On the Market



You're ready to put your house up for sale. We've done the market analysis (which I forgot to mention - is a free service) and we've decided on a market price. So what am I going to do to get it sold?

First off, it's good to know that I'm a full time professional Real Estate Agent, not a part timer. I'm a member of the Minnesota Board of Realtors and I'm licensed in Minnesota and Wisconsin. I work for Edina Realty (who sell the most in the Twin Cities) and that means networking with 75 offices and 3,100 agents. We have one stop capabilities with in-house title and mortgage. A relocation department (big deal you're thinking, you're staying in Minnesota. But there are also buyers relocating to the Twin Cities, who could be interest in your home). And most people know that we are major internet presence – http://www.edinarealty.com/. Even people not using an Edina Realty Agent often search using our site.

MARKETING
Obviously we will market through the Multiple Listing Service (MLS). Making sure all information is complete and correct and adding any supplemental information. Also important (and often overlooked) are the photos being added in a timely manor. If you've been searching for houses and you see a property without a photo, a lot of times you'll just skip over it. I make sure that I add the photos the instant the listing goes active - more people will see the listing within the first 24 hours of going active than any other time.

We will want to place a sign on the property - great 24 hour advertising. This will also include a hotline number potential buyers can call to hear a recorded message about the house. And a brochure box with printed information. The annoying problem with brochure boxes is that they are often empty. I'll print 100 copies at a time, you can keep it full with 20-30 at a time and as you run low, I'll bring more over.

It is key to market through real estate agents, the MLS does not expose property to other Realtors – it only makes it available to be found. I will contact and provide information to area agents that consistently work the area and provide a fair share of commission to Buyer’s agent.

I will create a brochure full of photos and information about your home that will be delivered to all local real estate offices and associates. It will be faxed, e-mailed or sent to anyone who inquires about the property, made available to buyers at private showings and provided to buyers at Open Houses.

Speaking of Open houses, I am happy to host a few open houses – especially when the home is first listed. But it’s important to know that open houses do not statistically sell homes, the reason most agents want to hold open houses is to meet potential buyers - not to sell the home. A great use of time is the Realtors’ Open House. This is where we invite all associates from area firms to view the home. Agents will provide useful feedback and any one of these agents could have potential buyers.

I will write and pay for advertising with priority placement in either the Star Tribune or Pioneer Press, The Real Estate Book and local neighborhood newspapers as appropriate. Most of this printed advertising is a dying breed; the way buyers find out about houses is either through their agent or through the internet. Internet exposure with virtual tour and color photos will be provided through edinarealty.com, stevesmillie.edinarealty.com, craigslist.com, realtor.com, startribune.com, a virtual tour website and this website.

Continually marketing the home is facilitated through; following up with all sign calls, obtaining feedback from all visiting agents within 24 hours and helping overcome agent and buyer objections. I will provide progress reports as often as requested, update market activity since last report and report agent and prospective buyer comments.

I feel it’s important to review the marketing plan after 15 days or 15 showings. Something should happen within that time frame, if it hasn’t we should consider adjusting the plan and/or price as necessary. If price is adgusted, I will inform all agents of the new price.

OVERALL OBJECTIVES
My overall objective is to market your property in order to get you the highest value, in the least amount of time and at the greatest convenience to you.

House of the week Just in time for Thanksgiving

Sell your home!

This blog has mainly focused on buying a house - but some of you already own houses and maybe haven't gone through the sale process yet. The next few entries will review the process of selling a home.

Starting out, we need to determine the value of your home. Realtors will provide you with a market analysis (not an appraisal). The market analysis is the realtor’s opinion of what your home should be able to sell for given the market conditions. In order to do a market analysis I will need to set up two meetings.

The first should be fairly short, we'll walk through the house and I'll take notes and measurements. If you have info from when you bought the house, that could be helpful - but not necessary (room dimensions, blue prints, previous marketing pieces). From there I will take the information I've gathered and plug it into the computer to try and find good comparables. Good comparables would be similar sized homes that have recently sold nearby. The last sentence is important so let's break it down: square feet is what it always comes down to - we want homes that have roughly the same amount of finished square feet. We only want to look at sold home prices because a house on the market might not sell at its current price (or ever sell for that matter). A neighbor’s current list price can be a factor, but it is largely irrelevant. Since the market is always changing we want homes that have solid in the last 6 months - a shorter time frame is even better. And obviously we want homes that are near your own. There are other factors specific to each home as well, like condition, number of garage stalls, bedrooms and baths, etc.

Once I've compiled the information we will get together again to review my findings and well go through what I will do to market your home and get it sold. I'll make suggestions about what you should do to get your house ready to go on the market and notify you of things you must do (i.e. truth in housing inspection) . I will also create a net sheet for you that will estimate all your selling expenses and give you a good idea of what you will be walking away with - which will likely be a key factor in determining what you can spend on your next home.

House of the week If you want value in Minneapolis – there is no place better than Camden. Yes, it’s close to North Mpls, but there are incredibly nice area in Camden. This house, on a parkway anywhere else in the Twin Cities would cost A LOT more.