10 STEPS TO SUCCESSFULLY SELL YOUR HOME
1. Consult with a real estate agent with at least five years’ experience and a proven track record.
2. Decide on a sale price based on a number of factors such as the comparable sales in the area, number of listings in contract, days in market analysis, market trend, and number of buyers in the market for a similar property. An experienced agent should provide a thorough analysis and suggest a strategic price.
3. Your agent should prepare a custom marketing plan designed to sell the property at the highest possible price, in the shortest time period.
The marketing proposal should include whether your property needs decluttering, professional staging, fresh paint, renovations, print and/or digital advertising, video (special feature and/or drone), and social media/email marketing. Depending on the price and size of your property, the agent may also recommend a PR campaign in major publications/outlets.
Some marketing costs may be covered by the real estate brokerage, while some may be the responsibility of the seller.
4. Decide on a strategic date when the property will be listed. One of the biggest mistakes sellers make is requesting the property to be listed ASAP. You should keep in mind that preparing the property and marketing materials takes time, not to mention, holidays, weather, and the season can impact the success of your marketing efforts.
5. Once the property is listed, the agent should perform regular open houses and private viewings to show the property. In the meantime, depending on the marketing plan, campaigns should run simultaneously via digital and print advertising, social media and email marketing.
6. Upon receiving buyers’ offers, your real estate agent should help you manage the offer(s) and negotiate the best deal on your behalf.
7. After accepting an offer and signing the contract, your agent should be the central point of contact between the buyers' agent, attorneys, loan officers, building managers, appraiser, and all other parties involved. The agent should monitor the progress of completing and submitting the board package on time and also make sure the buyers are prepared for co-op board interviews. If the property is a condo, buyers need to have their finances in order and prepare for closing.
8. After receiving co-op board approval or in the case of a condo, the waiver of first right of refusal, the agent should help the attorneys coordinate the closing date.
9. Before the closing, the agent should do a final walkthrough with the buyers. At this point, there shouldn't be any concerns from the buyers, but in case they have a final request, the agent will communicate it with you and propose a solution.
10. Close the sale.
In addition to these resourceful tips for working with your real estate agent, here are a couple of helpful links to things you can do or should consider before enlisting a broker and listing your home: