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Contrary To Popular Belief - It’s Really Fairly Straightforward

As a real estate broker, I frequently talk to people who either have a home they want to sell… or worse yet - have a home that they have been trying to sell for a long time.

They are all looking for the magic home selling formula.

I wish there was a magic formula… but the truth is - there is none. Many agents will try to convince you otherwise… but the fundamental factors that affect the sale of a piece of real estate are the same as they’ve always been.

They are:

Price

Location

Available Terms

Condition

Exposure

There it is. There is your formula. No magic involved. It applies to every piece of property. It is the universal real estate truth.

Now let’s break it down.

You should note that Price is right there at the top… and that’s because every piece of real estate will sell at the right price - given that a potential willing, ready and able buyer is aware that the property is available for sale.

I’m sure you’ve heard the saying, "Location, location, location!" That’s because the more desirable the location - the more likely a quick sale at a high price can be obtained. Properties in more desirable locations are also more likely to have a higher appreciation rate than similar properties in less desirable locations.

Available Terms refers to the availability and cost of money. Right now, the cost of money is relatively low… but the availability of money is limited. Many people who could qualify for a mortgage two years ago can no longer qualify today - as many easy-to-qualify loan programs are no longer available. Available Terms also refers to your ability (and willingness) to hold a second mortgage or to provide some other incentive such as buying down a buyer’s interest rate.

The condition of a property has an effect on the marketability of a property. The better the condition - the more likely a quick sale can happen at a higher price… while properties in poorer condition are more likely to sit on the market longer and sell for a much lower price.

And finally exposure. No matter what the price might be - no matter where the location might be - no matter what the available terms might me - no matter what the condition might be - if no one knows your property is for sale… it won’t sell.

Now that wasn’t so hard to understand, was it?

Take note that of the five factors, YOU have control over Price and Condition; the Location is fixed; the financial markets have control over the Available Terms, though YOU may be able to make the terms more favorable; and your real estate agent controls Exposure. In other words - YOU have much more control over whether your property sells than your agent does!

If the condition and price are not in alignment with the market - no amount of advertising will sell it. Your agent can buy full page ads in the newspaper and rent billboards up and down the freeway - and in the end, it most likely won’t sell.

Here’s another bit of wisdom to you home sellers:

Of two similar-sized homes priced the same - the one that is in better condition will usually sell first.

Of two similar-conditioned homes price the same - the one that is larger will usually sell first.

Of two similar-sized homes in similar condition - the one that is priced lower will usually sell first.

While no one can deny the anecdotal evidence of some far-reaching real estate marketing efforts, you should not buy into the hype. Sure, a Carribean vacation or some other nice bonus might sway a buyer, but more often than not - it won’t.

The best advice I can give you is to present your property in the best possible fashion. Make it as attractive as possible without spending too much money. If you would like some general tips on this subject, download our Market Preparation Guide to assist you with some ideas that you can put into action today.

Next, talk to a few agents and pick one who suits your personality - and who offers sound advice on how to get your property sold. Remember - the best agent is the one who will tell you the truth… no matter how ugly the truth is. It is very easy to find an agent who will tell you whatever they think will get them the listing.

The current market has far more sellers than buyers, so it is crucial that you price your property properly. An overpriced listing will seldom sell - and since many areas are experiencing declining prices, you don’t want to chase the market down. I have seen many sellers who are still trying to sell their properties - after two years on the market.

Be sure that your property is photographed completely and properly. Poor photography will not serve you well. Buyers want to get all the visual information they can… so be sure they get it.

Be sure to review your listing to ensure there are no errors. Many agents will spell the name of a street or subdivision incorrectly so that other agents will not find it in the MLS. Why? Because they want to have both sides of the transaction. If you catch your agent doing this sort of thing… you might want to seek the assistance of another agent.

And be sure that your property is listed in BOTH the Georgia Multiple Listing Service (GAMLS) - as well as the First Multiple Listing Service (FMLS). This is very important, as not all agents belong to both services… and you need to be sure that ALL of the agents in the area are aware that your property is for sale.

While this is not a comprehensive list of all the considerations you need to be aware of - these are some of the fundamentals regarding what you need to do in order to sell your property in Atlanta. It’s the same info I give to my fellow agents.

Seriously - it’s really not rocket science. It’s just common sense.

Posted by Doug Quance on Saturday, March 8th, 2008 at 9:07 pm.

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The Five Factors You Need To Know To Sell Your Real Estate In Atlanta

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