Free Guide and Free Download on Home Selling - RE/MAX Midlands
Free Guide and Free Download on Home Selling - RE/MAX Midlands
Free Guide and Free Download on Home Selling - RE/MAX Midlands
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Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
How to Successfully<br />
Sell Your Property
InterACTIVE book.Links are marked in this colour<br />
Please read a word about navigati<strong>on</strong> - click HE<strong>RE</strong><br />
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
How to Successfully Sell Your Property<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s<br />
196 Chapel Street, Pietermaritzburg 3200<br />
Republic of South Africa<br />
First Editi<strong>on</strong><br />
Copyright © <strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s 2003<br />
M I D L A N D S<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Rental Department<br />
196 Chapel Street, Pietermaritzburg 3200<br />
P.O. Box 1182, Pietermaritzburg 3200<br />
South Africa<br />
Ph<strong>on</strong>e: 033 - 345 8256 (intl: +27 - 33 - 345 8256)<br />
Fax: 033 - 394 0411 (intl: +27 - 33 - 394 0411)<br />
Web: www.RemaxMidl<str<strong>on</strong>g>and</str<strong>on</strong>g>s.co.za<br />
All rights reserved. No part of this publicati<strong>on</strong> may be reproduced, in any form or by any means, electr<strong>on</strong>ic,<br />
mechanical, photocopying, recording or otherwise, without the prior permissi<strong>on</strong> of the publishers.<br />
This book is distributed subject to the c<strong>on</strong>diti<strong>on</strong> that it shall not, by way of trade or otherwise, be lent, resold, hired<br />
out or otherwise circulated for financial gains without the publisher’s prior c<strong>on</strong>sent in any form of binding or cover<br />
other than that in which it is published <str<strong>on</strong>g>and</str<strong>on</strong>g> without a similar c<strong>on</strong>diti<strong>on</strong> including this c<strong>on</strong>diti<strong>on</strong> being imposed <strong>on</strong> the<br />
subsequent purchaser.
iii<br />
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
A Word About Navigati<strong>on</strong><br />
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<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
C<strong>on</strong>tents<br />
A Word About Navigati<strong>on</strong> ......................................................................<br />
C<strong>on</strong>tents .........................................................................................................<br />
Preface ..........................................................................................................<br />
Topics:<br />
Iv<br />
Please click <strong>on</strong> the page number to view a given topic<br />
1. Private <strong>Selling</strong> .........................................................................................<br />
2. <strong>Selling</strong> A <strong>Home</strong> is Teamwork ...................................................................<br />
3. Why Do You Need Real Estate Agent? ....................................................<br />
4. Questi<strong>on</strong>s You Should Ask A Real Estate Agent ......................................<br />
5. Property Market ........................................................................................<br />
Marketing Plan ......................................................................................<br />
Market Analysis ....................................................................................<br />
6. Pricing Your Property ...............................................................................<br />
Market Pricing Mechanism ...................................................................<br />
Fair Market Value .................................................................................<br />
Key Points in Pricing .............................................................................<br />
Pricing to Sell .......................................................................................<br />
Effects of Overpricing ...........................................................................<br />
10 Advantages of Correct Pricing ........................................................<br />
7. House Show .............................................................................................<br />
How to Prepare Your House for the Show ..............................................<br />
What to Do During the Show ................................................................<br />
8. Tips <str<strong>on</strong>g>and</str<strong>on</strong>g> Advice ........................................................................................<br />
What Makes A Listing Saleable? .........................................................<br />
10 Point System to Get Your <strong>Home</strong> Sold ..............................................<br />
40 Tips to Add Extra Appeal to Your <strong>Home</strong> ..........................................<br />
Seller's Checklist ..................................................................................<br />
10 Most Comm<strong>on</strong> Mistakes Sellers Make ...........................................<br />
When An Offer Is Made .........................................................................<br />
9. <strong>RE</strong>/<strong>MAX</strong> Assistance for Sellers ...............................................................<br />
Becoming A <strong>RE</strong>/<strong>MAX</strong> Client .................................................................<br />
<strong>RE</strong>/<strong>MAX</strong> Agents' Qualificati<strong>on</strong>s ............................................................<br />
<strong>RE</strong>/<strong>MAX</strong> Market Reach .........................................................................<br />
Where does <strong>RE</strong>/<strong>MAX</strong> Get Buyers? ......................................................<br />
Why do You Save with <strong>RE</strong>/<strong>MAX</strong>? ..........................................................<br />
<strong>RE</strong>/<strong>MAX</strong> Commitment to You ................................................................<br />
Is Sole M<str<strong>on</strong>g>and</str<strong>on</strong>g>ate A Good Opti<strong>on</strong>? ........................................................<br />
Page iii<br />
Page iv<br />
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Page 43<br />
C<strong>on</strong>tact .......................................................................................................... Page 43<br />
C<strong>on</strong>tents<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
5<br />
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Preface<br />
Your home is more than just a house.<br />
Preface<br />
It is a place where you experience the most intimate moments. It is a shelter for<br />
you <str<strong>on</strong>g>and</str<strong>on</strong>g> your beloved <strong>on</strong>es. It has a history written in your memory <str<strong>on</strong>g>and</str<strong>on</strong>g> heart.<br />
Your home is a lifetime investment coupled with the str<strong>on</strong>gest sentimental ties.<br />
We underst<str<strong>on</strong>g>and</str<strong>on</strong>g> that it deserves to be sold for the best price <str<strong>on</strong>g>and</str<strong>on</strong>g> with the least<br />
inc<strong>on</strong>venience to you.<br />
Our Seller's <str<strong>on</strong>g>Guide</str<strong>on</strong>g> makes prepares you for selling your home at the best<br />
price. It explains pricing strategy, market reality, proper promoti<strong>on</strong>, agent's<br />
involvement, different costs involved <str<strong>on</strong>g>and</str<strong>on</strong>g> gives many tips <strong>on</strong> how to prepare<br />
your house to impress buyers.<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
6<br />
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Private <strong>Selling</strong><br />
Do you anticipate selling privately in<br />
order to pocket the "savings" by not<br />
paying commissi<strong>on</strong>? If you do, please<br />
answer the following questi<strong>on</strong>s:<br />
Private Sellers vs. Agents<br />
Under what c<strong>on</strong>diti<strong>on</strong>s will strangers<br />
be permitted to enter your home?<br />
Who will "Show" your home?<br />
How much will you budget for<br />
advertising?<br />
Who will write the adverts for your property <str<strong>on</strong>g>and</str<strong>on</strong>g> place them?<br />
Will you hire, make or buy signs?<br />
When will you advertise, <str<strong>on</strong>g>and</str<strong>on</strong>g> how often?<br />
How much deposit do you require?<br />
Who will ask the buyers for the deposit?<br />
Who would credit check the buyer <str<strong>on</strong>g>and</str<strong>on</strong>g> the agreement?<br />
At what point would you use a lawyer?<br />
How will you qualify the buyer financially?<br />
Buyers today buy by comparing other homes. Who will discuss these with<br />
buyers?<br />
Buyers may be reluctant to tell what they d<strong>on</strong>'t like about your home. How<br />
would you deal with any objecti<strong>on</strong> they may have?<br />
Buyers need to be followed up. How would you do this without appearing<br />
anxious to sell?<br />
What special c<strong>on</strong>diti<strong>on</strong>s do you want?<br />
Do you have a pre-approval certificate?<br />
Legally, how is the property described <str<strong>on</strong>g>and</str<strong>on</strong>g> where are the title deeds located?<br />
How much will transfer costs be?<br />
What will the buyers m<strong>on</strong>thly payments be?<br />
How l<strong>on</strong>g will you give the buyer to secure finance?<br />
Should you rather leave selling your home to a professi<strong>on</strong>al?<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
7<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online<br />
<strong>Selling</strong> A <strong>Home</strong> Is Teamwork<br />
<strong>Selling</strong> a home quickly <str<strong>on</strong>g>and</str<strong>on</strong>g> for the highest price<br />
possible is achieved with:<br />
A plan of acti<strong>on</strong><br />
Co-operati<strong>on</strong> between motivated seller<br />
<str<strong>on</strong>g>and</str<strong>on</strong>g> a professi<strong>on</strong>al estate agent<br />
The table below illustrates how seller <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
agent cooperate:<br />
<strong>Selling</strong> A <strong>Home</strong> is Teamwork<br />
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C<strong>on</strong>tinue...
