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Lance Webster
Marketing,
New Listings
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Our Keller Williams Downtown Loft Specialists are prepared to work with you on all these critical steps to sell your Loft or Condo. Call us at (888) 452-5638. Let us help you!
How can a real estate agent help me sell my loft?
There are countless decisions to be made when selling a loft or condo, and many of them will significantly affect whether or not you make a profit and how much time it takes to sell. A real estate agent can offer specialized knowledge in research, marketing and negotiations to help you meet or exceed your goals. According to the National Association of Realtors®, 82 percent of loft sales are the result of agent connections.
A real estate agent will:
- Serve as your advocate and representative when dealing with buyers, buyers' agents and service providers.
- Help you establish a fair asking price that also meets your goals.
- Advise you on how to present your loft or condo aesthetically to maximize its appeal to buyers.
- Design a customized marketing plan that will promote your property 24 hours a day, seven days a week. Tactics can include the MLS, direct mail campaigns, fliers, advertising, Internet listings and open lofts/condos.
- Schedule and host open lofts/condos.
- Screen all written offers and discuss their advantages and disadvantages.
- Assist you in making counteroffers.
- Prepare your closing documents.
- Provide referrals to proven service providers, including title companies, escrow companies, inspectors, appraisers, pest control, moving companies and more.
IMPORTANT TO NOTE: Real estate professionals can represent the seller, the buyer or both. When agents represent both parties, it is called a dual agency. Keep in mind that real estate laws differ from state to state and even from locale to locale. For more in-depth answers, talk with a knowledgeable real estate professional and ask about local practices
Questions about financing?
We can refer you to loan experts who can help you in all these areas:
- Deciding which loan program is right for you.
- Mortgage insurance.
- Home equity loans.
- Refinancing options.
- Adjustable Rate Mortgages.
- Ways to consolidate and reduce your debt.
- Credit ratings and reports.
- Reversing bad credit.
The peak time for listing and selling in the Downtown L.A. market is typically January - March. Call us to discuss the possibilities.
(877) 4LA-LOFT
(877) 452-4638 |
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Would
you like our team to revaluate your properties value, click
here.
Eight steps to selling your loft
1. Define your needs.
2. Name your price.
3. Prepare your loft.
4. Get the word out.
5. Receive an offer.
6. Negotiate to sell.
7. Prepare to close.
8. Close the deal.
1. Define your needs.
Write down all the reasons for selling your loft. Ask yourself,
"Why do I want to sell and what do I expect to accomplish
with the sale?" For example, a growing family may prompt
your need for a larger home, or a job opportunity in another
city may necessitate a move. For your goals, write down if you
would like to sell your loft within a certain time frame or
make a particular profit margin.
Work with your Keller Williams Downtown Loft Specialist to map
out the best path to achieve your objectives and set a realistic
time frame for the sale.
2. Name your price.
Your next objective should be to determine the best possible
selling price for your loft. Setting a fair asking price from
the outset will generate the most activity from other real estate
agents and buyers. You will need to take into account the condition
of your loft, what comparable lofts in your neighborhood are
selling for, and state of the overall market in your area. Its
often difficult to remain unbiased when putting a price on your
loft, so your Keller Williams Downtown Loft Specialistist expertise
is invaluable at this step. We know what comparable lofts are
selling for in your neighborhood and the average time those
lofts are sitting on the market. If you want a truly objective
opinion about the price of your loft, you could have an appraisal
done. This typically costs a few hundred dollars. Your agent
can also help you identify any possible special pricing incentives
such as additional parking, several months Homeowners Association
dues included in the mortgage, etc. These can help you compete
in the market against developer's incentives.
Remember: You are always better off setting a fair market value
price than setting your price too high. Studies show that lofts
priced higher than 3 percent of their market value take longer
to sell. If your loft sits on the market for too long, potential
buyers may think there is something wrong with the property.
Often, when this happens, the seller has to drop the price below
market value to compete with newer, reasonably priced listings.
3. Prepare your loft.
Most of us do not keep our lofts in "showroom" condition.
