TOP 5 REAL ESTATE TIPS FOR HOMEOWNERS WITH NO IMMEDIATE PLANS OF MOVING

No. 1: Turn being cooped up inside into an opportunity that will pay off in the future whenever it’s time to sell your home. Start a folder of home improvements you’ve made throughout the years and use it as a place to log annual maintenance, record replacement costs and keep track of ages of heating/air conditioning units, your roof, and other important systems/utilities in your house. You can even keep booklets, receipts and other handy information in a convenient location inside the binder.

No. 2: Start that long-overdue decluttering — focus on your main level first (the garage/basement area is less important to keep organized than your kitchen, main living areas and master bath/closet areas). If it’s hard to get rid of even unused items, put them in a box and move them to the basement — if you haven’t gone into the box in six months, it’s likely safe to donate the box to be enjoyed by someone who will be blessed by your “hand-me-downs.”

No. 3: Start an online folder to store seasonal photos of your home. It can also be home to “before/after” photos if you complete improvements a future buyer would appreciate to have documented. Go one step farther and set reminders on your calendar to take quality digital (cell phone is fine) photos of your home during different seasons. Upload onto your online album shots that showcase views in the winter, lovely sunsets or sunrises, fall foliage and flowers blooming in the warmer months.

No. 4: Take a slow and intentional walk around the outside and throughout the inside of your home and make a list of major and minor maintenance projects you’ve been putting off. Now’s the time to make a plan and budget for completing them (or to check some off the list if you have the skills to earn some sweat equity). So many people wait until they sell to invest the time and money into improvements they wish they prioritized sooner to enjoy the benefits of the updates before handing the keys over to the buyer, who is sure to appreciate your investment in curb appeal and upkeep.

No. 5: Bite the bullet and begin pricing out big ticket items on your “to do” or “dream” list. Contact your trusted agent to brainstorm about the potential return on costly improvements. Calling on an expert for guidance can ensure you make an educated decision about your monetary investment vs. projected future impact on market value. Be ready to share photos or video clips with your agent so they can visualize your situation and be better equipped to educate you about the potential return on your updates.

Finally, make sure you review my other articles in this series written for sellers, homebuyers and agents for other suggestions you can implement.

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TOP 5 REAL ESTATE TIPS FOR ACTIVE REALTORS

No. 1: Connect with clients online by starting an online newsletter, blog posting schedule, opening a business Facebook page or making timely posts on your existing websites and social media. Ask for likes on your Facebook page, update your LinkedIn profile and jump into the popular world of Instagram if you haven’t already.

No. 2: Contact past clients and ask for referrals you can utilize in advertising — sites like Realtor.com, Zillow and more have templates that make asking easy with the click of a button — you can even have a drawing for a gift card for clients who submit reviews to motivate them to take a few minutes of their downtime to send in a review.

No. 3: Send emails or hand written notes to clients, friends and colleagues to check in with your sphere and send them your best wishes during these times. Also reach out to old leads and follow up with buyers/sellers who have dropped off the radar with a kind “thinking of you” message.

No. 4: Take time to dive into the latest and greatest technology available, especially that which will help you take the lead in this shifting market … I remember I was the first agent to be featured locally for embracing virtual tours (back in 2005ish when they were merely scrolling photos set to music). Being a leader in new strategies and emerging technology can set you apart from the competition. A great way to learn what’s new and hip is by doing some good old-fashioned online “stalking” of top producers in other parts of the country and start experimenting with a strategy you discover that no one else is doing locally.

No. 5: Invest in online training (most is quite inexpensive) and get designations and extra certifications in areas in which you want to specialize. Work on continuing education credits to get them out of the way before crunch time when they are due. Consider enrolling in your broker’s license (even if you never intend on running an office) — the added credibility of being an Associate Broker is well worth the 180 hours and approximately $800 invested.

TOP 5 REAL ESTATE TIPS FOR THOSE WHO ARE CONSIDERING BECOMING A REALTOR

No. 1: Look into online real estate classes and take the plunge — enroll in an affordable course and start taking action in exploring the industry, instead of dreaming about “one day.” Even if you don’t become an active agent, you’ll learn a great deal in the 60 hour course, and you’ll discover if the industry feels like a right fit for you. Moseley Real Estate School is my favorite, and the course is under $300. I’m proud to have been the very first agent to ever join the Blue Ridge Association of Realtors after taking an online course back in 2002. Before that year, most agents took the course in person — I took mine from Moseley on dial up Internet service!

