Theresa Baird - HOW TO SELL YOUR VACANT HOME

HOW TO SELL YOUR VACANT HOME

Theresa Baird

Table Of Contents

Introduction

To Rent or to Sell? That is the Question

Not Living in Your Home Makes it Easier to Sell 10

Steps to Selling Your Vacant Home

Choosing the Right Agent

Why Changing Things and Small Improvements Can Gain You Thousands 26

Marketing a Vacant Home

Using Curb Appeal to Sell Your Home for More 36

Importance of Good Pictures

10. Staging Solutions and Options

11. Safety Points While Selling a Vacant Home 58

12. Selling a Home Out-of-Town

13. Negotiating While Selling a Vacant Home

14. A Good Agent Can Help Sell a Vacant Home 80

15. Mistakes to Avoid While Selling a Vacant Home 86

16. Closing the Sale on a Vacant Home

About Theresa With an extensive career spanning over two decades in the real estate industry, Theresa brings a wealth of knowledge and expertise to her professional endeavors. beginning her 25th year as a distinguished real estate professional, Theresa consistently ranks in the top 2% of realtors nationwide, showcasing an impressive track record over the past 20 years. Her unwavering commitment to excellence is not only evident in her outstanding sales performance but also in her continuous pursuit of professional development. Theresa holds esteemed designations, including Senior Real Estate Specialist (SRES), Resort and Second Property Specialist, and Certified International Real Estate Expert. These credentials underscore her dedication to staying abreast of industry trends and ensuring she delivers the highest level of service to her clients. Born in Toronto and having embarked on a career that afforded her extensive travel throughout Ontario and the United States, Theresa has cultivated a unique understanding of diverse real estate markets. With 23 years of experience selling real estate, she has assisted numerous clients in various real estate endeavors, ranging from aiding first-time homebuyers to facilitating the purchase of vacation properties across international borders. As a testament to her exceptional performance, Theresa has garnered numerous accolades throughout her career, consistently earning recognition as the Top Individual Agent at her brokerage. She achieves the remarkable feat of selling $25-30 million in real estate annually. Theresa's leadership extends beyond her success, as she has mentored over 50 new realtors, guiding them in launching successful real estate careers.

Currently, she leads a dynamic team of real estate agents, further solidifying her position as a respected figure in the industry. Residing in Mississauga with her husband, Bob, Theresa values family time and cherishes moments spent at her cottage in Muskoka or her Florida home with her grandchildren, Jack and Morgan. Her dedication to her clients transcends the transactional aspect of real estate. Theresa's primary goal is to provide the highest level of service, ensuring her clients not only achieve their real estate goals but also experience a seamless and stress-free process. Theresa's unwavering commitment to excellence and her passion for helping clients make her an invaluable asset in the real estate market. Whether selling homes for top dollar or guiding others in their real estate careers, Theresa continues to set the standard for professionalism and success in the industry.

CHAPTER 1 Introduction

Vacant homes pose real estate challenges and offer opportunity at the same time. Paradoxically, empty real estate can be easier to sell (e.g., it can be owner-unoccupied and beautifully staged for marketing) and at the same time it is harder to sell (it may be a piece of property left to you in a favorite aunt’s estate that has been neglected for years. That is what we are going to discuss in this book — the challenges and the techniques to successfully sell an empty house. A home can become vacant due to marriage, divorce, job relocation, death, or myriad other life events. The house could be in superb, average, or shabby condition. It may be updated or old-fashioned. It may be starkly empty and beautifully painted in neutral colours throughout, or it may be crammed with old furniture and the previous owner’s (perhaps your) possessions and have zebra-striped wallpaper in the kitchen and bathrooms.

Either way, it needs to be sold. This book considers how.

There are two types of vacant home sales. One is where the homeowners/sellers have decided to vacate the home they currently live in and reside elsewhere while the house is sold, such as an apartment, rental home, or residence hotel. They do this to make a home showing a more attractive proposition for the buyer. As we will see, this is “staging” a house for the market. The advantages of vacating the house before starting the home marketing and sales process include presenting a better staging opportunity, more frequent showings, easier upkeep to curb appeal and a pristine interior, and less burden on the seller’s time 2

and effort.

The other situation is where the home is unoccupied — no one lives there and perhaps no one has lived there for some time. Maybe you were left the house, assumed it for a debt, or decided it was an investment that did not work out. Sometimes vacancies are due to a bank power of sale in which the lender accepts less than the mortgage balance. It is these bank-owned properties, sometimes called “real estate-owned,” or REOs, that tend to be “problem homes” in maintenance and sales. A house that’s been vacant may look like a bargain, but buyers should be cautious because expensive problems can exist inside homes that have been unoccupied. While vacating the home during the time it is on the market can be a distinct advantage to the seller, that is not the case with all vacant property. That’s the purpose of this book — to educate the reader on the issues involved in selling a vacant residential property.

