Filled with mysterious acronyms and confusing terms - we created these resources to demystify the real estate business.
Let’s talk about how real estate commissions work. A commission is basically a percentage of the sales price that is divided between the listing agent and the buyer’s agent. Commissions are normally paid for by the seller – and cover all the things that help the house sell fast . . . Things like signage, photography, and virtual tours. It also places the home in what’s called the MLS – or Multiple Listing Service. The MLS exposes your hundreds, maybe thousands, of other realtors who all have people looking for homes. All these realtor-provided services help your house sell faster – saving you thousands of dollars in bills and mortgage payments. Plus, by using a realtor, you’re likely to sell you home for much more than if you tried to sell it by yourself. When you look at it like that, paying a commission ends up actually making you money. At Rilio, we’re committed to making the home selling and buying process as fast, simple and easy as possible.
That’s usually the first question that comes to mind when you’re thinking about putting your house on the market. Your largest number of showings generally occur within the first two to three weeks your house is on the market, so you want to make sure you price your house right from the start. Your realtor will help you decide on a competitive price by examining:
- Sales prices of comparable homes in your area
- Current inventory of homes for sale
- The local market of potential buyers
And, because most buyers start their home search online, Rilio specialists will help you make sure your asking price shows up in the most popular search filters. For example, let’s say you want to ask $155,000 for your home. If most buyers use the upper end search filter of $150,000, you’d be missing out on a lot of eyeballs that never get to see your home. That’s why it’s important to partner with a real estate professional that understands how to generate the most interest for home onsite and online.
To be really good at this you sort of have to think like a Kardashian – or if that’s too big of a leap, insert any pseudo-celebrity that seems to always be in the spotlight. The goal is exposure, and lots of it. Marketers say that people, on average, have to see something a minimum of seven times before they consider taking action. Whether there’s anything magical about the number seven or not, it makes sense. You want to make sure your audience sees your home in all the places they’re looking.
And, where are they looking? See for yourself:
- Online. No surprise there. But it may surprise you how many different online sites are now available to promote your home. From Zillow to Trulia, Redfin to Realtor.com, add to that all the local and independent realty sites, then top it with Google keyword search terms, and online marketing can be as overwhelming as cleaning out your garage after a long winter. But hey, the Kardashians have their publicists, you have Rilio. Your agent will develop an online strategy that makes sure your home shows up where your buyers’ are looking.
- MLS. Major League Soccer for some, Multiple Listing Service for us. Think of the MLS as a national database of all the realtor-represented homes. It’s comprised of over 700 regional data services that represent the single most comprehensive listing of homes for sale in the U.S. The MLS is the real estate equivalence of a Who’s Who list. You definitely want your house to be on it.
- Social Media. Believe it or not, people are searching for more than crazy cat videos on social media. Facebook, Twitter, Instagram and other sites are becoming valuable spaces to share relevant real estate content. Many realtors have developed high quality online audiences keeping an eye out for their dream home.
- Signage. Who hasn’t seen a “for sale” sign in a front yard? See. They work. We see them. And in today’s cluttered marketing environment, a clean, well-designed sign at a home with a little curb appeal can be a breath of fresh air to a potential buyer. Especially because the next step after their online search, is often a neighborhood drive-by. Today’s real estate signs offer additional call-to-action, physical flyers and mobile access to photos and video tours. Good signage can turn a casual viewer into an interested buyer.
- Print materials. As much as we use digital content, there’s still something valuable about a tangible piece of printed material. Just wait until your child’s photo runs in the local paper. Chances are that piece of newsprint will end up on your refrigerator for months. Same thing for high-quality flyers, pamphlets and postcards. Direct mail to qualified households serve as a powerful reminder of the home they were considering online.
- An Agent Tour. This is similar to an open house, but it’s hosted by realtors for realtors. There’s a reason for the exclusive guest list. An agent tour gives other brokers in the area a chance to do a thorough walkthrough of your home. Your Rilio agent is on hand to answer questions and promote the key features of the property. These tours usually happen as soon as your house goes on the market and can be a great way to generate interest and get the word out about your home.
- An Open House. According to a recent NAR report, driving through neighborhoods is one of the top buyer activities, and if there’s an open house, they will stop in. The more visits a house gets, the faster it will sell. Add to that, the 45% of buyers who said they used open houses as a source of information in their home search, and it’s time to put out the welcome mat.
- Price it right. Like we talked about early, making sure your home is accurately and competitively priced is one of the best things you can do to increase interest and likelihood to sell quickly.
- Clear it out. Buyers are always interested in storage, so give your closets and drawers some breathing room.
- Lighten up. People are drawn to light, happy spaces, so warm up your home with some extra lighting. You may want to remove dark, heavy curtains, clean the windows or add extra wattage to your lamps.
- Ditch the dog. Well, not literally. But the same goes for the cat, ferret or any other pet you might have. Not everyone is an animal lover. So hide the litter box, sweep up the hair and put Fido out back during home showings.
- Keep it simple. Now is not the time to start a major home improvement project. Instead consider quick fixes that will pay off like a fresh coat of paint, repairing that leaky faucet, and making sure the closets doors are on track.
- Make it theirs. Not yours. That means packing up cluttered family photos and preschool projects. And that bust of Michael Jackson you made in art class? Yeah, that too. You want to create a space that a buyer could easily see themselves in.
- Move it around. Think about having a stager, or even a good friend, come in with some fresh ideas about how to rearrange your furniture. Sometimes a few simple changes can open up a room and create new traffic patterns. And, remember, you don’t have to like it. The goal is to make your home sell quickly so can pull out the Elvis tapestry at your new place.
- Cook up some love. Some people say you’re not really selling your house, you’re selling your kitchen. That’s how important this room in your house is. The fastest, and cheapest, way to update a kitchen is with a coat of fresh paint. Think neutrals – this makes the space feel larger and lets the future owner have a clean palette to work with. Adding new hardware to existing cabinets can also be a cost-effective refresh.
- Showtime all the time. Always be ready to show your house. For those less-tidy of us, that thought can send fear through our unorganized hallways. But remember, if you’ve already reduced some of the clutter, there will be less to put away. Who knows, after a few weeks of having everything in its place, you might just decide you like it that way. Or not. Again, no judgment.
- Make an impression. Yeah, yeah, we’ve all heard that you only have one chance to make a first impression. Well it’s true. Except when it comes to selling your house, that first impression starts at the curb. Look at your home from street view. Could you add some shrubs, pots of bright flowers or a decorative welcome flag? Remember, this is your home’s time in the spotlight, make sure it’s ready for its closeup.