Seller Action Plan
Selling real estate in Ocean City MD or the surrounding areas does not have to be a complicated, stressful process. It is imperative to have a clear plan in place to navigate from your home's initial listing all the way through the property's settlement. This ensures that the entire transaction is organized, all necessary items are being addressed, you get the highest price possible for your property and have a stress free, enjoyable experience. Below is the action plan I have in place for my Seller clients which outlines the various steps involved.
As you are considering selling your real estate in Ocean City MD, Ocean Pines, West Ocean City or Berlin you probably have a lot of questions and this is the time to get those answered for you. I will also gather information from you regarding your property so that I can provide you with an accurate market valuation. If there are any unique circumstances present we will work through those during this time to ensure they do not present a problem down the road.
After I have spoken with you, gathered all of the necessary information and previewed the property I will prepare a current market valuation for you utilizing my comprehensive approach. Once the valuation is complete we can either meet to go over it or I can email it you and we can go through it over the phone or via email, whichever your preference. You know your property better than anyone else and if something was overlooked I will make the necessary adjustments before moving on to the next steps.
Once I have the valuation finalized and you are ready to move forward we will execute the listing agreement. The listing agreement gives me the authority to market the property and outlines terms such as listing price, commission rates, time frames, etc. This can be done in person, via email or through snail mail. Once the listing agreement has been signed and returned I can begin the process of marketing your property and getting it sold.
Before I start the marketing campaign I will go through the property and make recommendations on any items that will make the property show better to potential Buyers. I am not a proponent of having Sellers pour a lot of money into a property that they are getting ready to sell, unless their is a glaring issue or problem. A good cleaning plus some de-cluttering and organizing can go a long way! In the event that we need them I have relationships with several area contractors and can coordinate any necessary work.
Before officially putting the property on the market I will gather all of the items that I will need including photos, property details, the virtual tour, keys, listing supplements and rental information if applicable. By doing this I have all of the necessary information when I officially list your home, which ensures that when a potential buyer looks at your property for the first time all of the relevant information will be their for them. There is nothing worse than opening a new listing in the Multiple Listing Service (MLS) that looks intriguing and there are no photos, description or related information, which unfortunately is common practice for most Realtors in the Ocean City area.
Listing the Property
After I have all of the necessary marketing items I will officially list your property on the Ocean City MD real estate market and execute my entire marketing plan. Your property will go into the Multiple Listing Service (MLS) first which is the most important and then I will put all of the supplemental advertising in place. In most situations I can have your property on the market and fully exposed within twenty four hours of receiving the signed listing agreement back. All marketing materials will be forwarded to you as they are created for your review and all feedback is welcomed.
Property Showings and Feedback
You will be notified of all showings on your property and in the event that an appointment is needed or rentals need to be worked around my office will coordinate this. I follow up on all showings for feedback from the buyer's agent and this will be forwarded to you for your review. This is valuable information that will aid in ensuring that we stay properly positioned and will make us aware of any recurring issues that we may need to address.
Every few weeks I will send you a status report summarizing all of the property showings and feedback that was received. Additionally, I will include an updated breakdown of the comparable property listing data and activity. This is an important set that ensures your property stays properly positioned and "in the mix". If this isn't done it is very easy for the market to pass you by, leading to days on market racking up and subsequent bad offers made on the property.
Negotiating the Offer
Once an offer is submitted on your property I will rerun the market valuation that I did in the previous step so that we have an accurate starting point to begin negotiations from. I will then go through this data and the details of the offer with you. Depending on the terms of the contract and your overall intent we will either counter, accept or reject the offer. In most cases we will be countering the offer price and potentially other terms of the deal. When I present the counter offer I will provide the basis for it, which will be hard for the buying side to argue against. In addition, I have a few tricks up my sleeve that usually get my clients the most favorable price and terms possible under the market conditions at the time. This process goes back and forth between us and the Buyer's side until we come to an agreement that everyone is happy with.
Once we have a ratified contract in place we will start working towards the settlement of the property. Most of the work in this phase will be on the Buyers side, however there are a few things that we will need to address. First I will take care of getting the resale package from the condo or homeowners association and deliver it to the Buyer, which we are required to do by law. Next I will oversee any property inspections that were made part of the contract and address any issues that may arise. Throughout the entire contract phase I will stay in constant communication with all of the related parties including the lender and settlement company to ensure everything is moving along as it should. Any information needs or issues that may arise will be addressed promptly and thoroughly.
Prior to settlement I will have you in touch with the settlement company to ensure they have all of your accurate information. A few days prior to settlement you will be sent a HUD-1 (settlement statement) that will breakdown all of the numbers and funds to ensure everything is inline with what you expected. You will be sent reminders to arrange for utility shut off and other related items. I will oversee the Buyers final walk through of the property and then attend the final settlement. Needless to say, should any issues arise during this phase they will be addressed promptly. In the event that you are not here for the settlement I will let you know when everything is complete and ensure all required documents are sent to you.