Selling in Colorado & Wyoming
STEPS TO SELLING
STEP 1: ARE YOU READY TO SELL?
You are ready to sell when: you have completed your fact gathering process, you are confident that your interests will be represented to your advantage, you are comfortable with the Realtor you have selected to work with and the selling plan you have developed meets your needs. Putting your home on the market is a complex process requiring market expertise.
STEP 2: SELECT YOUR AGENT
That's me! The terms Agent, Broker and Realtor are often used interchangeably – but most people don't know that they have very different meanings.
In Colorado, a person must be licensed in order to sell Real Estate on behalf of another. Standards set by the state cover the minimal education, examinations and experience needed to become licensed. After receiving a real estate license, some agents join their local and national “Association of Realtors”, the world’s largest professional trade association. The Real Estate agent can only be called a Realtor after joining the association and subscribing to a strict “Code of Ethics” (which goes well beyond state law). It is through the Realtor association that the agent agrees to collectively share the information on all homes for sale in your market. This is done through the MLS or Multiple Listing Service.
In Colorado, a person must be licensed in order to sell Real Estate on behalf of another. Standards set by the state cover the minimal education, examinations and experience needed to become licensed. After receiving a real estate license, some agents join their local and national “Association of Realtors”, the world’s largest professional trade association. The Real Estate agent can only be called a Realtor after joining the association and subscribing to a strict “Code of Ethics” (which goes well beyond state law). It is through the Realtor association that the agent agrees to collectively share the information on all homes for sale in your market. This is done through the MLS or Multiple Listing Service.
STEP 3: DETERMINE YOUR LIST PRICE
Establishing the listing price to ask for your home is one of the most important steps you will take. If your price is set too high (even with a strong sellers’ market) you will not get an offer. If you set it too low, you will effectively be giving away your money. Establishing a price balancing between these two pricing levels will be our objective. As your Realtor/agent, I will provide you a complete CMA (Comparable Market Analysis) prior to establishing a listing price for your home. This report will show you both actual sales of properties similar to yours, plus it will show you what homes are currently on the market in competition with your home. You will be provided with a list of homes, most comparable to your home in terms of square feet, year built, condition of the home, proximity to your home, lot size, and date of sale or time on the market.
When appropriate, we will set showings for homes in your neighborhood and actually visit these homes together prior to setting your price. As your Realtor/agent, I will also provide guidance to establish a price point which will meet the requirements of appraisers. Remember that most homes acquired will have a mortgage lender who will insist on an independent appraisal prior to financing a buyer for your home. During the process of finalizing the listing price, we will prepare a “Seller's Net Sheet” analysis for you. This will let you know the estimated cash you may expect to have available to you after Closing the sale of your home.
When appropriate, we will set showings for homes in your neighborhood and actually visit these homes together prior to setting your price. As your Realtor/agent, I will also provide guidance to establish a price point which will meet the requirements of appraisers. Remember that most homes acquired will have a mortgage lender who will insist on an independent appraisal prior to financing a buyer for your home. During the process of finalizing the listing price, we will prepare a “Seller's Net Sheet” analysis for you. This will let you know the estimated cash you may expect to have available to you after Closing the sale of your home.
STEP 4: MARKETING YOUR HOME
Consideration of current market conditions for your home would be: Are home prices in your area trending upwards or downwards? Are homes selling quickly or are they getting stale by sitting on the market? Will your home be on the market in the spring home buying season or the dead of winter? What are current interest rates for mortgages? Will you be selling in a buyer's or seller's market? Is the local job market strong or are employees fearful of staff reductions? How motivated are you for a quick sale? Is it necessary for you as the seller to provide “incentives” such as “pre-home sale” inspection, home buyers warranty, financing assistance or selling agent bonuses? Many of these factors will be weighed in the first step in marketing your home and, as your Realtor, I will be your #1 resource for the information we will need.
Setting the Stage to sell your home: Consider what YOU would look for when looking for a home to purchase. Like, visual appearance, odors and noise all factor into your impression. Imagine yourself walking up to your home as though it was “the very first time”. What do you notice? How do you feel about what you see? Is the home inviting? Is the home well-maintained? Would you be inclined to buy this home?
Here is what it will look like in marketing your home with me as your Realtor:
First things first; we will sign and complete the Listing Agreement.
Then my real work begins!
Week One (Preparing for the sale...)