CHAPTER 2 To Rent or to Sell? That is the Question

The decision whether to rent out or to sell a vacant home often arises in residential real estate sales transactions. Real estate is a prime investment. For most Canadians, it is their largest investment, with the equity built up in the home of genuine importance in retirement planning. It may be an attractive proposition either for long-term investment or immediate cash flow if a homeowner has the opportunity (and financial ability) to become a landlord and rent out a home while affording another. A family may arrive at a point where more room is needed, or a change of location desired, or a new job requires a relocation that causes someone to move, yet rent their house to tenants. Other situations where it might be more practical to rent out rather than sell out could involve a home that has languished on the market or where the owner is “under water,” the mortgage being more than the home value. Renting your home versus selling has many factors to consider. For example, is real estate a good investment in the overall economy? Is the housing market in general moving up or down? If waiting two or three years will see substantial appreciation in local home prices or if home prices have been depressed but are slowly rebounding, it may be better to rent out your home than sell now. It makes sense to keep a house as an investment if it shows future 4

growth in worth, provided you have the wherewithal to maintain its value with conscientious renters and appropriate upkeep. In a general down market, it could also make sense to hang onto the home and realize rental income until the market recovers.

THE MAIN REASON TO SELL — NOW

The local economic conditions significantly influence real estate decisions. If the home is situated in an area with economic stability and rising property values, it may present a positive investment opportunity. Conversely, if the property is in a neighbourhood experiencing economic decline, it may be prudent to consider selling promptly. In cases where the overall area is undergoing substantial depreciation, predicting the duration and extent of this downturn can be challenging. Consulting with a real estate agent who possesses expertise in neighbourhood valuation trends is essential. If the agent assesses that property values are unlikely to appreciate in the near future, it is advisable to sell your vacant home promptly. Engaging a real estate agent will facilitate a smoother transaction process, particularly if a quick sale is necessary.

ISSUES IN DECIDING TO RENT YOUR VACANT HOME

There are issues that will determine whether you can, or should, rent your home rather than sell it. Renting costs. Consider the costs in renting your home to decide if you can afford to go that route. Determine the going rental rates in your market using tools like the MLS listings and online websites. Look for comparable properties in your neighbourhood to estimate the monthly rent your home could obtain. Note features such as square footage, number of rooms, and upgrades such as granite kitchen counter tops. Take location and proximity

to desirable schools and transit into consideration while looking for comparables. You can also talk to real estate agents and property managers to get their take on pricing. If it turns out that you cannot cover your mortgage with the projected rent, then calculate how much of a loss you can take to still be able to afford to rent the house. In addition to mortgage payments, there are taxes, upkeep, and utilities to consider. Your home-sale situation. Your own economic circumstances may play a role in determining whether to rent your home or offer it for sale. Some sellers must evaluate whether they can afford to sell their home. If not, renting is a viable alternative. Here is an example of a situation where a couple had to examine how affordable it was for them to sell their house. The couple lived in Toronto where houses have dropped in value since the peak in 2021, the same year their house was purchased. As they debated whether to sell their home in 2024, they realized that if they chose to sell, they would be forced to take a $50,000 cash loss, not including closing costs. They looked at the numbers and decided they could not afford to sell their home. For them, it made more sense to rent their home and purchase a second home. When you rent, you may take a loss monthly, but you do not have to come up with the cash to satisfy the loan immediately upon sale. If you sell at a loss, then there is no tax benefit. The couple bought some time for real estate prices to further recover. Beneficial tax deductions of renting a home. For homeowners in need of tax deductions, there are benefits to renting rather than selling a house. You can deduct expenses related to owning and managing your property when you rent it. This includes mortgage interest payments, insurance, property taxes,

maintenance, fixtures, cleaning services and even travel and local transportation expenses incurred in maintaining and managing the property and rent collection.

PROS AND CONS OF RENTING OUT

The biggest advantage of renting out your vacant home is gaining an additional source of income. This extra money each month will help you pay property taxes, mortgage, and utilities (unless you rent with the condition that tenants pay for utilities each month, which is completely your choice). It is possible to return some profit. Another advantage is the increase in the value in your vacant home through appreciation and/or by having some renovations done for your tenants which could end up becoming an enhancing investment at ultimate time of sale. For example, finishing the basement and adding a kitchen and a bathroom will turn it into a basement apartment, and increase the home’s value for resale. By renting out your vacant home, you will avoid squatters, vandals, and thieves. For example, if you own a vacant home and you are rarely there, squatters and vandals are going to take notice. Therefore, it is best to rent it out even short-term, so there is someone living there if you are not planning on quickly selling it. You may get lucky and even have tenants, who can help with maintaining your property. This could be anything from lawn care to plumbing issues. A tenant could even become a future buyer for your property. One con to renting out is that you are the landlord with the obligations, responsibilities, and headaches of that role. Property management is a dynamic activity, meaning you do not simply rent out your home and await income and tax benefits. There is regular and emergency maintenance (e.g., lawn mowing and the

hot water heater that bursts at 3 AM.)

