DFW Home Marketing Bloopers

When real estate markets slow down, usually the inventory of DFW homes increases and the number of home buyers decrease. These market conditions make it more difficult to sell homes, yet some homes still continue to sell. Why do some homes sell and others seemingly sit on the market forever? The answer has little to do with the home itself, although many agents will claim such. More than likely the problem lies within poor marketing. Below are some mistakes I see sellers and their agents make time and time again.

Bad Marketing

Uploading Poor Quality Photographs Online

The old cliché is true and pictures speak volumes and are noticed before the written word. Since it's the first thing a potential buyer will see, why leave a bad first impression when it comes to selling Dallas homes or Plano Homes? The job of a photo is to entice the buyer to want to see more of the home in person. It should not give the buyer a reason to cross the home off her list. Don't publish photos like these:

• Uncropped photos
• Pictures too dark with blinds closed
• Photos turned sideways
• Photos zoomed in on one item, like the kitchen sink.
• Photos of cluttered rooms
• Not submitting enough photos or uploading only one photo of the front of the house
• High resolution photos without adjusting pixels for Internet use

Withholding Important Descriptive Comments

When there are tons of homes on the market, just giving out a property address while noting the numbers of bedrooms and baths is insufficient information for today's home buyer. It doesn't tell a buyer why she should schedule a time to see the home. Good marketing tells a buyer why this particular home is better than the dozens of other homes on the market. Sellers should focus on:

Restricting Access for Showings

If an agent can't easily show your home, he is going to show another listing instead. Don't give an agent a reason to pass up your home. Any of these can hamper showings:

• By appointment only
• No lockbox on the property
• Restricted hours to show
• 24-hour notice

How can you expect to sell the home if perspective buyers can't see it?

BAD MARKETING: Offering Less Commission Than Other Listings

It's not that agents are greedy creatures who show only high-fee listings--which is against the law, although some are highly motivated solely by income--but agents tend to view lower-commissioned listings as those in which the seller isn't very motivated to sell.

• If the seller isn't motivated, it could mean the seller isn't willing to negotiate on price.
• In slow moving markets, buyers expect to negotiate.
• Agents whose buyers want to negotiate will show only listings where negotiation is possible.

Not Offering Buyer Incentives

On some million dollar listings sellers offer a car as a home buyer incentive, but it doesn't have to be anything that expensive. An incentive doesn't even need to cost the seller if the home price is structured to account for the discount. Here are some typical incentives:

• How can a negative factor be addressed that will accentuate its positive attributes?
• What makes this home unique?
• What was the motivating factor that made the seller buy this home in the first place?

BAD MARKETING: Underestimating the Importance of Broker / Agent Previews

Just like buyers, agents don't have the time to look at every home on the market. So, what can you do to entice them to come see yours? Because agents are more likely to sell a house they have toured, sellers need to attract selling agents.

Not Having a Virtual Tour

Almost all buyers today begin their home searches online. There is no better way to initially view a home than in the comfort of one's own pajamas at home in front of the computer, looking at a 360-degree tour. Some buyers won't even consider a property listing if it doesn't include a virtual tour.

GOOD MARKETING

• Catered lunches. Go beyond the ordinary sandwiches and bottled water. Food motivates, and don't let anybody kid you about this. Be creative with culinary selections.
• Offer drawings for small gifts or gift certificates.
• Give online certificatesthat can be immediately e-mailed.

• Call first, lock box
• $$ credit toward the buyer's closing costs
• Home protection plan
• Pre-paid homeowner association fees for a year
• Buy-down mortgage interest rate
• Weekend getaway for two

• Sunday classifieds in daily newspaper
• Picture classifieds, if offered during the week
• Local weekly or bi-weekly newspaper

• High resolution photos that buyers can print themselves.
• Ability to download photos so buyers can e-mail the pictures to friends and family.

Dallas Real Estate and Title Insurance Policies

What is Title Insurance and why do I need it when buying Dallas real estate? To understand title insurance, let's look at what is known as "chain of title" and how title companies search public records. Title searches begin with when the US government claimed the land using a U. S. patent and moving forward from that point. Because people are involved in recording deed transfers and plotting land parcels, a lot of mistakes can happen. You want title insurance because it will protect you against these defects and "people errors".

Public Records and Property Searches

• County records are often maintained at local courthouses or the Clerk of Registrars.
• Property transfers were first recorded alphabetically in separate Grantee and Grantor books.
• Today, most records are stored in computer files.
• Dallas foreclosures will also be shown in the public records.

