Bob and Sue Whigham

Here are a few tips I have used when marketing my services to buyers and sellers. (hint) You probably want to know the answers too.

1. How long have you been in residential real estate sales? Is it your full-time job? (While experience is no guarantee of skill, real estate, like many other professions, is mostly learned on the job.)

2. Does your company have a Value Proposition?

3. What designations do you hold? (Designations, such as GRI and CRSÒ, which require that real estate professionals take additional, specialized real estate training, are held by only about one-quarter of real estate practitioners.)

4. How many homes did you and your company sell last year?

5. How many days did it take you to sell the average home? How did that compare to the overall market?

6. How close to the initial asking prices of the homes you sold were the final sale prices?

7. What types of specific marketing systems and approaches will you use to sell my home? (Look for someone who has aggressive, innovative approaches, not just someone who's going to put a sign in the yard and hope for the best.)

8. Will you represent me exclusively, or will you represent both the buyer and the seller in the transaction? (While it's usually legal to represent both parties in a transaction, it's important to understand where the practitioner's obligations lie. A good practitioner will explain the agency relationship to you and describe the rights of each party. It's also possible to insist that the practitioner represent you exclusively.)

9. Can you recommend service providers who can assist me in obtaining a mortgage, making repairs on my home, and other things I need done? (Keep in mind here that real estate professionals should generally recommend more than one provider and should tell you if they receive any compensation from any provider.)

10. What type of support and supervision does your brokerage office provide to you? (Having resources, such as in-house support staff, access to a real estate attorney, or assistance technology, can help a real estate professional sell your home.)

11. What's your business philosophy? (While there's no right answer to this question, the response will help you assess what's important to the real estate practitioner-fast sales, service, etc.-and determine how closely the practitioner's goals and business emphasis mesh with your own.)

12. How will you keep me informed about the progress of my transaction? How frequently? Using what media? (Again, this is not a question with a correct answer, but that one reflects your desires. Do you want updates twice a week or don't want to be bothered unless there's a hot prospect? Do you prefer phone, e-mail, or a personal visit?)

13. Could you please give me the names and phone numbers of your three most recent clients?

It could be cheaper than you think! Cost savings from tax deductions and numerous other areas, make home owning a smart choice. Staying where you are at only gives your landlord the rent and tax deductions. You only get the rent receipts. Owning your own home will change all that and more! A low down payment or even no down payment can get you a home in as little as one to two months. Specialized funding is often available for first time home purchasers.

HOME OWNING BENEFITS:

Home owning offers dollar saving tax credits.

Home owning offers a better environment.

Home owning hedges against inflation.

Home owning allows for future credit issuing.

Home owning gains you valuable freedom.

Home owning ends rental increases.

Home owning provides retirement security.

Home owning permits improvement benefits.

Home owning entitles you to trade up gains.

Home owning provides a retirement device.

Home owning stops rent increases.

Home owning gains financial equity.

SPECIAL FUNDING:

Many lenders offer special financing savings for first time homebuyers. In addition, numerous Cities offer grants, down payment funds, and even lower than market interest rates.

FACTS YOU NEED TO KNOW:

Buyers need to select a loan agent.

Buyers need a credit report ordered.

Buyers need a loan pre-approval letter.

Buyers need to select a Buyers Agent.

Buyers need to apply for special funds

Buyers need to notify of rental termination.

Buyers need to refine home-style needs.

Buyers need to refine location desires.

YOUR agent CAN provide:

1. Special funding acquirement help.

2. Selecting loan broker guidance.

3. Available homes search printout.

4. Home purchasing tips and guide.

5. New home listing notification.

We're often asked by our clients, "How much under the listing price should we offer?"

While this is an excellent question, the answer is often difficult to pinpoint. The main reason I emphasize the education phase for homebuyers is because ultimately that is the best way for them to understand property values. When you review and study 40-60 (or more!) listings, then drive by 10-20 and look at 5-10, you will learn to immediately recognize the "Hot Listings" as well as recognize the "dogs."

