From Listing to Closing - A Seller's Guide

The Marketing Process


You can be sure that most home sellers are bewildered by the marketing process. Owners don't know what to expect or what to do. Your Realtor should describe each phase of the marketing process, including responsibilities of the agent and the owner.

I have outlined what you might consider doing to get your home ready for showings, but once you've hired an agent to work for you by signing a listing agreement, you should know what will be happening during the listing period.
Your agent should share with you ideas on how you can prepare for showings. Ask questions, communicate. Since showmanship helps sell faster, always try to have the home presentable, clean, and pleasant. If possible do not be at home when a showing to a buyer is occurring. Buyers are less inhibited and more willing to ask questions when you're out of the house. Real estate agents know what and what not to say. They know what the buyer is looking for. If they do not have the answer the agent can ask your listing agent later.
If you must be in the house during showings, let the agent do the talking. Don't offer your comments. A seller's casual "helpful" comments, made in an innocent way, have been known to lose sales.
You may not think the agent is telling potential buyers enough about your house. Don't try to second guess the agent. Depending on the buyer's needs and personality, agents may talk a lot, explaining in great detail features of a house. Some buyers may not like a talkative agent, so the agent may seem quiet to you. The agent is probably watching and listening to understand the buyer's reaction to your home. Trust the agent to do the selling.

Drop-ins
Occasionally a "buyer" may knock on your door to see your home because of the sign in the front yard. Don't let them in. Even if they tell you they don't like real estate people or will contact the agent if they have an interest in your property,….don't let them in.
You should forward all of these direct inquiries on your home to Pam Frantz, your Realty Executives Agent .
How do you know that the person at your front door is really a "buyer"? Could it be someone who wants to "case the joint" for a possible future burglary? Do you know? Are you sure? Don't take a chance.
People who really want to buy have no objections to working with an agent when they know the house is listed.
Ask your agent for a supply of REALTY EXECUTIVES TWIN CITIES business cards that you can keep by the front door. When drop-ins knock at your door, give them a card and ask that they contact Pam.

Advertising
A real estate company's newspaper advertising program is a small part of the marketing effort. Understandably, most sellers would like to see a lot of advertising. They are under the misconception that the amount of advertising done to sell the property is an indication of the effort being put forth by the agent.
Real estate companies advertise to make the phone ring, to attract buyers….not to sell the specific home that is described in the advertisement. The odds of selling the specific home that is advertised are slim. Any house ads Pam Frantz, your Realty Executives Agent, displays are in effect advertising for customers for all of the houses listed. All her ads are working for you.
Having your home listed and illustrated in the Multiple Listing Service is the most effective form of advertising. About 50% to 60% of sales are the result of MLS cooperation. Be sure your agent has your home featured on many websites as well. Pam Frantz, your Realty Executives Agent, will provide colorful, professional photo listing sheets for cooperating brokers and buyers who visit your home. Providing professional marketing sheets is a form of reinforcement advertising intended to keep your home vividly in their memories. These photo listing sheets are also delivered to local cooperating real estate offices.

Multiple Listing Service
Pam Frantz, with REALTY EXECUTIVES TWIN CITIES, is a Broker Member of the MLS system. Thousands of licensed agents have access to your listing information. This is quite an area of advertising coverage.
Your agent should explain local MLS procedures:
1. Procedures for publication of the listings.
2. Procedures for showing arrangements.
3. Who will make appointments for showings.
4. Key and lock box procedures.
5. Sign-in procedures.

Showings
At this time, it is a good idea to give your agent some idea regarding special showing instructions. For example, you may want at least 30 minutes notice before a showing to tidy-up, or you may have an infant sleeping or a dog that needs to be restrained. Discuss any special requirements you have.

Remember, even though you may want two hours' notice before a showing, the buyer may want to see your home right away. All cooperating real estate agents may not know your special requirements. There will be times when an agent wants to come over "right away". Be patient and understanding. Many of our buyers are relocating from out of state and have very limited time to make a buying decision. Shouldn't your home be in the running? Try to accommodate the prospect, if possible. You want the prospect to have good feelings about seeing your home.

