Todd Hillman, M.A.

Hello:

I work with a short sale negotiation company that conducts short sales nationwide. Our client has a listing in Memphis Tn. We are looking to hire a qualified and experienced BPO AGENT to conduct a BPO on an executive home in Memphis TN this coming week.

Please call or email.

Thanks,

Todd

Unequivocally YES! In a tough market like this, it is critical that owner occupied homes being listed up against bank foreclosures and short sales receive as much exposure to potential buyers as possible. There are some in the RE industry that think open houses do not work and in some rare cases, they don't. However, most of the time, 3-4 hours per week is not that much time to ensure a listed home receives the exposure it needs to sell.

The key is to have innovative and fun open houses at times when potential buyers are available. In this busy world, buyers are everywhere but they are sometimes very busy, very overloaded with information, and don't always have the time to look at homes during traditional timeframes.

Having worked in the real estate industry both in Chicago and now Phoenix, it is critical to host open houses when buyers are available.

Traditionally Sundays seem to work best because potential buyers have the afternoons to drive and look at homes. Saturdays sometimes work but this is typically a day for running errands and taking care of business that was delayed during the previous week.

I have found that hosting a Thursday or Friday "Twilight Open House" is very successful. Typically we will provide wine and cheese/finger snacks from 4:30-7:30pm. These work great because people can stop by after work, view the home and get a snack. Neighbors love these and I have had neighbors help sell my homes simply because they came to one of these open houses and convinced friends to move nearby.

This is just a snapshot of the marketing tools dedicated agents can do for you. If you or your agent don't think open houses will work-think again! These are easy to do and offer opportunities for you and the agent to get your home sold quicker than others in the neighborhood.

In a tough market like this, so often the difference between selling today and selling in 4 months is very simple--STAGE YOUR HOME! Moreover, homes that have simple added touches tend to sell quicker.

Here are some simple guideposts for a quicker sale:

SIMPLE STAGING STRATEGIES

#1 - Clean. Your home should smell and look clean! Typically this involves hiring a cleaning crew. In fact, having a cleaning service return weekly while your house is for sale is probably a pretty good investment. Get your windows professionally cleaned inside and out too.

#2 - Fix. Does that faucet drip or that wall look scuffed? These will send the wrong message to potential buyers. Getting them fixed before you put your house on the market is a smart idea. Put your best foot forward.

#3 - Get Rid of Clutter. There is a 50% rule for eliminating half of the items in your home. This may be the hardest rule of all! We love clutter - - it reflects our memories, hobbies, and values. But it won't sell homes! Clutter makes homes seem smaller and disorganized.

#4 - Neutral with Class. Neutral colors sell! Fact not opinion. Try to convey an image of quality and neutrality. Potential buyers walking through your home want to imagine themselves as the owners. If you use styles or colors they would never select, you've just turned them off. Staying high-quality, but neutral is safest.

#5 - De-personalize. Remove objects that your potential buyers won't be able to identify with. Some examples are items like personal photos, religious symbols or political affiliations. Buying a home is an emotional decision, and you want potential buyers to make an emotional connection with your home by being able to "see" themselves in it. The last thing you want is for them to be turned off because they don't like your political candidate. After all, the key is to sell your home!

Follow these steps, along with pricing your home right, and you should be well on your way to signing escrow papers in a few weeks!

Is Your Home Physically Fit?

To give your home a competitive edge when it's time to sell, make sure it is in good physical condition. This not only makes your home more attractive and desirable, it also simplifies the negotiation process when the time comes for the buyer's pre-purchase inspection.

According to real estate experts, approximately half the resale homes in the market today have at least one significant defect. Routine maintenance is the best way to prevent major, costly problems from developing in the first place. If you have been putting off those repairs, now is the time to make them.

A Home Seller's Check List

Over the years, national home inspection organizations have identified a list of common problems that typically appear on buyer's home inspection reports. Early correction of these problems can increase a home's appeal and its selling price. It also sets the stage for a favorable home inspection report for the buyer, and thereby helps to expedite the sale. The following 6-point checklist can help you achieve these marketing goals.

1. CHECK THE MAJOR SYSTEMS

After size, style, and location, a home buyer's primary concern is the condition of the home's basic structure and major mechanical systems. Most buyers do not want to invest a great deal of money correcting problems in such critical areas.