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
8<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online<br />
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<strong>Selling</strong> <strong>Home</strong> is A Teamwork
9<br />
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Why Real Estate Agent?<br />
Beware of agents who will, at first, suggest a very high price, then after they have<br />
your listing, work the price down!<br />
Never select agents based <strong>on</strong> the price they give you, but rather <strong>on</strong> the accurate<br />
informati<strong>on</strong> they supply to you <str<strong>on</strong>g>and</str<strong>on</strong>g> their ability to market your home to get you<br />
the best results!<br />
A good real estate agent is a trained professi<strong>on</strong>al who cares about selling<br />
your home at the best price that the market can bear.<br />
Look at the table below. It illustrates savings that you make by using an agent:<br />
What does Save M<strong>on</strong>ey when Using An Agent?<br />
Higher sales price from a qualified agent .......................................<br />
Quicker sales save extra b<strong>on</strong>d payments, rates <str<strong>on</strong>g>and</str<strong>on</strong>g> insurances ........<br />
Legal fees .....................................................................................<br />
Advertising, signs, flags etc. ..........................................................<br />
Needless repairs <str<strong>on</strong>g>and</str<strong>on</strong>g> expenses .......................................................<br />
Quicker transfer <str<strong>on</strong>g>and</str<strong>on</strong>g> cancellati<strong>on</strong> of b<strong>on</strong>d, etc. ...............................<br />
Owner's time .................................................................................<br />
Why Real Estate Agent?<br />
Total:<br />
% Saving<br />
3 - 9.5%<br />
1 - 2%<br />
1 - 3%<br />
1 - 2%<br />
1.5 - 2%<br />
1.5 - 2%<br />
1.25 - 1.5%<br />
10.25 - 22%<br />
When savings are measured against the agent's fees of 7%, it almost pays to use<br />
an agent! Not all these costs will be evident in every transacti<strong>on</strong>, but a large part<br />
of them will be present.<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
10<br />
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Questi<strong>on</strong>s You<br />
Should Ask<br />
A Real Estate<br />
Agent<br />
Interview your estate agent first -<br />
ask him a few key questi<strong>on</strong>s...<br />
Questi<strong>on</strong>s You Should Ask A Real Estate Agent<br />
How many years of experience<br />
have you had in Real Estate?<br />
Give the names <str<strong>on</strong>g>and</str<strong>on</strong>g> addresses of three recent satisfied sellers whose homes<br />
you have helped to sell<br />
How many of your listings sell per m<strong>on</strong>th?<br />
What market share do you or your company take in this area?<br />
Give a track record of quick sales<br />
How many showdays do you do per m<strong>on</strong>th?<br />
What awards or recogniti<strong>on</strong> has your company received?<br />
What can you say about your company's credibility?<br />
Do you have a marketing plan?<br />
What is your average listing to selling ratio?<br />
What is your average difference between "asking price" <str<strong>on</strong>g>and</str<strong>on</strong>g> "selling price"?<br />
How will you communicate with me during the listing period?<br />
How will my property be advertised?<br />
What "home selling process" do you follow?<br />
What do I need to do to assist in getting the property sold?<br />
What other homes have you sold?<br />
How does my property compare with the competiti<strong>on</strong>?<br />
How will you report back to me after the showhouse?<br />
Do you have any references or testim<strong>on</strong>ials?<br />
Do you prepare a CMA (Comparative Market Analysis) <strong>on</strong> my property?<br />
Do you give a service guarantee?<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Marketing Plan<br />
Property Market<br />
To assure that your property is marketed to<br />
its fullest potential <str<strong>on</strong>g>and</str<strong>on</strong>g> to obtain the highest<br />
possible market value, a real estate agent<br />
should prepare a marketing plan for you.<br />
The plan must be explained to you in<br />
detail, <str<strong>on</strong>g>and</str<strong>on</strong>g> should include the following<br />
undertakings:<br />
Prepare CMA (Comparative Market<br />
Analysis) to establish fair market value<br />
Prepare <str<strong>on</strong>g>and</str<strong>on</strong>g> sign listing agreement<br />
Place "For Sale" sign <strong>on</strong> property<br />
Schedule property for office tour<br />
Mail "Just Listed" fliers to neighbourhood<br />
Place "Open House" advert in local paper<br />
Ph<strong>on</strong>e all potential buyers with details of listing<br />
Hold "Open House"<br />
Arrange showing for other agents<br />
C<strong>on</strong>tact you regularly with verbal progress reports<br />
Prepare <str<strong>on</strong>g>and</str<strong>on</strong>g> deliver Marketing Service Report to owner<br />
Negotiate the transacti<strong>on</strong> with other agent<br />
Finalise the sales c<strong>on</strong>tract<br />
C<strong>on</strong>firm that all c<strong>on</strong>tingencies <strong>on</strong> sales c<strong>on</strong>tract are completed<br />
Finalise the transfer<br />
Arrange for relocati<strong>on</strong> agent, if required<br />
Arrange for moving company<br />
Other services...<br />
Property Market<br />
We are committed to offer the highest st<str<strong>on</strong>g>and</str<strong>on</strong>g>ard of professi<strong>on</strong>al service to all our<br />
customers. The Marketing Plan is a st<str<strong>on</strong>g>and</str<strong>on</strong>g>ard document prepared for each seller<br />
who elects a <strong>RE</strong>/<strong>MAX</strong> agent. We follow the plan meticulously.<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Market Analysis<br />
The correct selling price of a home is the highest price the<br />
market will bear. To assist you in determining the correct<br />
asking price, <strong>RE</strong>/<strong>MAX</strong> provides you with a comprehensive<br />
market analysis of comparable properties that have been<br />
recently offered for sale in your neighbourhood.<br />
This analysis is based strictly <strong>on</strong> homes that can be<br />
c<strong>on</strong>sidered similar to yours, <str<strong>on</strong>g>and</str<strong>on</strong>g> is specially prepared for<br />
you over a few days.<br />
Our comprehensive property market analysis is divided<br />
into three categories:<br />
1. Similar properties that are currently listed<br />
2. Similar properties that have recently sold<br />
3. Similar properties that failed to sell<br />
Be careful when studying the comparable property<br />
locati<strong>on</strong>s, features <str<strong>on</strong>g>and</str<strong>on</strong>g> the terms under which they are<br />
offered, so that we can develop a clear picture of the<br />
potential value of your property.<br />
Property Market<br />
By looking at the properties currently listed, we can see exactly what<br />
alternatives a serious buyer has to choose from. We can be certain that we are<br />
not under-pricing the property.<br />
By looking at similar properties recently sold, we can see what home owners<br />
have actually received over the last few m<strong>on</strong>ths. This is the acid test that is<br />
used by lending instituti<strong>on</strong>s to determine how much they will be willing to<br />
lend a buyer for your home.<br />
While we naturally want top market value for the home, we can agree that<br />
there's a point where the price will be too high. By looking at homes that<br />
didn't sell, we can accurately determine that price point <str<strong>on</strong>g>and</str<strong>on</strong>g> be careful not<br />
to get too close to it. By doing our homework diligently, we can get<br />
maximum R<str<strong>on</strong>g>and</str<strong>on</strong>g>s in a reas<strong>on</strong>ably short period of time.<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Market Pricing Mechanism<br />
Pricing Your Property<br />
Pricing Your Property<br />
All homes <strong>on</strong> the market in any specific price frame can be divided into 3 categories:<br />
GROUP A<br />
Estimated percentage of<br />
homes in this category:<br />
10% - 15%<br />
Descriptive words:<br />
Urgent sale required<br />
Will sell within 30<br />
days<br />
Perceived good value<br />
Enthusiastic estate<br />
agents<br />
Competing quality<br />
buyers<br />
Secure finance for<br />
buyer<br />
Shown to every<br />
