Information for Buyers

• In some situations sellers will have several competing purchase offers to consider. Sellers have several ways to deal with multiple offers. Sellers can accept the “best” offer; they can inform all potential purchasers that other offers are “on the table”; they can “counter” one offer while putting the other offers to the side awaiting a decision on the counter-offer; or they can “counter” one offer and reject the others.
• While the listing broker can offer suggestions and advice, decisions about how offers will be presented – and dealt with – are made by the seller – not by the listing broker.
• There are advantages and disadvantages to the various negotiating strategies you can employ in multiple offer negotiations. A low initial offer may result in buying the property you desire for less than the listed price – or it may result in another buyer’s higher offer being accepted. On the other hand, a full price offer may result in paying more than the seller might have required. In some cases there can be several full price offers competing for the seller’s attention – and acceptance.
• Your buyer-representative will explain the pros and cons of these (and possibly other) negotiating strategies. The decisions, however, are yours to make.
• Purchase offers generally aren’t confidential. In some cases sellers may make other buyers aware that your offer is in hand, or even disclose details about your offer to another buyer in hope of convincing that buyer to make a “better” offer. In some cases sellers will instruct their listing broker to disclose an offer to other buyers on their behalf.
• Listing brokers are required to follow lawful, ethical instructions from their clients in the same way that buyer-representatives must follow lawful, ethical instructions from their buyer-clients. While some REALTORS® may be reluctant to disclose terms of offers, even at the direction of their seller-clients, the Code of Ethics does not prohibit such disclosure. In some cases state law or real estate regulations may limit the ability of brokers to disclose the existence or terms of offers to third parties.
• You may want to discuss with your buyer-representative the possibility of making your offer confidential, or of establishing a confidentiality agreement between yourself and the seller prior to commencing negotiations.
• Realize that as a represented buyer, your broker likely has other buyer-clients, some of whom may be interested in the same properties as you are. Ask your broker how offers and counter-offers will be presented and negotiated if more than one of her buyer-clients are trying to buy the same property.
• Appreciate that your buyer-representative’s advice is based on past experience and is no guarantee as to how any particular seller will act (or react) in a specific situation.

Information for Sellers

• It’s possible you may be faced with multiple competing offers to purchase your property. Your listing broker can explain various negotiating strategies for you to consider. For example, you can accept the “best” offer; you can inform all potential purchasers that other offers are “on the table” and invite them to make their “best” offer; you can “counter” one offer while putting the other offers to the side awaiting a decision on your counter-offer; or you can “counter” one offer and reject the others.
• If you have questions about the possibility of multiple offers and the way they can be dealt with, ask your listing broker to explain your options and alternatives.
• Realize that each of these approaches has advantages and disadvantages. Patience may result in an even better offer being received; inviting buyers to make their “best” offers may produce an offer (or offers) better than those “on the table” – or may discourage buyers who feel they’ve already made a fair offer resulting in them breaking off negotiations to pursue other properties. Your listing broker will explain the pros and cons of these strategies (and possibly other) negotiating strategies. The decisions, however, are yours to make.
• Appreciate that your listing broker’s advice is based on past experience and is no guarantee about how any particular buyer will act (or react) in a specific situation.

Information for Buyers and Sellers

Perhaps no situation facing buyers or sellers is more potentially frustrating or fraught with potential for misunderstanding and for missed opportunity than presenting and negotiating multiple, competing offers to purchase the same property. Consider the following issues and dynamics:

• Sellers want to get the highest price and best terms for their property.
• Buyers want to buy at the lowest price and on the most favorable terms.
• Listing brokers – acting on behalf of sellers – represent sellers’ interests.
• Buyer representatives represent the interests of their buyer-clients.
• Will a seller disclosing information about one buyer’s offer make a second buyer more likely to make a full price offer? Or will that second buyer pursue a different property?
• Will telling several buyers that each is being given a chance to make their “best offer” result in spirited competition for the seller’s property? Or will it result in the buyers looking elsewhere?
• What’s fair? What’s honest? Why isn’t there a single, simple way to deal with multiple competing offers?

Knowledgeable buyers and sellers realize there are rarely simple answers to complex situations. But some fundamental principles can make negotiating multiple offers a little simpler.

• Realize the listing broker represents the seller – and the seller’s interests, and the buyer-representative represents the buyer – and the buyer’s interests. Real estate professionals are subject to state real estate regulation and, if they are REALTORS®, to the Code of Ethics of the National Association of REALTORS®.
• The Code of Ethics obligates REALTORS® to be honest with all parties; to present offers and counter-offers quickly and objectively; and to cooperate with other brokers. Cooperation involves sharing of relevant information.
• Frequently frustration and misunderstanding results from cooperating brokers being unaware of the status of offers they have presented on behalf of their buyer-clients. Listing brokers should make reasonable efforts to keep buyer-representatives up-to-date on the status of offers. Similarly, buyer-representatives should keep listing brokers informed about the status of counter-offers their seller-clients have made.

