How does the selling process work?
By using a Realtor, such as Dolby Properties, you have extra consumer protection, because Realtors are not only governed by the State's Code of Ethics, but also by the additional Code of Ethics mandated by the Realtor associations. Only Realtors can list your property on the Multiple Listing Service (MLS). The MLS is the most strictly regulated, accurate, up to date and widely used marketing tool of more than one million national member Realtors, which means the best exposure for your property.
How do we know what
price to ask?
Your Realtor should be able to provide you with information on what is happening in the marketplace, in your particular area. An experienced Realtor should also be able to inform you of any improvements which may need to be done to the property, to make it most presentable. The goal is to have your property priced to achieve a sale at the best price for you, with the least amount of time on the market. Of course, because of natural real estate cycles there are sometimes periods when the market is bad for sellers. During this time, there are always many competing properties on the market, taking much longer to sell, which exerts a downward pressure on prices and causes appraisals to come in low, often causing contracts to fall through many weeks after initial negotiation. A good Realtor will be very knowledgeable about the specific market and it is imperative that you listen to their advice. You may think your property is worth more, but today's buyers are extremely savvy and will not pay too much for a property. Only competitively priced properties that are in the best condition will sell during these times and there is no point in "chasing down the market".
Can I expect my
property to have increased in value from when I bought it?
Generally speaking, real estate has always been a good investment and one can expect an increase in property values. However, there are many factors involved, such as location, general world economic conditions, whether you have maintained/updated your property, how long you have owned the property, etc. It is not usually a wise idea to sell your property very soon after you have bought it. Real estate is usually a long term investment, but nevertheless, the return on your investment is usually greater overall than any other investment. The Orlando area is currently experiencing a tremendous amount of growth and as such, the property values are increasing faster than in previous years.
How long should I
expect my property to be on the market?
Under normal market conditions, a good Realtor should be able to have your home sold within 30 to 60 days, although as everywhere, when market conditions are bad, this will add several months. In a seller's market, many homes are sold much faster. Obviously, a well priced property will sell more quickly than one that is overpriced for the market. Most buyers will not be happy to pay more than comparable properties, regardless of how valuable you feel your improvements and décor are to you.
If you have a vacation rental property in the Disney area, which you are still renting out while the property is for sale, then you really should expect to cancel the bookings if you want to sell the property more quickly. This is because many sellers and/or property management companies ask the agents not to disturb tenants, so it is often difficult to show to prospective buyers, which in turn, lengthens the amount of time on the market. Most of our Dolby Properties listings have traditionally been short term rental properties that have been successfully rented, where our sellers have often not wanted to cancel their bookings because they need the income, which is understandable. We of course always respect that and try to work around it, but it does mean that in most cases, these listings tend to stay on the market much longer than normal.
How is my property
shown to prospective buyers?
Agents accompany pre-screened, qualified prospects to your property. By using a Realtor, you also get the added convenience of having an electronic Realtor-only lockbox on your door, which allows other Realtors to show your property when you are not home and is an added security feature, because it records the time, date and information of every single showing by every Realtor who has entered your property.
What happens when
we receive an offer?
Your agent will help you objectively evaluate all offers and help with all negotiations. Once you have accepted an offer, your agent will be with you right through until closing, working closely at all times with the buyer's agent and all others involved.
Sure, but keep in mind that statistics show that the vast majority of FSBOs eventually give up and enlist the help of a Realtor. Why? Because selling a property is a very complex, time consuming process which requires the help of a fully trained professional. It's that simple! Real estate transactions involve one of the biggest financial investments most of us experience in our lifetime. Transactions today usually exceed $200,000. If you had a $200,000 income tax problem, would you attempt to deal with it without the help of a CPA? If you had a $200,000 legal question, would you deal with it without the help of an attorney? Considering the small upside cost and the large downside risk, it would be foolish to consider a deal in real estate without the professional assistance of a REALTOR!