Land Division

• Early deeds involved large chunks of land known as Townships.
• Townships contain 36 sections and are six miles by six miles.
• Sections measure one mile by one mile and contain 640 acres.
• Half of a section is 320 acres.
• 1/4 of a section is 160 acres.
• 1/4 section of 1/4 section is 40 acres.
• An acre is 43,560 square feet

Basic Title Search

• Title searches start with the most recent deed, searching the grantee's name backwards in time, until the deed when the grantee acquired the property is located.
• That grantor's name is then searched backwards in time in the grantee's book to find when the grantor acquired title as a grantee.
• This process continues and the property description involves larger and larger parcels of land.
• Eventually, the searcher gets to the U. S. Patent.
• You can learn more about Title Searches by visiting popular Dallas real estate blogs.

Factors That Affect Title

As we discussed deeds establish a chain of title, but sometimes these chains get broken. Title searchers also look for reconveyances, easements, rights-of-way and other elements affecting title to the property. Here are more records that are searched to piece title together:

• Tax sales
• Death certificates
• Marriage records

Title Insurance Coverage

Depending on the title company, consumers can choose among a variety of options, but the top three choices are Owners, Lender's and Extended Coverage.

• Lender's Title Policy Coverage:

1. Unrecorded easements and access rights
2. Mechanic's liens and unrecorded liens
3. Defects and other unrecorded documents

• Owner's Title Policy Coverage:

1. Defective recordation
2. Clear title to the property
3. Incorrect signatures on documents
4. Forgery, fraud
5. Restrictive covenants
6. Encumbrances or judgments

• Owner's Coverage - Extended

1. Structure damage from mineral extractions
2. Building permit violations from previous owners
3. Subdivision maps
4. Covenant violations from previous owners
5. Variety of encroachments and forgeries after title insurance is issued

Who Pays For the Title Policy Insurance Policy?

• This can differ from county to county, but it is negotiable in the offer to purchase.
• Sellers and buyers split the fee for the owner's policy.
• Generally, the buyer pays for the lender's coverage.

How Long Are Title Insurance Policies Good For?

The simple answer is, forever. If you are planning to resell the property within a few years, ask your title company about what is known as "binder" coverage. Most title companies will sell you a binder policy for an additional 10% premium. Binder coverage is good for two years, often can be extended beyond that time, and the fee charged for the new buyer's policy will be the difference between what you bought the property for and the price at which it sold. You will get a credit for the amount of coverage you purchased under your own Owner's Title policy.

 

How Often Are Title Policy Insurance Premiums Paid?

This is a onetime premium due when you buy. You will never have to pay an additional premium on this policy. Title policy insurance is the best insurance policy a Dallas real estate owner can ever buy.

County Real Estate Markets - Hot, Cold, Neutral

When most people decide to sell or buy a home in the County, very few stop to look at the marketplace to see if the market is conducive to their home selling goals. This is probably because most people tend to think of their home as a place to live and not as an asset, an investment.

Neutral Real Estate Markets

These neutral markets are balanced. Generally, interest rates for Tarrant County Homes are low and affordable and the number of buyers and sellers in the marketplace are about equal. The scales don't move quickly in either direction, meaning the market is normal without experiencing volatile swings.

 

Signs of a Neutral Market

• Three to six months of inventory is on the market.
• Inventory is normal as compared to previous normal months.
• Comparable sale prices are close to active listing prices.
• Sales numbers are stabilized.
• Median sales prices are even.
• For Sale signs are replaced with pending or sold signs within 30 to 45 days.

Real Estate Markets - Buyers

If you are a looking to a purchase Collin County Homes or Denton County Homes in a buyer's market this is the best financial market in which to buy. This is because there are more homes available for sale than buyers to purchase all of the homes. Buyers have many more homes to choose from, which increases the odds a buyer will find their perfect home. In slow real estate markets, serious sellers are often ready and willing to negotiate. This means you can probably buy a home for less than the list price, and the seller might be willing to pay some or all of your closing costs.

Signs of a Buyer's Market

• Comparable sale prices are higher than active listing prices.
• Inventory is high as compared to previous months.
• More than six months of inventory is currently on the market.
• Fewer buyers are purchasing, resulting in lower closed sale numbers.
• Median sales prices are declining.
• For Sale signs are staying up longer, resulting in longer "Days on Market".