Bad tenants are a serious concern for owners renting houses. They cause damage to property, are late on rent payments, or don’t pay rent at all. This will cause additional expenses for repairs, perhaps involve legal fees for eviction proceeding, and may eliminate the benefits of renting out your property. Background checks and requiring references on potential tenants is advised. Another con if you are expecting to sell within a few months to a year or two is that having tenants in the home can make the home more difficult to sell. For example, say you have let your tenant know that you are planning to sell, and that they must relocate within two months’ time. If they do not have options, they may drag their feet and make it as difficult as possible for you to prepare the home to sell. Whereas, if your home were empty, you could easily clean up, and get the property ready for the potential buyers, without having to work around your tenant’s schedule. Converting residential to rental property may involve capital gains tax. If you lived in the house for at least two years, then rented it out for under three years, you might be able to use the provision that allows you to exclude up to $500,000 of gains tax free. If you plan to sell a home you’ve converted to rental property, you should consult an accountant or tax expert.

CHAPTER 3 Not Living in Your Home our Home Makes it Easier to Sell o Sell

Some real estate professionals profess that it is 10 times easier to sell a house the seller is not currently living in than an owner- occupied home. For instance, buyer-agent showings may be increased. It is more efficient for real estate agents’ schedules to show unoccupied homes. If they have 20 homes to show and 5 are occupied, they may show the vacant homes first — or only — because it’s easier. They do not have to call and make an appointment. They can arrange with seller or seller’s agent to go to the home and access it via the lockbox. Also, a homeowner is not interrupted at inopportune times to show the home. A seller doesn’t have to go to a neighbour’s, go to the store, or lurk about the house while buyers are looking. Further, the seller isn’t under continual pressure to keep the home in immaculate showing condition and spotless at all times. With small children, this can be almost impossible to do, even if one of the parents does not hold a job outside of the home.

Finally, the home can be “staged” for sale.

STATISTICS FOR SELLING VACANT HOMES

Statistics from a 2015 survey indicate that homes expiring from their primary listings were generally homes that were lived in by tenants or the homeowners themselves. There were 400 homes 10

listed on the market as owner occupied. Approximately 36% of these homes’ listing expired, versus the 29% that were unoccupied by the owner. Therefore, the statistics, in fact, show that owner-occupied homes will take more time to sell.

MOVING OUT WHILE S T WHILE SELLING

A psychological benefit of moving out of your home while it is on the market is that it signals a “motivated seller” to potential buyers. An occupied home will not give the message that the seller is ready to negotiate and sell as does one that looks lived in. If you’re planning on putting your home on the market soon, it is best to do so after you have moved into a new place. This way, prospective buyers will be able to see that you are ready to sell, finalize, and close the deal as soon as they are ready to go. This will also help in staging the home with furniture and decor. If the agent or you have decided that the house should not be staged and instead remain empty, then all the better. Minimize furniture within the home when you move out. This will help buyers to picture where their furniture will fit into the home, even if they do not like what you currently have. Decorative pictures — not family portraits or pictures of your children — will also help the home to feel inviting, without being overpowering. Overall, a staged furnished home looks more spacious and attractive than one that is entirely empty. During the process of moving out, check with your home insurance agent to find out the homeowners insurance coverage situation while your house is unoccupied. Usually, there is an insurance coverage difference in an “unoccupied” home (i.e., the owner is on extended vacation) and a vacant home (no one is living there). Your current policy will determine whether additional or different insurance is necessary.

As an extra security measure to ensure that your house will not be a spotlight for potential break-ins, have a burglar alarm that is battery-operated and sensor lights on the exterior.

UTILIZING A STORAGE UNIT

Logistics and expense may preclude the owner from acquiring another residence during the home marketing and sale period. If moving out is not an option you can still achieve some of the advantages of selling an unoccupied home by renting a storage unit and putting away as much personal items and belongings as possible. This will also help you when you do move because your things will already be wrapped, boxed, and ready to go. Remove all personal items, anything of value, family pictures, book shelves, decorations, and anything that has personal value to you. Furniture that would not work well with the showings should be removed, as well. It is best to make the house appear that you are not living in it. Having a storage unit, in this case, is your best bet, as you can easily store everything in one place and will not have to impose on friends or family to use their garage.

MOVING BEFORE THE SALE RE THE SALE

If circumstances allow, moving out of the home before the sale is a good approach and a method to more adequately prepare your home for the market. All preparations can be accomplished with a “blank slate” of a house, which can include filling nail holes, painting the walls, or replacing dingy carpet, or even turning carpeted floors into wood floors. Ensure that both the interior and the exterior of the home are spotless. This means a continually mowed lawn, raked leaves, trimmed hedges, and freshened or repainted outside of your

home.

Leave some furnishings, such as couches, beds, plants, and tables, but nothing that will give off too personal a feel or vibe. Even if a home is sparingly furnished, a staged home will sell quickly, and at a price that can be higher when compared to a home that is occupied with clutter and family possessions. Your home will need to sell quickly if you are buying a new one before you move out. Handling and paying for two mortgages at the same time can be incredibly burdensome, but if you are able to do it, moving out and selling your home while it is vacant will be much easier.