serious buyer in the<br />
market<br />
Showday material<br />
Extensively<br />
advertised <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
marketed<br />
Agent's reputati<strong>on</strong> at<br />
stake if property<br />
remains unsold in<br />
reas<strong>on</strong>able m<str<strong>on</strong>g>and</str<strong>on</strong>g>ate<br />
period<br />
Inclusi<strong>on</strong> into agent's<br />
primary "hot list" of<br />
properties<br />
GROUP B<br />
Estimated percentage of<br />
homes in this category:<br />
25% - 35%<br />
Descriptive words:<br />
Would like a sale<br />
Sell within 90 days<br />
provided price is<br />
revised<br />
Best chance of a<br />
sale is to a 'subject<br />
to' buyer who most<br />
likely requires<br />
unrealistic price <strong>on</strong><br />
his property<br />
Most likely group to<br />
move to 'A' category<br />
as time becomes a<br />
factor<br />
Agent unlikely to<br />
invest in advertising<br />
<str<strong>on</strong>g>and</str<strong>on</strong>g> marketing<br />
Limited exposure to<br />
quality buyers<br />
GROUP C<br />
Estimated percentage of<br />
homes in this category:<br />
50% - 65%<br />
Descriptive words:<br />
No urgency to sell<br />
No specific time<br />
factor<br />
Overpriced<br />
Agents use as<br />
'stepping st<strong>on</strong>e' to<br />
better valued<br />
properties<br />
Seller determines<br />
price <strong>on</strong> future needs<br />
instead of<br />
comparative value<br />
Viewed primarily by<br />
low key buyers<br />
Viewings c<strong>on</strong>ducted<br />
<strong>on</strong>ly as last resort<br />
Buyer's finance<br />
problematic in<br />
unlikely event of a<br />
sale<br />
Not recommended by<br />
agent as he/she builds<br />
trust <str<strong>on</strong>g>and</str<strong>on</strong>g> respect with<br />
new buyer<br />
Requires 2, 3 or even<br />
4 price reducti<strong>on</strong>s<br />
before sale is likely<br />
Becomes stale <strong>on</strong> the<br />
market <str<strong>on</strong>g>and</str<strong>on</strong>g> forgotten<br />
(lost) over time<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Pricing Your Property<br />
The situati<strong>on</strong> <strong>on</strong> the property market <str<strong>on</strong>g>and</str<strong>on</strong>g> the pace of sales can be compared to<br />
a c<strong>on</strong>veyor belt - look at the diagram below:<br />
Speed at which c<strong>on</strong>veyor belt moves (i.e. pace of sales) is determined by<br />
unc<strong>on</strong>trollable factors, the most significant of which are:<br />
Affordability: b<strong>on</strong>d rate, surplus disposable income, prospect of salary<br />
increases etc.<br />
C<strong>on</strong>fidence: job security, mood of the ec<strong>on</strong>omy (influenced by media in general<br />
<str<strong>on</strong>g>and</str<strong>on</strong>g> micro envir<strong>on</strong>ment of each prospective purchaser in particular), level of<br />
crime, 'capital status', pace of development (new projects) etc.<br />
Other explanati<strong>on</strong>s to the diagram:<br />
New listings (properties offered for sale) are immediately categorised by estate<br />
agents <str<strong>on</strong>g>and</str<strong>on</strong>g> informed buyers into <strong>on</strong>e of three categories: A, B or C.<br />
Placement into a particular group has nothing to do with time <strong>on</strong> the market<br />
<str<strong>on</strong>g>and</str<strong>on</strong>g> everything to do with perceived value!<br />
Seller has ultimate decisi<strong>on</strong> into which category the listed property will be<br />
placed.<br />
As time becomes more relevant for the seller so he/she will adjust price<br />
downwards <str<strong>on</strong>g>and</str<strong>on</strong>g>, subsequently, the property will move from group C to group<br />
B or A.<br />
Not all listings start in group C <str<strong>on</strong>g>and</str<strong>on</strong>g> progress over time to group A. Sometimes<br />
well informed new sellers will place their well-priced homes into group A at<br />
the outset. C<strong>on</strong>versely, many sellers remain in group C indefinitely with no<br />
chance of a sale.<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Fair Market Value<br />
When selling your home, you<br />
want to achieve the following<br />
results:<br />
Your home is sold for the<br />
best price<br />
Your home is sold in the<br />
shortest time<br />
Your home is sold with<br />
the most favourable<br />
terms <str<strong>on</strong>g>and</str<strong>on</strong>g> c<strong>on</strong>diti<strong>on</strong>s<br />
Pricing Your Property<br />
To reach the goals above, your property should be priced right, i.e. it should<br />
have a fair market value.<br />
Major Factors Affecting Value<br />
Supply <str<strong>on</strong>g>and</str<strong>on</strong>g> dem<str<strong>on</strong>g>and</str<strong>on</strong>g><br />
Seas<strong>on</strong>al markets<br />
Mortgage market<br />
C<strong>on</strong>diti<strong>on</strong>s<br />
Political acti<strong>on</strong>s<br />
Locati<strong>on</strong>, locati<strong>on</strong>, locati<strong>on</strong><br />
Methods of Evaluati<strong>on</strong><br />
Market value approach<br />
(comparable property sales)<br />
Income approach (investment or<br />
income producing properties)<br />
Cost approach (most useful <strong>on</strong><br />
new properties when<br />
replacement values are readily<br />
determinable)<br />
We'll do it right! Our Comparative Market Analysis (CMA) will c<strong>on</strong>sider the<br />
factors above <str<strong>on</strong>g>and</str<strong>on</strong>g> lead us to listing your property right - from the beginning.<br />
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Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Key Points in Pricing<br />
There is generally <strong>on</strong>ly <strong>on</strong>e reas<strong>on</strong> a<br />
property doesn't sell - PRICE.<br />
The following key points will help<br />
you to come to the right price for your<br />
property:<br />
Improve marketability of your<br />
property by pricing right<br />
Price is the most important<br />
negotiati<strong>on</strong> factor to the buyer<br />
Price compensates for properties<br />
shortfalls or inadequacies<br />
Interest sells houses - not time<br />
Because initial market time is<br />
critical - like a shelf life of freshly<br />
baked bread - avoid overexposure<br />
Pricing Your Property<br />
Combine realistic asking price<br />
with initial surge of interest<br />
Choose agent <strong>on</strong> competence - not <strong>on</strong> "promised" price<br />
Buyers buy by comparis<strong>on</strong> <str<strong>on</strong>g>and</str<strong>on</strong>g> eliminati<strong>on</strong><br />
Buyers compare price <str<strong>on</strong>g>and</str<strong>on</strong>g> value for m<strong>on</strong>ey<br />
Buyers are generally more educated <strong>on</strong> market with realistic pricing<br />
You have <strong>on</strong>ly <strong>on</strong>e chance to make "first impressi<strong>on</strong>" <strong>on</strong> buyer<br />
D<strong>on</strong>'t eliminate buyers by outpricing them<br />
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The Seller <str<strong>on</strong>g>and</str<strong>on</strong>g> the Agent have three shared goals:<br />
1<br />
Goal 1 Price<br />
2<br />
Goal 2 Time<br />
3<br />
Goal 3 Comfort<br />
Pricing to Sell<br />
Sell at the highest price<br />
Sell quickly<br />
1. <strong>Home</strong> Pricing - A Critical Factor<br />
Sell c<strong>on</strong>veniently minimising problems<br />
Pricing Your Property<br />
Never select an agent based <strong>on</strong> price. The agent has no c<strong>on</strong>trol over the market,<br />
but <strong>on</strong>ly over the marketing plan. Base your selecti<strong>on</strong> of agent <strong>on</strong> the competence<br />
of the pers<strong>on</strong>, <str<strong>on</strong>g>and</str<strong>on</strong>g> the services provided. D<strong>on</strong>'t allow or encourage agent to<br />
"build up" the price in order to get your m<str<strong>on</strong>g>and</str<strong>on</strong>g>ate.<br />
The value of a home is determined by what a willing buyer will pay a willing<br />
seller.<br />
The amount of time a house is <strong>on</strong> the market affects the price. If a house is<br />
overpriced initially, then it has a good chance of selling below the market price.<br />
The reas<strong>on</strong> for this is that by the time the house price is reduced to a fair <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
reas<strong>on</strong>able selling price, it has become overexposed, <str<strong>on</strong>g>and</str<strong>on</strong>g> has begun to raise<br />
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Pricing Your Property<br />