How to Determine the Months of Inventory

1. Find the total number of sold or closed transactions for last month.
2. Find the total number of active listings on the market last month.
3. Divide the number of total listings by the number of total sales, which results in the number of months of inventory remaining.

As an example, in a buyer's market, there were 3,563 listings available over a given 30 day period. During that time period, 2,134 sales closed. That leaves 7.5 months of inventory remaining on the market, making that marketplace a buyer's market.

 

Seller's Real Estate Markets

If you are a home owner who wants or has to sell a house in a seller's real estate market, this is the best financial market in which to sell. This is because there are more home buyers than available homes. In a strong real estate market often times serious buyers are often willing to pay more than list price. This means you should be able to sell your home quickly and possibly for more than you ask for it.

 

Signs of a Seller's Market

• Comparable sale prices are lower than active listing prices.
• Median sales prices are increasing.
• Inventory is very low as compared to previous months.
• Less than six months of inventory is on the market.
• More buyers are purchasing, resulting in higher closed sale numbers.
• For Sale signs are up for a few days before a pending or sold sign is attached.

Walking Away From a DFW Real Estate Closing

Buyers walking away from DFW home closing happens more often in buyers markets. This is because in buyer's markets, when prices are soft, some buyers get scared when they should be excited. Many of them are afraid of further declining home values in the market. Generally, the fear begins to creep in right after the purchase offer is accepted and then it begins to build. By the time full blown panic sets in, it's usually a day or two before closing.

 

Home Sellers Who Walk Away From Closing

It's rare that a DFW real estate or Plano real estate seller walks away from closing. In most cases if sellers are going to get sellers remorse it will typically happen upon offer presentation, when the reality of actually selling sets in. Although, I know of a seller who bought another home and shortly thereafter changed her mind. He had moved out of his existing home and into his new home before his first home closed. Within a couple of days of settling into his new place, he decided to terminate the sale of his first home and move back home. Of course, by then she ended up owning two homes.

 

 

Home Buyers Who Walk Away From Closing

Well written purchase offers typically contain one or more contract contingencies that must be removed within a certain period of time. The time to walk away from closing or cancel a contract for most home buyers is in this contingency period. Buyers who walk away at the last minute often do so for one or more of the below reasons. When a buyer walks away some of these sellers will utilize the services of a We Buy Houses company to get their house sold.

 

 

· Mortgage Financing.
Even though mortgage lenders may have issued a pre-approval letter, it doesn't mean the lender will actually give the buyers a mortgage. After the loan contingencies are removed, buyers may face underwriter stipulations that they cannot perform or overcome. An experienced loan officer can foresee many conditions for loan approval and fix them in advance, but alas, some loan officers are inept.

· They Get Cold feet.
Sometimes, buyers who feel remorseful toward the end of the transaction probably should not buy the home because the pressures of homeownership may be to great for them to handle. These types of buyers might be better off renting a home.

· They Found another home.
The grass seems to always be greener on the other side. Once a buyer has committed to buying a home, he or she may keep looking at other homes and before you know it, another home turns into that dream home. Which means goodbye to the first dream home and hello to the second one.

· Change in Their Lifestyle.
Unexpected job transfers, a sudden pay cut, divorce. Any of these circumstances can cause buyers to change their minds about closing the purchase. Sometimes medical emergencies can also cause buyers to cancel the transaction.

· Natural Disasters.
Mother Nature is unpredictable. The house itself could be destroyed in a tornado, hurricane, earthquake or flood; any number of natural disasters can cause havoc, rendering a home inhabitable. Even a hard rain storm could cause trees to uproot themselves and crash into a home. Most buyers under these types of circumstances simply would walk away. But they will also walk away if their repair request are not completed or something else goes wrong with the house, which they might uncover during their final walk through inspection.

 

 

After Walking Away From Closing - Repercussions

Unfortunately, once buyers have are past their contingencies in the contract, their earnest money is at risk. Many contracts call for liquidated damages in the event of a default. Without a liquidated damages clause, a seller may be free to sue for actual damages, which could exceed the deposit. Earnest money deposits are negotiable. It is not that unusual for a seller to accept $2,500 as a deposit on a $450,000 home, however, the higher the deposit, the more money the buyer has at risk under a liquidated damages clause. Buyers who don't care about closing and want to walk away will often forfeit their earnest money deposit. If it's only a $2,500, in the overall scheme of things, that amount may not be substantial enough to a buyer to force the buyer to follow through and close. If both parties have previously agreed to liquidated damages, the money the seller receives for the buyer's default could be limited to the actual deposit on hand. For more advice, please consult a competent real estate attorney.

