Successful Selling with Gordon King

SUCCESSFUL SELLING A Guide to Preparin g Your Hom e

HOGANRI.COM | OFFICES IN NEWPORT & MIDDLETOWN

HOGAN ASSOCIATES | CHRISTIE’S INTERNATIONAL REAL ESTATE At HOGAN ASSOCIATES | CHRISTIE’S INTERNATIONAL REAL ESTATE we believe every client deserves the very best we have to give and that starts with a careful analysis of the market and advice on preparing your home for sale.

HOGAN ASSOCIATES’ listings sell faster than the market average. In addition, we consistently rank among the top Newport brokerages for number of transactions and dollar volume per agent.

DATABASE Registered users of HoganRI.com provide us with a rich database of buyers segmented by price, preferred location and buying time line.

HOGAN ASSOCIATES believes life is stressful enough.

Selling your home should be a positive experience and choosing the right agent and brokerage is the first important step.

PREPARE FOR A SUCCESSFUL SALE HOGAN ASSOCIATES agents have sold thousands of homes in southern Rhode Island. This guide shares their collective knowledge about what works best.

•

Understand today’s buyers

•

Pick the right price

•

Repair and improve the right things

•

Stage your home to sell

•

Market aggressively to the right audience

•

Negotiate for the best price and terms

•

Write a strong contract

•

Manage inspections and contingencies

•

Prepare for move and closing

BUYER EXPECTATIONS CONDITION These days most buyers shy away from homes that appear to need work. They want a neat, clean house in good repair.

TOP CHOICE Home buyers will compare your house to hundreds of others online and in person. Your house must look more appealing than the rest.

PRICE Most home buyers know which side the market is favoring. In a seller’s market, buyers want a fair price.

In a buyer’s market, they want a deal.

THE “2 out of 3 RULE” Buyers will weigh three main criteria when assessing your home: condition, location and price. Ideally, all three will be excellent. If one is questionable, the other two must compensate. When you strike the right balance, buyers will engage.

BUYER EXPECTATIONS LOCATION Buyers choose neighborhood first and a specific property second. Keep an eye on the listings in your immediate area to make sure your home compares favorably to your competitors. Representing your home as a great value compared to a different, more expensive neighborhood won’t persuade buyers. When it comes to pricing, context is king.

ROMANCE Most home buyers want to be in love with their new home as it represents an exciting new phase of their lives. Step back and view your home as if you were seeing it for the first time.

SMOOTH SAILING The magnitude of a home transaction invites stress for all concerned. We will keep all parties well informed, in control and moving forward to minimize stress.

PRICE TO SELL THE FUNDAMENTALS

KNOW YOUR COMPETITION

The asking price is the MOST important part of

Your house will compete with all the other homes on

your marketing plan. Price it too high and your

the market on both features and price. Be the best

home will sit on the market. Price it too low and

value.

you’ll leave money on the table.

With proper pricing, you should receive an offer

If buyers see more appealing features in your home

within the first few weeks. The best offers usually

than in others, and your home is priced lower than your

come in the first 30 days so think carefully about

competitors, buyers will see your home as the better

your price to attract offers while the listing is still

value.

fresh.

Testing the market with a high price can work

If your house lacks the things most buyers want, your

against you. It helps sell other homes, risks long

only option is to compete on price. Step back, make an

market time and may brand you as an unrealistic

honest assessment and price accordingly.

seller. Don’t do it.

PRICE TO SELL UNDERSTAND MARKET VALUE Time is NOT your friend when it comes to getting the best price. Eventually, the market will determine the value, so don’t waste those first prime selling weeks with a test price.

STICK TO YOUR PLAN Everyone loves to talk about real estate.

Friends, relatives, strangers and acquaintances will share their stories, give you advice and express their opinions about your home. Few, however, will have as much

The first question an interested buyer will ask is, “How

information as you do.

long has it been on the market?” Long market time?

Lower offer.

If you have examined all the facts, consulted with your agent and made a thoughtful plan, stick with it. Don’t

Beware the agent who quotes the highest price and delivers the rosiest picture of how quickly your home

be swayed by casual opinions.

will sell.