Finally, buyers and sellers need to appreciate that in multiple offer situations only one offer will result in a sale, and the other buyers will often be disappointed their offers were not accepted. While little can be done to assuage that disappointment, fair and honest treatment throughout the offer and negotiation process, coupled with prompt, ongoing and open communication, can enhance the chances that all buyers – successful or not – will feel they were treated fairly and honestly.

1. Start with a Clean Slate
Before diving into major renovations, begin by giving your home a thorough cleaning. A clean and well-maintained house makes a positive first impression. Declutter each room, organize closets, and pay special attention to high-traffic areas. Consider professional cleaning services for a deep clean that will leave your home sparkling.

2. Curb Appeal Matters
First impressions are everything. Enhance your home’s curb appeal to draw in prospective buyers. Simple tasks like mowing the lawn, planting flowers, and adding a fresh coat of paint to the front door can significantly improve the overall look of your property. Make sure the entrance is welcoming and well-lit.

3. Fix Minor Repairs
Addressing minor repairs is a cost-effective way to increase your home’s value. Fix leaky faucets, replace broken tiles, and patch up any holes or cracks in the walls. Buyers appreciate a well-maintained home, and these small fixes can make a big difference.

4. Neutralize and Depersonalize
Potential buyers need to envision themselves living in your home. Neutralize color schemes by painting rooms in neutral tones. Remove personal items like family photos and unique decor. This allows buyers to see the potential of the space without being distracted by personal touches.

5. Consider Staging
If your budget allows, consider professional home staging. Staging involves arranging furniture and decor to showcase your home’s best features. It helps buyers visualize the possibilities and often leads to a faster sale. If professional staging isn’t an option, rearrange furniture to create an open and inviting atmosphere.

6. Highlight Energy Efficiency
Incorporate energy-efficient features to attract eco-conscious buyers. Consider upgrading to LED lighting, installing a programmable thermostat, or investing in energy-efficient appliances. Highlight these features in your listing to appeal to environmentally conscious buyers and potentially increase your home’s value.

7. Set the Right Price
Research the real estate market in your area to determine a competitive and realistic asking price. Consult with a real estate agent to gain insights into current market trends and comparable sales in your neighborhood. A well-priced home is more likely to attract serious buyers.

Conclusion
By following these beginner-friendly steps, you’ll be well on your way to preparing your home for a successful sale. Remember, attention to detail, cleanliness, and a welcoming atmosphere go a long way in making your property stand out in the real estate market. 

The up and down roller coaster ride of the real estate market and continued fluctations in interest rates can leave sellers scratching their heads, wondering how to price their homes correctly.

To begin with, you should hire a fantastic listing real estate agent. These professionals will have the tools and background needed to help you sell your home in today’s market. But there are specific questions to ask so that you can pinpoint the right professional for you.

It’s smart to be picky! A great real estate agent can help find buyers to sell your home fast, and for the most money. Make the wrong choice, and your listing might languish. Then, the lowballing bargain hunters come circling—it’s not pretty.

Not sure where to get started? You can search for real estate agents in your area with online tools that offer you the chance to read real estate agent reviews from previous clients. From there, you’ll want to call or meet with a few you like and probe further. 

Questions to ask a real estate agent when selling a home

Here are some important questions to ask your agent when selling your home, from sales plans to listing costs.

1. What are your credentials?

As you start out to sell your home, at the very least hire an agent who has a state license and belongs to the local real estate trade association. This means that they will have access to the multiple listing service, or MLS, and can list your property far and wide to attract buyers.

2. How many sales did you close last year?

A real estate agent’s past performance doesn’t guarantee a quick sale. Their track record of success with buyers and sellers, though, is some assurance that they are professionals who will know what they’re doing in selling your home.

Ask potential agents about how many clients they’ve worked with in the past and about the price range of the homes they have sold. You ideally want someone who knows just which real estate features will be valued by buyers in the appropriate income bracket. You may also want to ask for recommendations from previous clients.

3. Do you specialize in this neighborhood?

Having a local expert can be a huge advantage for sellers. Local agents will be aware of any upcoming developments in the area, plus plans for stores or other amenities that might affect the value of your property, how quickly it will sell, and the price you’re likely to get. They’ll also know what local buyers are looking for in real estate.

“You want to know that your agent understands the market for your neighborhood right now,” says Ashlie Roberson, a New York City–based agent at Triplemint. She also advises sellers to inquire about the agent’s favorite places in the area.

After all, your agent needs to be able to not only sell your home, but your neighborhood.

4. How do you arrive at the listing price?

Few things are as important to a seller as the discussion of how to price your home, and your real estate agent’s ability to land on a listing price that is pitched at just the right level for the local market.

