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Enhancing the Appeal of a Vacant Home

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | June 10th, 2015

There are well over a million real estate agents now licensed in the U.S., so most home sellers can choose among multiple candidates. But deciding who to hire can prove a daunting task.

Eric Tyson, co-author of "House Selling for Dummies," says the selection process can be challenging because top agents often handle a number of listings simultaneously, making it more difficult to command their full attention.

He says it's crucial that your listing agent be intricately involved in key parts of the sale, such as the negotiation phase.

Dawn Rae, a veteran real estate broker who solely represents buyers -- and takes no listings -- cautions sellers against hiring a listing agent who's a family member or close friend.

"It can really challenge your relationship to do business with someone close to you. It's better to hire a person with whom you have an arm's-length relationship," says Rae, president-elect of the National Association of Exclusive Buyer Agents (naeba.org).

Rae also recommends that sellers choose a listing agent who has a strong website, which can be a definite plus for marketing your property.

"Most people -- including nearly all young buyers --start their search online. So you need an excellent web presence that will display your place in the best possible light," she says.

Here are a few pointers for sellers:

-- Review a potential listing agent's track record.

Maybe an agent you're considering touts an impressive sales record. Even so, this individual could be the wrong one for you to hire, Tyson says.

"High-volume agents can be extremely well-compensated. But the important question is whether they're selling your type of house in the area where you live," he says.

Tyson recommends that sellers obtain an "activity list" from any agent they're considering. This list should itemize all sales closed in the prior 12 months and include the property location, as well as the list and sale prices.

"Such raw data is extremely helpful," Tyson says.

Why is this roster more telling than information on an agent's aggregate sales volumes, or all the plaques, trophies and medallions on display in his or her office? Because, as Tyson says, an activity list tells you if the agent is regularly marketing similar homes in the same price range as your property.

"Suppose you're selling a basic starter home in an inexpensive area and the agent makes most of his commission dollars off properties worth $1 million or more. In that case, he might not give your sale the kind of attention it deserves," Tyson says.

-- Inquire about the agent's travel and vacation plans.

Everybody likes to take a vacation. But it might be unwise to hire an agent who plans to take a break during the first month after your property goes on the market, when buyer excitement is normally at its peak.

It's true that some agents rely on backups when they're away. But Tyson says this is far from ideal for their clients, especially if the agent is going abroad or is leaving town for more than two to three days.

It's not reasonable to expect an agent to tell you all their travel plans for a full year in advance. Even so, you should expect full disclosure about any lengthy absence that would occur within the initial weeks of your listing.

"Make sure you ask about their plans. If they're a genuinely strong agent and you're somewhat flexible on the timing of your sale, you could choose to postpone your listing to accommodate their schedule," he says.

-- Consider carefully before engaging "partner agents."

Some agents, including husband-and-wife teams, like to double up professionally. They present themselves as two interchangeable and equally qualified parts of a whole.

"In the ideal world, this arrangement is a good deal for sellers. But that's only true if both agents are equally committed to their profession. If both agents are mediocre, then two halves don't make a whole," he says.

-- Make sure the agent you select is responsive.

As long as your place is on the market, you'll need your listing agent to keep you abreast of news about the listing. For example, if your agent stages an open house for real estate professionals in your area, known as a "broker's open," you'll want to quickly receive their comments about the price and condition of your home. Likewise, you'll want timely feedback from prospective buyers who tour your place.

Fresh feedback is vital to a successful sale because it lets you make course corrections quickly, even after your property hits the market. For instance, it would let you reduce your price by a peg before your house gets stigmatized as "overpriced."

To ensure that an agent will give you fresh feedback on a regular basis, you need to know that the person you hire is conscientious enough to communicate these comments without prodding.

One approach to finding a good communicator is to ask an agent's references if they received regular feedback. Also, before signing the listing agreement, make sure it stipulates how often -- and under what circumstances -- your agent will call, email or text you with news, Tyson says.