questi<strong>on</strong>s in the buyers' minds... What is wr<strong>on</strong>g with it? Why did nobody offer<br />
<strong>on</strong> it? These are just some of the dangers of overpricing.<br />
Remember! The wr<strong>on</strong>g price attracts the wr<strong>on</strong>g buyers, <str<strong>on</strong>g>and</str<strong>on</strong>g> the right buyers<br />
will not see the property!<br />
2. Price versus Time<br />
Prices in the real estate market rise <str<strong>on</strong>g>and</str<strong>on</strong>g> fall over time. Whether a Seller’s<br />
market as we have today, correct pricing is absolutely critical since the market<br />
w<strong>on</strong>'t absorb an overpriced home within a reas<strong>on</strong>able time. The result is that<br />
the l<strong>on</strong>ger an overpriced home is <strong>on</strong> the market, the less likely the seller will<br />
be to obtain his asking price.<br />
3. Seller's C<strong>on</strong>trol versus Agent's C<strong>on</strong>trol<br />
The Seller C<strong>on</strong>trols<br />
MARKETABILITY<br />
Price<br />
Terms<br />
Time<br />
C<strong>on</strong>diti<strong>on</strong><br />
4. Buyers Buy in Brackets<br />
The Agent C<strong>on</strong>trols the<br />
MARKETING<br />
How saleable do you want to<br />
make your home?<br />
R160.000 buyers will never see the home priced at R170.000<br />
R170.000 buyers often will not make an offer <strong>on</strong> a R160.000 value home,<br />
even for R160.000<br />
You can always come down, true.<br />
They can always make an offer, true.<br />
But not likely!<br />
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5. Maximum Exposure<br />
Pricing Your Property<br />
The diagram below illustrates how many buyers will see your property depending<br />
<strong>on</strong> the asking price:<br />
(Percentages are used for illustrati<strong>on</strong> purposes <strong>on</strong>ly)<br />
Pricing your property as close to the centre of the triangle as possible will<br />
guarantee maximum exposure <str<strong>on</strong>g>and</str<strong>on</strong>g> the best price for your property.<br />
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Effects of Overpricing<br />
Pricing Your Property<br />
Overpricing creates impressi<strong>on</strong> of bad value <str<strong>on</strong>g>and</str<strong>on</strong>g> lowers level of buyer activity.<br />
Subsequently, marketing time extends.<br />
Effect of Overpricing <strong>on</strong> Buyer Activity<br />
Overpricing over-exposes property <str<strong>on</strong>g>and</str<strong>on</strong>g> makes competing home look more<br />
attractive. Subsequently, price reducti<strong>on</strong>s are necessary.<br />
Effect of Overpricing <strong>on</strong> <strong>Selling</strong> Price<br />
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Pricing Your Property<br />
Pricing your home above levels that the market can bear will trigger off an<br />
overpricing cycle - look at the diagram below:<br />
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10 Advantages of Correct Pricing<br />
1.<br />
2.<br />
3.<br />
4.<br />
5.<br />
6.<br />
7.<br />
8.<br />
9.<br />
10.<br />
Faster sale<br />
Impressi<strong>on</strong> of good value<br />
Less inc<strong>on</strong>venience<br />
Maximum exposure during initial<br />
3 weeks<br />
Exposure to more buyers<br />
Marketing period minimised<br />
Least disrupti<strong>on</strong><br />
Increased advertising resp<strong>on</strong>se<br />
Stimulati<strong>on</strong> of buyers' interest<br />
Attracti<strong>on</strong> of high offers<br />
Pricing Your Property<br />
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House Show<br />
How to Prepare Your House<br />
for the Show<br />
It is very important that your<br />
home shows well. We are also<br />
aware that it cannot always be<br />
perfect. After all, you <str<strong>on</strong>g>and</str<strong>on</strong>g> your<br />
family must live there too.<br />
Develop a routine that will allow<br />
you to pick up <str<strong>on</strong>g>and</str<strong>on</strong>g> be prepared<br />
for show in a reas<strong>on</strong>able period<br />
without duress - a 45 minute<br />
countdown, for example.<br />
House Show<br />
This means that certain things must be d<strong>on</strong>e in advance. For example, beds<br />
should be made up first thing in the morning <str<strong>on</strong>g>and</str<strong>on</strong>g> dirty dishes placed in the<br />
dishwasher after use so that you d<strong>on</strong>'t need to rush around attending to those<br />
matters at the last moment. This way you can prepare for each showing in an<br />
organised fashi<strong>on</strong>.<br />
Below is the list of things that you should do before each showing:<br />
1. Pick Up Every Room<br />
Check counters, floors, halls <str<strong>on</strong>g>and</str<strong>on</strong>g> stairs. Straighten up or remove newspapers,<br />
magazines, mail, toys, clothing, recreati<strong>on</strong> gear, snack glasses <str<strong>on</strong>g>and</str<strong>on</strong>g> dishes.<br />
2. Turn On All Lights<br />
Even those in toilets <str<strong>on</strong>g>and</str<strong>on</strong>g> storage rooms. Electric lights have an amazing<br />
capability for creating an illusi<strong>on</strong> of lightness, airiness <str<strong>on</strong>g>and</str<strong>on</strong>g> largeness.<br />
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3. Open All Drapes, Shades <str<strong>on</strong>g>and</str<strong>on</strong>g> Blinds<br />
Do all that you can to create a bright <str<strong>on</strong>g>and</str<strong>on</strong>g> light ambience<br />
4. The Bedrooms<br />
House Show<br />
Make up the beds, neatly <str<strong>on</strong>g>and</str<strong>on</strong>g> attractively, early in the morning. This is a job<br />
you d<strong>on</strong>'t want to have to do when you learn that the buyers will be there<br />
within the hour.<br />
5. The Kitchen<br />
Be sure all countertops are clear <str<strong>on</strong>g>and</str<strong>on</strong>g> "squeaky clean". Wipe down appliances.<br />
Be sure all dishes are in the dishwasher or cleaned <str<strong>on</strong>g>and</str<strong>on</strong>g> put away. The sink<br />
should be clear <str<strong>on</strong>g>and</str<strong>on</strong>g> clean.<br />
6. Clean Air<br />
Keep air fresheners in toilets, bathrooms <str<strong>on</strong>g>and</str<strong>on</strong>g> kitchen. Be especially careful<br />
to keep kitchen odours fresh: coffee brewing or a cinnam<strong>on</strong> coffee cake<br />
baking in the oven have a lasting, inviting effect.<br />
7. Music<br />
Perhaps you cannot have something baking in the oven every time, but soft,<br />
pleasant background music may be very effective.<br />
8. Fireplace<br />
A warm, cozy fire may be just the extra touch that turns the trick.<br />
9. Airc<strong>on</strong>diti<strong>on</strong>ing<br />
If the weather is warm <str<strong>on</strong>g>and</str<strong>on</strong>g> sultry, have the airc<strong>on</strong>diti<strong>on</strong>ing operating.<br />
10. The Bathrooms<br />
Keep a set of fresh attractive towels in each bathroom that you can change<br />
instantly.<br />
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11. The Entryway<br />
House Show<br />
It is the first <str<strong>on</strong>g>and</str<strong>on</strong>g> last impressi<strong>on</strong> that your buyers will have of your home -<br />
make it a good <strong>on</strong>e! Check it regularly for sharpness.<br />
12. Other Helpful Tips<br />
General:<br />
Clean <str<strong>on</strong>g>and</str<strong>on</strong>g> repair windows<br />
Replace burned out lights (interior <str<strong>on</strong>g>and</str<strong>on</strong>g> exterior)<br />
Repair cracked plaster (interior <str<strong>on</strong>g>and</str<strong>on</strong>g> exterior)<br />
Cut lawn <str<strong>on</strong>g>and</str<strong>on</strong>g> shrubs <str<strong>on</strong>g>and</str<strong>on</strong>g> pick up litter<br />
Touch up chipped paint (interior <str<strong>on</strong>g>and</str<strong>on</strong>g> exterior)<br />
Repair gutters <str<strong>on</strong>g>and</str<strong>on</strong>g> eaves<br />
Oil squeaky doors (interior <str<strong>on</strong>g>and</str<strong>on</strong>g> exterior)<br />
Tighten door knobs (interior <str<strong>on</strong>g>and</str<strong>on</strong>g> exterior)<br />
Clean <str<strong>on</strong>g>and</str<strong>on</strong>g> tidy entrance<br />
Spic 'n Span:<br />
Shampoo carpets<br />
Clean washer, dryer <str<strong>on</strong>g>and</str<strong>on</strong>g> tubs<br />
Clean fridge <str<strong>on</strong>g>and</str<strong>on</strong>g> stove<br />
Clean <str<strong>on</strong>g>and</str<strong>on</strong>g> freshen bathrooms<br />
The Spacious Look:<br />
Clear stairs <str<strong>on</strong>g>and</str<strong>on</strong>g> halls<br />
