There are many steps that are involved in selling a client's home. The following is a description of the process:
1)Setting the Price: I work with you to set a realistic listing price for your home. This is probably the most important step in marketing your property. Sellers, of course, want to realize the highest price possible for their homes, but they must recognize how the listing price fits into the overall sales strategy. If the price is set unrealistically high, then other agents and potential buyers simply will not look at the property, assuming that the seller will not negotiate a price in good faith or will be very difficult during the escrow process. Too high of a listing price will mean that the property will simply languish on the market and become what is known as a “stale” listing.
When the property does not sell, what then normally follows is a slow process of decreasing the price in increments. When an agent sees a property that has been on the market for many days with many decreases in price, they then assume that the seller is desperate to sell, and what will follow is a series of low-ball offers.
I will show you recent sales of homes most comparable to yours so that you are educated in the current state of the market. Once we come up with a target sales price, I normally then price the home with a bit of a cushion to leave negotiating room to achieve the target sales price. It is important though to set the listing price at a realistic level to encourage agents to want to see your listing.
2) Marketing Your Property:
When Marketing Your Property for sale, I will utilize all of the appropriate resources available, particularly the Internet. E-Marketing is extremely important in today's internet-savvy world, particularly for those luxury home buyers who may be interested in relocating to the Los Angeles South Bay from another part of the country or the World. More and more home buyers are computer literate, and take the opportunity to surf the web in reviewing potential home acquisitions. Unless your agent takes advantage of this significant change in how people review potential properties for sale, they will be missing a large part of the real estate buying market. The following steps are taken by me when marketing a Property for sale:
- I will work with you to help you prepare your property to show as well as possible, including staging your home to sell. An additional service that I provide which I believe is unique to real estate agents is managing the process of a renovation or updating of your home in preparation of listing the property. For an example of this see the following link: Before and After - Case Study in Renovation and Staging for my New Listing
- List Property for sale on the multiple listing service (MLS), including extensive pictures and a link to a virtual tour. For properties on the Palos Verdes Peninsula, the virtual tour will also be hosted on a dedicated web site at the domain name of www.palosverdesliving.com ( Click on the link to see my current listings in Palos Verdes ). All advertising will refer to this website for viewing a virtual tour and receiving more information on the property. An example of one of my virtual tours is http://www.seetheproperty.com/65973.A separate marketing page will also be created on my website for the listing with property description, extensive pictures, virtual tour link, and information about the City in which the property is located.
- INTERNET MARKETING: The Property will be extensively marketed on the internet through numerous internet posting sites, including Realtor.com, Zillow.com, Trulia.com, Craig's List, Postlets and Remax.com. For larger luxury estates, the Property will also be marketed on an international basis with Remax Renowned Properties, the luxury homes and estates marketing affiliate of Remax. My website ( www.maureenmegowan.com ) is also highly ranked by the internet search engines, with page one ranking on Google (for example, using key word searches such as "Palos Verdes real estate", "Palos Verdes Realtors", "Palos Verdes Condos", "Palos Verdes home listings", "South Bay real estate", "Rancho Palos Verdes Real Estate", "Rancho Palos Verdes homes for sale", "Palos Verdes Peninsula homes" , "South Bay real estate agent", or "South Bay Realtor") and The Property will be highlighted on my website as a Featured Listing and Best Buy. You can check out a couple of my search results by clicking on the following links: http://lmgtfy.com/?q=palos+verdes+real+estate or http://lmgtfy.com/?q=palos+verdes+condos . My website contains significantly more informational content than other real estate agents websites, which makes it more attractive to those searching the web for possible real estate purchases. The Property's listing information and pictures will also be posted on my web blog http://mmegowan.activerain.com.
- Install Remax signage, with flyer box (if allowed by the local city regulations) at the Property
- Prepare marketing brochure and flyer ( Click on the links to see an example of each)
- Prepare mass email to over 800 South Bay brokers as well as approx. 1,350 high income Palos Verdes Peninsula residents from my own proprietary data base of email addresses.
- Show property during brokers open house caravan during first week of listing, as well as additional caravans as necessary
- Utilize extensive Remax referral network on both a national and international basis through Remax California/Hawaii and Remax International
- Prepare advertising program, including advertising in local newspapers ( Click on link for example ), and the Remax Collection Magazine ( Click on previous link for an example or view this additional example ) which is distributed to 24,000 people in the South Bay. For larger luxury home estates, advertise in regional luxury home advertising magazines and supplements including Homes and Land Magazine or Unique Homes Magazine (which includes internet postings on such websites as LivingChoices.com, HomeGain.com LendingTree.com, RealEstate.com, Lycos.com, Yahoo.com (Real Estate Classifieds), BobVila.com, and UniqueGlobalEstates.com), as well as the Quarterly Real Estate Luxury Home Magazine distributed by the L.A. Times called Ultimate Address.
- Host multiple open houses to the extent desired by the owner
- Show the Property to prospective buyers via appointment and install a lockbox so that realtors can view the property with their clients, if approved by the seller.
3) Negotiate the sales contract: As your fiduciary agent, I work with you to negotiate the highest price possible with a potential purchaser. Negotiation is an art, fine tuned through years of experience. At the end of the negotiation process, if done properly, both parties feel that they have been treated fairly and are happy at the end.
4) The escrow process:
Open the escrow by depositing the buyers deposit check and submit the purchase contract documents
- Work with the Seller to prepare all required disclosure documents to submit to the buyer
- Order the termite report which is required to be prepared by the seller
- Make sure that I am present when the buyer’s loan appraiser visits the property and supply him with meaningful sales comps. Most appraisers appreciate receiving this input. If there is something that affected one of the sales comps, such as poor condition of the interior, it is important to bring this to the attention of the appraiser, as they do not have this knowledge as they only look at the sales price.
- Review the buyer's request for repairs during their contingency period and review their inspection report for substantiation of their request. Negotiate any seller repairs or credits to the buyer in escrow
- Communicate with the buyer’s loan broker to confirm the status of the buyer’s loan approval process so as to avoid surprises late in the escrow period
- Obtain release of contingencies by the buyer including physical inspection and financing contingencies.
- Continuously follow up with escrow to make sure that they have all required documents to close
- Prepare a CD with copies of all purchase and sale documents to give to seller for their records.
5) The closing- Confirm recording of all documents, receipt of funds by the seller, and transfer keys to the property to the buyer
The most important thing throughout the sales process is constant communication with my client to keep them informed as to the status of the escrow.
For more information about Palos Verdes and South Bay Real Estate and buying and selling a home on the Palos Verdes Peninsula, visit my website at http://www.maureenmegowan.com . I try to make this the best real estate web blog in the South Bay Los Angeles and the Palos Verdes Peninsula. I would love to hear your comments or suggestions.