You’ve got this. We’ll make sure.

Pricing your home accurately from the start is the best thing you can do to maximizing your investment.

CONDITION If your house is in good shape when buyers come through, they will feel confident you’re a conscientious caretaker. Once they decide you are a meticulous owner, they will stop looking for problems and start thinking positively about your home.

That goes for agents and inspectors too. They will notice the care you have taken to refresh, repair and replace old or broken items in the house.

Making your house more competitive by improving its condition prior to listing will get you a better price.

We should note, however, that we work with some buyers/developers who are looking to buy and do the work themselves, so that remains a possibility.

CONDITION: REFRESH FRESH PAINT Buyers want to see rooms ready for move-in. Scratches, chips and dents on window sills, casings, stair risers and baseboards will detract from that all important first impression. They are easily removed with a coat of paint. Choose light neutral colors. When in doubt, go with white.

WALLPAPER Wall coverings can be lovely, but they’re not for everyone. If yours are more than 5 years old, they may need to be removed prior to listing.

FLOORING Steam clean carpets. Clean or consider refinishing hardwood floors. Grout should be clean and in good repair.

CONDITION: REPAIR PLUMBING Fix leaky faucets, tighten loose toilets and check furnace and hot water heater lines and joints for corrosion.

WINDOWS Clean window wells and make sure windows open and close easily.

ROOF Hire a roofer to replace missing shingles or flashing and check chimney masonry.

ELECTRICAL Replace broken or painted switch plates.

Repair or cover non-working sockets or switches.

MECHANICALS Inspect and clean your furnace, AC and hot water heater.

CONDITION: REPLACE LESS EXPENSIVE TO REPLACE: •

Light fixtures

•

Faucets

•

Door and window hardware

•

Cabinet knobs

MORE EXPENSIVE TO REPLACE •

Counter tops

•

Appliances

•

Carpet

•

Windows

•

Roof and siding

•

Decks and patios

PRESENTING YOUR HOUSE THE HGTV EFFECT Like it or not, today’s buyers - in every price range - expect near-perfect properties. It may be unrealistic, but it’s just the way it is.

ONLINE SHOPPERS Buyers search for months before purchasing. They will compare hundreds of homes to yours. Strong copy and excellent photography will make your home stand out. Additional tools including drone shots, video, virtual walk-throughs and interactive floor plans make your home stand out.

BEST FOOT FORWARD Your agent will review and employ marketing techniques to show your house’s best features and help buyers to visualize how they would enjoy living there.

PRESENTING YOUR HOUSE OUR GOALS For starters we create a beautiful online experience. The goal is to transform qualified Internet home shoppers into in-person showings.

We will create a profile of your ideal buyer, then implement a customized marketing plan to reach them.

Your buyer-ready home will make a light, bright, comfortable impression and we will emphasize features that will help buyers envision themselves living in your house.

We will help you decide what to do with rooms repurposed to accommodate your lifestyle. If you have a pool table in the dining room, for example, it might be best to move it.

STAGING BE COMPETITIVE Home staging is more than just arranging furniture and making a house look pretty. Good staging evokes a positive reaction in buyers and helps them envision themselves in your home.

The agents at HOGAN ASSOCIATES will help you decide whether it makes sense to stage your home based on their experience representing buyers and sellers in our market. It’s not always necessary to hire a professional stager, but staging can result in a faster sale and a higher price and, for this reason, it’s worth considering.

The goal is to evoke an emotional connection with potential buyers with or without professional staging.

STAGING DECLUTTER •

Remove unnecessary furniture.

•

Create easy-to-navigate walkways.

•

Remove highly personal items.

•

Pack up toys, sports equipment, seasonal decorations.

•

Closets should be only half full and floors should be visible.

•

Basement, attic and garage should be clean and organized.

•

Need a guideline? No more than 3 items on any one surface.

STAGING CLEAN, CLEAN, CLEAN •

Clean the house thoroughly from top to bottom.