CHAPTER 4 Steps to Selling Your Vacant Home

Selling a house is all about the finer details. It is about putting your property up for sale at the perfect time. It is about decorating it enough to look inviting, but not so much that the potential buyers cannot visualize their own life there, and it is certainly about the price. Purchasing a home is a significant commitment, often representing the largest single expenditure an individual will make. Prospective buyers can be easily deterred, and even a minor concern may result in the loss of a sale. In an ideal scenario, the timing of selling your current home would perfectly align with moving into your new one. However, this is often not the case, and many individuals find themselves relocating to their new residence before their existing property is sold. This situation undoubtedly adds pressure to an already stressful time. As your furniture and personal touches are moved into your new home, you may find yourself attempting to sell an empty house. In sales strategy, buyers might view an empty home as a bargaining chip, assuming the seller is eager to sell. Questions may arise such as: Is it overpriced? Is there something wrong with the property? Selling a vacant house necessitates extra care to ensure every detail is perfect, thereby maximizing the chances of a successful sale and reassuring potential buyers that there are no reasons for hesitation. 14

One advantage of selling an empty house is that it allows potential buyers to fully envision the space. Without the distractions of furniture and personal decor, buyers can imagine their own belongings in each room and mentally place themselves within the vacant spaces. For homeowners with clutter or distinctive tastes in decoration, an empty house can be beneficial. Excessive personalization can distract potential buyers, making it difficult for them to picture themselves in the home. There are effective ways to make an empty house feel welcoming. The goal is to create an impression of a home ready for a new family to start making memories, rather than one that appears neglected or abandoned. A house needs character to encourage a sale, and there are strategies to imbue a vacant home with the right amount of personality.

CLEAN! THEN CLEAN MORE!!

This sounds obvious — cleanliness is next to salesmanship. However, many sellers believe a quick vacuum once they have packed up their stuff is enough to call the place clean. A house must sparkle to the point where it does not appear as if it has ever been lived in. Buyers are looking for a fresh start in their home- buying experience and will turn away from anything not meeting their “fresh start” expectations. Bear in mind that moving furniture out of the house exposes all floor and wall areas. Keep up with cleaning on a regular basis for however long it takes to sell. The buyer will use the sense of smell as much as sight in viewing the house. Eliminate all pet and food odors. Make sure the place smells fresh always. Keep the home aired out by opening windows every few days, and invest in plug-in air fresheners for a longer lasting effect. Keep the home smelling fresh and well- maintained, rather than musty and deserted.

LANDSCAPING

First impressions are crucial in home sales, and it is essential to ensure potential buyers are not deterred before they even enter the house. Create a welcoming atmosphere by maintaining the exterior of the property in impeccable condition. Trim the hedges, mow the lawn, and, depending on the season, manage snow removal and fallen leaves. The objective is to present the house as if you have just moved out that morning, conveying a sense of vitality. Allowing the property to become unkempt or derelict will create the impression of abandonment and neglect, which can significantly hinder the sale process.

OUTDOOR MAINTENANCE

Like landscaping work, you must also pay attention to the finer details of the exterior of your house. Keep the gutters cleaned to avoid mess and check on the paint work, roof tiles, and brickwork. Walkways should not be cracked or broken. A frequent turn-off for a potential buyer is to arrive at a property and their first thought is of everything they see they would need to attend to. You also want to create the impression that your house can withstand the different weather elements. If your house is still in great shape in harsh weather when other properties are looking tired and shabby, that will greatly increase your chances of a sale.

PLAY UP YOUR ASSETS

An advantage of selling a vacant house is that any strong or unique feature your house has will not be obscured by your possessions. Buyers may look at a vast number of properties before deciding on which one is for them, so you need to highlight features that make your house stand out. Here is your

opportunity to make the most of it and to make your features stand out. If your house has hardwood floors, for example, make sure they are gleaming. Do you have a dramatic view? Take those curtains down and let the light shine through. Whatever it is that made you fall in love with your house, make sure they see it too. The golden trick to all of this is letting the buyers discover everything for themselves. If you must point out the floor or point out the view, then it is likely not be enough to encourage a sale. There is psychology involved in selling a home. If buyers are to be convinced to part with a vast sum of money, they need to have confidence that it is their decision. Buyers do not want to feel convinced into saying yes; they’ll want to fall in love with the house on their own accord. Let the house speak for itself by making it look its best.

SMART COLOURS

Your home is how you express yourself. People can get a good read on who you are by the way you decorate, and your personality is in every room and spread throughout your home. That is not an advantage in home-selling. It means your home may be filled with different colours or funky wallpaper patterns. When selling a home, it is best to adopt a neutral approach. Opt for plain but warm colours to create an inviting atmosphere for potential buyers. Retaining vibrant colours like glaring pinks, purples, or football team colours in a teenager's room can remind buyers that they are intruding on someone else's personal space. A neutral palette allows prospects to envision their own style and memories in the home. Additionally, it is advisable to refresh any woodwork or fixtures that appear worn to ensure the property looks well-maintained. The added benefit of these efforts is that your home will have a

"new home" scent, enhancing the buyer's experience and making them feel like they are moving into a brand-new residence.