Sellers price their homes using 4 basic strategies:

1. Ridiculously Overpriced

These sellers have listened to a real estate agent over-inflate the value of their home

in an effort to obtain a listing. There is a natural tendency on the part of sellers to

list with the real estate agent who promises them the highest sales price, which also explains the tendency of less scrupulous real estate agents to give the seller a high "value" in an effort to obtain the listing, sometimes overvaluing by 10-20%. These sellers may need a few months before they realize that their home is way overpriced as compared to others in the area. And the longer an overpriced home stays on the market, the more likely we can get the seller to face reality and sell at a lower price.

2. Slightly Overpriced

These sellers fall into 2 categories:

• Those that feel their home are worth every penny of their asking price.

• Those that want to leave a little "negotiating" room.

These homes, which can range between 4-10% overpriced, account for perhaps 75% of all homes for sale. Oftentimes, these sellers will reduce their price at the first sign of resistance on the market.

3. Fairly-Priced

These sellers have carefully and realistically studied other homes for sale, and they have priced their homes very competitively. These homes usually sell within 4 weeks at or very close to the listed price.

4. Attractively-Priced

These homes are deliberately priced below value, perhaps because the seller wants a fast sale or the real estate agent recommended too low of a price. Even with many competing offers, these homes usually sell within 7-10 days, at or above the listed price.

A Note on Lender Protection

Even by carefully studying homes for sale, it's difficult to establish Fair Market Value.

If you're obtaining a new home loan, make sure you’re protected by the Professional Bank Appraisal. Home lenders want to ensure that you don't overpay for a home; if the home does not meet value in the eyes of the bank appraiser, you'll be informed.

The neighborhood you choose can have a big impact on your lifestyle—safety, available amenities, and convenience all play their part.

1. Make a list of the activities—movies, health club, church—you engage in regularly and stores you visit frequently. See how far you would have to travel from each neighborhood you’re considering to engaging in your most common activities.

2. Check out the school district. The Department of Education in your town can probably provide information on test scores, class size, percentage of students who attend college, and special enrichment programs. If you have school-age children, also consider paying a visit to schools in the neighborhoods you’re considering. Even if you don’t have children, a house in a good school district will be easier to sell in the future.

3. Find out if the neighborhood is safe. Ask the police department for neighborhood crime statistics. Consider not only the number of crimes but also the type—burglaries, armed robberies—and the trend of increasing or decreasing crime. Also, is crime centered in only one part of the neighborhood, such as near a retail area?

4. Determine if the neighborhood is economically stable. Check with your local city economic development office to see if income and property values in the neighborhood are stable or rising. What is the percentage of homes to apartments? Apartments don’t necessarily diminish value, but they do mean a more transient population. Do you see vacant businesses or homes that have been for sale for months?

5. See if you’ll make money. Ask a local REALTOR or call the local REALTOR association to get information about price appreciation trends in the neighborhood. Although past performance is no guarantee of future results, this information may give you a sense of how good an investment your home will be. A REALTOR or the government planning agency also may be able to tell you about planned developments or other changes in the neighborhood—like a new school or highway—that might affect value.

6. See for yourself. Once you’ve narrowed your focus to two or three neighborhoods, go there, and walk around. Are homes tidy and well maintained? Are streets quiet? Pick a warm day if you can and chat with people working or playing outside. Are they friendly? Are their children to play with your family?

Although most homeowners eventually decide to use a real estate agent to sell their home, many of them often try to sell the property themselves, usually with mixed results.

However, if you’re the type of person who welcomes the challenges of any task as big as marketing your home as efficiently and effectively as possible, then here are just a few of the items you’ll need:

1. “For Sale” sign (preferably with directional arrow)

2. Sample / blank purchase agreements

3. Detailed flyers from a home lender illustrating the best home loans available to prospective buyers

4. Copy of the plateau map for your street or subdivision

5. Home Warranty sign

6. Lead-based paint disclosure forms

7. “True Cost Forms" for prospective buyers. These forms are customized to highlight income tax savings information and future appreciation

8. A customized laser- printed feature sheet on your property

9. “Open House” signs

10. A list of all homes in the area currently for sale

11. A list of all homes in the area recently sold

12. A list of all homes in the area recently for sale but that expired unsold

13. Home inspection request forms

14. Well & septic forms

15. Property survey request forms

16. Terms sign

17. Home warranty information and application forms

18. Pest inspection request forms

19. List of assessed values of homes on your street