Will a Virtual Tour Sell DFW Real Estate?

A virtual tour itself will not sell DFW real estate but then why would you want to include a virtual tour in your real estate marketing efforts? According to Dallas Realtors prospective home buyers are looking online for both photos and virtual tours.

 

How Does a Virtual Tour Work?

Without actually visiting the home virtual tours take you inside the home and give you a 360-degree view. Some of them are interactive, meaning you click the mouse and it takes you to the ceiling, the floor, the walls, leaving no inch of the room unviewed. Others virtual tours are flat-screen views put together to give you a moving image that you watch but do not control. Whether you are selling Plano real estate of any DFW real estate the virtual tours will work and cost about the same.

You can order virtual tours a number of ways:

• Hire professionals to take the photos, upload and create the virtual tour.
• Take your own photographs and hire a professional to simply upload and assemble them for you.
• Buy your own software and do it yourself.

What Does a Virtual Tour Cost?

• Larger numbers of spins are usually reserved for the homes listed at more than a million dollars. Buyers want to see the entire property including the guest house, the libraries, the wine cellars, the indoor pool & spa facilities, media rooms, gyms, studios and garages. Cost: Fees vary from $250 on the lower end and up to $3,000 for professional Web sites dedicated to the property.
• Every virtual tour should consist of a minimum of two spins. Even a small 1000-square foot home can be shot on a two-spin tour: the living room and the clubhouse / pool area, for example. Cost: Less than $150.
• These are suitable for larger homes of approximately 2,500 sq. ft. or more and priced at less than a million. The number of rooms or areas that you select to feature will depend on the layout, number of stories and curb appeal. Cost: $250 or less. Interactive virtual tours will cost a little more.

Staging for the Virtual Tour

• Consider the level of the camera. If you raised the camera a foot or so, would it eliminate glare from windows?
• Determine the viewpoints. Take your own digital photo and upload them to your computer and study each room for its appeal and photogenic qualities. Print out the photos you like and show the virtual tour professional the angles that you want.
• Begin the tour focused on the most interesting element in the space and end with that same element. Think about what the viewer will see first to determine your starting point for the tour. You don't want to begin filming a doorway, for example, because most doorways are boring.
• You want the space clean, open, clutter free and to appear much larger than it is. Move excess furniture out of the room you are shooting
• Choose the best spot in the room to stage the camera. While you might capture a wider range of view from a location closer to a hall or door, think about the entire circle of view and how interested your viewer will be staring at a close up of a nearby wall.

Added Features Available for Virtual Tours

• Use Descriptive Text: Most virtual tours provide plenty of space for the marketing description.
• Scrolling Text: Describe that moving video with text that rolls across the screen. Don't rely on the viewer to know enough to scroll down the page to your verbiage. Add a line of verbiage directly to the video.
• Add Audio: Some virtual tours give you the option of adding your voice to the tour. Be enthusiastic, speak clearly, and remember to smile, like you were talking to a friend, because a smile resonates in the voice.

Multiple Offers – The Best Strategies

In many of the stronger real estate markets in the country we are seeing an influx of multiple offer transactions. This is how it usually goes. You have been house hunting for weeks and you notice one home has been for sale for five months without any offers. You figure that the home must be overpriced but you go look at it anyway. You fall in love with the home. It's the perfect home for you, and you figure you can get a great price because the seller is must be desperate for an offer by now. You write an offer on it and then your Realtor delivers the offer to the seller's agent. That night all you do is dream about the home thinking about how you will arrange your furniture and which colors you will paint the rooms. The very next morning your agent calls to say the house has been sold to somebody else.

 

How is this possible? You're surprised, angry and depressed. You wonder if the seller had a buyer in his back pocket all along. Did you get deceived? You were not. What generally happens, and no one can seem to explain why, is the minute you want to buy a home, so do three other people. It's common for the seller of an overpriced, dated and neglected listing to suddenly receive two, three offers, all on the same day.

A great tip from Collin County Realtors and Denton County Realtors: When you the right home to buy, write your offer immediately. Ask your agent to call the seller's agent to find out if whether or not anybody else might be writing an offer.

