How much are you willing to spend to sell your house?
Real estate commission if you use an agency to sell.
Advertising costs, signs, other fees if you plan to sell by owner.
Attorney, closing agent and other professional fees.
Excise tax for the sale.
Prorated costs for your share of annual expenses, such as property taxes, home owner association fees, and fuel tank rentals.
Any other fees typically paid by the seller in your area (surveys, inspections, etc.).
Real estate agents deal with transactions every day and can give you a very
close estimate of seller closing costs.
INVESTIGATE THE REAL ESTATE SECTIONS OF LOCAL NEWSPAPERS AND OTHER PUBLICATIONS
What will get you the most “bang for your buck?” Are there “throwaway” (i.e., free) real estate publications in your area that accept ads from individual sellers? In the local paper(s), is it better (in your area) to run a text-only classified, or do they have “photo boxes” where you can run both text and a photo of your property?
DON’T FORGET THE INTERNET
As you have probably noticed from the website you have found this article on, most agents have their own website, which includes their clients’ listings as well as the entire MLS search. If you work with an agent, your property will most likely be placed on their website and on the full MLS search as part of the services they will offer you.
In addition, some newspapers automatically (or for an extra fee) offer Internet advertising tied in to their traditional print ads. Learn the rates and deadlines for each publication, then decide which one (or more) is best for you and your market.
ESTABLISH A MARKETING PLAN
Now that you know what advertising will cost, create a plan on how to best (within your budget) reach prospective buyers, both local and out-of-town. Since many people do relocate from a distance, be sure to include Internet advertising in your plan. If your town is large enough, the “local” newspaper might have a national edition that you want to place your ad in, at least periodically.
WRITE THE TEXT AND/OR DESIGN YOUR AD
At the very least, you will need a well-written few sentences that will run as a classified ad or a photo box ad. In addition, you might decide to run a larger, custom-designed ad in the paper and/or to use as flyers to hand out at open houses (or anywhere else you might meet prospective buyers). Don’t skimp on this. A professional, well-crafted ad can attract buyers while a poorly designed and executed one can turn buyers off to your property. Even if you do not have full service agent representation, you may consider assist-to-sell, which some agents offer at a lower price.
PURCHASE AND INSTALL A “FOR SALE” SIGN
This should be well-designed, attractive and weatherproof. The sign must be placed where it can clearly be seen from the street. If you are working with an agent, he or she will most likely provide the sign to you.
PREPARE A FACT SHEET
Design a single sheet description of your property listing the features and benefits that will draw in prospective buyers. This should be attractive and professional looking. Have enough copies on hand to give out at open house showings. Again, if you are working with an agent, he or she will most likely do this on your behalf.
PURCHASE “OPEN HOUSE” SIGNS
Make sure that they include a place to write the address of your property and the date/time of the open house. In addition to one for the front yard, you’ll want to place several in conspicuous locations around the neighborhood, such as main streets leading to your house. For these, directional arrows can point prospective buyers to your house even if they don’t know the area. Make sure that you take these signs down as soon as the open house is over. You don’t want people showing up on your doorstep at all hours of the day and night.
SET UP A SCHEDULE OF OPEN HOUSES
While most are held on the weekend, this is not convenient for all buyers. Make sure that you coordinate your print advertising to include information about your next open house.
GET YOUR FORMS IN ORDER
A number of forms are required for the legal sale of your property. In addition to the contract of purchase and any counteroffers, there are approximately 20 other forms that the seller is required to provide to the buyer. It is necessary to review the contract carefully to determine when these forms/documents are due and what the buyer’s rights are once they receive the document. The form and content of many of these documents are prescribed by state or federal law and must be adhered to in their entirety. The proper forms may be obtained from your local Board of Realtors or from your real estate agent who is representing you.
FINAL WALK-THROUGH
When both the buyer(s) and a witness can be present, schedule a final walk-through before you complete settlement in order to determine that the property being conveyed meets the expectations of all parties involved.
FIND AND MAKE ARRANGEMENTS FOR THE HOME YOU WILL BE MOVING TO
Unless you have already built or bought a new residence, you’ll need to be the “buyer” for a new property while simultaneously being the “seller” for your current one. If possible, schedule both transactions to close at the same time, or else close your purchase shortly before closing your sale. You need to be moved out before the new owners take possession.