Boston condo owners who plan on placing their home on the market may consider the possibility of a For Sale by Owner (FSBO) transaction at least once before going to the closing table. “Going FSBO” is a strategy that dates back to the 1970s, but it has significantly lost its shine in recent years. According to the National Association of Realtors (NAR), FSBO closings made up just 8 percent of the market at an average price of $185,000 in 2017. When compared to the total transactions closed by real estate agents, FSBO sellers could have made $55,000 more on average if they had listed their homes with a licensed broker, and they would have gone to the closing table six weeks earlier.
Retaining a Boston condo agent is a must in competitive housing markets such as Beacon Hill or any Boston proper neighborhood. Here are 7 strategies real estate agents might utilize to sell your property.
1. Perform a Comparable Market Analysis
Figuring out the market value of your Boston high rise condo is one of the first steps, which is completed by means of a comparable market analysis. Although this is largely an automated digital process available to appraisers, developers, and real estate professionals, mortgage lenders often refer to this step as a “pencil appraisal.”
2. Consider the Most Marketable Pricing Options
You don’t have to settle for the tired strategy of listing at a high price and adjusting downward. Your real estate agent may have more marketable ideas.
3. Stage and Prepare the Space
Real estate agents know a lot about listing psychology. Do not invest in upgrades until an agent inspects your property. He or she can make recommendations based on the prospects your home is likely to attract.
4. Do Pre-Listing Research
Before your Boston condo appears as available in the regional Multiple Listing Service (MLS), you must conduct a fair amount of research to determine if a property can be sold and how it should be marketed. This research may include obtaining the most recent survey, acquiring the tax rolls, checking for zoning changes and restrictions, verifying the legal description as well as deed status, and a few other steps.
The property marketing goals will be presented in the listing agreement. You will likely see three defined strategies: IDX, web, and Realtor.com. These are standard and very powerful strategies, but your agent may have other tricks up his or her sleeve. For example, agents who specialize in Beacon Hill condos and luxury condos often have connections with tech entrepreneurs who are active on private forums, mailing lists, and social gatherings.
5. Create a Listing Agreement
Real estate contracts are meant to be negotiated. Oftentimes negotiating is a more effective option to get buyers interested in going to closing.
7. Review Market Conditions
Sellers are often surprised to learn about current market conditions that are not usually reviewed by the local news media. Unless you subscribe to specialized publications such as Crain’s or the regional NAR newsletter, which you would have to be a licensed realtor to get, you will not get the full view of market conditions. Based on these conditions, your real estate agent will get your opinion on common goals.
Real estate agents can also be extremely helpful when it comes to strategies for purchasing a Boston condo. Whether you’re seeking condos in Beacon Hill or a high rise condo in downtown, the real estate experts at Ford Realty can help you find the property you’re looking for. Give us a call today at 617-721-9504.
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