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15/12/06 -
Information to Provide when Selling Real Estate |
When selling real estate, it helps to give as much
information as you can to prospective buyers. Here are some of the things they need to know.
When you are selling real estate, what should you say in your flyers, advertisements and listings? Almost
everything. Okay, not your motivations, how low you will go on the price, or anything else that will hurt your
negotiating position. But everything else.
Think about this for a moment. Do you like shopping where there are no prices on the products? Of course not! And if
you saw a list of vacation packages, and some neglected to name the destination, you might pass over those ones,
right? It is no different in real estate.
So why do real estate agents advertise homes with no price, and sometimes trick people into assuming a home is in a
town, by failing to say where it is? Are these good techniques for selling real estate? Perhaps for the agent, but
not for the owners of the properties.
You see, the agent is hoping to get curious people to call. He doesn't care if a $120,000-buyer is calling on a
$250,000 home that listed no price. Once he has him on the phone, the agent hopes to sell him any house he can. If a
buyer calls, thinking a home is in town, so what? He can be steered to one that is.
Meanwhile, the poor sellers have the real potential buyers skipping over the ads for their homes. Many people like
myself won't waste time on misleading ads, or those that list no price. There are enough other homes with prices and
decent information to look at.
Okay, you can see that for selling real estate, more information may be better. Buyers know that you either have
something they might want, or they don't waste your time. They prequalify themselves for you. What should you let
them know then? At least the following.
Information To Give When Selling Real Estate
You should always mention the price and terms in any written information, as well as the location, style, square
footage, number of bedrooms and bathrooms and school district. Look at what others are advertising, and opt for as
much information as you can fit in a given ad or listing.
In addition to this information, have more information ready for interested buyers. Your goal here is to take away
as much uncertainty as possible. For example, if the buyer have to replace the roofing in a year or two, get a
quote. A buyer may be okay buying a home with a poor roof, but walk away if the cost of this is unknown. Uncertainty
kills interest.
I once bought a piece of land, and then sold it for 25% more a month later. I am convinced that what helped sell it
was marking the property lines and outlining where a driveway could go. I spent a dollar for spray paint for this
project. When I bought the property, it was difficult to see where the property lines were. People like to know what
they are getting.
Are you selling real estate that has problems? Hiding problems can be illegal as well as unethical. A better idea is
to either resolve them, or get quotes on what it will cost to resolve them. Generally, a buyer is less frightened by
the prospect of paying $2,300 for new carpet than by the prospect of paying an unknown amount for it.
This probably fits your own experience, doesn't it? You want information when you buy anything. We will always pay
something more for less uncertainty. Every buyer will, so have that information ready when selling real estate.
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