better) than the photos at all times. You don’t want potential buyers disappointed when they schedule an appointment to see the property and it doesn’t meet their expectations. Schedule a service once a week to dust and make sure everything is still in order at the property. If the real estate agent is going to hold an open house they will be responsible for making sure everything looks good, but you never know when other agents might show the property.
Lesson two: Make sure the property shows well at all times.
Next, an agent will put the property in the MLS and start marketing it ASAP. Even in a sellers’ market properties don’t sell themselves, they need to have proper exposure. To make sure your agent it going to do a good job I suggest:
- You ask them for a marketing plan.
- You look at listings they have sold in the past to see how detailed the description and photos are in the MLS.
- Ask what social sites and websites the property will be posted on.
- Ask for weekly marketing updates from your agent.
Lesson three: Make sure the real estate agent is savvy about marketing a property and hold them accountable.
Know what kind of market you are selling the property in? In a “Buyers” market you can expect the sale to take over six months, often with possible price reductions. In a “Neutral” market you can expect the sale to take three months to six months and sell most likely at the originally listed price. In a “Sellers” market the property could sell in three months or less and maybe even over the list price. The kind of market can have an impact on your profit – plus or minus.
Lesson four: Know the kind of market you are listing your property in.
All in all there are a number of things that need to be done to take advantage of the spring selling season. Remember it’s as simple as four easy steps.
Diana Hill – firstname.lastname@example.org