A property that is priced too high will languish, eventually turning off potential buyers; but a home priced too low might leave money on the table.

Make sure your agent is knowledgeable about the local market and what similar homes have recently sold for. This will help you arrive at the right price. Be sure to get answers to any of your questions about the process of pricing your home.

5. Whom will I be working with?

You want to find out if you will be working with one specific real estate agent or a member of the agent’s team. Each scenario has pros and cons for sellers, so ask lots of questions. Different agents work with clients in different ways.

“Having a team of agents makes accommodating showings easier, but specific requests made by the seller can get lost among a big team,” says JoAnn Schwimmer, associate broker and certified relocation professional with DJK Residential in New York City.

6. How much will selling my home cost?

Ask several questions about the costs that you, as the seller, will be paying in the real estate transaction, such as broker’s commission, closing fees, and anything else, so you can plan accordingly—and compare from one agent to the next. This should all be covered in the listing agreement with the real estate agent.

7. What is your sales plan?

A good agent should have a written plan for selling your home that identifies the marketing plan for your property to attract buyers, from listing services to open houses to social media. A comprehensive plan helps ensure you’ll capture buyer interest.

“Don’t let them just rely on mailers,” says Roberson. She advises using an agent who has the capability to provide professional photography, a custom website, and even video, if appropriate. This will make the best impression on buyers.

“Marketing is the key to a successful sale,” adds Roberson.

8. What should I do to get my house ready?

See what the agents’ advice is for necessary repairs or upgrades or what hacks they might suggest for budget-friendly but impactful improvements that would attract buyers. Find out if they suggest staging services or just a good cleaning and decluttering.

Also, ask questions about whether the agents are willing to accommodate your schedule and what days and times they prefer to show houses.

9. How will we communicate?

If you’re a texter and your real estate agent prefers lengthy phone calls, that could present a problem. Likewise, you might prefer the personal touch of a call over an email. Knowing the method and frequency of communication can be important in selling your home. Your agent should also be available to answer any questions that you have along the way.

10. How long will the process take?

While no agents can guarantee how fast the sale and full real estate transaction will go, they should be able to give a ballpark range on how long it will take to sell your house. The national average is about a month, but it does depend heavily on your local market.

You can find more sales statistics about your neighborhood by entering your ZIP Code into realtor.com/local.

Receiving buyer feedback is one of the most important parts of the home selling process.
Yes, appealing photos, aggressive marketing and an attractive initial price can get prospective buyers in the door. And a quiet neighborhood or an expansive yard is attractive to many.

But sellers can’t truly find out how popular their listing is without hearing from prospective buyers.

Let’s be honest: The majority of people think more highly of their homes than others, and therefore hope for a higher price than they’ll probably end up receiving. And that’s only natural, given the personal memories that were created in the home.

And while real estate agents have many tools available as they discuss setting an initial price — their own experience, current trends, market stats, etc. — there are some areas where only prospective buyers can provide honest, blunt feedback.

So, how does the feedback process work?

After a showing agent and prospective buyer see a house, the agent receives an email from the listing agent asking what they did or didn’t like about the home, what stood out, how interested they were, etc.

The response then goes to the listing agent (and sometimes the seller), who shares it with the seller if they’re not automatically set up to receive the initial communication.

How listing agents and sellers utilize feedback varies, but sellers can take advantage of the feedback in a number of ways.

Some of the feedback sellers receive can be easily addressed. Replacing old carpet, putting on a fresh coat of paint or redoing shoddy landscaping can be relatively quick, painless and cheap. Fixes of this nature shouldn’t impact the sales price too much.

Other feedback suggestions sellers receive might not be so easily remedied. The lack of an open concept or too few bedrooms are not cheap to address. Too much of this type of feedback might eventually lead to sellers and their agent rethinking and dropping the asking price.

If sellers have the budget to attack big fixes of that nature, however, feedback can serve as a tiebreaker between couples debating on what big issue to tackle.

Feedback can also assist the seller’s agent in the marketing of a home. If enough prospective buyers comment on the neighborhood, but no one mentions the finished basement, then the agent can shift around the features mentioned in the listing, more prominently highlighting the popular ones.

Although receiving feedback is critical in the early stages of selling a home, it’s also important to remember to take individual comments with a grain of salt.

Real estate agents are busy and see multiple homes with several clients a day. It’s tough for them to remember every positive or negative comment about each listing.

Likewise, prospective buyers can come to rash judgements. One small issue with the landscaping or entrance might immediately give them a negative view of the home in general, leading them to completely dismiss it and pile on what they don’t like.

Sellers shouldn’t make drastic decisions based on one or two comments. But it is imperative for them to receive feedback and get a consensus about the house, its layout and the price, so they can address any issues, highlight popular aspects of the listing and, ultimately, sell the home.