•

Steam clean carpets and drapes.

•

Clean inside of cabinets, refrigerator and freezer.

•

Clean light fixtures and ceiling fans.

•

Wipe down walls, baseboards, windows, door trim.

•

Wash windows and skylights, inside and outside.

STAGING TIPS AND TWEAKS •

Every room should be well lit.

•

Light bulbs in recessed fixtures should match.

•

Remove small accent rugs that can be distracting.

•

Display less rather than more artwork.

•

Remove small, personal “knick-knacks.”

•

Put breakable items out of kids’ reach.

•

When in doubt, limit surfaces to a max of 3 items.

PRESENTING YOUR HOUSE OUTDOORS •

Power wash siding, patios, decks, sheds.

•

Rinse patio furniture, flower pots, fire pits, decks and pavers.

•

Repair driveway cracks / remove weeds.

•

Tighten loose handrails.

•

Clean gutters and down spouts.

•

Trim shrubs and trees.

•

Mow, trim and edge lawns.

•

Mulch garden beds.

•

Declutter play areas.

PRESENTING YOUR HOUSE OUTDOORS •

Create a welcoming entry way but don’t overdo decorations.

•

Door hardware must be easy to use.

•

Keep front porch light on or install a sensor/timer.

•

Put an attractive and useful doormat in entry way.

•

Plant/replant pots with fresh flowers.

•

Update entertaining areas with colorful chair. cushions and a new patio umbrella.

CUSTOM MARKETING PLAN PRE-LISTING

•

Competitive Market Analysis

•

Proper Pricing

•

Prepare the house

•

Stage the house

•

Professional photos, video, floorplan

•

Property Tour for Hogan Associates | Christie’s International Real Estate agents

•

Prepare Marketing Materials

•

Post ‘Coming Soon’ online

CUSTOM MARKETING PLAN LISTING LAUNCH

•

Syndicate listing on 500+ sites

•

Social media posts across all major platforms

•

Retargeting ads to reach active buyers

•

Email announcement to all local agents and newsletter subscribers

•

“JUST LISTED” mailings to surrounding area

•

Distribute brochures and showing materials

•

Reverse prospecting

•

Review and report showing feedback

•

Setup notification emails to track competing listings as they come on market, go under contract or sell

PHOTOGRAPHY PROFESSIONAL. ALWAYS. HOGAN ASSOCIATES Real Estate provides best-in-class professional photography from leading real estate photography services.

Home buyers view hundreds of listings online and the best way to make a listing stand out is professional photos, videos and floor plans.

Beautiful visuals give potential buyers the best first impression of your house. They separates your home from the competition. They are the beginning of a great showing experience.

VISIBILITY LISTING SYNDICATION is just a fancy term for distributing listings to multiple real estate web sites.

Once a listing is entered into MLS, we use a carefully controlled process to make sure the listing information about your house is displayed on all popular real estate sites including Zillow, Trulia, ChristiesRealEstate.com, WSJ.com, NYTimes.com and Realtor.com.

We check the listings regularly to make sure the information and photos are up to date.

ON THE MARKET SHOWINGS Unless you direct otherwise, we will request 24 hours notice for agent showings. Last minute requests will be accommodated with your permission.

OPEN HOUSES While open houses are not for everyone, we often recommend them as part of your listing launch. They provide early feedback, attract agents with out of town clients and provide additional exposure for your home. Weekends are best for 1 or 2 hours.

FEEDBACK We request feedback after each showing and send it to you immediately. When a buyer agent doesn’t respond, it typically means that their client is not interested in your house.

SHOWING YOUR HOUSE TIDY Have a plan to quickly hide day-to-day clutter when you’re notified of a showing.

PETS Dogs should be crated or removed for showings.

Litter boxes and small animal cages must be kept clean.

SCENTED candles and air fresheners are a turn off for some buyers - especially buyers with allergies who have been known to leave a showing before they start. If the house needs freshening up try to air things out before a showing.

TEMPERATURE Set the temperature at a comfortable level for the showing. Buyers quickly leave houses that are too hot or too cold.

