AN INTRODUCTION TO SELLING REAL ESTATE
IN YAMHILL COUNTY
If you are considering selling your home, rental or investment property, the process should start with selecting the right Realtor®. To help you in that process, I have assembled a list of questions to ask any real estate agent you would consider to list your property.
THE VALUE OF A PROFESSIONAL REALTOR® AS YOUR AGENT
Not all real estate agents are created equal. Number of years in real estate, designations, years lived in the community they work in are only pieces of a bigger picture. Total background tells a bigger story. Education, success in their overall professional career, whether they invest in real estate themselves and more, all tell a more complete story of an individual’s capability as a Realtor®. But, the most important factor is the individual’s willingness to commit time to your transaction, to do whatever it takes to see that it is completed successfully and their ability to solve problems that are inevitable along the way.
Having worked with a number of real estate agents since becoming a realtor broker, I have found I have a significant advantage over most because of my depth of professional background and a work ethic that dictates I do everything ethically possible to bring about a successful result to any task, or in the case of real estate, to any transaction. Too many times I see agents willing to simply throw a problem back into their clients’ lap, telling the client to let them, the agent, know when they, the client, have the problem solved. This is where the rubber really meets the road, as the old saying goes.
I can promise you that if you employ me as your agent, you will know that I earned the commission I am paid.
SELECTING A REALTOR®
Surveys indicate that most people, whether buying or selling real estate, pick the first real estate agent they meet. It is understandable, since most people are not sure what the standards are for performance. For most people, the purchase or sale of real estate is among the largest financial transactions in their lives. If you are considering selling real estate in Yamhill County, I encourage you to shop around, for there are considerable differences between agents. This link contains a list of suggested questions to ask any real estate agent you are considering engaging. I look forward to the opportunity to answer these questions, should you decide to include me among those Realtors® and other real estate agents you may consider.
GETTING STARTED – THE AGENT INTERVIEWS
During your interview of me, it would please me to present my Written Commitment to Sellers, which I hope you find useful in comparing me against other agents. It is my objective that you understand my commitment of service to you, as your agent. With your concurrence, I will present you with a brief overview of the several forms you will encounter in the process of selling your property and other pertinent information to achieving a good price. Finally, we will discuss the price you would like to set as the List Price for your Maui property.
PRICING YOUR PROPERTY – THE SEARCH FOR ‘COMPS’
Pricing your home, condo or vacant land begins with a comparative market analysis (CMA) based on a carefully chosen group of similar properties to yours in size, construction, age, location, views, features, etc. which have sold in the past six to nine months. In addition to the CMA, you will be provided with a historical analysis of yours and like neighborhoods showing average selling price and average cost per square foot. Once reviewed, based on our conversation, I will rerun the analysis incorporating any changes you have requested, such as different properties to use in the CMA, or different features, neighborhoods, etc.
We will look at other factors such as whether it has rental income or the potential for rental income. We will evaluate the extent to which it is a candidate for a 1031 Exchange. External factors will also be evaluated, such as the current real estate market—whether inventory is tight or plentiful; which direction prices are trending and other factors indicating overall market strength.
Together, this information will help you make an informed decision about where to price your property. My job is to give you the information you need to feel comfortable determining the price to ask for your home or property.
THE OREGON ASSOCIATION OF REALTORS® STANDARD FORMS FOR THE EXCLUSIVE RIGHT-TO-SELL LISTING AGREEMENT AND SELLERS’ REAL PROPERTY DISCLOSURE STATEMENT USED WHEN SELLING REAL ESTATE
Like most of the forms you will encounter when buying or selling Oregon real estate, the Exclusive Right-To-Sell Listing Agreement is one of several standard forms used throughout Oregon. One more factor which differentiates me from other real estate agents is that I will not hold you to some timeframe within which the Listing Agreement can not be canceled. I am confident in my level of service to you, but, if you are not happy with me, then you have the right to terminate our agreement immediately. With that in mind, all of my Listing Agreements have a “0” indicated where it calls for the number of days of “advance written notice” required for the Sellers (you) to cancel the Listing and no minimum “listing period” either. How is THAT for Confidence?! Click the following link if you would like to see the current version of the Oregon Association of Realtors® Standard Form for the Exclusive Right-to-Sell Listing Agreement.
One of the items you, the Sellers, agree to in the Listing Agreement is to fully disclose any problem with the property that you are selling, which would measurably effect the property's value. The Sellers’ Real Property Disclosure Statement is the OAR standard form used for this purpose.
THE MARKETING PLAN
It is here that services you receive from a real estate agent differ widely. Obviously, there are discount service levels offered by some broker/agents. But, there is a wide difference in services and performance offered by real estate agents charging ‘full service’ commission rates. My Written Commitment to Sellers describes much of the marketing techniques I use to market your property, so I won’t go into detail here. What is worth emphasizing is that no marketing costs are passed on to you. There are secondary costs which many people are not aware of which compliment the direct costs of advertising, printing brochures and flyers, signage, virtual tours, listing on other websites, etc. One example is the expense of running ‘pay per click’ campaigns on the major search engines to assure my website is listed on the first page of selected search engines such as Google, Yahoo or MSN when someone types in a phrase like ‘Yamhill County Real Estate’ or ‘Homes For Sale in Yamhill County’. These campaigns can run several thousand dollars a month; but, they give my website, and your Featured Property page, much broader exposure. Remember, over 80% of all real estate transactions now start via a search or inquiry on the internet.