"Real estate is a service profession. So the importance of good communication can't be overstated," he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

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Enhancing the Appeal of a Vacant Home

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | June 3rd, 2015

A couple in their 60s were so eager to move to a retirement community that they failed to fix up the split-level place they'd vacated before it went on the market.

"It was a long battle to get that old house sold until the owners paid attention to the need for cosmetic improvements and extra cleaning," recalls Sid Davis, a long-time real estate broker and author of "Home Makeovers That Sell," who listed the property.

Despite their eventual attention to minor repairs recommended by Davis, the owners were compelled to accept an offer that Davis estimates was at least $10,000 below market value.

"When a vacant house languishes on the market for a period of time, people become suspicious that something is seriously wrong and the place gets stigmatized. That's why you want it to show in tip-top condition from the outset," he says.

Why is a vacant home often more difficult to market than a pleasantly furnished one? Eric Tyson, co-author of "House Selling for Dummies," says many vacant properties convey a chilly feeling to visitors.

"This uninviting quality makes it extremely difficult for buyers to envision themselves living there," he says.

Tyson says it's usually wise for the sellers of a vacant home to spend a few thousand dollars on cosmetic upgrades. Also, he suggests they consider engaging the services of a "home stager." This is a design-oriented professional who can lend the sellers a few key furnishings.

Here are a few other pointers for sellers:

-- Begin your listing at a realistic price point.

Whether the property you're trying to sell is vacant or still occupied by your family, you need to check out your competition and adjust your pricing accordingly, Davis contends.

"Starting off on the right foot is key. If you're in a buyer's market, you may wish to price your property just a notch below other homes in the same neighborhood," he says.

-- Address all the flaws in your vacant home.

"The sellers of an empty house should think of it as naked. In the absence of furnishings, every blemish is highlighted," Davis says.

"Take care of those stains on the carpet and marks on the hardwood floors. Also, paint all your interior walls in a light neutral shade," Davis says.

Once you believe you've resolved all the cosmetic issues -- along with functional problems like a leaky faucet -- go back again room-by-room with a clipboard to itemize items you may have missed.

-- Consider engaging the services of a professional home stager.

While many for-sale homes have too much furniture, an empty house needs a few well-chosen pieces of furniture so potential buyers can see the scale of its rooms.

Granted, you can always rent or buy furniture to outfit a vacant home. But Tyson says a better solution could be to hire a professional home stager to lend you a few well-chosen "props" to stage your place.

"Many people resist the notion of hiring a stager due to the cost. But when you're trying to sell a vacant house, paying for a minimal level of staging is usually money well spent," he says.

Your listing agent may have good leads on professional stagers in your area. Or you could consult the Real Estate Staging Association (realestatestagingassociation.com).

-- Make sure your vacant home remains in show-worthy condition.

Listing agents like vacant properties because they're so easy to show, without the need for complicated arrangements with the family living there.

"It's a definite positive that a vacant house can be shown whenever you'd like. But this availability is only a plus if its sellers keep the place in tip-top condition," Davis says.

Fortunately, a vacant house doesn't suffer the problem of dirty dishes in the sink or children's toys spread all over the family-room floor. Even so, things can go wrong. Litter and newspapers can pile up on the front lawn. Light bulbs can burn out. Faucet leaks can develop. And, obviously, dust and cobwebs are a given.

Suppose you've moved a significant distance from your old house. How can you be sure your vacant property will keep looking its best until the day it sells? Davis suggests you hire a local high school or college student to handle the mail, newspapers and routine yard work. It's also critical that your agent keep a close eye on the place.

"It's not too much to ask of your agent to check on your vacant place at least every few days. In fact, I recommend you get this promise written into your listing agreement," he says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

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Declutter for a Better Sale

Smart Moves by by Ellen James Martin
by Ellen James Martin
Smart Moves | May 27th, 2015

In the movie "5 Flights Up," Diane Keaton and Morgan Freeman portray a married couple putting their Brooklyn apartment up for sale. Their real estate agent exhorts them to remove "all your clutter." The artist-husband scoffs at the notion that items in his studio are clutter. Still, he does as instructed and soon the couple receives several strong bids for their place.

