Crucial Steps in Selling Your Home Yourself

YOUR HOME’S VALUE

SELLERS

Selling your home yourself may seem like a tempting idea; however, it requires a substantial investment of time and energy. If you’re short on either or need to sell quickly, this route may not be ideal for you.

Conversely, enlisting the services of a seasoned real estate agent can offer numerous benefits. With their extensive expertise, robust resources, and marketing savvy, they can assist you in selling your property for the highest possible price.

When searching for a real estate agent, consider one with a solid reputation who provides valuable tools such as flyers, marketing strategy, and yard signs and is fully committed to securing the best outcome for you.

Regardless of your choice, it’s essential to conduct thorough research and be well-informed before making a final decision.

To ensure a smooth process, here’s a useful checklist that includes crucial steps in selling your home yourself:

KNOW YOUR PROPERTY

Gain a deeper understanding of your property’s essentials – from property taxes and zoning laws to lot size and square footage. Don’t forget to take a closer look at your current loan terms as well.

RESEARCH THE CURRENT MARKET AND PROPERTY LAWS IN YOUR AREA

Before embarking on the journey of selling your home yourself, it’s crucial to be well-versed in your area’s current real estate market and property laws in your area.

SET THE PRICE

Start by conducting research on the prices and terms of similar properties, and be mindful of any property disclosure laws that may impact you.

After gaining a comprehensive understanding of your home and the market, it’s time to set a realistic price.

Click here to view what is currently on the market.

DETERMINE FINANCING ALTERNATIVES

Familiarize yourself with the financing alternatives available to prospective buyers to ensure a smooth transaction. This way, you can proactively provide them with the information they need and prevent any potential miscommunications.

PERFORM A “WALK-THROUGH” OF YOUR PROPERTY

Before welcoming potential buyers to view your property, conduct a comprehensive “walk-through.” Look at your home from the eyes of both the prospective buyer and the inspector, and take note of any repairs or replacements that may be required.

OUTSIDE:

On the exterior, make sure the paint is fresh (not cracked and fading), the lawn is well-kept, the windows and doors are attractive, and the roof and gutters are functional.

INSIDE:

Evaluate the interior condition of the paint, appliances, plumbing and electrical systems, floor coverings, and sealants. Ensure all light fixtures are working and each room is adequately lit.

Are the appliances in good working order and of recent vintage?
Are the plumbing and electrical systems and good condition? Are they fully functional?
Are the carpets or other floor coverings clean and in good condition? Like the paint, are they attractive and well-kept? Floor coverings are worth paying for so that your home makes a good impression.
Are the sealants (sink, shower, tub, windows) in good condition?
Are all light fixtures working properly, and is there good lighting in each room so that prospective buyers won’t think you’re hiding something?

KNOW YOUR NEIGHBORHOOD

Additionally, understand your neighborhood well, including the local schools, shopping, parks, transportation, etc. Be prepared to answer any questions that prospective buyers may have about the area.

OUR SCALE IS YOUR STRENGTH

“Unlock the door to your dream home with Coldwell Banker®! With over $335 Billion in sales in 2021, this brand is here to make your real estate dreams come true. As a proud agent of Coldwell Banker Brown Realtors® and this dynamic brand, I have access to innovative technology, savvy marketing strategies, and a powerful network that will elevate the exposure of your property to new heights.

Home buyers are surfing the web, and more of them are flocking to Coldwell Banker® sites than any other real estate brand, which means your home will receive top-notch visibility and attract only the most qualified buyers.

Get ready to soar because, with the support of the internationally renowned Coldwell Banker brokerage, the sky’s the limit! Their resources are unmatched, and they are dedicated to delivering exceptional service to each and every one of my clients.

Let’s start this happy home journey together!”

SELLING YOUR HOME

The Next Move is Yours

STEP 1: DEFINING SUCCESS

Outlining your Objectives:

What is your motivation to sell?

What is your timeline for moving?

Where are you moving to?

What is most important to you?

Understanding the Market

Market Dynamics: Macro v. Micro

Market Forces: Supply & Demand

Analysis of Active, Pending, & Sold Transactions

Personal Timing & Seasonal Considerations

Your Home: Strategic Planning

Outline Features & Benefits

Determine Key Differentiators Based on Active Inventory

STEP 2: LISTING DETAILS

Finalize Documentation & Contractual Agreements

Complete Any Property Improvements

Engage Staging Consultant

Engage Photography and Media Professional

Organize Trusted Advisor Meeting

Define Launch Timeline

Marketing Preparations

Property Launch Collateral

Traditional Advertising

Digital Marketing Plan

Social Media Strategy

Broker Network Exposure

Showing Strategy

Cross marketing

International Buyer Strategy

STEP 3: INTRODUCING THE PROPERTY

Launching the Marketing Plan

Create the Perception of Value

Attracting & Qualifying Potential Buyers

Safe Showing

Monitor Interest

Weekly Reports, Updates, & Communication Strategy

Respond to Changes in the Market

Negotiating Strategies

Procure Written Offers

Qualify & Analyze the Metrics of Each Offer

Negotiate to Optimize Price & Terms

Multiple offer process & backup offer strategies

STEP 4: ESCROW PROCESS

Complete Disclosures

Earnest Money

Inspections

Home Appraisal

Final Walk-through

CLOSING

Transitioning from the Property

Final Documentation

Closing & Celebrations

ESTABLISH A MARKETING BUDGET

How much are you willing to spend to sell your house?