No. 2: Make a budget and seriously consider the expenses involved in holding an active real estate license. Contact your local Association of Realtors and ask them questions about the process and investment required in starting a career in real estate. The fees involved in joining a local board of Realtors, enrolling in the multiple listing service, charges associated with joining a brokerage, and general start up expenses will shock you. Yes, real estate commissions look great “on paper” but be sure to fully explore the true cost (financially, emotionally and mentally) of beginning a career in real estate. I’d suggest having six months or more of savings to allow time for your career to take off. For almost the entire first year I was an agent, I was embarrassed to attend office meetings because my business was slow to take off — patience, persistence and doing things differently than others is the key to success.

No. 3: Start following local top producers who have a good reputation and learn from those already successful in the industry. Sign up for free online newsletters or courses from professional Realtor trainers and get a feel for the industry from the inside before you dive in. Tom Ferry, Brian Buffini, Gary Keller and many others offer free online tips and have written books you can soak up to learn inside scoop about the industry.

No. 4: Begin researching available local, regional and online real estate brokerages while exploring which office seems like the best fit for you. Email or call brokers and start interviewing them. Compare their offerings to new agents, including their willingness to invest in start-up costs. Be sure to ask about training opportunities, mentorship availability, the possibility of having “duty time” (answering the phone or working at the front desk to get leads), and company lead generating/sharing.

No. 5: Start a database (with email and physical addresses) of friends, family and community contacts so you’ll have people to reach out to when you launch your career. It will be important to notify your circle (and expand it) for your best chances of hitting the ground running. And even if you choose to not become an agent, at least you’ll have your Christmas card list ready and can get your cards out around Thanksgiving this year!

Finally, make sure you review my other articles written for homebuyers, sellers and homeowners for other suggestions you can implement or share with your clients during this chaotic time. 

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TOP 5 REAL ESTATE TIPS FOR ACTIVE BUYERS

No. 1: Keep in close contact with your agent and lender to keep tabs on industry reaction to the pandemic. Make sure they (and you) are following recommended COVID-19 protocols. Be understanding if your agent declines your request to visit properties during this pandemic and respect their personal decisions regarding the health and welfare of themselves and their family.

No. 2: Consider the many pros and cons of physically visiting homes in person at this crucial time in our world’s history. Seriously consider screening homes by requesting online tours in lieu of in person appointments. If you find a home you’d like to see that doesn’t have a tour posted, ask your agent to inquire if the listing agent is willing to encourage their sellers to film a tour on their phones to pass along for your initial screening.

No. 3: Talk with your agent about the pros and cons of making offers on properties you’ve seen virtually but not in person. Get familiar with contingencies that could protect you and amendments addressing the ramifications of purchasing during the COVID-19 crisis.

No. 4: Understand that delays in closing timelines may be inevitable. Talk to your lender about any situations you are facing that may impact your purchase (including any temporary layoffs or change in financial situation). Thoughtfully consider the pros and cons moving forward with your purchase plans in light of world economic changes. Look for the silver lining like historically low interest rates and less buyer competition.

TOP 5 REAL ESTATE TIPS FOR SOON-TO-BE HOMEBUYERS

No. 1: Ask for a recommendation for several local agents then explore them online and contact them. Take note of their initial enthusiasm, professionalism and response time. Ask them to send you sales statistics of homes in your price range, in your favorite neighborhoods, or with your physical criteria. It’s important to get a feel for what your money will buy before you start pounding the pavement.

No. 2: Contact at least two lenders to start building relationships and get on their mailing lists about rates and get tips on how to best improve/maintain your credit. I suggest reaching out to at least two lenders so that you can have multiple quotes and loan products to compare. It’s best to choose the lender you feel has been most responsive and helpful (and whom you trust the most) when you find a home and want to lock in a rate – if the other lender(s) beats their rate, ask them to match it and they probably will. Start gathering information the lender will require for loan processing and ask them to pre-approve you so you’ll know what type of loan to expect.

No. 3: Start making a list of MUST HAVES vs. WISH LISTS so that you have criteria to share with your agent. Ask for recommendations and contact an agent even before you want to explore properties in person. They can best advise you about the process and start sending you listings that match your specifications to give you a feel for the market well before you start touring. If you are buying with a spouse or partner, be sure to get on the same page at the onset of your search so you fully understand and agree on each other’s “make or break” features.

No. 4: Refine your budget to get prepared for the expenses of home ownership starting with costs associated with your purchase. Start saving money to cover the earnest money deposit (typically $1,000) and buyer-paid inspections (which can be $1,000 or more). Even though most buyers roll their actual lender closing costs into the loan, there are many upfront expenses to consider. While contemplating costs, be sure to ask your lender contacts for “good faith estimates” and “truth in lending” statements so that you can compare their fees, total monthly payment projections for your price range and annual percentage rates (which are more important than the actual interest rate they quote).