Setting the Stage to sell your home: Consider what YOU would look for when looking for a home to purchase. Like, visual appearance, odors and noise all factor into your impression. Imagine yourself walking up to your home as though it was “the very first time”. What do you notice? How do you feel about what you see? Is the home inviting? Is the home well-maintained? Would you be inclined to buy this home?
Here is what it will look like in marketing your home with me as your Realtor:
First things first; we will sign and complete the Listing Agreement.
Then my real work begins!
Week One (Preparing for the sale...)
- Schedule time for Professional Photographer to shoot photos of your property
- Schedule Pre-Inspection (This is where we will go over things that need attention throughout the home before going on the market, if any)
- Schedule Staging Assistance (if in your particular marketing plan)
- Prepare color property flyers
- Prepare arrangements with Centralized Showings
- Prepare Custom Counter Display with Home Book
- Prepare Virtual Tour (if in your particular marketing plan)
- Place ads (agreed upon with your paricular marketing plan)
- Notify Shorewood Relocation Department of your property
- Order neighborhood postcards
- Order Home Warranty (if in your paricular marketing plan)
- Review and update status
- Enter listing into the MLS system with Professional Photos (and virtual tour if in your marketing plan)
- Put up "For Sale" yard sign with brochure box
- Deliver Custom Counter Display with Home Book
- Install lock box. (Electronic Bluetooth for added security)
- Review showing procedure
- Syndicate listing to real estate websites including Shorewood Marketing websites, Zillow, Trulia, etc.
- Mail out neighborhood postcards (if in your particular marketing plan)
- Invite brokers and agents to tour home
- Begin agent to agent marketing efforts (REALTOR-reach-out, REALTOR Open House)
- REALTOR-reach-out (Send electronic brochures to TOP REALTORS)
- Review and update status
- REALTOR-reach-out (Send out reminder electronic brochures to TOP REALTORS)
- Hold Open House
- Review and update status
- Ongoing activities
- Weekly updates of the sale of your home
- Show property to potential buyers
- Follow-up on Internet leads
- Monitor market conditions
- Monitor comparable properties for sale
- Monitor foreclosures and short sales in market
STEP 5: YOU HAVE A LOT OF QUESTIONS...
You may have a lot of questions at this point...read these FAQ's for sellers, or give me a call, I have the answers to all of your questions.
STEP 6: NEGOTIATING AND ACCEPTING THE OFFER
Once you receive an offer on your home, we will review all the terms and conditions of the offer together. If any of the terms or conditions of the offer are different from the terms indicated in the MLS and are not acceptable to you, you have the right to counter the initial offer made with terms and conditions which meet your requirements. Through this process of reviewing, countering and/or accepting the purchase offer, we will work closely with you to maintain timely responses and provide market savvy answers to our questions as they come up.
Once the purchase offer is countered and accepted, the clock starts running for many items needed to meet the requirements of the agreement and your protection. We will immediately order the title insurance commitment to be delivered to the buyer. As the buyer completes their requirements, we will be sure to review the results of the appraisal and the inspection report for your benefit. If, for example, the results of the inspection report are not reasonable, you will have the option not to perform any requested items, thereby giving the buyer the option to waive the items listed or to void the contract. I will be available to advise you on all such matters along the way to closing.
Once the purchase offer is countered and accepted, the clock starts running for many items needed to meet the requirements of the agreement and your protection. We will immediately order the title insurance commitment to be delivered to the buyer. As the buyer completes their requirements, we will be sure to review the results of the appraisal and the inspection report for your benefit. If, for example, the results of the inspection report are not reasonable, you will have the option not to perform any requested items, thereby giving the buyer the option to waive the items listed or to void the contract. I will be available to advise you on all such matters along the way to closing.
STEP 7: CLOSING AND MOVE OUT
Closing on the property is usually handled by the tile company which issued the title insurance commitment. The seller has the choice of selecting the title company used. I will be with you to provide answers and assistance during this process which usually takes from 30-90 minutes. I will be sure to review all settlement statements for you as the seller for accuracy and reasonableness, then I will deliver them to you 1-3 days before closing so you can review as well. Time of possession is established at the time of negotiating the original offer. In Colorado, it is customary for the buyer to take possession at Closing or up to two days after closing. If the seller wishes to stay in the home beyond these dates, this is negotiated between the buyer and the seller through the "Post Closing Occupancy Agreement" to determine the terms and any rents paid if that is the deal that is made.