Agenda● Intro to Redfin● Understanding the Market● The Selling Process● Pricing Strategies● Marketing your home● Repairs & updates● Curb appeal● Staging & perfect pictures● Questions?
A Little Bit About Who We Are● Redfin is a real estate brokerage that has helped over20,000 people buy or sell a home; 97% would refer us to afriend.● New RE Model: Customers, not commissions● Buy-side: More info available +Transparency = Informeddecisions = The right home for the right price● Give back a portion of our “commission”● Sell-side: We do MORE (Info, Photos, Classes, SparkingDebut, FT Coordinator, Proprietary Software for LESS ($$)
Case-Shiller: Portland Area v. 20-City0.0050.00100.00150.00200.00250.00Portland Area20-City Composite
Case-Shiller – By the NumbersPortland AreaUp 8.3% year-over-yearPeak was July 2007Down 24.5% from peakCurrently at June 1999 prices20-City CompositeUp 8.1% year-over-yearPeak was July 2006Down 29.2% from peakCurrently at September April 2005 prices
7 Secrets to Sell Your HomeFaster and for More Money1. Know the Process: Knowledge puts you in the Driver’sSeat2. Know Your Numbers: Price it right the first time3. A House Not A Home: Prepare Your Home For the Market4. Surviving the Inspection: Maintenance & Repairs5. “Why now?”: Upgrades & Touches that Payoff6. Sparkling Debut: Photos make the FIRST Impression7. Get Noticed: Exposure is the Key!
The Selling Process● Decide on selling● Meet with an Agent● Stage and prepare your Home (Open Book referrals)● Photograph your home● Take it live!● Get an offer & expert help in negotiating = Signed Contract● Work as a Team through the Inspection & Appraisal process● Signing / Funding / $$$
Pricing: An Art & Science● Consider the current economic factors► Housing market► Mortgage rates► Employment & other Economic factors● Consider► Location-Competition-Timing-Condition-Price► Comparable homes in your area “Active”: Your direct competition “Pendings”: How many DOM can indicate final price “Solds”: Watch the trends of list VS sold prices
Pricing StrategiesWhat if we over price?● Fewer Buyers see your house● More days on market can elicit suspicion● Need price - reduction plan● Hope: One Buyer pays the higher price● Risk: Appraisal concernsWhat if we under price?● Elicit Market Interest● More buyers see your house = more potential offers● Sold more quickly● Hope: More than 1 Buyer● Risk: Timing works against you & only 1 Buyer makes an offer
Comparative Market Analysis● What is a CMA?► Art and Science: Left brain VS Right brain► What is my home really “worth”?● CMA VS Appraisal?► What they each mean to you● How could 3 different Agents suggest 3 different prices?► Experience level► Business style► Underlying Strategy
What is the Best Day to List?● Homes listed on Sunday get marginally more online views.● Homes listed on Friday are toured 19% more.● Homes listed on Friday or Thursday sell for slightly closerto original list price.● Homes listed on Friday are 12% more likely to sell in 90days or less.
Front Door● The first impression of the house● Clean!● Nice hardware on door goes a long way● Clean/updated hardware - spend $100 on updated locks
Porch● Don’t put a lot on it● A place for people to sit● 1 or 2 great decorative pieces● Grill – make sure it’s clean!● Porch lights► Make sure they work► Buy new ones – Great touch for under $50
Paint● Things to consider:► How much light the home gets► What color the neighbor’s home is painted► Specific to style (modern vs. craftsman)● Contrasting colors - Light trim/solid color● Painting door an appealing color
Driveways and Pads● Kill weeds● Cut branches and bushes back● Shovel driveway in winter● Hide garbage cans● Power wash driveway and walkway
The Backyard● Power wash patios/deck● Furniture► Buyers will sit► Borrow from a friend► Bright pillows● Trim back large bushes – makes yard appear bigger● Fence► Paint/re-stand► Make sure gates work
EntrywayUsually the 1st and last thing a potential buyer seeswhen looking at any home/condo.Things to focus on:● Are the walls & baseboardsdamaged, scuffed or dinged up?► A quick coat of paint can make abig impact.● Is the light fixture in need of beingreplaced?► Adequate light is important; makesthe entryway feel more open andinviting.● Does the area have proper storage(are things piled up and stuffed incorners)?► Not necessarily on the cheaperend of updates, but a built-instorage area can be a big plus.
KitchenAs you have probably heard, kitchens & bathrooms sell homes!
Kitchen Floors: Tile● Tile: many times the tile is in good shapebut the grout is either falling apart ordiscolored from the foot traffic pattern.● A cheap do-it-yourself fix is to buy someindustrial cleaner and a good firm bristlescrubbing brush and go to town on thegrout.● Another option would be to hire acompany like The Grout Dr. They comeout and rout out the old grout and re-grout the whole area with new material.This is also a much cheaper option thanripping up the old tile and having to pay acontractor to retile the entire kitchen.
