Jonesboro Homes - Jonesboro Arkansas Real Estate

Saving the Real Estate Commission
The real estate commission earned by a real estate professional on the sale of your property can be a considerable sum of money. And we know it's tempting to try to save that commission by selling your property yourself.

So, if you decide to market your own property, we invite you to consider the following steps that you must take in order to save the real estate commission. It may be more work than you think.

STEP 1: Walk through your home and make notes of all items that need repair or improvement. Your checklist might include:

* Fresh, clean paint throughout.

* Clean windows and window coverings throughout.

* Well-manicured lawn and yard.

* Plumbing and all appliances in working order.

* New or cleaned carpet.

* Roof and gutters in good condition, needing no repairs.

STEP 2: Make all necessary repairs and improvements before you begin to advertise your property.

STEP 3: Thoroughly research information regarding the prices and terms of sales in today's real estate market. Investigate recent sale prices for similar properties in your immediate area. Then establish a realistic price for your property based on that information.

STEP 4: Meet with local lenders and determine financing alternatives for your prospective buyers.

STEP 5: Determine which Internet sites, home magazines and newspapers will best advertise your property. Obtain rates and deadlines.

STEP 6: Establish a budget for your advertising. Be prepared to establish a contingency advertising budget in case your home does not sell as quickly as you anticipate.

STEP 7: Prepare a professional, attention-getting advertisement that will attract the right buyers to your property. Place your ad in newspapers.

STEP 8: Prepare a plan to reach those out-of-town buyers who account for the major portion of today's home purchasers.

STEP 9: Purchase and install an eye-catching, weatherproof yard sign.

STEP 10: Purchase "open house" signs and position them in paths that lead from main roads through the neighborhoods and to the property. Put these signs out each time you hold an open house, and remove them once the open house is over.

STEP 11: Prepare a fact sheet outlining specific features of your home and the corresponding benefits to prospective purchasers.

STEP 12: Schedule and conduct open house "weekdays" as well as open house weekends.

STEP 13: Be available at all times so that you can walk through the property with prospective buyers to answer their questions and offer information about local schools, parks, transportation, shopping, places of worship, etc.

STEP 14: Be prepared to respond to telephone and e-mail requests for information in a timely manner. Learn how to separate the "lookers" from qualified buyers. Ask for names and phone numbers and be sure to follow up with telephone calls.

STEP 15: Be prepared to negotiate with the buyer(s) as though you are an impartial third party. Remain calm and refrain from any emotional outburst that might spoil a sale.

STEP 16: Obtain all forms necessary for the legal sale of real property such as:

* Deposit Receipt and Offer to Purchase

* Buyer's Cost Sheet

* Seller's Disclosure Form. It is imperative that all known defects be disclosed to the buyer.

STEP 17: Determine the type(s) of financing that you are willing to consider, such as:

* FHA

* VA

* Conventional

* Rural Development

STEP 18: Negotiate with the buyer(s) all final terms of the sale including price, financing, inspections, date of closing, date of possessin and other pertinent considerations.

STEP 19: Plan a final walk-through with the buyer(s) before the settlement process is complete in order to resolve any disputes. Have a witness present.

STEP 20: While you are marketing your current property, locate and negotiate to purchase your next home. Attempt to schedule both transactions so that they close simultaneously. In this way, you and the buyer are able to move at the same time.