Colorado Springs Real Estate, Melanie Prensner, Realtor

There will never be another now. I will make the most of today.  There will never be another me. I will make the most of myself.   — Robert Schuller

Let’s make 2010 your absolutely best year ever!

Melanie Prensner

Remax Advantage of Colorado Springs

For Sale By Owner? OR For Sale By Realtor?

That is the question!

21 Questions to Ask Yourself Before you say, “For Sale By Owner” !

Some home owners prefer to try to sell their home “by owner” prior to considering a real estate agent. The thought is, “we can save that commission if we sell this home ourselves.” With owners wanting as much money as possible out of the sale of their home, it is very understandable why someone would want to consider this approach.

However, research indicates that only about 1 out of 12 homes for sale by owner actually do sell, and the ones that sell produce 15-16% less income than homes that are marketed by a professional REALTOR® (NAR 2006). Another issue is that buyers also expect to pay less for a home that is for sale by owner, because they assume that the owner is not paying a realtor fee, and at least half of that savings should rightfully be passed on to them. Even with a realtor commission of 6% this means that, on average, you get 10% less for your home sale right from the start … if your home sells!

So, when all of the factors are considered, owners need to be very careful in proceeding with this approach to home sale. To help you understand more of what is involved in selling your home by yourself here are 21 questions for you to ask yourself if you are considering marketing your own home.

In working with home sales on a full-time basis we know how many hours and how much effort it will take to get your home sold. We would welcome the opportunity to assist you in any way possible.

1. Have you incorporated the most recent tools available for preparing your home to sell? Once you put that “For Sale” sign on your property you enter into a competitive market with thousands of other homes waiting to be sold. You want to be sure that you have done all that you can to have your home move to the top of the competition charts. Our agents are ready to show you how to do that.

2. Did you get a good, solid appraisal of your home’s value in this current market? Did you do all you could to present your home to appraise at top price?

3. Are you sure you are asking the right amount for your house? Even with the appraisal in hand, it is important that your home be accurately priced for sale. More often than not, houses that do not sell are incorrectly priced to begin with. The right sticker price can make a big difference.

4. Are you marketing your property to attract as many potential buyers as possible? When you have more potential buyers the possibility that you will sell your home faster goes way up. It relates to the old saying that “when you cast a larger net, you will probably catch more fish!” A professional REALTOR® has access to numbers of additional sources beyond the local newspaper and the Multiple Listing Service.

5. Have you developed professional, attractive notebooks, brochures and flyers to present your home in a carefully expressive manner? Buyers often look for a tangible piece of information to take with them after seeing your home. And remember, your information will be placed alongside other brochures for comparison purposes. It is important that you know what is out there that they will compare your home with in their search process.

6. Have you acquired all the tools you need to present your home as an appealing property in the midst of other homes on your block? Items such as brochure boxes, “For Sale” signs, flags and open house signs, and other helpful tools can be designed to capture people’s attention. Selling a home is much more than just sticking a sign in the yard and watching everyone flock to buy it!

7. Do you have a list of required property disclosure forms, such as lead paint disclosure statements, lead-paint disclosure brochures, property condition disclosure statements, purchase contract, legal description of the property, contingency clause addendums, etc? A professional listing agent can assist you with these items and ensure that you comply with all necessary disclosures.

8. Have you pulled together a list of suggested inspections often required by sellers, such as a certified home inspection, termite inspection, previous mining areas, expansive soil test requirements, radon testing, and other requested documents? Some of these can make your home more competitive in comparison with others on the market.

9. Do you know how to conduct an open house to present your home in the most appealing light possible? There are definite considerations to weigh when thinking about having an open house showing, and you will want to gain every advantage possible when contemplating this avenue of marketing.

10. Are you connected with other real estate agents to market the property to as many of them as possible? Studies show that most buyers do use professional real estate agents to help them locate a home, and this pool of potential buyers is huge. Most agents will be connected with a number of other REALTORS® to give your home the maximum exposure that it deserves.

11. Have you pulled together information to help buyers understand you neighborhood as much as possible? Information like a free school report, a list of local services, phone numbers for local help, and other services demonstrates that you are interested in the total needs of the buyer who is considering your home.