Real estate commission if you use an agency to sell.
Prorated costs for your share of annual expenses, such as property taxes, homeowner association fees, and water softener rentals.
Advertising costs, signs, and other fees if you plan to sell by owner.
Any other fees typically paid by the seller in your area (inspections, surveys, etc.)
Attorney, closing agent, and other professional fees.
Transfer tax of ownership.

INVESTIGATE THE REAL ESTATE PUBLICATIONS

Maximize Reach with Real Estate Publications: Investigate free publications in your area and local newspapers. Consider options for advertising your property, such as text-based classifieds or photo box ads with both text and images.

Make informed decisions to maximize your reach and chances of success.

DON’T FORGET THE INTERNET

Leverage the Power of the Internet: Partnering with a reputable real estate agent can provide a comprehensive online presence for your property, including placement on the agent’s website and the MLS search.

Take advantage of internet advertising options offered by newspapers for added reach.

Research rates and deadlines for each publication to make an informed decision and achieve the best results for your specific market.

ESTABLISH A MARKETING PLAN

With a clear understanding of advertising costs, formulate a plan to reach local and beyond potential buyers.

Firstly, include internet advertising to cater to relocating individuals. Secondly, utilize the national edition of a local newspaper to reach a wider audience.

By doing so, you expand your advertising horizon effectively.

WRITE THE TEXT AND/OR DESIGN YOUR AD

Create a clear and attention-getting classified or photo box ad. Consider a larger custom ad in the newspaper or use it as flyers at open houses and other buyer encounters for a stronger impact.

A professional, well-designed ad will attract buyers, while a poor one will discourage them from considering your property.

PURCHASE AND INSTALL THE “FOR SALE” SIGN

Ensure your sign is visually appealing, weather-resistant, and highly visible from the street. Your real estate agent will likely supply the sign if you work with one.

PREPARE A FACT SHEET

Craft an attractive, professional one-page summary highlighting your property’s key features and benefits to attract potential buyers.

Have ample copies available to distribute at open house showings. If you work with one, your real estate agent will likely handle this task.

PURCHASE THE “OPEN HOUSE” SIGN

Make sure your open house signs include a space to write your property’s address and the event’s date and time.

In addition, place one sign in the front yard, place additional signs throughout the neighborhood, and include directional arrows to guide prospective buyers to your property. Be sure to remove the signs promptly after the open house. You don’t want people showing up on your doorstep at all hours of the day tonight.

SET UP A SCHEDULE OF OPEN HOUSES

To accommodate a wider range of prospective buyers, consider hosting open houses on days other than just the weekend. Additionally, align your print advertising to prominently showcase the details of your upcoming open house.

GET YOUR FORMS IN ORDER

The legal sale of a property involves several crucial forms and documents beyond just the purchase contract and any counter offers.

As a seller, it’s your responsibility to provide approximately 20 additional forms to the buyer. Carefully review the contract to determine when these documents are due and what rights they afford the buyer.

Keep in mind that many of these forms are regulated by state or federal law and must be followed precisely.

NEGOTIATE FINAL TERMS OF THE SALE

Price
Inspection contingencies
Financing terms
Date of closing
Date of possession

To ensure a smooth and secure transaction, it’s advisable to have a contract reviewed by a trusted attorney before finalizing the deal.

FINAL WALK-THROUGH

Schedule a final walk-through with the buyer(s) and a witness before settling to ensure that the property meets the expectations of all parties involved.

FIND AND MAKE ARRANGEMENTS FOR THE HOME YOU WILL BE MOVING TO

If you haven’t already purchased a new home, you’ll be both a buyer and a seller at the same time.

Ideally, coordinate both transactions to close simultaneously, or close your new purchase before finalizing your sale, to ensure you’ve moved out before the new owners take possession.

Selling your home can seem intimidating; however, with adequate research and preparation, it can be a fulfilling experience. In making your decision, you should weigh the market conditions, familiarize yourself with property laws, and reflect on your personal needs. By utilizing the appropriate resources and tools, you have the potential to sell your home for the maximum value and embark on a new, thrilling journey!

If selling your home yourself is not your preferred option, don’t worry! You’ve arrived at the right place. I’m equipped with all the necessary tools to simplify your home-selling process.

Dana Ficker