 

 

Handling Multiple Offers in Seller's Markets

Many times home buyers wonder if it's worth trying to compete against other buyers when sellers market conditions exist. When there is very little inventory on the market, it's not unusual for a seller to receive a half dozen offers. It's always a good idea to write an offer anyway. Here are tips from Tarrant County Realtors to make your purchase offer outshine the rest:

• Write Your Very Best Offer.

Don't put yourself in a negotiation situation from the start. Offer your highest price and make it attractive, maybe a bit above list price. Ask your Realtor for a CMA on the home to determine its value. Sometimes sellers deliberately set a price below comparable sales in an effort to generate multiple offers, so paying a little extra doesn't necessarily mean you are paying over the home's value.

• Attach a Large Earnest Money Deposit.

Pending home sales can fall apart. Many sellers are worried that once they commit to an offer, the buyers may back out of the transaction after all the other buyers have disappeared. The earnest money deposit is part of your down payment. By increasing the deposit above the norm, you are showing the seller you are serious about closing this transacting. You're only offering the seller a little more money a little sooner but it speaks volumes.

• Prove to the Sellers You Are Qualified.

Almost every offer in a multiple offer situation will be accompanied by a lender letter. To stand out, ask your lender for a mortgage pre-approval letter, which is different than a prequalified letter. Being preapproved makes you a stronger buyer.

• Give the Sellers Enough Time to Move.

Possession is often a point of contention. It's hard juggle dual closings if you are selling and buying a home at the same time, and even more difficult if the sellers are doing the same. Give the sellers some slack by giving them two to three days to move out after closing, without expecting any compensation.

• Shorten or Waive Some Contingencies.

Always get a home inspection, but tighten up on the time period. If your loan is solid, waive the loan approval contingency. Talk to your agent about comparable sales to decide if you want to waive the appraisal contingency.

 

Multiple Offers in Buyer's Markets

In a buyer's market, the winning offer in a multiple offer situation is many times less than listing price. The number of multiple offers are generally considerably fewer, meaning you might be competing against one or two buyers not 10-15. Below are suggestions for competing:

• Find Out What Things Are Important to the Seller.

These could be seller requests or listing agent expectations. Ask what will seal the deal and then give it to them. Maybe it's a fast closing. Maybe it's a longer than usual escrow period.

• Sell Your Existing Home First.

If you have a home to sell, don't buy your next home without selling your existing room first. If you're a first time buyer, you may already have the advantage over a buyer who needs to sell before buying. If one offer contains a home sale contingency, the seller will be attracted to the offer without a contingency to sell.

• Be Nice.

Don't ask the seller to give you personal their items. Don't expect the seller to pay all your closing cost. Find out which charges are usually paid for by the seller and offer to pay a few such as escrow fees, title insurance policies, transfer fees, etc. Most sellers have an emotional attachment to their home and want to see it fall into the hands of an acceptable buyer. Be that acceptable buyer. Write the seller a brief letter explaining why you love the home and why you deserve to be chosen as the winning offer. .

• Prepare for a Counter Offer.

You can write your highest and best offer, and a competent listing agent is likely to still advise the seller to counter all the multiple offers, even in a buyer's market. The seller retains the right to choose or reject accepted multiple counter offers.

Dallas Real Estate Careers

Before You Sell Your DFW Home

When it comes time to sell your DFW home you may decide to sell it for sale by owner (FSBO), but you may find great benefit in listing it with one of the many professional DFW Realtors.  if you decided to use a Realtor, pay attention as you research the market place for the one that is the best fit for you.

Research Real Estate Agents and Firms

DFW Real Estate

Which brokerage firms rank at the top of major search engines for common search terms in your area? Like DFW Real Estate for example?

Which firm’s websites are the most appealing?

Which firms consistently feature virtual tours on their Listings?

Does the firm provide multiple photos of homes and in good quality?

Which firms advertise in multiple internet venues?  Which firms have a Dallas Real Estate Blog?

Ask your co-workers and friends for Realtor referrals. Maybe they have worked with an agent who did a great job?

Whether you are selling Dallas real estate or Plano real estate, once you have compiled a list of Realtors, set an appointment with each of them to learn more about their experience and services. Find out if these Realtors are willing to do a free comparative market analysis (CMA), a process that compares your home to similar homes that have recently sold. Realtors use this tool to help sellers set their listing prices.

