The Ultimate Real Estate Seller's Guide
What you need to know to sell your property fast
Pre-Selling: Setting The Expectation
Selling your property, commercial or residential, is like selling any other good or service in their respective markets, with just a few extra steps. It's very simple with the only outlier being that instead of giving a receipt, the title is transferred through a deed and has to be recorded by the Public Records Office. But, before you even consider selling, you need to ask yourself these questions:
If the answers justify your reason to sell, then the next thing to consider is pricing. Example: In order to sell your good or service you have to market your product, hire a salesman to sell your product, and price it according to how much the market deems its value. Same applies to Real Estate, the market tells you how much your property is worth. Value is calculated by how much buyers are willing to pay for that same property compared to other available properties nearby (also known as comparables). This can be seen in a simple supply and demand graph below.
- Why are you selling?
- Do you absolutely have to sell?
- How much time do you have to sell?
- Do you have a plan after you sell?
If the answers justify your reason to sell, then the next thing to consider is pricing. Example: In order to sell your good or service you have to market your product, hire a salesman to sell your product, and price it according to how much the market deems its value. Same applies to Real Estate, the market tells you how much your property is worth. Value is calculated by how much buyers are willing to pay for that same property compared to other available properties nearby (also known as comparables). This can be seen in a simple supply and demand graph below.
As you can see, the higher the price of the property, the less demand there is for it, and visa versa. The most optimal position to be in is where the demand line and the supply line intercept. This point is called the equilibrium price and is considered by the market a "fair price". This means, you the seller, will get the most for your property that is deemed reasonably priced to a buyer.
Now understand that this diagram doesn't consider time. According to Zillow.com, as of August 2020, the average days on market for all residential properties in California was 70 days, and this number is expected to increase. As you answered yourself earlier, is this a sufficient amount of time for you? Are you trying to sell your property as fast as you can? According to the supply and demand chart, the lower the price, the higher the demand right? One of many strategies may be to lower the price to gain more interest and activity.
By now, you can begin to imagine how powerful the price you set can be. It can be used in your favor or used against you.
Now understand that this diagram doesn't consider time. According to Zillow.com, as of August 2020, the average days on market for all residential properties in California was 70 days, and this number is expected to increase. As you answered yourself earlier, is this a sufficient amount of time for you? Are you trying to sell your property as fast as you can? According to the supply and demand chart, the lower the price, the higher the demand right? One of many strategies may be to lower the price to gain more interest and activity.
By now, you can begin to imagine how powerful the price you set can be. It can be used in your favor or used against you.
1. Partner Up With The Right Real Estate Agent
This is a very crucial step in selling your property - probably the most important. Real Estate Agents spend the time to become masters of the market so you don't have to. The market can sometimes be very convoluted and difficult to navigate. An Agent is like the GPS out of the labyrinth. Because they know the market so well, they also know how much to price your property and approximately what kind of traffic it will get. So you don't have to worry about the logistics.
The Real Estate Agent is also the salesperson of the property. They are going to be the point of contact to all clients, and they will negotiate on your behalf to get you the best deal they possibly can. For this reason, it is vital that the Realtor you hire is battle-hardened and experienced.
And lastly, a Real Estate Agent handles all back-end paperwork, contracts, and title. Each step moving forward requires almost everything to be in written form and to be recorded; Which you, the seller, don't even need to worry about.
If you are currently looking for an agent or in need of an effective agent to sell your home, just click the chat icon on the bottom left or fill out a contact form on the Contact Us page.
The Real Estate Agent is also the salesperson of the property. They are going to be the point of contact to all clients, and they will negotiate on your behalf to get you the best deal they possibly can. For this reason, it is vital that the Realtor you hire is battle-hardened and experienced.
And lastly, a Real Estate Agent handles all back-end paperwork, contracts, and title. Each step moving forward requires almost everything to be in written form and to be recorded; Which you, the seller, don't even need to worry about.
If you are currently looking for an agent or in need of an effective agent to sell your home, just click the chat icon on the bottom left or fill out a contact form on the Contact Us page.
2. Photography & Marketing
If a picture is worth a 1,000 words, then a video is worth 10,000 words. If a video is worth 10,000 words, then a 3D tour is worth 100,000 words.
Understanding technology and how to use it to your advantage can mean the difference of selling or not selling your property. Especially now during these times where we are becoming so dependent on technology to help make our choices. It is of utmost importance that you take advantage and stand out from the rest in this saturated market.
Here is an example: Most properties will have a virtual tour (a short video touring the property) attached to the property profile. Some properties will also have a 3D tour to give the prospective client the opportunity to view the property with an almost in-person perspective and quality. To some, they may never know this exists, to others, it's extra work. However, to experienced Realtors, that is an opportunity. Look at the photo below:
Here is an example: Most properties will have a virtual tour (a short video touring the property) attached to the property profile. Some properties will also have a 3D tour to give the prospective client the opportunity to view the property with an almost in-person perspective and quality. To some, they may never know this exists, to others, it's extra work. However, to experienced Realtors, that is an opportunity. Look at the photo below:
This was a simple Zillow® search of properties in Concord, CA. The first thing that catches your eye is the 3D Property listing. This also catches the eye of the buyer, making them click on it out of curiosity. Just this alone gives you, the seller, a competitive advantage over all the other properties in the area.
Here at The Sofyan Karim Team, that is just one of many tactics used to optimize each platform to maximize the amount of traffic. Creating something easy to remember and positioning yourself to be the first listing that everyone impulsively clicks on is just Marketing 101. Partnering up with Sofyan Karim allows your listing to standing out across multiple different IDX/MLS search engines.
Here at The Sofyan Karim Team, that is just one of many tactics used to optimize each platform to maximize the amount of traffic. Creating something easy to remember and positioning yourself to be the first listing that everyone impulsively clicks on is just Marketing 101. Partnering up with Sofyan Karim allows your listing to standing out across multiple different IDX/MLS search engines.
3. Contracts & Negotiating
After all the marketing, you finally accept an offer. Contracts are a bit unique in the sense that depending on the property and the situation, different methods of approach will be used to transfer title. Sofyan will guide you through the contracts and make sure you understand everything you need to know. Contingencies are the final details such as inspection, loans, etc. Once those contingencies are performed, they will be removed from the contract and you are one step closer to closing.
4. Closing & Transfer Of Title
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Once all contingencies are removed, transfer of title will take place with a Title Company. After closing procedure is finalized and all documents are recorded, you have now successfully sold the property. That's it!
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With You Every Step Of The WaySofyan and The Sofyan Karim Team is dedicated in helping you achieve your goals. Equipped with the latest market data and the finest negotiation skill, they are ready to tackle any project.
Sofyan Karim, a name you can trust.
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