Want to know how to really sell your house? You’ve had the garage sale, made a trip to Good Will, cleaned out the closets, listed pictures, sizes, manufacturers, pages on ZILLOW and REALTOR.COM, mowed the yard and installed the “for sale by owner” sign. But the only calls you get are from realtors wanting to list the property, and nosey neighbors.
What to do next?
Invest in a for sale sign that reads “WE COOPERATE.”
This means you are willing to cooperate with a selling realtor, that you will pay the SELLING portion of the commission and every realtor in town will know what the sign means. Right off the bat you’ve saved more than half of a traditional real estate commission.
Why isn’t it selling?
Statistics indicate number one reason people buy houses is because of the location, location, location. Ok, I get it but if someone is looking at MY house clearly, they are okay with the location. Right? What’s number two? Salesmanship. There is an old, old, old adage that is as true today as when it was first uttered, “…people don’t BUY houses, people are SOLD houses.”
Someone called! Now What?
A call about the house! Yey… what to say?
Everything out of your mouth should be a question. What you hear back is what you will use to close the sale. For example, “…we are looking for a large fenced backyard, a bedroom to accommodate a king size bed, fireplace, two bathrooms.” If your house hits two out of three or three out of four, go for it. Set an appointment to show and point out the large fenced yard, large bedroom, etc.
When showing your home, comment about the enjoyable features and the BENEFIT of each feature, for example “…our heating and cooling bills are half what they were before we installed the triple-glazed windows!” Plus, “…the windows keep the house so quiet we can’t hear the children playing outside.”
Know the age and condition of kitchen appliances, roof, HVAC system, hot water tank. Buyers like gardens and many times select their purchase because of a lovely garden. If your thumb is not green hire a gardener so there are blooms in the spring.
Before the prospective purchaser arrives, turn on every light, step outside and brag about features and benefits of the sprinkling system, oversized garage, patio, asking about family, children, employment, hobbies, etc. searching for common interests.
While sitting at the kitchen table after showing the interior’s features and benefits, say “…would you like to buy my house?” and say nothing until the prospective purchaser answers. There are only two answers regardless of how they are disguised. A “…not exactly what we are looking for,” or anything resembling this stand up and bless her on her way. If, however, a yes or a yes with qualifications tumbles out of her mouth grab your pencil.
Don’t let Pride Get In The Way!
The PRIMARY reason a homeowner cannot sell their own home is because of PRIDE. Yep, that’s right, HOMEOWNERSHIP PRIDE.
A prospective purchaser is thinking, but afraid to say, for example, “…jeez, my grandmother had wine-colored carpeting like this, looks old-fashionrd!” The homeowner is typical, very proud of her decorating and gardening skills, and criticism like this would be embarrassing and not graciously received. You need to grab the goat by his ears and laugh, and confess that you’ve not updated in a “…very long time!” You might say if my wine-colored carpeting is a little too winey a carpeting allowance is in the budget! This serves two purposes, the prospective purchaser is thinking, “…I can live with it for a few thousand dollars off the price… or she’s thinking “this is great, new clean carpeting!” This is exactly how a real estate agent will respond to the carpeting criticism out of your earshot.
FSBOs are Intimidating
For Sale By Owner – it’s intimidating for the buyer and the seller!
Agents earn a percentage of the sale’s price (always paid for by the seller..) usually 6-7% ($7000 on a $100,000 house). That’s a lot of money for a seller to walk you through the process, help you stage your home, and talk with prospective purchasers… and still not be provided any legal advice.
Lion Legal Services offers a FSBO package for homeowners starting at a flat fee of $5000. Our fees are also based on the sales price of the home; but always less than a real estate agent’s commission. Our experienced real estate staff walks you through the process AND provides stellar legal advice which can save thousands of dollars for you in the process.
by Jean Martin
Real Estate Paralegal
We Can Help
If you are looking for effective legal representation in Arkansas that won’t break the bank, look for us at lionlegal.com. We will help you figure out your options and what the likely realistic result is in your circumstances. Say the word and we’ll come Roaring to the Rescue!