Interviewing Realtors

Ask each Realtor that you interview to explain how they will market your house, including print, internet and other types of marketing.

Find out if the firm belongs to more than one MLS service. In some areas there's an overlap of regions, making multiple MLS memberships important.

Will the firm place your house in the MLS immediately making your home available to every possible Realtor greatly increasing your market exposure?

How much commission do they charge? How does it compare to that of other local firms that offer the same services?

What's the average length of time it takes to sell a house in your area?  Sometimes known as DOM for Days on Market. What is their company's average DOM?

Find out how long they want you to list with them.

How long has the listing Realtor been selling real estate?

What percentage of the firms listings sell during the initial listing contract period?

Buyer feedback is a very important tool. If every potential buyer makes the same negative comment, you should consider taking action to resolve the issue. How often can you expect to receive this feedback?

Will the agent hold an open house for other real estate agents? For potential buyers?

How are house showings handled? Will you receive advance notification that an agent is coming to show your house?  You can put restrictions on showings like certain days or times are off limits?  Keep in mind doing this may cut down on the number of times your house is shown.

If your new home will be in the same area, ask the agent any questions you may have as a buyer. You may choose to use the same Realtor to buy and sell.

If you have pets, make sure the Realtor is committed to a plan that ensures their safety. If it's a dog that bites, you will need a plan for buyer safety as well.

Does the firm use electronic security lockboxes? Many firms place a key inside a box that is secured to your home. Ask the Realtor to explain how it works.

Estimating Some Home Selling Costs

Ask the Realtors you are interviewing to give you an estimate of typical seller closing costs.

Ask how your share of property taxes for the year is calculated and prorated.

Ask about the amount of Attorney or other professional fees.

What will your share of property owner association fees (HOA) be?

What will be the total amount of the real estate commission?

Get a list of any other expenses that sellers are typically expected to pay, ie. inspections, surveys, certifications, pest inspections, etc.

Make sure to ask these Realtors any other questions that are important to you.  Your decision to hire a particular Realtor should be based in part on your gut feeling that the two of you can work together.  You don't need the biggest agency in town, the busiest agent, or the agent with the most experience. You need an agent who will market your home aggressively, to both buyers and other agents.

Agency and the Realtor

Choosing the right Realtor to sell your home requires a completely different approach than the approach you used to find a Realtor to help you buy your home.  It would be ideal if the same Realtor can help you with both transactions, because developing a relationship with an professional Realtor can be a great benefit to you in many ways.  Your listing agent should be a full time Realtor. If buyers and other Realtors have questions about your property, they want an answers now, not when the listing agent can manage to get time away from his job. Successful listing agents are not in the business part time.

Most Agents who sell Plano homes or any DFW homes don't want you to know they work part time because they know it will reflect negatively on them. Ask the agent how many hours a week they spend working real estate and if they have another job.  Does the agent have a professional appearance? The agent you choose will be a reflection of your property. An unprofessional appearance or attitude will turn off potential buyers. How long has the agent been involved in real estate sales? It's an important question, but don't get hung up on the answer to much.  Hard working new agents can be just as effective as a well established agent.

Does the agent belong to all of the areas multiple listing services? The more places your listing shows up, the better exposure it will get. Your agent's first choice will be to sell the property herself, but promoting it to every available agent within the area is a must from the very beginning.  A single agent might be working with ten qualified buyers at any given time, but your property won't be suitable to all potential buyers.  Listing the property in the MLS brings in every licensed agent, drastically increasing your buyer pool.  Does the agent specialize in Dallas foreclosures?  If so, you probably don’t want them as the selling representative for your house.

There are many other questions you should ask the agent during your interview.  Here are some good examples:

·         What types of marketing will you do for the property?

·         How many of your recent listings have sold during their initial listing period? How many listings expired without a sale?

·         Do you have special training that goes above and beyond what's required to be licensed?

·         Will you hold an open houses?

·         Will you provide marketing materials to leave in the house for agents and buyers?

·         Will you send flyers or postcards to local agents?

·         How often will you call me with showing reports and feedback?

Ask as many questions as possible that cannot be answered with a simple yes or no response. An open ended question forces the agent to talk about her ideas for your property, and many of the responses will trigger more questions from you. Always ask an agent for referrals from satisfied seller clients. If the agent cannot provide them, something may be wrong and you should probably move on.