To assure my marketing plans produce top quality results, I invest in the latest in state of the art equipment, including computers, network servers, a broad assortment of application software, digital cameras and accessories, printers and other real estate resources. Today, the most important tool in marketing real estate is The Internet. To take advantage of that, I have committed much time and expense toward the development of a custom Website, www.BobStaplesOregonRealEstate.com, which is dedicated to the marketing of Yamhill County Real Estate. Is is different from the many real estate websites that are "canned" sites produced by national website companies that apply common templates any real estate agent’s website, whether they are in Hoboken, New Jersey or Yamhill County, Oregon. There is nothing canned about my site. I designed and built the website. My objective was and is nothing less than providing the Best Real Estate Website in Oregon. ‘Best’ meaning from the perspective of anyone searching to Buy or Sell Yamhill County Real Estate.
COMMUNICATION, FEEDBACK AND FOLLOW-UP
I believe in providing the level of communications which gives my clients the greatest level of comfort. Whether that is in written form (letter or e-mail), or verbal (phone or face to face); whether it is monthly, weekly or daily, or some combination – my objective is your complete satisfaction with my services and the results you are experiencing. I’ll probe my clients to get feedback from them and go to great lengths to make it easy for clients to give me feedback. Your trust in me is paramount to me; nothing matters more.
PRESENTING YOUR HOME
One of the most important factors in obtaining the best price possible in selling your home is how it appears to prospective buyers. Before it goes on the market, you will want it to look it’s very best. For a good check list, download Preparing Your Home for Sale. While not inclusive of everything, following this list will make a big difference in how your home may be perceived in a showing. It seems like, as I get older, things like getting the house painted, fixing those broken items around the house, perhaps replacing carpet that is badly worn or blinds that are looking disheveled are more daunting tasks than they use to be. That’s when it’s time to surrender and call in a contractor. Spending the $$$’s now to correct what could be a long list in a home inspector’s report, and create a much more favorable first impression, could mean significantly more $$$’s for you at closing. But, don’t misunderstand me, paint and carpet are relatively cheap compared to what they can return; this is not encouraging you to launch into a major remodel—such efforts rarely give you anywhere near the return necessary to cover their cost.
OPEN HOUSES
It is pretty well known in the real estate community that open houses do more for marketing the realtor than they do for marketing the home. You, the seller, make the call as to whether you want your realtor to do open houses. If I’m a full time realtor, and I am, I’ll be more than willing to do open houses. You, the seller, are the one who is put out beforehand, preparing the home, and while the open house is going on, finding someplace to hang out for three to five hours. Still, while open houses are not at the top of the list of marketing techniques that sell, they do occasionally produce results. It is your choice and if your realtor doesn’t encourage open houses, they are probably hurting their chances to find a new prospect, or two, more than they are hurting your chances of finding a buyer.
THE OFFER
You need to know what to expect when an offer comes in. The form of offers in Oregon is a contract or agreement called a Purchase Contract. It is a ____ page legal contract with a two page Counter-Offer if the price and conditions are being negotiated beyond the initial offer. Your listing proposal package should have a copy of these two documents in them. They are standard forms, approved by the Oregon Association of Realtors and recognized by the Oregon Real Estate Agency, which regulates the real estate industry in Oregon.
When received, you will typically have 24 to 48 hours to respond. You, basically, have three choices—accept it, reject it, or give a counter offer. This is usually an emotional point, so keep kool and remain focused on the ultimate objective—selling your home for your target price. Even if you respond with the asking price to a weak offer, you are saying more than if you simply don’t respond. Pay attention to major contingencies such as the purchase being contingent on the sale of the buyers’ home or the ability to sell their [surrendered] property in a 1031 exchange. The ability to obtain mortgage financing is another significant contingency. A cash offer (no financing contingencies) and no contingencies on the occurrence of another event, such as the sale of another property, may be a better offer, even if it is a few thousand less than another offer with several contingencies. Discuss with your realtor how you would reply in such an event.
If you start to feel overwhelmed or uncertain, that is where I come in. My role is to help you evaluate the alternatives and, if we have done that well, make the best choice for your situation.
THE CLOSING
Assuming you have accepted an offer/counter-offer, your agent will take the contract, Listing Agreement and Earnest Money funds to the [Escrow company] designated in the purchase agreement. The closing process is another area where your agent gets to demonstrate their skills. There are a number of tasks going on simultaneously - a home inspection, getting copies of all required homeowner association or condominium association documents for the buyer, tracking the buyers’ progress in obtaining any required financing, arranging for any survey or stacking, termite inspection, or other inspection related requirement and obtaining the preliminary title report and reviewing it and the survey for possible encroachment issues or other matters that could ‘cloud’ the title. All of these and possibly other matters must be taken care of in a timely manner if the sale is to close on time. Where I believe I stand out from many agents is in my willingness to do whatever it takes to get the job done. In the past, I have gone to the extent of petitioning the County for a variance to approve a clients driveway, which involved a 14 page presentation of photos, drawings, a written justification and exhibits. Many agents would have let that burden fall in the lap of their client.
If I have done my job correctly, the closing process will have proceeded smoothly and your transaction will have closed on time.
ATTORNEY
Oregon’s standard forms of purchase contract are designed to cover most issues that come up during a closing on the sale of real estate property. However, as a real estate agent, I am neither allowed to nor am I able to render legal advice/opinion on any matter. Therefore, depending on your unique circumstances, it may be advisable to consult with an attorney concerning the transaction. I, or any agent, will be more than happy to provide you with a list of attorney’s in Yamhill County who specialize in real estate law.
SURVEY vs STAKING
While neither is generally required for a condominium sale, one or the other maybe required when a single family home is being sold. Typically, staking or surveys are not recommend in Oregon. However, having lived in several states, I have become use to obtaining a survey as a buyer, to assure myself of no problems after purchasing the property, e.g., an improper pin placement or undiscovered encroachment. My recommendation, order a survey.