Written by By Seena Shah, for CNN
“Your house is an investment; you must consider the future value.” This was the message from the C.L. Broderick Realtors office on C Street in Manhattan.
It was a starkly different message from the one of the office manager: “Many owners fall into the trap of not considering a price increase.”
Each office has different opinions and selling advice. With an abundance of listings now on the market, here are some important details to know:
What does the “for sale by owner” (FBO) category entail?
Realtors recommend that they always contact a licensed real estate agent.
“Owners should always consult an agent in order to find the best deal,” says Camille Russell , an associate broker at C.L. Broderick Realtors . “[The agent will] take a more objective view and also make sure everything is recorded correctly.”
Owners who choose to hire a broker instead of hiring an agent for their listing will have to wait for the listing period to end.
That does not mean that they have to stop working with the broker. Owners who are licensed to sell their own homes still have the right to choose to work with an agent.
How much is listed?
Like any good negotiation, the price is negotiable. But if you think your home has many untapped potential and is worth much more than the listed price, then sell price is a good starting point.
Although homeowners are only allowed to start negotiating at the point that they notify the listing agent, there is no such thing as selling price once an offer is accepted.
Homeowners who are involved in a bidding war could be demanding a lot more than the offered price, according to Matthew Cervelli , an agent at LuckyHomes Realty in Staten Island .
How long do listing days last?
It can be a sign of a good deal if an agent suggests listing days last for just two or three days.
It’s also important to note that listings do not need to be sold the same day, they can be sold up to 180 days after being listed. In addition, listing days does not mean an agent knows all of the information on a property, either. It’s up to the owner to provide the agent with additional information, such as a security detail and kitchen renovation plans.
When do you start showing?
Not everyone likes showing their home. Even people who love showing their home still prefer to consult a real estate agent when they need to show their home.
Those who feel comfortable showing their home are the lucky ones. However, it can be a tough and dangerous job. Homeowners who show their homes will not always get feedback from their neighbors.
“There is a lot of emotional attachment with showing your home,” says Paul Biesecker , director of the Home Broker Certification Program at the Career Development Institute . “[Having] respect and attention to detail can go a long way.”
What about contingency buyers?
Agents will help you set some contingencies. Typically, this means certain features must be included in the contract, such as the number of bedrooms or the number of bathrooms.
“Being able to command the market first before you put your house on the market allows you to secure the best deal,” says Max Prescher , an associate broker at C.L. Broderick Realtors . “A dollar rate drop can present great opportunities.”