20 STEPS TO SELLING YOUR OWN HOME

The real estate commission earned by a real estate professional on the sale of your property can be a considerable sum of money. And we know that you’ll agree its tempting to try to save that commission by selling your property yourself.

So, if you decide to market your own property, we invite you to consider the following steps that you must take in order to save the real estate commission.

Step 1
Conduct your own mini walk through inspection. Make notes on all items that need repair or improvement. Your checklist might include:
• Fresh, clean paint throughout.
• Clean windows and window coverings throughout.
• Well manicured lawn and yard.
• Plumbing and appliances in working order.
• Clean carpet, well kept flooring (scratches/ scuffs repaired).
• All sealants (windows, tub, shower, sink, etc.) in good condition.
• Roof and gutters in good condition; no repair needed and clear of debris.

Step 2
Make all necessary repairs and improvements before you begin to advertise your property.

Step 3
Carefully research information regarding the prices and terms of sales in today’s real estate market. Investigate recent sale prices (not list prices) for property similar to yours in your immediate area. Then establish a realistic price for your property based on that information.

Step 4
Meet with local lenders and determine financing alternatives for your prospective buyers.

Step 5
Determine which internet sites, newspapers and home magazines, etc., will best advertise your property. Call for rates and deadlines.

Step 6
Establish an advertising budget. Prepare a contingency advertising budget in case your home does not sell as quickly as you anticipated.

Step 7
Prepare a professional, attention grabbing advertisement that will attract the right buyers to your property. Place your ad in newspaper(s). Upload your information and photos to the internet.

Step 8
Prepare a plan to reach those out of town buyers who account for a major portion of today’s home purchasers.

Step 9
Purchase an eye-catching weatherproof yard sign; install it in the front of your property.

Step 10
Purchase a few “open house” signs and position them in paths that lead from main roads through the neighborhoods and to your property. Make sure to check local municipal bylaws in regards to location of signs, size of signs and hours which signs can be displayed. Lack of doing so could result in fines and confiscation.

Step 11
Prepare a “feature/ benefit” fact sheet outlining specific features of the property and the corresponding benefits to prospective purchasers.

Step 12
Schedule and conduct your open house “weekdays” as well as weekends. Make your property more inviting by placing fresh cut flowers in several rooms. You might burn scented candles in the living room, kitchen and baths. The aroma of freshly baked bread or cookies also adds ambience to your property.

Step 13
Be available at all times so that you can walk through the property with prospective buyers to answer their questions and offer information about local schools, parks, transportation, shopping, places of worship etc.

Step 14
Respond to telephone calls and email requests for information in a timely manner. Learn how to separate “lookers” from qualified buyers. Ask for names and telephone numbers and make sure to follow up with phone calls.

Step 15
Be prepared to negotiate with buyer(s) as though you are an impartial third party. Remain calm and refrain from any emotional outbursts that might spoil the sale.

Step 16
Obtain all forms necessary for the legal sale of real property such as
• Deposit Receipt & Offer to Purchase
• Breakdown of buyers closing costs (making sure the funds are set aside from total down payment)
• Sellers Disclosure Form in our increasingly litigious society, it is imperative that all defects be disclosed to the buyer(s).

Step 17
Determine the type(s) of financing that you are willing to consider, such as:
• Assumable
• Conventional
• High Ratio
• Collateral
• Blanket
• Switch
• Portable
• Vendor Take Back

Step 18
Negotiate with the buyer(s) all final terms of the sale including price, inclusions, exclusions, financing, inspection, date of closing, date of possession, and other pertinent considerations.

Step 19
Plan a final walk through with the buyer(s) before the settlement process is complete in order to resolve any disputes. Have a neutral third party witness present.

Step 20
While you are marketing your current property, locate and negotiate to purchase your own home. Attempt to schedule both transactions so they close simultaneously. This way, you and the buyer are able to move at the same time.

Many people are very comfortable in the role of “For Sale by Owner”. You may find that you are one of those people. Whether you choose to take on the task of selling your property alone, or prefer to work with a real estate sales professional, I’ll be happy to help you get started by providing you with a…

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