Store excess furniture<br />
Clear counters <str<strong>on</strong>g>and</str<strong>on</strong>g> stove<br />
Make closets neat <str<strong>on</strong>g>and</str<strong>on</strong>g> tidy<br />
The Spacious Look:<br />
Keep dogs outside <str<strong>on</strong>g>and</str<strong>on</strong>g> get rid of all pet odours<br />
Be absent during showings<br />
Prepare well for your showings! Set the stage to make the best impressi<strong>on</strong> <strong>on</strong><br />
each prospective buyer.<br />
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What to Do During the Show<br />
Everything is going to be fine. The agent has<br />
called in advance <str<strong>on</strong>g>and</str<strong>on</strong>g> you have made your last<br />
minute preparati<strong>on</strong>s as indicated in "How to<br />
Prepare Your House for the Show" (click here).<br />
1. Relax<br />
There is nothing more to do. Pick up a<br />
magazine while you are waiting. Try to be<br />
underst<str<strong>on</strong>g>and</str<strong>on</strong>g>ing: the agent may have several<br />
home showings scheduled <str<strong>on</strong>g>and</str<strong>on</strong>g> he or she may<br />
be a bit early or late.<br />
2. The Dog<br />
House Show<br />
Keep Fido away. Pet lovers will be distracted by your fun pet. For those who<br />
do not have pets, it may be bothersome.<br />
3. Children should be Seen <str<strong>on</strong>g>and</str<strong>on</strong>g> not Heard<br />
This is a new experience for the kids. Naturally, they are excited, but they<br />
will disturb the professi<strong>on</strong>al flow of the showing. Ask them to remain away<br />
from the agent <str<strong>on</strong>g>and</str<strong>on</strong>g> buyers, to go outside or watch TV.<br />
4. Ding D<strong>on</strong>g<br />
Answer the door as you would for any welcome guest. The agent will take<br />
care of the introducti<strong>on</strong>s. If there is a situati<strong>on</strong> that needs menti<strong>on</strong>ing, perhaps<br />
a sick child in the sec<strong>on</strong>d bedroom, do so now. You may invite the agent to<br />
begin showing the home <str<strong>on</strong>g>and</str<strong>on</strong>g> then you may excuse yourself.<br />
5. Low Profile<br />
Discreetly remain away from the buyers. As helpful as you wish to be, your<br />
presence will be intimidating. They need to be able to discuss the home<br />
freely with <strong>on</strong>e another. And the agent needs to learn from the buyers how<br />
they are resp<strong>on</strong>ding to your home. Your presence can limit that free<br />
communicati<strong>on</strong>.<br />
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6. What should You Do?<br />
House Show<br />
Read a magazine; watch a TV programme; take a walk outside; c<strong>on</strong>tinue<br />
with a chore. Pick a room <str<strong>on</strong>g>and</str<strong>on</strong>g> settle down. When they stop to preview that<br />
room, you may leave, but it's not really necessary. After all, they d<strong>on</strong>'t want<br />
to feel that they are chasing you around the house. If there's a room that you<br />
should try not to be in, it would be the kitchen since buyers - generally -<br />
spend more time there as they evaluate appliances, counter space, cabinets<br />
etc.<br />
7. C<strong>on</strong>versing with the Buyers<br />
If you are asked a questi<strong>on</strong> about a neighbourhood, schools etc., by all means<br />
answer pleasantly. However, avoid being engaged in a c<strong>on</strong>versati<strong>on</strong>.<br />
Questi<strong>on</strong>s regarding terms of sale should be referred to the agent. If the<br />
agent is a cooperating broker <str<strong>on</strong>g>and</str<strong>on</strong>g> does not have the answers, advise him<br />
that your agent will c<strong>on</strong>tact him.<br />
8. Inclusi<strong>on</strong>s<br />
The listing sheet should clearly identify items that are included <str<strong>on</strong>g>and</str<strong>on</strong>g> excluded<br />
in the offered property. D<strong>on</strong>'t initiate c<strong>on</strong>versati<strong>on</strong>s about other pers<strong>on</strong>al<br />
property that you may be interested in negotiating. It rarely is a deal clincher,<br />
may be distracting, <str<strong>on</strong>g>and</str<strong>on</strong>g> besides, there will be a time to discuss this when the<br />
offer is presented.<br />
9. Let the "Pro" Work<br />
As much as you love your home, d<strong>on</strong>'t be tempted into doing the agent's job.<br />
He has been working with the buyers <str<strong>on</strong>g>and</str<strong>on</strong>g> should know what is important<br />
to them. Whether the agent menti<strong>on</strong>s your new refrigerator now, or after<br />
they leave, is in his h<str<strong>on</strong>g>and</str<strong>on</strong>g>s.<br />
You have d<strong>on</strong>e all that you can. Now, relax as we do our job. So<strong>on</strong>, we will be<br />
calling you to say: "C<strong>on</strong>gratulati<strong>on</strong>s! We have an offer to present to you."<br />
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What Makes A Listing Saleable?<br />
Tips <str<strong>on</strong>g>and</str<strong>on</strong>g> Advice<br />
Tips <str<strong>on</strong>g>and</str<strong>on</strong>g> Advice<br />
The most important factor in making a listing saleable is the seller's motivati<strong>on</strong>.<br />
All other aspects result directly from this motivati<strong>on</strong>:<br />
10 Point System to Get Your <strong>Home</strong> Sold<br />
1. Three m<strong>on</strong>th m<str<strong>on</strong>g>and</str<strong>on</strong>g>ate, renewable if<br />
service is good<br />
2. Choose an odd sale price within 10%<br />
of the market value<br />
3. Sign a "Sole M<str<strong>on</strong>g>and</str<strong>on</strong>g>ate" with the best<br />
agent or firm<br />
4. If not sold in 30 days, price is<br />
adjusted 5% every 30 days to bring<br />
it to the suggested market value<br />
5. Postdated price adjustments<br />
6. Easy access for agents<br />
7. Occupati<strong>on</strong> date to be provided by<br />
mutual agreement<br />
8. Seller agrees to follow any recommendati<strong>on</strong>s to make property more saleable<br />
9. Agent to c<strong>on</strong>tact seller weekly to update activity<br />
10. If we get a clean offer within 5% of suggested market value, that will<br />
c<strong>on</strong>stitute a valid <str<strong>on</strong>g>and</str<strong>on</strong>g> acceptable offer<br />
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40 Tips to Add Extra<br />
Appeal to Your <strong>Home</strong><br />
These suggesti<strong>on</strong>s are<br />
provided to assist you in<br />
selling your home more<br />
quickly <str<strong>on</strong>g>and</str<strong>on</strong>g> at a better price.<br />
You never get a sec<strong>on</strong>d<br />
chance at making the first<br />
impressi<strong>on</strong>...<br />
Take a l<strong>on</strong>g hard look at<br />
your home using the<br />
following quick checklist:<br />
Maintenance:<br />
Oil squeaky doors<br />
Tighten door knobs<br />
Replace blown lights<br />
Replace or repair windows<br />
Touch up chipped pain<br />
Repair cracked plaster<br />
Repair leaking taps/toilets<br />
Repair grouting around bath/basin<br />
Cleanliness:<br />
Clean <str<strong>on</strong>g>and</str<strong>on</strong>g> freshen carpets<br />
Clean sink <str<strong>on</strong>g>and</str<strong>on</strong>g> dirty dishes<br />
Keep curtains crisp <str<strong>on</strong>g>and</str<strong>on</strong>g> clean<br />
Clean fridge <str<strong>on</strong>g>and</str<strong>on</strong>g> stove<br />
Clean <str<strong>on</strong>g>and</str<strong>on</strong>g> freshen bathrooms/toilets<br />
Clean all windows<br />
Tips <str<strong>on</strong>g>and</str<strong>on</strong>g> Advice<br />
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The First Impressi<strong>on</strong>:<br />
Clean <str<strong>on</strong>g>and</str<strong>on</strong>g> tidy entrance<br />
Ensure that doorbell is working<br />
Check <strong>on</strong> functi<strong>on</strong>ing of security system<br />
Open curtains/windows to let the sun in<br />
Avoid children tagging al<strong>on</strong>g<br />
Leave showing to agent<br />
Let agent discuss price, terms etc.<br />
Outside Appeal:<br />
Cut lawn<br />
Trim shrubs <str<strong>on</strong>g>and</str<strong>on</strong>g> lawns<br />
Pick up any litter<br />
Rid driveway of leaves, stains etc.<br />
Repair gutters, eaves etc.<br />
Touch up exterior paint<br />
Weed <str<strong>on</strong>g>and</str<strong>on</strong>g> edge garden<br />
Swimming pool must sparkle<br />
Creating A Buying Mood:<br />
Be absent during showing<br />
Turn <strong>on</strong> all the lights<br />
Add charm with fresh flowers<br />
Open drapers in the day time<br />