FURNITURE

So now that your accumulated memories and belongings have vacated the house, the buyer can take the opportunity to picture their own life here. The best thing you can do is give them a nudge in the right direction. If you can spare a few pieces of your furniture, and it really takes few pieces, place certain pieces strategically to help the buyer establish what they can do with the space. One chair by the window is enough for the buyer to picture a relaxing morning with a book staring out at the view. A table in the dining room gives an idea of the space available to work with and how many people can come over for dinner. These subtle little hints are not too much and will create the blank canvas aspect that you are going for, plus it will do wonders to encourage the buyers to begin envisioning their own lives here. A few plants here and there on countertops will bring colour and life back into the house. It could easily be the difference between a sale and a near miss, so it’s worth the effort.

UPDATE FIXTURES

Anything broken must be repaired and anything looking rundown should be replaced. Again, this is so the buyer does not straight away get overwhelmed with a list of “little” things to change and fix if they agree to buy. You want your buyer comfortable they can get the keys and just start living. Anything that poses as too much of a “fixer-upper”

will be a major turn off for most buyers. Make sure you check all the doorknobs, faucets, lights, and fix them.

RIGHT TIME, RIGHT PLACE

Let’s backtrack a little. All the advice you have received so far is under the assumption that you get buyers to come for a viewing. Before we get to that stage, you need to consider a few aspects to make sure you get them to come in the first place. This comes down to the right price and right time. Every market has good times to be on the market. Ask your Realtor what they are. Keep a close eye on the competition when it comes to choosing what price to list your property for. Have a look around your area for houses of a similar size with similar features and see what they are listing — and selling — for. You can get your house valued by a professional and decide from there; but it is okay to do a little research on your own so you know what is fair for you. It is also worth choosing a reputable agent who can get you the right exposure and optimize your chances of selling. Choose a good agent not just any agent at a company you heard about, but it’s always worth choosing an agent you know that will get results because of their experience and reputation. All it does is increase your chances of getting that sale. So that’s everything you need to know about how to sell a vacant house and make it look like a home. Just a few little changes can make all the difference in making your house go from abandoned and lifeless, too homely and enticing.

Make the most of the blank canvas, rather than the remnants of your home and allow the buyer to picture their life in the property and you’re as good as sold. This, means that while you are selling an empty house, a good agent will either virtually stage it or physically stage important rooms.

CHAPTER 5 Choosing the Right Agent ht Agent

Selling a residential property involves more than 100 people with different skills and expertise who participate in the transaction from start to finish. Whether it is for a home inspection or a title search, it takes more than 20 steps to finalize the sale of your home. A real estate professional who is knowledgeable in all phases of real estate can make the process much easier. You do not need real estate expertise if you engage a real estate professional who has it. Choosing the best real estate agent for you does not have to be problematic. Friends’ and relatives’ recommendations and references can be valuable. Do your research and find the right fit for you. Gather advice from others who have worked with real estate agents, but also do your own research. Choosing the right agent can mean the difference between selling your vacant house quickly or having it sit empty for a year. Selling a house requires significant effort, time, and resources from the homeowner. It is a complex and emotional process, as people often become attached to their properties. A good agent can guide you through this journey, helping you complete the transaction smoothly and satisfactorily. The key is finding an agent who suits your needs and is comfortable to work with. To start, interview potential agents based on recommendations, local knowledge, and online searches. There are various ways to find a good broker. Personal recommendations from friends and colleagues are particularly valuable. If someone outside the real 22

estate industry recommends a broker, it's likely a strong endorsement. Remember, the top 10% of brokers handle 90% of the business. Identify who has the most listings in your area or who knows your condo building the best and consider them in your selection process. A first meeting need not be a formal one and can be noncommittal. Through the conversation you will learn a lot about the agent. This will also give you time to know how the agents treat their clients. Through the informal interview, you will have the chance to ask about each agents’ selling record, how well he understands the local market, and how the agent can help you sell your house. You want someone with enthusiasm and drive, someone who will give you the attention you need, and steer you through the whole process with courtesy and professionalism. These are appropriate topics to be discussed prior to making a real estate agent selection:

HOW MANY TRANSACTIONS DOES THE AGENT HANDLE PER YEAR? ER YEAR?

This is supposed to give you an idea of how fast the agent can get a deal. A competent agent who has some experience in the field of real estate should have a respectable number of sales under his belt. However, do not rate the agent simply according to the transactions per year, as you should also note that more transactions do not necessarily reflect the agent’s capability or compatibility. An agent may have a lot of transactions which left the sellers or buyers deeply unsatisfied. Is the agent full or part- time?

CAN THE AGENT EXP GENT EXPLAIN THE P AIN THE PROGRAMS FOR FIRST-TIME HOME SELLERS? ELLERS?

This is a very important interview question. A real estate broker should understand all requirements whether federal, provincial or local. The importance of this question is to ensure that all legal documents are properly crafted. The agent is supposed to advise you on the point at which to hire a lawyer to handle the legal work. The agent should even recommend the best lawyer suited to your needs.