A Marketing Plan

The agent must be able to demonstrate to you an aggressive marketing plan. Does the agent or firm have a good internet presence? Will the agent do a virtual tour of your property? How does the firm stack up against other firms that are marketing on a local level? You should have a good feel for the answers to all of those questions based on the agent search you did when you bought the property. After you decide on an agent monitor them to make sure that the promises your agent made turn into actions. If the marketing plan isn't implemented, ask the agent to make the necessary corrections. If they make no corrections ask them to release you from the listing contract. Remember that the firm’s broker in charge is your agent and she should be notified if your listing agent does not follow through their promises.

Open Houses?

Most open houses held for buyers do not actually sell the house being held open. A better type of open house is one held for other real estate agents because these are the people who are in control of showing your property to buyers. At the very least, your agent should have a showing for all other agents within his office, but holding a second open house for all agents within the MLS is also highly recommended. They won't all attend, but everyone who does will tend to remember your property when a suitable buyer comes around.

Ask as many questions as you need to determine which agent is best fit for your needs.  Keep in mind that your final agent selection will require some gut feeling on your part. Personalities always come into play, so you should choose an agent based in part on the knowledge that you can get along with that agent during the listing period. There are plenty of good agents out there available to you. Don't choose someone who you cannot stand dealing with, because there's surely someone who can offer good services and a good working relationship. 

Increasing Buyer and Agent Calls

Denton County Real Estate

The real estate market; In a buyer’s market it is twice as important to increase buyer and agent traffic over other types of market conditions. If you aren't getting enough showings because your curb appeal is in the gutter, so to speak, it might not be the list price that is the problem. It might be because there is an abundance of inventory on the market and buyers have plenty of homes with great curb appeal to choose from.

Here are Some Great Ways to Increase Your Traffic

1) Offer a Competitive Commission to Buyers Agents

Review your listing agreement to determine how your agent is splitting the commission you are paying.  At least 50% should be going to the buyer's agent. It's your money so you can direct how much of that fee goes to the buyer's agent and how much goes to the listing agent. Maybe consider increasing the commission to pay the buyer's agent more than what other buyer's agents are receiving in your area.  Example, in the Denton County real estate market  last year a hard to sell property that was on the market for 90 days, in an area where the traditional listing fees were 6%, with 2.5% going to the selling agent, the commission was raised to 7% and the buyer's agent was offered 4%. It sold within a few days after the increase.

2) Make Your Home Easy to Show

In the Collin County real estate market, at a bare minimum, your MLS listing should read "call showing service, lockbox”. The first call is to let you know that a buyer’s agent is coming to show your property. If you request "by appointment only" or ask that agents only tour your property during certain hours or if you require that your own agent be present to show because your agent cannot possibly be available 24 hours a day agents will likely show another listing that isn't so restrictive and scratch yours off the list.  If you don’t let potential buyers into the house how will they ever make an offer on it?

3) Use an Electronic Lockbox

Using electronic lockboxes in the Tarrant County real estate market allow agents to show your property if you are not home. If you do not answer your phone, the agent should leave a message and go directly to show your property. If you live in a gated community you will have to provide access information for the buyer’s agent.

4) Increase Traffic Through Massive Market Exposure

·         Think about your target home buying audience. Send direct mail postcards to all surrounding homes and to areas that attract buyers to your neighborhood.

·         Advertise in local weekly newspapers.

·         Advertise in different sections of your areas daily newspaper on the weekends. It's not enough to just to advertise under the areas classification section.

·         Advertise online on BackPage, Craig’s List, Google Homes and Truila and other free online subscriptions.

·         Consider advertising in home magazines.

·         Make a home video and upload it to popular video sites.

5) Offer Lunch for Broker's Tours

In many markets it is common for listing agents to pick up the cost of a catered lunch. Instead of zipping through a home on tour, agents will generally linger in the home, noticing details a fast tour would miss. Offer a drawing for a free gift certificate or game tickets.

6) Host an Open House

Organize other home sellers in your neighborhood to join forces on advertising a neighborhood open house event. Publicize the event everywhere you can think of.

·         Buy brightly colored helium balloons and streamers.

·         Hire somebody to stand on a busy street corner with an open house sign arrow and spin it, waive it toward your home. It may cost you $15 an hour, but it gets attention.

·         Serve burgers, hot dogs and soft drinks.

·         Hire a face painter or clown to entertain children.