Play quiet background music<br />
Never apologise for the appearance<br />
That Spacious Look:<br />
Clean stairs <str<strong>on</strong>g>and</str<strong>on</strong>g> halls<br />
Store excess furniture<br />
Clear kitchen counters <str<strong>on</strong>g>and</str<strong>on</strong>g> stove<br />
Tidy cupboards<br />
Keep pets out of the way<br />
Tips <str<strong>on</strong>g>and</str<strong>on</strong>g> Advice<br />
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Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Seller's Checklist<br />
Tips <str<strong>on</strong>g>and</str<strong>on</strong>g> Advice<br />
The following is a list of documents <str<strong>on</strong>g>and</str<strong>on</strong>g> informati<strong>on</strong> that you should prepare<br />
when listing your property for sale:<br />
Documents <str<strong>on</strong>g>and</str<strong>on</strong>g> Official Informati<strong>on</strong>:<br />
Copy of the Title Deed<br />
Most recent Property Rates Bill<br />
Most recent Electrical Clearance Certificate<br />
Most recent Termite/Borer Clearance Certificate<br />
Lender's name, address, ph<strong>on</strong>e, c<strong>on</strong>tact pers<strong>on</strong>, mortgage acc. number <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
present balance<br />
If there are other loans/mortgages against the property, supply same<br />
informati<strong>on</strong> as above<br />
If property is held in trust, provide name of trustee, trust account number<br />
<str<strong>on</strong>g>and</str<strong>on</strong>g> c<strong>on</strong>tact info<br />
Your attorney's name, address <str<strong>on</strong>g>and</str<strong>on</strong>g> ph<strong>on</strong>e number<br />
Other supportive documents: ...<br />
C<strong>on</strong>tact Informati<strong>on</strong>:<br />
Other:<br />
Your work number<br />
Spouse work number<br />
Neighbour ph<strong>on</strong>e number<br />
Utility bills (electric, water, gas)<br />
Brochures/informati<strong>on</strong> about your property<br />
Attractive, exterior photos of your house in other seas<strong>on</strong>s<br />
Your thoughts <strong>on</strong> special features of your home or community<br />
Pers<strong>on</strong>al property which may be included in the sale - whatever you feel<br />
might have special marketing value to the average buyer<br />
House keys<br />
�<br />
C<strong>on</strong>tinue...<br />
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Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
For Flats <str<strong>on</strong>g>and</str<strong>on</strong>g> Townhouses:<br />
Body Corporate management <str<strong>on</strong>g>and</str<strong>on</strong>g> C<strong>on</strong>duct Rules<br />
Body Corporate Certificate of Insurance<br />
Body Corporate Current Budget<br />
C<strong>on</strong>tact pers<strong>on</strong> name <str<strong>on</strong>g>and</str<strong>on</strong>g> address of Managing Agents<br />
Other Requirements (fill in):<br />
Tips <str<strong>on</strong>g>and</str<strong>on</strong>g> Advice<br />
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10 Most Comm<strong>on</strong> Mistakes Sellers Make<br />
1. Believe or choose the agent who prices<br />
their home the highest<br />
2. Choose or select an agent based <strong>on</strong> their<br />
valuati<strong>on</strong>s rather than their track record<br />
or ability to market the home<br />
3. Price the home above the market value<br />
(too high) in the initial plan period which<br />
is the most critical time<br />
4. Neglect to interview 2 or 3 agents <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
request a marketing plan or proposal<br />
5. Neglect to check out the "competiti<strong>on</strong>"<br />
in the same area at that time<br />
6. Sign an offer without checking out the<br />
details with an attorney or top property<br />
professi<strong>on</strong>al<br />
7. Turn down the first offer you get which<br />
is generally the best you get<br />
8. Place the home <strong>on</strong> the market before it is in the best c<strong>on</strong>diti<strong>on</strong><br />
9. Fail to give proper viewing access to available buyers<br />
10. Neglect in ensuring that permanent fixtures remain with the property<br />
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Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
When An Offer Is Made<br />
1. Presenting the Offer<br />
Tips <str<strong>on</strong>g>and</str<strong>on</strong>g> Advice<br />
Presuming that the offer to purchase your home is generated by an agent<br />
other than the <strong>on</strong>e who initially listed your property, your agent should c<strong>on</strong>tact<br />
you immediately to arrange a meeting. The timing may be inopportune, but<br />
it is usually best to meet as so<strong>on</strong> as possible to c<strong>on</strong>sider the c<strong>on</strong>tract. Please<br />
note that when your agent calls you to arrange for the presentati<strong>on</strong>, he will<br />
not be aware of the terms of the offer. However, he will present the offer to<br />
you <str<strong>on</strong>g>and</str<strong>on</strong>g> you both will review all of the terms <str<strong>on</strong>g>and</str<strong>on</strong>g> c<strong>on</strong>diti<strong>on</strong>s at that time.<br />
2. Three Opti<strong>on</strong>s to C<strong>on</strong>sider<br />
A. Accept the offer exactly as presented - <str<strong>on</strong>g>and</str<strong>on</strong>g> your home is sold!<br />
B. Make a counter proposal. In other words, propose changes to the offer,<br />
i.e. price, pers<strong>on</strong>al property, transfer or possessi<strong>on</strong> dates etc. so that it<br />
is acceptable to you.<br />
C. Reject the offer.<br />
3. Finalising All C<strong>on</strong>diti<strong>on</strong>s<br />
If the c<strong>on</strong>tract states that financing will be provided by a lender, it is the<br />
buyer's resp<strong>on</strong>sibility to make an applicati<strong>on</strong> for the mortgage loan as<br />
so<strong>on</strong> as possible. The buyer will have a set number of days to procure the<br />
loan, as stated in the c<strong>on</strong>tract. The lending instituti<strong>on</strong> will verify the buyer's<br />
credit, work records, <str<strong>on</strong>g>and</str<strong>on</strong>g> determine his ability to meet his m<strong>on</strong>thly<br />
obligati<strong>on</strong>s. Since your buyer's mortgage loan is to be secured by the house<br />
itself, the lending instituti<strong>on</strong> will assign an appraiser to visit your home<br />
to determine that its value is enough to secure the loan that they are making<br />
to your buyer. When all the informati<strong>on</strong> is received, the mortgage loan<br />
underwriter will either approve or disapprove the loan.<br />
After the loan is approved, more legal work is necessary, though you will<br />
have very little involvement. The title deed will be searched, b<strong>on</strong>d<br />
cancellati<strong>on</strong> figures will be requested <str<strong>on</strong>g>and</str<strong>on</strong>g> updated electrical <str<strong>on</strong>g>and</str<strong>on</strong>g> termite<br />
certificates of the property may need to be ordered. If the property is a<br />
secti<strong>on</strong>al title unit, your Body Corporate may have to be c<strong>on</strong>tacted.<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Tips <str<strong>on</strong>g>and</str<strong>on</strong>g> Advice<br />
When the paperwork is in order, both buyer <str<strong>on</strong>g>and</str<strong>on</strong>g> seller will be called up<strong>on</strong><br />
by the c<strong>on</strong>veyancer to sign the transfer documents. We will assist your<br />
attorney to ensure a smooth <str<strong>on</strong>g>and</str<strong>on</strong>g> timely transfer.<br />
Keys will be delivered to the buyer <strong>on</strong> transfer, or whenever possessi<strong>on</strong> of<br />
the property has been agreed up<strong>on</strong>.<br />
Immediately after transfer all funds will be disbursed by the c<strong>on</strong>veyancer.<br />
4. Agent's Resp<strong>on</strong>sibilities<br />
Agent's resp<strong>on</strong>sibilities are not fulfilled until the transacti<strong>on</strong> is completed.<br />
The agent will follow the progress of all steps menti<strong>on</strong>ed so he may keep<br />
you abreast of all developments.<br />
He will do everything in his power to work with your mortgagee,<br />
accountant, lawyer etc. to ensure a timely <str<strong>on</strong>g>and</str<strong>on</strong>g> highly satisfactory settlement<br />
for you.<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
<strong>RE</strong>/<strong>MAX</strong> Assistance<br />
for Sellers<br />
<strong>RE</strong>/<strong>MAX</strong> Assistance for Sellers<br />