WHICH NEIGHBOURHOODS ARE S DS ARE SPECIALTIES?

This is also of importance since it will help you as a buyer to know whether the agent can sell your house at the right price.

DOES THE AGENT HAVE REFEREN VE REFERENCES THAT YOU CAN CHECK WITH? U CAN CHECK WITH?

Asking for references is vital. It will help you understand how the agent treats his customers by talking to people who have dealt with her previously. It will also give you a grasp of how capable the agent is in handling the transactions.

HOW OFTEN CAN I EXPECT TO HEAR FROM YOU WHEN S U WHEN SELLING THE HOUSE?

When you put your house on sale, it is important for the agent to communicate with you regularly. What is their communication plan? How do you want to be communicated with? email, text or by phone.

CHAPTER 6 Why Changing Things and Small Improvements ements Can Gain You Thousands ou Thousands

The housing market is more competitive price-wise than it has ever been. It’s on the seller to go the extra mile and make sure their house stands out. We will now take up the extra steps necessary to take to earn more money on the sale. These are proven methods to raise the price of your home. This discussion of “staging” and these other strategies are backed up by statistics to prove how important these extra steps can be. There are steps to improve your home and make it more welcoming to your audience during a drive-by or walk-through. Taking these steps will affect the online presence as well. It is a paradox that although there are so many mediums and platforms where houses are advertised today that it is harder to stand out. That places the importance of the home’s immediate appearance into a higher level. You can choose a professional stager or a staging company, as many of them are available in most cities. Even a property stylist is appropriate in some circumstances, since it will just make your house stand out that much more.

WHAT IS “HOME STAGING”?

Home staging is the process where your (empty) home is prepared, dressed up, and presented to look extra attractive and

extremely welcoming to a prospective buyer. Home staging is about creating more space by cleaning clutter, removing objects and furniture, giving rooms a fresh and neutral colour, and making necessary repairs. Replacing carpets and flooring is a common practice. The process may involve professional painting, deep-cleaning, furniture rental or placement of appropriate pieces of the seller’s furnishings, and continual maintenance. To minimize expense in home staging, you or your professional’s first step is going to be to do as much as possible with everything that you already have. The priciest items will probably come with making updates and repairs, inside or outside the house. Least expensive are the things the sellers are willing and able to do themselves — maximizing space by moving objects around and cleaning your house out. An important part is choosing accessories and furniture to dress up your newfound space, creating a welcoming and warm environment. Home staging makes prospective buyers see all the possibilities of purchasing the home and living in it. They need to be able to imagine their own life’s taking place in each part of the home. Money spent on staging should not be considered as waste, but should as an investment or cost of doing business, and it will be recovered when the property is sold. It will pay off in the long run when the home’s perceived value is boosted.

DOES HOME STAGING WORK?

According to the information from the Real Estate Staging Association, properties that are professionally well-staged look more appealing and spend less time (about 75%) on the market. They are most viewed by buyers as “well-maintained” and “must- see” houses, and subsequently sold at a higher price.

When it comes to acquiring real estate, most prospective buyers imagine or think they can overlook empty rooms or poor décor and see only potential, but they really do not. The sole purpose of staging is to make it easy for prospective buyers to envision how they will live in the house. It gives an example of the type of comfort and life that prospective buyers can have in the house. This is the main reason successful builders use model suites and model homes to sell their projects. Experienced home sellers discover that the same principles from modeling a home are also useful in the resale market, thus, they rely on professional home stagers to make sure that they sell at a higher price and get off the market quickly. When hunting for a house, home buyers start with a reasonable list of prospective properties, but the house they buy is often chosen mainly for emotional reasons. The aim of staging a project is to ensure that prospective buyers see the great possibilities owning the house will bring. The prospective buyer can walk into the home and have that “finally, I’ve gotten my dream home” feeling. Potential buyers pleased with the staging may be willing to look beyond some of their “must have” features such as a two-car garage or fireplace. It is paramount to put minute details into consideration. Small things that you overlook such as personal memorabilia, overcrowded rooms, scratched doors, or dripping taps can disengage the buyer emotionally from the home. They will envision the problems they will have to face later, rather than the stone hearth that might tempt them, and immediately shift their attention to the next appointment while writing off your house.

The greatest motivator for someone to make an offer on your

property is a connection they make with it while imagining their life there. If this can be achieved, then you may have put an end to the buyers’ search for their perfect choice. Your motive is to keep them restless with the feeling that if they decide too late, someone else will buy their dream house.

IMPORTANCE OF ONLINE MARKE NLINE MARKETING

This is the online shopping age. Most prospective buyers first look online for what they want, before even employing the services of real estate agents. It is the photos of the home more so than a written description that will interest a prospect — or not. When listing a house, your photos of the house need to be captivating such that buyers become anxious to see the house in person.