Like it or not, home sellers who prune their accumulations fare better than those who fail to remove superfluous items prior to selling, says Vicki Norris, who heads her own professional organizing firm.

"People want to picture themselves living in your place, and they can't do that if it's crowded with all your stuff," says Norris, author of "Restoring Order to Your Home."

Would-be sellers are not only advised to streamline their possessions, they're also urged to reduce the inflow into their home until they receive a solid contract for sale. And that means less shopping.

Ironically, many people begin an anti-clutter campaign with a shopping spree involving the purchase of numerous storage containers. But all those big plastic bins prove more of a hindrance than a help, according to Barbara Hemphill, author of "Less Clutter More Life," who began her career in professional organizing in 1978.

"What's inevitable is that those containers will just get in your way," she says.

"Before you start acquiring new items, you need to measure your new space and see what will fit," says Judith Rough, a downsizing expert.

Here are a few pointers for sellers:

-- Enlist outside help with major projects.

Rough estimates that to fully declutter an average-sized house usually takes at least four weeks of concentrated effort. And to avoid getting sidelined with the feelings that the process arouses, many people need assistance.

"Going through everything you've acquired for decades is extremely emotional -- particularly if you've raised your family in that house," Rough says.

Sellers often turn to relatives for help. But Rough says you're better off with an objective third party --ideally a professional organizer. One source for referrals is the real estate agent who will list your property. Another is the National Association of Professional Organizers (napo.net).

If you're on a budget, Rough suggests you limit the organizer's help to just a few hours of planning time. Then also pay the person for a few one-hour "check ins" on a weekly basis, during which you'll receive a "homework" assignment for the following week.

-- Query your loved ones on items they wish to keep.

Are you the parent of grown children? If so, Rough says you may be tempted to hang on to nostalgic possessions you believe your offspring may someday want to claim. But as Rough says, "your kids will want far less of your stuff than you expect." So she suggests you ask them directly what they want.

To illustrate, she tells the true story of a former client who'd retained her wedding gown for decades on the assumption that her teenage daughter would one day wish to use it.

"But when the mom asked the girl if she ever planned to wear the gown, she replied that she 'wouldn't be caught dead in it'," Rough recalls.

-- Photograph cherished items that you can't keep.

Before seeking to declutter, Hemphill often recommends that home sellers take photographs of entire rooms to create compact memories of these spaces. She also advises taking pictures of valued items that are too large to bring to the next property.

"Converting prized belongings to art is a great way to hasten the clearing process and make your house more saleable," she says.

In addition to taking photos, Hemphill recommends you keep a small box of special items from the children's early lives, such as clothing and toys. Still other mementos, including drawings or small pieces of sculpture, can be framed or placed in shadow boxes.

Those who convert precious items from your kids' early years into art or photographs often find the transition to their new environment to be emotionally easier, Hemphill says.

-- Store keepsakes and valuable documents in a safe manner.

To safeguard small items that need to be kept, such as passports and diplomas, Rough suggests you encase them in clear plastic sheet protectors and place them in a three-ring binder. Alternatively, you may wish to buy a storage item designed for vital records. This is known as a "PortaVault" (securitaonline.com).

-- Find a new home for your discards.

In sifting through your accumulations, you're bound to find many things you no longer want, need or value. There's obviously little reason to haul these items -- including extra books, toys and pieces of unused sports gear -- to your new property.

Whenever possible, Rough encourages you to donate serviceable items to a reputable charity. Through the years, for example, she's donated many of her own discards through church groups.

Another option is to post your giveaways on a social network account, which could result in finding a friend, relative or acquaintance who would appreciate receiving them.

"It's hugely satisfying to know that things you paid good money for will find the right home," Rough says.

(To contact Ellen James Martin, email her at ellenjamesmartin@gmail.com.)

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