No. 5: Download some good home searching apps on your phone like Homesnap, and do some generic online real estate purchasing research on sites like nar.realtor so you know what to expect when you start the process and can start keeping tabs on the market. Know your rights as a buyer and educate yourself on the pitfalls of dual agency, which is when buyers work with the seller’s listing agent to help you with the purchase. I wholeheartedly believe dual agency should be illegal as buyers and sellers best interests are not able to be fully protected.

Finally, make sure you review my other articles written for sellers, agents and for homeowners for other suggestions you can implement.

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TOP 5 REAL ESTATE TIPS FOR SELLERS ACTIVELY ON THE MARKET

No. 1: Stay in close contact with your listing agent to keep abreast of how the industry is impacted by regulations surrounding the virus. Understand that showings have decreased across the board and discuss the pros and cons of staying on the market (continuing to allow showings), changing your status to temporarily off the market, or withdrawing your listing (without penalty due to the crisis) if your situation has changed.

No. 2: Use some of your free time to review your agent’s online marketing and advertising brochures to make sure both properly convey every feature your home offers. Promotion of your house should tell the full story about your home and all it has to offer both inside and out. If your agent is missing key points that buyers need to know about, provide a list of features you want to have showcased and make sure they don’t miss promoting features, upgrades, updates and unique benefits buyers should know about.

No. 3: Create what I call the “Seller’s top 10 Reasons they Love their Home” list. Invite your children (if appropriate) to make their own list and/or create artwork to go with it. It doesn’t have to be ten reasons, but make it full of positive features that enable the buyer to picture themselves making memories of their own in your home. You can share bonus insights about the neighbors and subjective features that agents aren’t able to verify and include in their own brochures, but can include the list and quote from you. You could even go above and beyond and create a video tour that your agent can use in marketing in which you walk through your home and share features. Get the entire family involved!

No. 4: Have frank conversations with your agent about pricing, strategy and your ideal timeframe. Share any changes that the current state of affairs has caused, discuss outside the box ways to increase buyer traffic and contemplate pricing adjustments. None of us know with certainty what the crisis will do to the real estate market. Have the tough conversation sooner than later to determine what price would be one that you’d accept to get the sale behind you. Then strongly consider dropping to that price to spur the pervading stalled buyer interest. A price reduction combined with these tips could get you at the virtual closing table a lot sooner.

TOP 5 REAL ESTATE TIPS FOR THOSE PLANNING TO SELL SOON

No. 1: Make believe you’re a buyer. Step outside and analyze your house as if you pulled into your driveway for the very first time. Look at your home from the inside out with a critical eye and make a list of noticeable flaws. Focus first on curb appeal improvements (starting in the front of the house and moving through the main living areas), prioritizing enhancements you can start to make that would have the most impact on improving showing appeal. As you walk through your home, visualize how two buyers and an agent would fit through your living spaces and plan to clear large furniture or unnecessary items that crowd your rooms. I personally never have felt that it’s necessary to remove personal photos, but do encourage sellers to hide expensive items or medicines that could easily be pilfered.

No. 2: Make a list of every feature that your home offers, especially the ones that aren’t as obvious. Do you have energy star appliances, existing warranties, high efficiency toilets, recent upgrades, unique features, efficient utility bills? I always encourage sellers to share with me any detail that could potentially earn then an extra dollar at the closing table. Make a list of your top 10 favorite reasons you love your home. Make it a family affair and ask kids to contribute too, or provide artwork for your family list. Help your Realtor tell the full story of your home that will speak to the hearts of buyers who read about it online (and inspire them to take a tour).

No. 3: Start looking online and review listings and price tiers of homes similar to yours. Start getting a feel for what your house is worth and what your competition looks like. More important than what houses like yours are actively listed for is the price homes fetched at the closing table and how long it took them to get under contract). Notice what is appealing in photos and online marketing of other listings. Take notes about how you think your home can shine in comparison.

No. 4: Start contacting and researching agents to interview. Ask for sales statistics and references from past and current clients. Review a sample of their marketing brochure template and scrutinize their online property advertising. Pay special attention to the quality of their photos and writing skills. I suggest interviewing three agents, and letting each one know that you are doing so. Remember that discount brokerages can also mean discounted services, so know upfront what your agent promises to deliver before you sign a listing agreement. I never encourage listing agreements longer than three months. You can always extend if your property isn’t sold within that time frame.

Finally, make sure you review my other upcoming articles written for homebuyers, agents and for homeowners for other suggestions you can implement.

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