Here is an exclusive book excerpt from 13 Things They Won't Tell You. Every month, Reader’s Digest Magazine asks selected experts from a different profession to spill their secrets. Readers walk a mile in their shoes and see things that are enlightening, horrifying, and give them a whole new perspective on the people they trust with their food, health, family, money, and home. They walk away with the keys to awesome backdoor deals, insider knowledge that saves them tons of money, and invaluable advice for getting better service anywhere they go.
Now, for the first time ever, this wisdom has been collected into one comprehensive volume, complete with updates, all new interviews, and tons of additional secrets that have never appeared before.
From hosting an open house to getting an estimate of your property's value, these real estate tips from the experts ought to help in today's tough market.
1. If I'm hugely successful, you may not get the benefit of my experience. A well-known agent may pass you off to a junior agent after you sign the contract. Ask me exactly who will be handling your phone calls, marketing your house, and taking you to look at homes before you sign to ensure you get exactly what you're paying for.
2. If I'm new in the business, my references are likely to be relatives or good friends. So when you call, always ask how they found me.
Photo Credit: Diana Rush
3. Even if I've had my license a few years, I may be a soccer coach moonlighting as a real estate agent, and yours may be the first home I've tried to sell in years. Ask how many transactions I completed last year, and Google my name to see if it comes up on real estate forums and websites.
4. If you get a call saying that some buyers want to see your house in 15 minutes, let them in even if it's a bit messy. Those last-minute types typically make impulsive decisions, and they just might decide to buy a house that day.
5. In this kind of market, don't be offended by a low-ball offer. You have a better chance of getting that person to pay than finding someone new.
6. Beware of seller's agents who overestimate your house's selling price. They're hoping you'll choose them over other agents who will price it more realistically. We call that “buying your listing,” and it guarantees your house wil sit on the market for a very long time.
Photo by: Jonathan Canlas on Snippet and Ink via Lover.ly
7. The commission is always negotiable upfront, before you sign a contract. You can even make it part of the transaction. If you and your buyer are $4,000 apart, for example, ask the agents if they are willing to reduce their commissions by $2,000 each to bring the deal together.
8. Make sure you read my listing or buyer's contract carefully before signing it. There may be an extra "administrative fee" ranging from $250 to $1,500 on top of my standard commission, intended to cover my brokerage's administrative costs. Similar to my commission, this fee is negotiable.
9. Houses without furniture don’t look larger. Empty rooms may actually appear smaller because the buyers can’t get a sense of how much furniture will fit.
Photo by: Betsy Burnham on Inspired By This via Lover.ly
10. My No. 1 selling tip: Clear off counter tops in the bathrooms and kitchen. Americans love that wide-open counter space.
11. I can't share the economic standing or predominant ethnic background of the people in the area or the local crime rate. If I did, I would violate Fair Housing laws. So look them up yourself!
12. Don't skip the final walk-through. It's your last chance to make sure that repairs were done properly, that the owner's personal items have been removed, and that the items you agreed should stay are still there. I've seen stoves, washers and dryers, and beautiful chandeliers walk right out the door.
13. It might make more sense for you to rent. It often costs less, gives you the flexibility to move at a moment's notice and you won't have to shell out a lot of cash for unexpected repairs.
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