NEGOTIATING WITH BUYERS CHOOSING THE BEST OFFER

CASH OFFERS We ask for proof of funds to prove the buyer has

It’s tempting to jump on the offer with the

accessible funds to close.

highest price, but that may not be the best one overall. We will help you analyze and select the

FULL PRICE OFFER

offer that best meets your needs by considering:

Some buyers will try to win a house with a great offer, but then ask for many repairs during the inspection. Be

•

Offer price

cautious.

•

Earnest money

•

Finance terms

LOW OFFERS

•

Inspection contingencies

Don’t get upset or discouraged by buyers who “fish.”

•

Closing Date

Negotiate in good faith until you’re sure you can’t get a

•

Home to close or sell

deal together.

•

Special requests

NEGOTIATING WITH BUYERS HANDLING MULTIPLE OFFERS

PLAN AHEAD Everyone involved in the sale should communicate

Keep up to date on the market so you can act quickly

what is most important to them for accepting an

and decisively to negotiate the best deal.

offer.

Your agent will help you decide the best way to

ALL TERMS

respond at the time of multiple offers. You can

An offer is more than the price. You must also

negotiate one at a time or ask for ‘best and final’ for all

negotiate closing date, finance terms and inspection

offers at once.

contingencies. It’s very important to know if the buyer has another home to sell.

Try to remain objective if one of the potential buyers tugs at your heartstrings by sending a heartfelt letter or

CHECK THE PRE-APPROVAL

family photo.

We always check with the buyer’s lender or request proof of funds before completing the negotiation.

SMOOTH TRANSACTION CONTRACT TO CLOSE We work as a team to deliver the best overall service possible, but managing the sale of your house is always the responsibility of your agent.

Your agent will meet the appraiser, inspector and service people involved in inspecting your home. We will continue to show the house until all the contingencies have been satisfied and your transaction is fully pending.

Your agent will stay in close contact with the buyer’s agent and the lender until all the contingencies are released and the closing date is scheduled.

NEXT STEPS? When we meet with you we will do a walkthrough of your house to begin preparing your house for listing.

We will customize our marketing plan for your home to get the most money in the shortest time possible.

We will present relevant comparable listings and an analysis to help you decide the best possible price.

We’ll sign our Exclusive Marketing Agreement and other documentation and move forward to get your house sold!

GORDON KING REALTOR ASSOCIATE I had a rarified childhood in Newport. My father was head Gardener at Doris Duke’s Rough Point. We lived on the property, and that made me an “estate kid.” During those years, the mansions along Bellevue Avenue were alive with summering families and quiet all winter. I spent my days outdoors, winter and summer, working, fishing, catching lobsters, and plotting new adventures all along the Cliff Walk.

As an adult, I worked in tech and real estate living on both coasts. I traveled the world, but my love of this town and its coastline pulled me home again and again. Every summer, I brought my children to the beach cottages at Castle Hill.

My father, uncles and I enjoyed sunset cocktails while tall ships sailed by and the kids played. Eventually, my wife and I returned and settled in Newport full-time. I am still amazed at the preservation of Newport’s Gilded-Age mansions and their exquisite landscapes created by people like my dad.

These days I’m a committed, year-round resident with many real estate stories, secrets, and opportunities to share. I’d love to help you buy or sell your special place here in Rhode Island. gordon@hoganri.com 401.924.1774 www.hoganri.com

THE CHRISTIE’S ADVANTAGE A PARTNERSHIP LIKE NO OTHER Christie’s International Real Estate built its reputation on the rigorous selection of our Affiliates: an exclusive group of the world’s top brokerages. The leaders in their local markets, these firms meet our strict standards of excellence by demonstrating continual success in luxury property sales and upholding the values of the Christie’s brand. Only one company in each location is entrusted to use the Christie’s brand. As a whole, our network is beyond comparison.

~12,000 Number of luxury properties worldwide

US $4.5B Value of luxury properties worldwide

US $500B Real estate sales over the last five years

~900 Offices 49 Countries & Territories 10 Auction House Salesrooms