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The Basics of Real Estate Marketing
Your REALTOR’s marketing efforts and considerations will include advertising, showing the property, how long the house has been on the market and whether you're buying another home. Your home should be listed, whenever possible, through a Multiple Listing Service (MLS). This allows for interested and qualified home buyers and other professional real estate consultants access to your listing and photos.
Advertising and Promotion:
Properties are commonly advertised through real estate agent Web sites, Internet home search/listing services, classified advertising and real estate guides. Promotion efforts through office and MLS tours are a good way of getting other buyer agents to view your home and to promote it to the buyers they are working with. Your listing can be viewed on line from anywhere in the world and attracts qualified home buyers.
Even with all these advertising medium, " For Sale" signs on front lawns are still remarkably effective. Many REALTORS® promote their Web sites on the sign and use brochure boxes with the signs to market the property. When appropriate, and with your permission, your REALTOR® may send a mailing about your property to neighbors. Sometimes one of them has a friend or relative who always wanted to live near them. You never know how far reaching the benefits of word-of-mouth advertising by friends, relatives and neighbors can be.
Showings and Open Houses:
To prepare your home for viewing, make it as bright, clean, cheerful and peaceful as possible. Always look at your home from the buyer's point of view. Your REALTOR® will probably find a tactful way to suggest that you be absent while the house is being shown to prospective buyers, because your presence will inhibit their actions and conversations. They won’t feel free to open closets and cabinets, test out the plumbing and discuss their observations objectively as they walk through the house. It goes without saying that your children and pets should not be on the premises either.
If your REALTOR® has scheduled an open house, you may want to notify your neighbors, and assure them that they'll be welcome. They may even have a qualified buyer/friend/relative accompany them on the tour.
Quick tips for showings and open houses:
How Long Has Your House Been on the Market?
Professional appraisers sum up their entire body of knowledge in three words: " Buyers make value." Your home is worth as much as a buyer will pay for it. Home buyers are not interested in sentimental value nor will they be concerned with the happy memories you and your family have shared there.
If your home has been on the market for months, it’s a clear message that the property may not be worth what you're asking for it. This is particularly true if there haven't been many prospects coming to see it. What you do at that point depends on whether you really need to sell, and whether you're working with a time limit. Coming up with the appropriate list price or market value of the home or condo is imperative. If the buyer is financing the deal the lender will require an appraisal of the property. If the appraised value is less than your asking price the buyers will ask that you lower your asking price to match the appraisal. If you stick to your guns and refuse to come down in price there's a good chance the buyers will find another property to purchase.
If you're not really motivated to move soon, you can always wait - years if necessary - and hope inflation will catch up with the price you want. The problem is that in that time, your home begins to feel shopworn. Buyers become suspicious of a house that's been for sale for a long time.
If you really do need to sell, with your REALTOR® discuss a schedule for gradually dropping your price until you find a level that attracts buyers. There's no point in saying, " We simply can't sell our house." Anything will sell if the price is right.
If You’re Buying Another Home or Condo in Celebration, Kissimmee or the Orlando Metropolitan Area
And should you sell your home first then buy or buy first then sell? Ideally, it’s best to find a home you like and make an offer subject to selling your current home. This generally works in a normal market. However, in a “hot” market most sellers will not accept a “subject to sale” offer. In this case you need to sell your home first and then buy a new home in the interim period between selling and vacating your house.
If you find that you need to buy the next house before you've received the proceeds from the present one, lending institutions can sometimes make you a short-term " bridge" loan to tide you over between the two transactions. Make sure you fully understand the exposure and emotional investment before proceeding with this type of loan.