Kitchen Floors: Hardwood● Hardwood: If you have hardwoodfloors you already know they canshow wear and tear easily.● A quick & easy do-it-yourself fix tominor scratches and moderate signsof wear, is to use a hardwood floorcleaner/polisher. It will remove lightsigns of wear immediately.● For heavy scratches and damage, agood option aside from replacing theflooring would be to hire a companyto refinish the floors. They will comein and sand down the floors andapply a coat of polyurethane. Yourfloors will usually look like new!
Kitchen Counters and Cabinets● Backsplash:► A tile backsplash can make fora nice upgrade from just wallpaint between yourcountertops and cabinets► There are new products outthere that can make tacklingthis type of project mucheasier if you want to try to takeon this upgrade yourself.SimpleMat is one example.● Cabinets:► Often are in good shape butshow normal signs of wearfrom daily use.► Painting cabinets that are ingood shape but show signs ofmoderate wear & tear is aninexpensive alternative toreplacing them.► Re-facing is another costeffective alternative to puttingin all new cabinets.
BathsThis is the second place that people are going to really focus on.
Baths: Floor● Floors:► Basically the same idea as the kitchen: either clean or re-grout.► New tile installation can also make a big impact in any bathroom.Before: After:
Baths● Shower enclosures can show signs of wear and waterdamage to the grout and caulking. An effective &inexpensive fix is to strip and re-caulk any material thatshows signs of mold or discoloration.● Retiling a shower enclosure is also a nice facelift but isgoing to be more costly than touching up the tile.● Vanity/Toilet: If they are in poor shape, replacing them isnot a very expensive option and can make a big differencefrom run down fixtures.● Swapping out the faucet/shower control and shower headcan also make a worn down bathroom look new if the rest ofthe items are in good shape.
Tips for Staging Your House● De-clutter! De-clutter! De-clutter!● Get rid of ALL smells (even the ones you like!)● Get the dust and film off of everything● Wash windows – Inside & Out● Make all beds & add throw pillows to couches● New fixtures and drapes in the bathroom or kitchen● Neutral colors
The Importance of StagingYour Home Will Spend Less Time on the Market● The Real Estate Staging Association studied 174 homespreviously on the market an average of 156 days.● Those same homes were professionally staged, relisted andsold in 42 days on average after staging. This is 73% lesstime on the market.**2011 RESA study
The Importance of StagingYour Home Will Show Better in Photographs● 90% of all home purchases begin with an Internet search● Photos begin to sell your home before buyers even enter it
The Staging Process ExplainedFor an Unoccupied Property:● Staging generally takes 2 days● Stagers make recommendations for improvements andmaintenance● Stagers bring in all furniture, rugs, lamps, windowtreatments, art and accessories
The Return on Investment ofStaging Your Home● If, for example, staging your home costs $2,600 - andresults in a $26,000 increase in your homes sale price -thats a $1,000% return on investment● "The investment in staging your home will always be lessthan a price reduction on your home." - BarbSchwarz, founder of home staging● "This home was on the market for 90 days with no offers.At the insistence of the homeowner, I was contacted tostage the property. It sold two days after staging. What doesthat tell you about the importance of staging?" - homestager, St. Louis, MO
Listing with Redfin● More People See your Home► Redfin.com is the #1 used RE search site in the US► Your listing gets Premiere placement on Redfin.com► Mobile app target “On-the-Go” Buyers► Professional HD Photography► Stunning “Get Noticed” Flyers● You’ll Know It All at Every Step► You’ll have a whole Team on your side► Link to show how many people have viewed your home► Advise you at every step in the process
Benefits of a MLS Powered Site● Recent Windermere/Redfin study across 11 major U.S. cities● Redfin.com has 20+% more agent-listed properties than twonational portals, Zillow and Trulia● We display new listings 7 to 9 days faster, and record salesfaster too
Marketing Blitz100-250 extra clicks per day#1BrokerageWebsiteTwice as many people see your home on Redfin.com
Marketing BlitzTwice as many people see your home in email
Marketing BlitzWe buy premium placement on Realtor.com,the top real estate website in the U.S. (Source: Hitwise)Potential buyers see your home on the web
Thanks for Coming!Please fill out the survey that was handed out at the beginning of class. Weappreciate the feedback!Check out our upcoming classes and events at http://www.redfin.com/buy-a-home/classes-and-eventsRebecca Walter | Listing Team | Redfinrebecca.email@example.com | T: 503.482.8204