IF YOU WERE TO SELL YOUR HOME,
HOW SMART OF A HOME SELLER WOULD YOU BE?

Selling a home can be one of the biggest decisions of your life, and the ensuing process can be one of the most stressful. Selecting a reliable and experienced listing agent is a good way to relieve the anxiety, but you still need to know the ins and outs of home selling to achieve the most favorable collaboration with your agent. Take this quiz to see just how savvy you are when it comes to selling a home.

Zillow is a great place to obtain the value of your home.


Correct Answer:

False
– Every city is given a different median of error by Zillow, ranging from 5-16%.  Zillow has no way of taking into consideration the many variables in appraising property.  A 10% error on a $500k estimate would mean an error in value of $50k or more.

What percentage of buyers are generated from newspaper, and the advertisements in the real estate magazines you find in news stands or at grocery stores and restaurants?




Correct Answer:

D. 1%
- Statistics are getting worse by the year as the digital era continues to evolve and print media usage declines.

Why is it that you still see so many magazine ads?

Correct Answer:

E. Answers B, C and D
- Marketing your home is about an effective mix. While some people read newspapers, others, view their local magazines and some watch TV, and others do their searches on the internet.  Look for an agent that has the marketing power and resources to invest in you and selling your home.  While many people talk a good game, very few have the financial resources to invest in marketing your home effectively.
The longer a home is on the market the higher the sales price will be.

Correct Answer:

False In almost all cases, a longer period of time on the market equals a lower sales price because it indicates less interest from buyers.  The longer your listing sits, the more buyers are asking, “Why hasn’t this home sold?”

 

Holding an open house is a good way to sell my home.

Correct Answer:

False – 95% of the time all you get during an open house are your “nosey neighbors” who want to check out the inside of your home. 

Redfin recently released a case study for open house conversion rates in 5 major cities.  The results showed there was less than a 1% difference between homes sold in the first 90 days when there was an open house held during that period.  

What percentage of buyers shop online for real estate today?

Correct Answer:

D. 92% – 
Per the National Association of Realtors annual buyer trend report, 92% of buyers shopped online for homes in 2015 and that number is expected to grow.

You should always choose the listing agent who says they can generate the highest price.

Correct Answer:

False – 
Realtors who promise a listing price high above the market value are trying to “buy” your listing by quoting a price they know they will have to get you to reduce later.  

What are the top three proven most effective ways to sell your home for the highest possible sales price and the shortest amount of time in today’s digital world?

Correct Answer: 

D. Professional Photography, Full HD Cinematic Walk-Through Video Tours and Aerial Drone Imagery – The National Association of Realtors reports that less than 15% of Realtors use video at all and less than 3% even own their own YouTube Channel.  When you include those agents who use Drone Imagery and Cinematic Video it falls to under 1%.  This simply means less than 1% of Realtors are providing what buyers have said they want in numerous surveys and studies.

The best Realtor will personally have a buyer for my house.

Correct Answer:

False
 The biggest fear in consumers’ minds is that they will list their home with a real estate agent who doesn’t bring any buyers to view their home. The reality is that’s actually the best-case scenario.  A listing specialist is hired to promote and market your home to all the Realtors in the region as well as online consumers. If the agent you choose is constantly out showing homes to buyers they will more than likely fall short on marketing your property.

A good way to expose your home to other Brokers is for your agent to host a wine and cheese social.
Correct Answer:

False – 
If an agent has a buyer who is looking for a home, and your property fits their criteria, rest assured, any and all agents will be showing your property to their buyers!.  The MLS allows all agents to create searches based on their buyer's preferences.  If your home matches those search parameters, that buyer will automatically receive an email alert REGARDLESS of what Brokerage has the listing.  If they like what they see online in the alert, their agent will have them at your front door yesterday!  Holding Broker Wine & Cheese Socials is just simply another pacification method agents use on the seller.  It makes the seller feel good to have other agents come through their home and leave comments when, in all actuality, it is primarily to appease a seller who might be frustrated with the lack of showings. 
Professional staging and photography helps to generate a higher sales price.

Correct Answer:

True – Professional photos are statistically proven to help agents:

  • Sell Listings 50% faster  
  • Sell Listings 39% closer to list price
  • Generate 118% more views

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