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What do Real Estate Agents do to Sell a Home?

Outside of the legal and medical professions, most industries are filled with people that work their tails off without the general public understanding their line of work. This is quite common for people that work in the real estate industry. Here are some of the many things that an agent does to sell a home for a new listing.

Extensive Photos

As the old saying goes “a picture is worth a thousand words.” Real estate agents will take lots of pictures to show off the best aspects of the home. When prospective buyers have an opportunity to see multiple pictures of a place before they view the property it helps to get the buyers more familiar with the property. It also reduces the number of people who are certain they will not buy a home based on the presence, or lack of, certain features.

Social Media Announcement

With multiple pictures of the property in hand, an agent can post to the various social media sites and alert all their friends and connections that the home is now available. With the multiple interactions found on most of the social media sites this is a great way to spread the word and let potential buyers know about the home's availability and best selling points. Good agents post to multiple sites like Facebook, Google +, Twitter and even Pinterest.

Newsletters

Many real estate agents connect with their past clients and prospects by sending out a monthly or quarterly newsletter. The newsletter can be sent via email or the old fashioned way of postal mail. This gives the agent a chance to pass along helpful information, such as home maintenance tips, energy saving advice as well as all of their new home listings. This is an easy way to reach people that may not be active on social media and still give them a chance to see the home in pictures.

Emails

Some agents aggressively market their listings by sending out emails to their prospective buyer base. These email lists are built over time from a multitude of different sources like, previous clients, internet leads and people that have signed up via their website. Since some home buyers can spend many years searching for a home, this large database of previous contacts can be a key component to selling your home.

On top of that, most agents will present any new listings to their own personal buyer clients who might be interested. Since they have in-depth knowledge of the home, it's much easier to explain the benefits. They will also share the new listing with other agents in their office/company in hopes they promote it to their buyer clients.

MLS Listing

One of the most important things an agent can do is list a home with the MLS (Multiple Listing Service). This service is accessible by local real estate agents and to Realtors® across the country via certain home search websites. When a buyer comes to an agent and asks for a list of potential homes, the agent will use the MLS service to find all available homes in the area. Agents pay yearly to have access to this database in order to be ready when either a buyer or seller is in need.

Showings

When a potential buyer wishes to see a home the real estate agent is the one that meets them at the home and gives them a tour. This is where the real estate agent can show off the home and brag about the top features of the property. Agents often make themselves available day or night for showing to accommodate the schedules of both the buyers and the sellers.

Open Houses

Agents often hold open houses on the property. These typically occur on the weekends, most commonly on Sunday. Occasionally, open houses are held on weeknights as well. An open house provides a 'no pressure' forum for people to tour the home. Many times the attendees are not actively looking to purchase at that moment and many visitors will actually be neighbors. Either way, getting your home in front of the largest audience is key. Any open house visitor could know someone 'in the market' for a home who they may tell.

An experienced real estate agent will put together a complete marketing plan for any new listing to give their client the best chance of selling the property at the anticipated price. Click the following link to see how Rock Realty can successfully market and sell your house: Rock Realty Home Marketing Plan

PDF Version of this article - 10 Underwater Homeowner Options

Slipping toward foreclosure can lead to feelings of anxiety, depression, and loss of self-esteem. Don’t give up. There are options available to help millions of homeowners rescue themselves from the brink. Since it is crucial to act before a foreclosure takes place, now is the most important time for you to review the following options and solutions.

As a Certified Distressed Property Expert (CDPE), I am trained in assessing all foreclosure alternatives and pursuing the best solution for your own financial situation.

1) Short Sale

A short sale allows the homeowner to avoid foreclosure, minimize financial damage and move on from a burdensome, unaffordable mortgage. In many cases, a short sale allows the borrower to qualify for a new mortgage in just 24 months, as opposed to five years or more after a foreclosure.

A trained real estate agent can help facilitate a short sale with your lender if you have three qualifications. First, you must show some type of financial or personal hardship. Second, you must have a monthly shortfall, meaning your monthly expenses are greater than your monthly income. Finally, you need to prove that your debts are greater than the value of your assets (certain investments, property, etc.). These requirements may differ per lender, so check with a distressed property specialist for specific information from your mortgage company.

2) Reinstatement

A reinstatement is the simplest solution for a foreclosure, however it is often the most difficult for homeowners to achieve. The homeowner simply pays the total amount past due (including late fees) to the lender. This solution does not require the lender’s approval and will “reinstate” a mortgage up to the day before the foreclosure sale.