We tend to overlook piles of boxes, broken electrical outlets,
and doors or windows that stick. It is time to get your loft
in tiptop shape. The condition of your loft will affect both
how quickly it sells and the price the buyer is willing to offer.
First impressions are the most important. Your Keller Williams
Downtown Loft Specialist can help you take a fresh look at your
loft and suggest ways to stage it and make it more appealing
to buyers.
A loft with too much "personality" is harder to sell.
Removing family photos, mementos and personalized decor will
help buyers visualize the loft as theirs.
Make minor repairs and replacements. Small defects, such as
a leaky faucet, a torn screen or a worn doormat, can ruin the
buyer"s first impression.
Clutter is a big no-no when showing your loft to potential buyers.
Make sure you have removed all knickknacks from your shelves
and cleared all your bathroom and kitchen counters to make every
area seem as spacious as possible.
4. Get the word out.
Now that you are ready to sell, your real estate agent will
set up a marketing strategy specifically for your loft. There
are many ways to get the word out, including:
- The Internet (Our popular LoftLivingLA.com Website, our e-newsletter,
and many sites such as CraigsList.)
- Open Houses
- Media advertising
- Agent-to-agent referrals (Members of the Downtown Realty Association,
Keller Williams agents, and others)
In addition to listing your loft on the MLS, your Keller Williams
Downtown Loft Specialist will use a combination of these tactics
to bring the most qualified buyers to your loft with a marketing
plan that focuses on the first three to six weeks.
5. Receive an offer.
When you receive a written offer from a potential buyer, your
Keller Williams Downtown Loft Specialist will first find out
whether or not the individual is pre-qualified or pre-approved
to buy your loft. If so, then you and your agent will review
the proposed contract, taking care to understand what is required
of both parties to execute the transaction. The contract, though
not limited to this list, should include the following:
- Legal description of the property
- Offer price
- Down payment
- Financing arrangements
- List of fees and who will pay them
- Deposit amount
- Inspection rights and possible repair allowances
- Method of conveying the title and who will handle the closing
- Appliances and furnishings that will stay with the loft
- Settlement date
- Contingencies
At this point, you have three options: accept the contract as
is, accept it with changes (a counter offer), or reject it.
Remember: Once both parties have signed a written offer, the
document becomes legally binding. If you have any questions
or concerns, be certain to address them with your real estate
agent immediately.
6. Negotiate to sell.
Most offers to purchase your loft will require some negotiating
to come to a win-win agreement. Your Keller Williams Downtown
Loft Specialist is well versed on the intricacies of the loft
sale/purchase contracts and will protect your best interest
throughout the bargaining. Your agent also knows what each contract
clause means, what you will net from the sale and what areas
are easiest to negotiate. Some negotiable items:
- Price
- Financing
- Closing costs
- Repairs
- Appliances and fixtures
- Painting
- Move-in date
Once both parties have agreed on the terms of the sale, escrow
will be opened.
7. Prepare to close.
Once you accept an offer to sell your loft, your Agent will
make a list of all the things you and your buyer must do before
closing. The property may need to be formally appraised, inspected
or repaired. Your real estate agent can spearhead the effort
and serve as your advocate when dealing with the buyer's agent
and service providers. Depending on the written contract, you
may pay for all, some or none of these items. If each procedure
returns acceptable results as defined by the contract, then
the sale may continue. If there are problems with the loft,
the terms set forth in the contract will dictate your next step.
You or the buyer may decide to walk away, open a new round of
negotiations or proceed to closing.
Important reminder: A few days before the closing, your Agent
will contact the entity that is closing the transaction and
make sure the necessary documents are ready to be signed on
the appropriate date. Also, begin to make arrangements for your
upcoming move if you have not done so.
Also, you should make a "to do" list for turning the
property over to the new owners. Here is a checklist to get
you started.
- Cancel electricity, gas, lawn care, cable and other routine
services.
- If the new owner is retaining any of the services, change
the name on the account.
- Gather owner's manuals and warranties for all conveying appliances.
8. Close the deal.
"Closing" refers to the meeting where ownership of
the property is legally transferred to the buyer.
Would
you like our team to revaluate your properties value, click
here.
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