7) Send Out Fliers and E-Flyers

It's relatively easy and inexpensive to create flyers and e-flyers.  E-mail this flyer to every person in your e-mail address book. Ask your agent to send e-flyers to every agent who works in your area.  Also, print some fliers for neighbors and local real estate offices.

8) Make a Short Time Offer

Advertise a short, limited time offer that buyers can get if they act quickly enough. Everybody wants a good deal, and buyers are more motivated if that offer is going to soon vanish. For example you can offer to:

·         Prepay the property taxes or insurance for a year.

·         Pay down the buyer's mortgage interest rate for a couple of years.

·         Credit a percentage of the sales price toward the buyers closing cost.

Your imagination, focus and hard work will all help you to get your property sold!

Must Tell Things to Tell Your Home Buyer from the Start

Real estate transactions fall apart every day for a variety of different reasons. Many times these deal killer situations could have been completely avoided if the real estate agent had simply educated their buyer clients a bit about the process before the first purchase contract was ever written.  Don't be afraid of giving your buyer clients an early education about potential problems that may come up during the progression of the transaction and how they are generally resolved and even your role in the process. Negative surprises in an emotionally charged and time sensitive home purchase process can be avoided in many cases by going through a checklist of instructions with the buyers in advance. 

Plano Real Estate

1.    Great Price and Seller Concessions?

Everybody wants to make a good deal on Plano real estate, and working a motivated seller into a great purchase price is the goal of most buyers. Be sure to talk to your buyers about how this will influence the process in almost every aspect through the entire closing process.  Let them know that getting a seller to accept their low ball price will generally insure that they will not agree to further concessions for repairs, etc. As long as you have educated your buyers to this fact, you will hopefully avoid the deal falling through due to seller remorse or inspection correction issues. 

2. A Really Low Ball Offer May Backfire on You

A slow DFW real estate market with high inventory may encourage buyers to make low ball offers to check the sellers motivation level. Sometimes this is not that unusual, and sellers simply come back with a high counter offer to draw the buyer up to a reasonable price.  However, with first time sellers who've cared for and loved their home for many years, a very low offer can offend them and they will outright reject the offer and refuse to negotiate with these buyers. 

3. Do a Comparative Market Analysis for Validate Your Offer

When Dallas Realtors get the question "What price should I offer for this home?". You should advise your client via a comprehensive market analysis (CMA) of similar recently sold properties in that area. This should give a range and your buyer can then choose an offering price based on accurate market statistics. If there are other factors that you can legally divulge to your client about seller motivation or recent market changes, definitely do that and help them to feel comfortable with the price they decide on. 

4. I'm Not an Expert, But I'll Help You to Find One

Too many real estate agents get into trouble by trying to be helpful to their clients in areas that they shouldn't be. You're not an inspector, appraiser, engineer or lawyer. Don't try to take on their tasks and responsibilities believing that you're providing service to your clients. "I don't know" is a valid response, especially when followed with "but I'll help you to find out." You actually enhance your value to the client by being honest about your knowledge and helping them to locate the appropriate competent professional to answer their questions. 

5. Real Estate Sales is How I Make My Living

This will lead to the assumption that you want to get paid. I see too many agents, particularly newer ones, get burned out early in the game showing a great numbers of homes to a buyer who calls one day to say they called on a sign and purchased a home with another agent.  You want to help them to find the home of their dreams, and to devote the time necessary to turn over every rock to find it, you would like to execute a buyer representation agreement. Explaining and getting this agreement in writing will help to assure you a commission if they do buy a home. 

6. Don't Buy Anything Until After Closing

With many of today's buyers purchasing homes at the higher end of what they can afford, there isn't much room left in their loan qualifying ratios. Closings have fallen apart days before closing because the lender did an updated credit check and charges for new furniture or appliances on the purchasers on a credit card.  Always advise your buyers to make no significant credit changes or purchases in this critical pre-closing phase. 

7. Sometimes Stuff Just Happens

There are so many different aspects involved in a real estate transaction and closing, so it's not unusual for there to be last minute changes and delays that move a closing a few days farther back. Many times this is due to loan documents, as the lender wants to see the appraisal, survey, title and other documents first. If any of these are delayed, then the closing might be later than expected. Though it can't always be avoided, try to be sure that your client doesn't arrive with their furniture on a moving truck on closing day with no place to live or money to pay the movers for van storage because they can't move in for three days.