3) Forbearance or Repayment Plan

A forbearance or repayment plan involves negotiating with the mortgage company to allow the homeowner to repay back-payments over a period of time. The homeowner typically makes current mortgage payments in addition to a portion of the back-payments owed. This option requires lender approval.

4) Mortgage Modification

A mortgage modification involves the reduction of one of the following: the interest rate on the loan, the principal balance of the loan, the term of the loan, or any combination of these. These changes require lender approval and typically result in a lower payment for the homeowner and a more affordable mortgage.

5) Rent the Property

This option does not require lender approval, but does require the homeowner’s ability to rent the house for enough money to cover the monthly mortgage payment.

It is important to remember that there may be unexpected costs associated with the maintenance of a rental property in addition to the monthly mortgage payments. Homeowners should take this into consideration when deciding whether this option will work for them.

6) Deed-in-Lieu of Foreclosure

Also known as a “friendly foreclosure,” a deed-in-lieu allows the homeowner to return the property to the lender rather than go through the foreclosure process. Lender approval is required for this option, and the homeowner must also vacate the property. Deed-in-lieu can potentially lessen the damage to a credit score and future loan eligibility, and sometimes the lender will forgo their right to pursue a deficiency judgment, meaning the homeowner will not be responsible for further payments.

7) Bankruptcy

Many have considered and marketed bankruptcy as a “foreclosure solution,” but this is only true in some states and situations. This does not require lender approval, but you must have non-mortgage debts that you claim as a hardship.

Entering bankruptcy can be a risky and costly process. Be sure to seek the advice of a qualified bankruptcy attorney when pursuing this as an option.

8) Refinance

As opposed to mortgage modification, refinancing means you will be acquiring a new loan based on your current credit standing. If you have already missed mortgage payments, your credit score may make it difficult to find a loan with cheaper payments.

9) Sell the Property

Homeowners with sufficient equity can list their property with a qualified agent who understands the foreclosure process in their area. Unfortunately, many homeowners in today’s market have experienced a decline in home value and may owe more than what the home is worth.

10) Servicemembers Civil Relief Act

(Military personnel only)

If a member of the military is experiencing financial distress due to deployment—and that person can show that the debt was entered into prior to deployment—he or she may qualify for relief under the Servicemembers Civil Relief Act. The American Bar Association has a network of attorneys that will work with servicemembers to help qualify them for this relief.

Pull Yourself Back From the Brink

If you are on the edge, you have no time to waste. Call me today; I’m here to lend a hand.

Place Your Confidence in CDPE

With the right assistance, the stress of facing foreclosure becomes manageable. CDPE- designated agents have received the knowledge and training necessary to assess all possible foreclosure alternatives and pursue homeowners’ best options. A CDPE- designated agent attends several days of intensive, thorough training on foreclosure avoidance and how to help facilitate a short sale efficiently and ethically. The highly regarded CDPE logo means you are working with the most informed, up-to- date resource available.

Michael Collins, CDPE, SFR, BPOR
Broker - Rock Realty
608-921-8536

If you are wondering if a short sale might be right for your home, please visit our Short Sale Home Evaluation page.

The available houses in Winchester, VA in April 2012 has risen to 582.  That's a 7% increase in inventory over March listings.  In contrast, the number of REOs and short sales have declined slightly.

Winchester City holds 112 of the available listings, down three from March.  The number of REOs in April stand at 4 and short sales at 11.  The March numbers are basically unchanged.  March had 115 listings with 4 REOs and 11short sales.  Winchester has seen less movement than Frederick County.

Frederick County, VA has 470 active listings.  Of that number, 33 are REOs and 43 are short sales.  The March listings were 448 with 36 REOsand 45 short sales.  Both REOs and short sales are down in the county.  The overall number of listings has increased by 22, but the distressed properties are dropping.

The drop in distressed properties in the Winchester / Frederick County, VA area is a good sign that the local real estate recession may have turned the corner.  The overall market is up, but distressed properties are down 5%.  For homeowners who have been waiting on the sidelines to sell, this is good news.

For home-buyers who have been waiting for the market to hit bottom, this may be it.  If you're thinking about buying a distressed property, now is the time. The inventory is starting to shift toward fair market listings, and when that happens, highly discounted properties will slowly disappear.  

Available Houses in Winchester, VA - April 2012

All Listings in Winchester, VA - April 2012

REOs in Winchester, VA - April 2012

Short Sales in Winchester, VA - April 2012