A pre-listing home inspection of the visible and accessible home components can reveal most of these problems, and include recommended repairs, if needed, on the following major items:

• Roof structure and covering
• Foundation, basement, and/or crawl space
• Central heating and air conditioning systems
• Electrical system
• Plumbing system

2. MAKE MAINTENANCE IMPROVEMENTS

A number of maintenance improvements are relatively easy and inexpensive to make, yet they can substantially improve a home's appearance, efficiency, and comfort. A professional home inspector may make helpful maintenance suggestions, such as:

• Trim trees and shrubs which touch or overhang the house
• Apply new caulking and weather stripping as needed around windows and doors
• Clean gutters of debris and leaves; repair or replace cracked or broken gutters, downspouts, and extensions to ensure proper drainage
• Replace bathroom caulk or grouting where necessary to prevent seepage and improve appearance
• Ventilate closed basements and crawl spaces, or install a dehumidifier, to prevent excessive moisture build-up
• Regrade soil around the foundation, as needed to keep water away from the house
• Replace dirty filters in the heating and air conditioning systems
• Have the heating and air conditioning systems professionally serviced
• Have chimneys professionally cleaned, and install chimney hoods or caps as needed

3. PAY ATTENTION TO DETAILS

Fixing even minor items can go a long way toward improving that important first impression of our home. Here are some typical improvements which might be suggested by the home inspector's findings:

• Repair leaky faucets
• Tighten loose doorknobs
• Replace damaged screens
• Replace broken panes of glass
• Replace burned-out light bulbs
• Secure loose railings
• Repair and coat driveway
• Patch holes or cracks in walls and ceilings, then repaint
• Repair peeling wallpaper

4. TAKE SAFETY PRECAUTIONS

Home inspectors also pay attention to items relating to protecting the home and its occupants from danger. They can alert you to important safety precautions which home buyers will appreciate, such as:

• Installing smoke detectors on each level
• Installing Ground Fault Circuit Interrupters (GFCI's) in "wet" areas, such as kitchen counters tops, bathrooms, and exterior outlets
• Keeping flammable products away from heaters, water heaters, and fireplaces

5. MAKE COSMETIC IMPROVEMENTS

An attractive, clean, and neat home will appeal to a buyer's emotions. In addition to making repairs such as those listed above, remember to:

• Keep the lawn mowed and the house neat
• Clean the exterior walls and trim; repaint if necessary
• Open windows shades and curtains to create a bright, inviting atmosphere
• Keep the kitchen and bathrooms clean, since buyers scrutinize these areas

6. PREPARE FOR THE BUYER'S INSPECTION

It's a good idea to assemble in advance various house records that can be used to answer questions from buyers and home inspectors. Make sure you have filled out the Seller's Property Disclosures too. Ensure that clutter is removed from around the attic entrance, electrical panel and HVAC systems/Water Heater.

HAPPY SELLING!

So often today I hear this from buyers. My response is "You have every right to feel that way? When all you see is negative news and foreclosures down every street, why would anyone buy?" Well smart buyers are BUYING NOW. There is a saying--"The Early Bird always gets the worm!"

For nearly 18 months our housing market in Phoenix have crashed and seen sinking home values. Home values in some areas are being sold for 10's of thousands below what they were built for just four years ago. Now everyone knows that in Phoenix, the run up of prices happened primarily in 2005-2006. So for the market to pull down below that time period, only one thing can be said-"You can't build them for what they are selling."

Now there are those "Bandwagon Yellers" who keep saying the market will decrease more and more. Not sure if they look at real estate stats or not? Month after month, locally and nationwide, housing re-sales are up! That means we are selling off inventory. With decreased supply and steady demand, house prices will stabilize over the next 12 months.

Perhaps in some areas that have not been hit, we could see some downward pressure from foreclosures. However, many believe we are hovering at a 6 month bottom.

So my proposal is "BUY NOW." With a good REALTOR, he/she can and will provide recent comparable solds so you don't pay too much. If you can afford the payment, you love the home, you are willing to stay in it for a minimum of 5 yrs, then WHY NOT BUY? Prices will go back up, this is not the end of the world. Prices will climb once inventory decreases, the election happens, and we pull out of this housing recession.

If you would like to buy or sell a home in the Phoenix metropolitan area, feel free to call me at (623) 979-3002.