SUMMARY OF CHANGES AND IMP GES AND IMPROVEMENTS

There are numerous things to do to get your property ready for the market. One of the most important things is to get rid of your clutter. This may be difficult, especially if you do not see it as clutter, but be aware that a prospective buyer will. Emotional attachment to your things should be kept low as it may keep you from realizing how cluttered your home will appear to strangers. If your spending is done appropriately by replacing worn out items and making small improvements, you stand a better chance of selling your property quickly, and at a better price.

Here are some basic rules for proper staging of a home:

• The house must be clean. “Sparkling” should be the right word to use for your house. The kind of cleaning that attracts top offers is often achievable and only feasible by

employing the services of a cleaning crew. It is even a good investment to have the cleaning team come weekly to inspect, while your home is for sale. Your windows and other places should be professionally cleaned inside and out. • Repair or replace. A cracked tile or dripping faucet will send a wrong impression to prospective buyers. Replacing them or getting them fixed before putting your house for sale is mandatory. • Use neutral colours. Neutral colours sell. Conveying an image of neutrality and quality is important. Prospective buyers walk through your home imagining themselves as the owners. Odd or loud colours can turn buyers off. They won’t be able to imagine living with those colours or will envision having to paint as part of moving in. Those sports team colours in the den will have to go! • Depersonalize. Remove most objects that personalize the home to your own memories or tastes, Overt signs of political causes or affiliation are not going to help the sale and might detract. This can affect desire to work with the seller if objectionable to the buyer and subconsciously affect the buyer-seller relationship. There are emotional aspects to buying a home and you want prospective buyers to attach emotion to your home by making it possible for them to see themselves as the owners. • Critical areas. While staging, be especially sensitive to the entrance, kitchen, bathroom, and toilet. Buyers put more emphasis on these areas.

CHAPTER 7 Marketing a Vacant Home acant Home

BENEFITS OF ADVERTISING ON MULTIPLE PLATFORMS

While most homeowners engage or eventually resort to an agent to sell their property, some turn to the online real estate portals, online classified ads, video sharing sites, blogs, and social networking sites. Several sites are specially designed for property selling. In addition, sellers can utilize the capabilities of real estate companies like Trulia and Prelist.org that also feature mobile apps to handle the complete range of processes associated with home selling. Do you think you can do it yourself? If you can't hire a professional agent who knows what they are doing. House buyers make broad and sophisticated use of the online market. However, their online activity significantly varies. Others are keen to go through reviews and ratings on properties, or interacting with the members of various real estate communities using social media sites. Some will watch property tours presented through YouTube videos. Many make use of handheld devices to search for their dream homes online. The sales scenario existing today can give the widest exposure, reach, and coverage to your property. Due to the diverse kinds of customer behavior online, your sales strategy must involve multiple platforms. About one-fifth of real estate searches happens on handheld devices. One study found that on average, shoppers make about 11 searches before taking action on a real estate property. 32

Research found that more than 70% of links clicked by search engine users are organic and not paid. Several companies have their own social media channels to post their client’s properties including Facebook, Twitter, LinkedIn, Pinterest, and Instagram.

USING SOCIAL MEDIA TO SELL THE HOME

Social media is one of the most prominent media outlets on which to advertise your home sales information. Studies have shown that social media conversations significantly influence property buying decisions. The phenomenal amount of exposure that your property will get on social media is encouraging. Using social media enhances the possibility of selling your property and selling it quicker. While providing the widest and most targeted reach possible, social media advertising is also the least expensive avenue — free! To take best advantage of this marketing channel, create a social media page for your house using Facebook and Twitter. Both have advantages. The former is good for imagery and the latter is the best avenue to develop local networks. Make the page appealing to potential buyers with a strong cover, profile picture of the home, and details of the location in text boxes. Great images are the key to attracting potential local buyers. Using a professional photographer is a must. The amount you spend will come back in attention. Take advantage of the video possibilities on Facebook. Post a walkthrough of your home for potential buyers — a virtual showing. Share information about the locality, neighbourhood, and the highlights of the property.

Share your page with your friends and contacts through your Facebook and Twitter accounts requesting them to share with other friends too. This can immediately open a network. If there is a local home buyer blog or website, share it there too. Post personal emails in the footer region. Once you find people searching for property in your area, you can comment on their tweets. A good Realtor does all of these every day. The most important thing is to stay interactive and promptly respond to comments from potential buyers to see that you profit from those leads.

CHAPTER 8 Using Curb Appeal t b Appeal to Sell o Sell Your Home for More

Your landscaping, physical exterior, and the facade of your home are seriously important aspects of consideration — vital if you want to sell your home for more. Curb appeal, the overall attractiveness of your home from the street, is the opening gambit in showing your home for sale.

