Excerpt

The process of selling or buying a home is a major event in most peoples lives. While some people move so often (or have enough assistance from their company or the government) that it becomes routine, for most of us it is a major life event that we do not look forward to. Often we do not know where to begin with the process of hiring a Realtor, getting a house ready to sell, or finding a house to buy that is the best fit for our needs.

After a decade of selling real estate in Colorado and after writing a series of newspaper articles on the ins and outs of buying and selling real estate, I have come to the conclusion that many real estate agents and most buyers and sellers have misconceptions about how to conduct a successful real estate transaction. Much of this is due to real estate agents adhering to old concepts that are not relevant in todays market, and being unwilling to tell their clients the truth for fear of losing their business. Most agents continue to promote outmoded beliefs about preparing a house for the market, advertising, negotiations, and inspections.

Having made this accusation, am I the expert and do I always practice what I preach? Truthfully, the answer is no. Selling or buying a home is, to put it plainly, difficult and a lot of work for everyone involved. Convincing a client of the amount of work that must be done to prepare their house for sale or explaining that advertising and marketing is the least important thing in getting their home sold is not easy! The easy way out for the real estate agent is to list houses that are ill-prepared to be shown, agree to the clients unrealistically high listing price, and puff up the agents marketing expertise in order to keep the business.

A principle I learned from my first real estate job, was that the three main components in the sale of a home are price, product and promotion. The seller and agent set the price. Preparing the product - the house - for sale is the clients responsibility. Promotion, that is, the advertising and marketing that will be undertaken, is the agents responsibility. When a house isnt selling, take a hard look at each of these three components to see why.

Here are a few truths about selling a home that are sometimes ignored but that should always be kept in mind.

* A well-prepared home justifies a listing price at the top of the range.
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* Conversely, just because a house has great potential is not enough to justify a high listing price. Buyers arent interested in paying top dollar for diamonds in the rough!
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* No amount of advertising or marketing can overcome an over-priced or poorly prepared house.
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In order of importance, then, the three most important things in successfully selling a house are first product, then price, and finally, promotion.

The Goal: Less Stress, More Success. I hope this booklet will be a practical tool for sellers, buyers and real estate agents as they approach the task of buying and selling homes. The following chapters will talk about choosing a Realtor; understanding the main components of a real estate contract; preparing your house for sale; pricing the house; negotiations; inspections; the importance of a conscientious lender and a good title company; how to be a good buyer and seller; and how to make the business of selling and buying real estate a less stressful and a more enjoyable experience.

So lets begin! The most logical place to start is with choosing a Realtor.