 |
Lance Webster
Marketing,
New Listings
|
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
|
|
|
How to price to sell and still make a profit
The asking price you set for your loft significantly affects whether you will profit in the sale,
how much you will profit and how long your loft will sit on the market. Your real estate agent's
knowledge of the overall market and what's selling - or not selling - will be invaluable in helping
you determine the price. The objective is to find a price that the market will bear but won't leave
money on the table.
Here are some points to consider:
Time
Time is not on your side when it comes to real estate. Although many factors influence the
outcome, perhaps time is the biggest determinant in whether or not you see a profit and how much you
profit. Studies show that the longer a loft stays on the market, the less likely it is to sell for
the original asking price. Therefore, if your goal is to make money, think about a price that will
encourage buyer activity (read: fair market value)
Value vs. Cost
Pricing your loft to sell in a timely fashion requires some objectivity. It's
important that you not confuse value with cost - in other words, how much you value your loft versus
what buyers are willing to pay for it. Don't place too much emphasis on loft improvements when
calculating your price, because buyers may not share your taste. For instance, not everyone wants
hardwood floors or granite countertops.
Keep it simple
Because time is of the essence, make it easy for the buyers. Remain flexible on
when your agent can schedule showings. Also, avoid putting contingencies on the sale. Though a
desirable move-in date makes for a smoother transition between lofts, it could cause you to lose the
sale altogether.
Increasing your loft's appeal
Remember the 60-second rule: That's all the time you have to create a winning first impression. Here
are some simple to significant ways to maximize your loft's appeal.
Exterior
- Keep the grass cut and remove all yard clutter.
- Weed and apply fresh mulch to flower beds.
- Apply fresh paint to wooden fences.
- Tighten and clean all door handles.
- Clean windows inside and out.
- Powerwash loft's exterior.
- Ensure all gutters and downspouts are firmly attached and functioning.
- Paint the front door.
- Buy a new welcome mat.
- Place potted flowers near the front door.
Interior
- Evaluate the furniture in each room and remove anything that interrupts "the flow" or makes the
room appear smaller.
- Consider renting a storage unit to move items off-site.
- Clean and organize cabinets, closets and bookshelves.
- Clean all light fixtures and ceiling fans.
- Shampoo carpets.
- Remove excessive wall hangings and knickknacks.
- Repair all plumbing leaks, including faucets and drain traps.
- Make minor repairs (torn screens, sticking doors, cracked caulking).
- Clean or paint walls and ceilings.
- Replace worn cabinet and door knobs.
- Fix or replace discolored grout.
- Replace broken tiles.
- Replace worn countertops.
- Special details for showings.
- Turn on all the lights.
- Open all drapes and shutters in the daytime.
- Keep pets secured outdoors.
- Buy new towels for bathrooms.
- Buy new bedding for bedrooms.
- Replace old lamps or lampshades.
- Play quiet background music.
- Light the fireplace or clean out the ashes and light a candelabrum.
- Infuse loft with a comforting scent, such as apple spice or vanilla.
- Set the dining room table for a fancy dinner party.
- Vacate the property while it is being shown.
Practicing good seller's etiquette
Let's face it: When your loft goes on the market, you're not only opening the door to prospective
buyers, but also sometimes to unknown vendors and naive or unqualified buyers. As with any business
transaction, there is an expected protocol to how sellers, buyers and their respective agents
interact. Should you find yourself in a sticky situation, alert your agent so he or she can address
and remedy the problem.
The aggressive agent
When your Keller Williams Downtown Loft Specialist puts your loft on the market, typically all
promotional materials state clearly that your agent is the primary contact for buyers and buyers'
agents. However, sometimes a buyer's agent will contact a seller directly to try to either win over
their business or cut the seller's agent out of the deal. This is not reputable behavior and you
should report it to your agent immediately if it happens to you.
The unscrupulous vendor
Have you ever started a business or moved into a new loft and suddenly found your mailbox full of
junk mail? Unfortunately, this also can happen when you put your loft on the market. When you sell
your loft, it necessitates all kinds of new purchasing decisions and less-than-ethical vendors are
keenly aware of this. Though MLS organizations enforce rules on how posted information is used, some
companies have found ways to cull information from various sources to produce mass mailing lists. If
you find yourself regularly emptying your mailbox of junk, let your agent know. He or she can tap
the appropriate sources to prompt an investigation into the matter.
The naive buyer
Open House signs, Internet listings and other advertisements can generate a lot of buzz for your
loft. Some prospective buyers - particularly first-timers - will be so buzzed to see your loft that
they'll simply drop by. If this happens, no matter how nice these unexpected visitors are, it's best
not to humor their enthusiasm by discussing your loft or giving an impromptu tour. Instead, politely
let them know that your real estate agent is in charge of scheduling tours and provide them with the
agent's contact information. If you attempt to handle these surprise visits on your own, you might
inadvertently disclose information that could hurt you during negotiations down the road.
Understanding the buyer
As the seller, you can control three factors that will affect the sale of your loft:
The loft's condition
Asking price
Marketing strategy
However, it's important to note that there are numerous other factors that influence a buyer, and
you need to understand these consumer trends when you enter the sellers' market. The more your loft
matches these qualifications, the more competitive it will be in the marketplace. Your Keller
Willams Downtown Loft Specialist can advise you on how to best position and market your loft to
overcome any perceived downsides.
Location
The most influential factor in determining your loft's appeal to buyers is something you
can't control: location. According to the National Association of REALTORS, neighborhood quality is
the No. 1 reason buyers choose certain lofts. The second most influential factor is commute times to
work and school.
Size
Loft sizes in general have continued to increase over the decades, nearly doubling in size
since the 1950s. Smaller lofts typically appeal to first-time loft buyers and "empty nesters," or
couples whose children have grown up and moved out.
Amenities
Preferences in floor plans and amenities go in and out of fashion, and your real estate
agent can inform you of the "hot ticket" items that are selling lofts in your market. If your loft
lacks certain features, you can renovate to increase its appeal, but be forewarned: That's not
always the right move. Using market conditions and activity in your neighborhood as a gauge, your
agent can help you determine whether the investment is likely to help or hinder your profit margin
and time on the market.
|