Your home is a lifetime investment coupled with str<strong>on</strong>g pers<strong>on</strong>al ties. <strong>Selling</strong><br />
your home is <strong>on</strong>e of the most important experiences <str<strong>on</strong>g>and</str<strong>on</strong>g> we approach our task<br />
with sensitivity, c<strong>on</strong>cern <str<strong>on</strong>g>and</str<strong>on</strong>g> professi<strong>on</strong>al competence.<br />
Our diligently prepared market analysis of your property <str<strong>on</strong>g>and</str<strong>on</strong>g> reviewing it in<br />
detail with you reduces the time spent <strong>on</strong> trial <str<strong>on</strong>g>and</str<strong>on</strong>g> error <str<strong>on</strong>g>and</str<strong>on</strong>g> leads to a faster sale,<br />
at a better price <str<strong>on</strong>g>and</str<strong>on</strong>g> with less inc<strong>on</strong>venience to you.<br />
An average <strong>RE</strong>/<strong>MAX</strong> agent outsells the competiti<strong>on</strong> by an incredible 3:1 thanks<br />
to the highest educati<strong>on</strong>al <str<strong>on</strong>g>and</str<strong>on</strong>g> professi<strong>on</strong>al qualificati<strong>on</strong>s that each <strong>RE</strong>/<strong>MAX</strong> agent<br />
must have.<br />
These pages describe our assistance <str<strong>on</strong>g>and</str<strong>on</strong>g> steps we undertake when selling your<br />
property.<br />
Becoming A <strong>RE</strong>/<strong>MAX</strong> Client<br />
It's the man <str<strong>on</strong>g>and</str<strong>on</strong>g> woman of <strong>RE</strong>/<strong>MAX</strong>.<br />
<strong>RE</strong>/<strong>MAX</strong> Associates across the<br />
country average twice the experience <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
three times as many sales as other agents.<br />
With a record like that, it's no w<strong>on</strong>der<br />
that <strong>RE</strong>/<strong>MAX</strong> is the real estate leader in<br />
cities <str<strong>on</strong>g>and</str<strong>on</strong>g> towns throughout the world. If you are ready to sell your home with the<br />
industry's elite, c<strong>on</strong>tact us today - click here.<br />
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Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
<strong>RE</strong>/<strong>MAX</strong> Assistance for Sellers<br />
Read below a list of promises that any <strong>RE</strong>/<strong>MAX</strong> agent gives when selling your<br />
property:<br />
1. Listing Sheet<br />
I will prepare the pertinent informati<strong>on</strong> about your home (price, pers<strong>on</strong>al<br />
property, special features, rates <str<strong>on</strong>g>and</str<strong>on</strong>g> taxes, mortgage info, lot size etc.) for<br />
marketing purposes.<br />
2. Sign<br />
A <strong>RE</strong>/<strong>MAX</strong> sign with my name <strong>on</strong> it will be promptly placed <strong>on</strong> your property.<br />
I shall be marketing your home in a number of ways but the str<strong>on</strong>g <strong>RE</strong>/<strong>MAX</strong><br />
sign is a proven winner in attracting prospective buyers. My name appears<br />
to ensure that interested callers will be directed straight to the agent who<br />
knows more about your home than any<strong>on</strong>e.<br />
3. Property Network Services<br />
In additi<strong>on</strong> to notifying all <strong>RE</strong>/<strong>MAX</strong> agents, I will as per our agreement<br />
advise the Property Network of the availability of your home <str<strong>on</strong>g>and</str<strong>on</strong>g> encourage<br />
our cooperating brokers to show your home.<br />
4. Photographs<br />
I will take exterior <str<strong>on</strong>g>and</str<strong>on</strong>g> interior photographs of your home within a few days.<br />
They will be used with the listing sheet, display advertising <str<strong>on</strong>g>and</str<strong>on</strong>g> Internet<br />
advertising.<br />
5. Tour Day<br />
An inspecti<strong>on</strong> tour by <strong>RE</strong>/<strong>MAX</strong> Associates <str<strong>on</strong>g>and</str<strong>on</strong>g>, if necessary, by Property<br />
Network salespers<strong>on</strong>s will be scheduled. This is an outst<str<strong>on</strong>g>and</str<strong>on</strong>g>ing opportunity<br />
to provide your home with early, excellent exposure to sales people who are<br />
working with today's buyers.<br />
6. Showings<br />
Salespers<strong>on</strong>s from my company as well as our cooperating brokers will want<br />
to show your home. An appointment will always be made in advance. You<br />
will have the name of the agent <str<strong>on</strong>g>and</str<strong>on</strong>g> an approximate arrival time.<br />
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Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
7. Follow-up <strong>on</strong> Showings<br />
You may call my office at any time<br />
if you have any informati<strong>on</strong> which<br />
you believe will be helpful. I will<br />
follow up <strong>on</strong> showings to establish<br />
interest <str<strong>on</strong>g>and</str<strong>on</strong>g> to elicit any meaningful<br />
feedback from the showing agent. It<br />
may take some time to c<strong>on</strong>tact the<br />
other agent since we may both be in<br />
<str<strong>on</strong>g>and</str<strong>on</strong>g> out of our offices, but I will<br />
follow up <str<strong>on</strong>g>and</str<strong>on</strong>g> call you when the<br />
feedback is pertinent.<br />
8. Promoting Your <strong>Home</strong><br />
<strong>RE</strong>/<strong>MAX</strong> Assistance for Sellers<br />
<strong>RE</strong>/<strong>MAX</strong> clients enjoy a wide<br />
spectrum of full media classified <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
display advertising opportunities in<br />
which homes in your price range are<br />
c<strong>on</strong>tinually advertised. In additi<strong>on</strong>, I<br />
have my own marketing <str<strong>on</strong>g>and</str<strong>on</strong>g> advertising programmes in which your home<br />
will participate. In all, your home will enjoy the full impact of our broad,<br />
professi<strong>on</strong>al coverage including:<br />
Display Advertising<br />
Internet Exposure <str<strong>on</strong>g>and</str<strong>on</strong>g> E-mail Communicati<strong>on</strong><br />
Classified Advertising<br />
Internati<strong>on</strong>al Relocati<strong>on</strong> Transferee<br />
Neighbour Card Mailings<br />
Open Houses<br />
Lawn Signs<br />
Property Network Services<br />
I'll be there... We will be patr<strong>on</strong>s till the day you settle. You can be c<strong>on</strong>fident<br />
that when you need help or advice, or need to discuss your home, I'll be there.<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
<strong>RE</strong>/<strong>MAX</strong> Agents' Qualificati<strong>on</strong>s<br />
Things you should know:<br />
<strong>RE</strong>/<strong>MAX</strong> is a world leader in real<br />
estate with over 4,800 full service<br />
offices in South Africa, USA, Canada,<br />
Mexico, Carribean <str<strong>on</strong>g>and</str<strong>on</strong>g> 42 other<br />
countries.<br />
Today, <strong>RE</strong>/<strong>MAX</strong> associates proudly<br />
number over 89,500 full time,<br />
professi<strong>on</strong>al agents worldwide.<br />
The Typical <strong>RE</strong>/<strong>MAX</strong> agent is am<strong>on</strong>g<br />
the most experienced in the industry,<br />
averaging over 11 years of service<br />
worldwide <str<strong>on</strong>g>and</str<strong>on</strong>g> 8 years service in South<br />
Africa.<br />
This agent is also distinguished by<br />
earning, <strong>on</strong> the average, more real<br />
estate educati<strong>on</strong>al designati<strong>on</strong> than its<br />
industry competitors - a commitment<br />
to professi<strong>on</strong>al improvement.<br />
<strong>RE</strong>/<strong>MAX</strong> Assistance for Sellers<br />
Because of this industry high educati<strong>on</strong>al <str<strong>on</strong>g>and</str<strong>on</strong>g> experience achievements, the<br />
average <strong>RE</strong>/<strong>MAX</strong> agent outsells the competiti<strong>on</strong> by an incredible 3 to 1.<br />
Over 70% of <strong>RE</strong>/<strong>MAX</strong> agents' business comes from repeat business or referrals<br />
from past customers <str<strong>on</strong>g>and</str<strong>on</strong>g> friends - more than twice the industry average.<br />
<strong>RE</strong>/<strong>MAX</strong> agents make a pers<strong>on</strong>al financial investment in every listing.<br />
<strong>RE</strong>/<strong>MAX</strong> agents completely c<strong>on</strong>trol the marketing programme for each of<br />
their listings.<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
<strong>RE</strong>/<strong>MAX</strong> Market Reach<br />
Sources<br />