Patience
While your real estate agent is trying to sell your home, you will experience a full range of emotions….from glee to depression. This is normal. There might be a period just after you've listed the property with an agent when neighbors or friends offer you "constructive" advice that causes you to question your actions. My advice to you is not to respond hastily. Be patient. You selected Pam Frantz, your Realty Executives Agent, because of her experience and years of successful real estate selling.

Offers to Purchase
When a buyer expresses a desire to own your home, the moment of truth has arrived. You have to make a decision. Feel comfortable calling Pam at any time during this very important phase. There are so many items to consider to determine if the offer is a good one. Sellers think the most important factor in the offer is price. This may or may not be true. All aspects of the proposed offer are important. Don't prejudge any offer from what the agent tells you over the phone. Look carefully at the other conditions in the offer.
Any offer to purchase contains five items, around which all negotiations seem to take place. They are:
1. Price
2. Terms
3. Possession
4. Extras
5. Contingencies
Your agent is prepared to make recommendations to you about each of these items. If you have questions regarding any item, contact your Pam.
Pam may help you with the negotiation procedure but cannot give you legal advice. Only your attorney can give you legal advice. With any offer you receive, you have three options:
1. Accept the offer.
2. Counter the offer.
3. Reject the offer.
If you object to any items in the contract, your agent should explain the ramifications that may occur if you counter-offer. Remember, if you do sign the offer without changing it, your home is "under contract". Your goal is to close. Although the offer may be the right price and terms, your buyer still may have to qualify for a loan. You need to know whether this "good offer" is backed up by a "good buyer". The next two steps will be the buyer's inspections and a Purchase and Sale Agreement.
Inspections
The buyer will probably want to have the property inspected by professional inspectors. In this area, by custom, these are usually at the buyer's expense although some buyers try to negotiate these costs.
Under Contract to Closing
After you have signed the Offer to Purchase and are under contract, you may think everything is over. You should realize that it is over only when you have completed the final closing. There is still much work to be done by Pam --and some by you--before you reach the closing table.
Your contract is an agreement between you and the buyer. Each item in the contract must be satisfied in order for the closing to occur. If the buyer has to obtain a loan to purchase your home, the buyer has a lot of work to do. You may call your agent to ask for periodic updates of what is happening. After the purchaser has applied to the lender, you might find out what the chances are of the buyer obtaining the financing as stated in your contract.
It is important to note that the buyer may not have to complete the sale if the agreed-upon financing is not obtainable at the time of closing.
The buyer will probably want to come back to see the home again. They might to measure windows for new curtains and drapes. Be as cordial as before the contract was signed. Do continue to keep the home neat and clean. The "under contract" period is an important time.
You may want your home to continue to be shown to other potential buyers until original buyer's contingencies are satisfied. You might consider obtaining a "back-up" offer. A back-up offer is signed by another buyer and goes into effect if for some reason your first buyer cannot complete the sale. You may want to prepare yourself for this eventuality. Back-up offers can be complicated. Discuss your options and responsibilities with your attorney. Feel free to contact Pam to discuss any questions or concerns.
The lender will require an appraiser to visit your house. Photographs and measurements will be taken.
You should do all you can to close on the agreed closing date specified in your contract. If you can't close on the date specified, the buyer may be able to reject the agreement and walk away from the closing. The contract usually doesn't state that the closing date can be extended if you are not able to attend, so be prepared to attend.
If you will not be available to attend the closing, you can execute a properly prepared deed and give Power of Attorney to a friend or family member to act as your closing agent. Be prepared for this situation at least one week before closing.
If for some reason financing is not available to the buyer at the time of closing or some other contingency has not been met, you may need to extend the closing date. Closing date extensions, or changes to any other items that represent a change to the contract should be in writing and signed by sellers and buyers.
It makes good sense for the extensions or changes to be in writing, signed by you and the buyer, prior to the date the event is to occur. For example, if your closing date is scheduled for June 15, you should have the agreement extending that date to a later date before June 15 arrives.
Your agent wants your contract to close as much as you do. Real estate fees are contingent upon a successful closing, just as are your proceeds of sale, so work with the agent as closely as possible. If something happens that you don't understand, Pam Frantz a call to get the explanation for you.

Congratulations – You have successfully sold your home!!