Thinking of selling your Nashville home? Selling presents a different set of challenges than buying. If you’ve never done it before, here are a few tips to keep in mind before signing a listing agreement.
Choose The Right Agent
Most listing contracts run for about six months. Some agents will accept a contract for a lesser length. Others, particularly in rural areas, require longer timeframes. Because the agreement contractually ties you to your agent for quite some time, choosing the right one is more important. Unlike when you were a buyer, you can’t simply come in and out of the market. Do your homework. Does your agent have a proven track record?
You Must Be READY
Selling a home can be a serious inconvenience. You must be prepared to keep the home clean at all times and you must expect to vacate at a moment’s notice to allow for last minute showings. No one will make an offer sight unseen so availability and flexibiiity are important.
D-O-M Matters
In the Internet age, you only get one chance to make a first impression. Information flows more and more quickly these days. If you list your home at an unrealistic price, the number of days on market (or DOM) will add up fast.
Sellers who balk at their agents pricing suggestion may ultimately not be emotionally ready to move. Overpricing will self-sabotage any sale.
A typical buyer looking at a listing will first notice the price. Then they will ask their agent how long it’s been on the market. If a home has been on the market more than a few months, they may twice about it the desirability of the home. Study after study shows that homes garner the highest price within the first few days/weeks on the market.
If you let your property linger on the market at a too-high price. it will become stale in the eyes of the market. When you do eventually reduce the price, the buyers will smell blood and will rarely offer to pay top dollar. Pricing adjustments must be made quickly and decisively if you enter the market and interest languishes.
You Only Have One Point Of Contact
The agent you choose matters more than the brokerage. If you list your home with Jane at XYZ Realty, she will likely be the only contact with the company unless she has an assistant.
Agents are independent contractors who choose to hang their license with a company whose brand and culture match their business. While a well-known or large brokerage is an important factor to consider when listing, a successful agent that you trust, will be able to do a good job no matter the brokerage. MLS cross-pollination and broker reciprocity have created a more level playing field than in day’s past.
You May Have To Move (Very) Soon
Once you get an acceptable offer from a buyer and you sign the contract, the clock starts ticking toward your closing. Many sellers underestimate the amount of time it can take to list, sell and close on a home. If your market moves quickly and your agent expects the home to sell within a few weeks, have a solid game plan in effect.
Selling a home can be stressful and emotional. Add packing and moving, and it’s a lot to deal with for anyone. Be sure you’re prepared with a game plan and a rockstar agent that can see you through the challenges.