of<br />
Buyers<br />
( <strong>RE</strong>/<br />
<strong>MAX</strong><br />
Agents)<br />
%<br />
Do<br />
Private<br />
Market?<br />
For Sale<br />
Boards<br />
8 YES<br />
Newspaper Advert<br />
11 YES<br />
Showhous e<br />
5 YES<br />
Estate Agents<br />
Referrals<br />
18 NO<br />
Just Listed<br />
Fliers<br />
3 NO<br />
Real Estate<br />
Company<br />
Referrals<br />
12 NO<br />
Agent's<br />
Current<br />
Buyers<br />
( from<br />
previous<br />
listings)<br />
List<br />
12 NO<br />
Company's Current<br />
Buyer's<br />
Base<br />
15 NO<br />
Agent's Marketing<br />
Skil<br />
l s<br />
12 NO<br />
Buyers<br />
Ph<strong>on</strong>e<br />
in<br />
to<br />
Known<br />
Real<br />
Estate<br />
Company<br />
<strong>RE</strong>/<strong>MAX</strong> Assistance for Sellers<br />
Our current records show that private sellers have just 24% chance of selling<br />
themselves. The table below represents market reach for <strong>RE</strong>/<strong>MAX</strong> agents <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
private sellers:<br />
4 NO<br />
Sellers<br />
Reach<br />
this<br />
That's why most sellers turn to an estate agent to get the job d<strong>on</strong>e. It makes<br />
sense to give yourself every chance to maximise your result.<br />
Where does <strong>RE</strong>/<strong>MAX</strong> Get Buyers?<br />
The table above illustrates, typically, how <strong>RE</strong>/<strong>MAX</strong> prospects are sourced, i.e.<br />
which markets can be reached by a <strong>RE</strong>/<strong>MAX</strong> agent.<br />
The diagram <strong>on</strong> the next page illustrates the c<strong>on</strong>tact source of actual buyers.<br />
The figures presented are average, <str<strong>on</strong>g>and</str<strong>on</strong>g> depend <strong>on</strong> an agent's skills, experience<br />
<str<strong>on</strong>g>and</str<strong>on</strong>g> engagement in actual selling process.<br />
�<br />
See Diagram...<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Sources of Buyers for <strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Agents<br />
<strong>RE</strong>/<strong>MAX</strong> Assistance for Sellers<br />
You can see that the most important in our business are c<strong>on</strong>tacts established<br />
throughout the years with associates who represent buyers, <str<strong>on</strong>g>and</str<strong>on</strong>g> our buyer's database.<br />
We simply know who is looking for a house, <str<strong>on</strong>g>and</str<strong>on</strong>g> that is why it is m<str<strong>on</strong>g>and</str<strong>on</strong>g>atory to<br />
seek an agent's assistance when selling your home.<br />
Why do You Save with <strong>RE</strong>/<strong>MAX</strong>?<br />
There is a c<strong>on</strong>victi<strong>on</strong> that selling privately can save m<strong>on</strong>ey by not paying<br />
commissi<strong>on</strong>.<br />
In fact it works the other way!<br />
Look at the table <strong>on</strong> Page 9 (click here). It illustrates savings that you make by<br />
using an agent.<br />
When savings are measured against the agent's fees of 7%, it almost pays to use<br />
an agent!<br />
Not all these costs will be evident in every transacti<strong>on</strong>, but a large part of them<br />
will be present.<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
<strong>RE</strong>/<strong>MAX</strong> Commitment to You<br />
We will go an extra mile for you. First of<br />
all: we listen!<br />
1. Accurate Evaluati<strong>on</strong><br />
The correct selling price of a home is<br />
the highest price that the market will<br />
bear. To assist you in determining the<br />
correct asking price, we provide you<br />
with a comprehensive market analysis<br />
of comparable properties sold <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
offered for sale in your neighbourhood.<br />
2. Professi<strong>on</strong>al Advice<br />
<strong>RE</strong>/<strong>MAX</strong> Assistance for Sellers<br />
We will advice you of any necessary<br />
repair <str<strong>on</strong>g>and</str<strong>on</strong>g> how you may best prepare<br />
your home for showing. You will be<br />
kept up to date <strong>on</strong> the state of the market, the sale of similiar properties<br />
<str<strong>on</strong>g>and</str<strong>on</strong>g> other factors which may affect the progress of the sale.<br />
3. Promoti<strong>on</strong> of Your <strong>Home</strong> to Other Realtors<br />
The major selling points of your home will be distributed to other real estate<br />
firms throughout the community.<br />
4. Signage<br />
The highly respected <strong>RE</strong>/<strong>MAX</strong> sign board advertises your property 24<br />
hours a day.<br />
5. Notify Purchasers<br />
We will use our advanced computer system to identify people who have<br />
been looking for homes in your neighbourhood. They will be c<strong>on</strong>tacted <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
given details of your property.<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
6. Open Houses<br />
<strong>RE</strong>/<strong>MAX</strong> Assistance for Sellers<br />
If appropriate, open houses will be arranged <str<strong>on</strong>g>and</str<strong>on</strong>g> held during reas<strong>on</strong>able<br />
hours.<br />
7. Advertising<br />
We will advertise your home in appropriate publicati<strong>on</strong>s <str<strong>on</strong>g>and</str<strong>on</strong>g> communicate<br />
our results to you.<br />
8. Progress Report<br />
Every step of the sales effort will be documented. Our Progress Report will<br />
keep you up to date.<br />
9. Pre-arranged Mortgages <str<strong>on</strong>g>and</str<strong>on</strong>g> Financing Guidance<br />
We offer pre-approved mortgages which encourages buyers by letting them<br />
know their mortgage potential in advance. Your <strong>RE</strong>/<strong>MAX</strong> representative<br />
will provide professi<strong>on</strong>al financing guidance to both the buyer <str<strong>on</strong>g>and</str<strong>on</strong>g> the<br />
seller.<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online
Seller’s <str<strong>on</strong>g>Guide</str<strong>on</strong>g><br />
Is Sole M<str<strong>on</strong>g>and</str<strong>on</strong>g>ate A Good Opti<strong>on</strong>?<br />
Too many cooks spoil the broth...<br />
<strong>RE</strong>/<strong>MAX</strong> Assistance for Sellers<br />
Property listed indiscriminately with every Tom, Dick <str<strong>on</strong>g>and</str<strong>on</strong>g> Harry is cheapened.<br />
Buyers w<strong>on</strong>der why efforts of so many firms are required to sell it.<br />
With a sole m<str<strong>on</strong>g>and</str<strong>on</strong>g>ate, the agent has greater inducement to study the property<br />
thoroughly, to devote time <str<strong>on</strong>g>and</str<strong>on</strong>g> effort to incur the expense of finding a prospect<br />
willing <str<strong>on</strong>g>and</str<strong>on</strong>g> able to buy the property as quickly as possible.<br />
Giving a sole m<str<strong>on</strong>g>and</str<strong>on</strong>g>ate to a reputable agent is your guarantee that he will advertise<br />
your property properly, <str<strong>on</strong>g>and</str<strong>on</strong>g> can offer it freely in the best channels <str<strong>on</strong>g>and</str<strong>on</strong>g> in the best<br />
method to attract buyers. He has time. There is no urgency. The transacti<strong>on</strong> can be<br />
c<strong>on</strong>cluded in a calm, relaxed <str<strong>on</strong>g>and</str<strong>on</strong>g> dignified atmosphere, because you <str<strong>on</strong>g>and</str<strong>on</strong>g> he would<br />
be protected against piracy.<br />
A competent <str<strong>on</strong>g>and</str<strong>on</strong>g> self-respecting agent would rather list ten properties exclusively<br />
than make 100 open listings. If you are <strong>on</strong>e of the ten, your chance of selling, <str<strong>on</strong>g>and</str<strong>on</strong>g><br />
at a good price, is better than if you were <strong>on</strong>e of the hundred.<br />
List your property with <strong>on</strong>e live, wide-awake firm - it will serve you better than<br />
ten dead <strong>on</strong>es which list everything offered, but sell little.<br />
M I D L A N D S<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s<br />
196 Chapel Street, Pietermaritzburg 3200<br />
P.O. Box 1182, Pietermaritzburg 3200<br />
South Africa<br />
Ph<strong>on</strong>e: 033 - 345 8256 (intl: +27 - 33 - 345 8256)<br />
Fax: 033 - 394 0411 (intl: +27 - 33 - 394 0411)<br />
E-mail: info@remaxmidl<str<strong>on</strong>g>and</str<strong>on</strong>g>s.co.za<br />
Web: www.RemaxMidl<str<strong>on</strong>g>and</str<strong>on</strong>g>s.co.za<br />
<strong>RE</strong>/<strong>MAX</strong> Midl<str<strong>on</strong>g>and</str<strong>on</strong>g>s Online