12. Do you have someone who can show your home to potential buyers? It has been overwhelmingly demonstrated that buyers are much more uncomfortable in viewing a home when the owner is present in the house during the visit. They feel inhibited, restricted and afraid of hurting the owner if they say something offensive during their tour. This is where an agent can help you in making these showings go smoothly with maximum freedom for the buyers.

13. Do you have the time to set up showings? Making trips to and from work to open your home, waiting for potential buyers who decide not to show up after all (without possibly notifying you), taking calls and interacting with casual observers, and other such events can take an inordinate amount of time. This is what a listing agent does, and he/she stands ready to handle all of these required time demands.

14. Have you identified experts who can assist you with difficult questions or issues? Since there are so many potential issues that can arise (structural, electrical, plumbing, pests, roofing, siding, architectural, contractors, carpenters, lawyers, financial planners, accountants, tax specialists, etc. etc. etc.) it is helpful to know these contacts ahead of time. Otherwise, you can be subject to high prices, low priority of attention, and inferior work or advice. An experienced agent will have relationships with all of the necessary contacts to assist you.

15. Can you verify that buyers are qualified to purchase the property? Sometimes people who look at FSBO properties have poor credit ratings, inadequate financing, recent bankruptcies and other financial challenges, and they are hoping that someone selling his own home will overlook these “minor” issues. This also means that the owner’s time could be wasted showing a home to someone who isn’t even capable of purchasing the property.

16. Are you comfortable negotiating the purchase price with your potential buyer? Sometimes it can be difficult for owners to have to negotiate the sale of their own residence, and some owners are not experienced in this process. The assistance of an experienced REALTOR® can help you get top dollar for your home, and he or she can sometimes be more objective in seeing that process to completion.

17. Have you explored mortgage financing ideas for your buyers? Often buyers are not sure what options they have for financing a home, and any help that you can bring to them will be greatly appreciated. Of course a professional REALTOR® will know exactly how to assist such buyers in this process.

18. Do you have the necessary forms and the seller’s and buyer’s sheets for calculating net income from the sale of your home? It can be very helpful to see what all of the cost and credit items are that enter into a home sale so that you can correctly anticipate what proceeds your home will produce for you.

19. Are you aware of the legal requirements that the government says must accompany the transfer of property from one party to the other? Have you studied the HUD1 settlement statement to understand the process? It is important to meet these requirements so that no repercussions come back to you in the future.

20. Are you prepared and comfortable to profitably walk through the closing process? Make sure you are ready to track issues such as the following … follow up on buyer’s financing; monitor the appraisal process; order all title work & coordinate with title company; order lender’s payoff; schedule & coordinate the actual closing; monitor critical deadlines that could cost you money or cause liability; coordinate & monitor all inspections: i.e. termite, gas, radon, well, septic, property inspection and other certifications (if necessary); review the settlement figures for accuracy; arrange for a Power of Attorney (if needed); and all the other steps involved in the process.

21. Have you really sat down to calculate the cost of selling your home on your own? Saving a REALTOR’S® commission may be the most expensive decision you will make in deciding to sell your own home. Why not sit down with us and see what we can do to help you net the most money possible out of the sale of your home?

I am Melanie Prensner, and I would welcome the opportunity to meet with you to discuss what we can do to get your home sold as quickly as possible and at top dollar. Though currently a full time, licensed REMAX Realtor, with 30 years living, working, and raising a family of six in Colorado Springs, I enjoyed helping people with their real estate needs for many years before being ‘officially’ licensed as a Realtor over seven years ago. Now, as a licensed, full time professional Realtor, I am committed to providing integrity, expertise, and highly personalized service to you, your family, friends and business associates in your Colorado Springs real estate transactions. In order to better serve my clients, I have earned the GRI (Graduate Realtor Institute) certification, ABR (Accredited Buyer Representation) certification, CDPE (Certified Distressed Property Expert), and the CRS (Certified Residential Specialist) certification. As your Colorado Springs Realtor, my goal is to serve you with the highest level or professional, personalized service possible.

To learn more about my real estate service, please re-visit our website at www.homes4ucolorado.com

Have a great day!