WHY CURB APPEAL AFFECT EAL AFFECTS THE SALE S THE SALE

Nothing sets the tone of a relationship or transaction more than first impressions. Envision how a potential home buyer sees your home as he or she drives up to your curb for the first time. Think of curb appeal as a department store window — designed to draw you in to see what else is inside. A potential buyer looks for signs indicating how well the home has maintained. Neglect and disorder outside portends shabbiness inside. If the exterior has a lawn that is well- manicured and the exterior shows that maintenance is kept up to an appealing standard, it shows that the current homeowner takes pride in their property’s aesthetics. Conversely, if buyers see neglect or decay, there is a good chance they will take that sole impression away with them and go elsewhere. As most buyers look online first to see general photos, curb appeal carries over to virtual home shoppers. Having good curb appeal and attractive photos posted within your ad will ensure that you engage buyers straight away, so they will make an appointment with you or your real estate agent to come see your 36

home.

Even if the interior of your home is kept up-to-date with repairs, has perfect plumbing and electrical work, and is decorated nicely for appeal, the exterior and curb appeal of your home will have an enormous influence on a buyer’s decision within the first minutes.

HAVE A WELCOMING WALKWAY

The pathway to your front door serves as an ambassador for your home. Make it beautiful and pleasant to look at. Your walkway serves as the path to your home, and ensuring that it is as attractive as the rest of your home will gain you points with buyers. The pathway, landing, and your front door should blend together to provide an appealing journey from your street or driveway to your house. For example, if your home’s style is Georgian, Greek Revival, or Colonial, a straight path that goes from the sidewalk straight to your door is recommended. With a straight path, you can avoid boring concrete by decorating the lane with flower pots or beds. Keep in mind that incorporating too much will make your walkway look cluttered and disorganized. Keep a decent balance, keep it elegant, and do not go overboard. If you’re looking for something more unique, a wood walkway is suggested. Cedar, redwood, cypress, and teak are all weather- resistant wood that are perfect to create a beautiful walkway, and are easy to work with. For a wooden walkway, you will also need pea gravel or stone to work as a base. Wooden walkways have minimal upkeep, as you only need to stain and seal once every year.

Whatever you decide to do with your walkway, always ensure that there is no overgrowth around the concrete or wood. Regardless of what it’s made of, go easy on the decorations and lawn ornaments. A few are a cute, fun idea that helps to make gardens and walkways pop. It is a terrible idea to bring in an entire army of them. Instead keep a limit of about 3 or 5, depending on how big your walkway is and how they merge with flowers, rocks, trees, and other aesthetics.

THE IMPORTANCE OF YOUR FRONT DOOR

Repainting your front door is a small, but powerful tool to add curb appeal. Select a colour that is both pretty and matches the overall style of the exterior, but amplifies it. A contrast between the overall facade of your home and the front door will ensure that your curb appeal is amped up. For example, if your house is white or gray and has black shutters, a red-painted front door will create a more mysterious essence and bring more beauty to your home. Having wreath on your door, a potted plant by the entrance, or boxed planters lined up on your porch near the front door will help bring about a more positive, free-flowing atmosphere. Ensure that the front door has a fresh coat of paint, that the knob is polished, and that any pieces that need replacing are replaced before your home is put onto the market. Do not overlook the rear of the home. Your back door also needs attention. For example, ensure sliding screen doors have perfect screens and function smoothly. A door that sticks or slide out during a showing is a definite faux pax.

A WELL-MANI -MANICURED LAWN MAKES A DIFFERENCE

If your lawn is withering, has brownish dead areas, or is overgrown and spotted with weeds, buyers are not going to be attracted to your home. It is important to have a lawn that is well manicured and shows off just as much as the rest of your home. A lawn that appears to be too high maintenance can be a distraction. It is best to go for a look that is neat and attractive. Have the grass regularly trimmed and nicely edged and ensure that it is healthy. Having a simple garden somewhere around the perimeter of your home is also a great idea. Bright colours really lighten up and bring a joyous feeling to your lawn area. To add a special landscaping touch, throw down some mulch that is in a darker colour, such as a solid, dark wood brown. Mulch helps to neaten things up and gives the area a clean feeling. Mulch always looks good in any setting when set down the proper way. You literally cannot go wrong with it, as it adds some great curb appeal! Get rid of garden gnomes and other trinkets. Ornaments all over the place, especially garden gnomes, look tacky, cluttered, and just wrong. Even though the buyer obviously knows that the lawn ornaments don’t come with the house, they could still hesitate and walk away, based on pure tackiness.

BACKYARD APPEAL IS JUS EAL IS JUST AS IMPORTANT AS THE CURB S THE CURB

By the time a buyer gets to the backyard the decision may be somewhat influenced, but the backyard might just tip the scales. Your backyard should be just as beautiful as your front yard,

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76 Page 77 Page 78 Page 79 Page 80 Page 81 Page 82 Page 83 Page 84 Page 85 Page 86 Page 87 Page 88 Page 89 Page 90 Page 91 Page 92 Page 93 Page 94 Page 95 Page 96 Page 97 Page 98 Page 99 Page 100 Page 101 Page 102 Page 103 Page 104 Page 105 Page 106 Page 107 Page 108 Page 109 Page 110 Page 111 Page 112 Page 113 Page 114 Page 115 Page 116 Page 117 Page 118 Page 119 Page 120 Page 121 Page 122 Page 123 Page 124