Show Me a Five Dollar Bill,

And I'll Show You Why Your Listing Expired


This piece is admittedly "tongue-in-cheek", but there's some important lessons to be learned nonetheless!

Sometimes it's hard for sellers to understand why their listing expired. Sellers typically enjoy many fine years in their home, so they sometimes price their homes subjectively.

To understand why listings expire, it helps to imagine a listing expiring on something we understand has an objective price. So let's imagine for a minute that you had a five dollar bill, but -- perhaps for some twilight zone reason -- five dollar bills were suddenly more difficult to sell. Because of this, you give a bill-salesman a 90-day listing on your five dollar bill, but it doesn't sell, and the listing expires.

Now let's imagine I'm there with you and you show me your five dollar bill and say, "John, why did my listing expire"? Here are some possible reasons based on my experience.

• You wanted six dollars for the bill. One of the bill salespeople told you it was worth five, another told you she could get you six because she "sells so many bills every year". You hired the salesperson who told you she could get you six dollars.


• You listed the bill for five dollars, but insisted that your bill seller not show the bill to anyone unless you were there.


• You listed the bill for five dollars, but told your bill seller not to put a sign up on the bill, because you didn't want the other five dollar owners to know anything about your business and chat about you in the neighborhood.


• The bill was torn in half and had maple syrup on it. Your bill seller suggested $4.75 but you knew other bills sold for $5.50, so you agreed to list it for $5.25.


• You owed $4.00 to a lender for the bill, and wanted to buy a bill for $7.00, so you felt you needed to get $6.00 for it. With this in mind, you instructed your bill seller to list it for $6.00.


• Someone down the street got $10.00 for a "similar" bill with Alexander Hamilton on it. Based on that, you figured your bill should be worth at least $8.00.


• You paid $20.00 for a wallet for the bill.


• Eight months ago, people were getting six dollars for such bills. Your bill person told you that the most recent sales of such bills were for five dollars. You listed your bill for six dollars.


• You list the bill for $5.00. Your bill salesman doesn't enter any marketing data in the MLS, and puts up a sign in the yard and a flier box with no fliers in it. You get an offer at $4.95 and want to accept it, but your bill salesman writes a counter-offer asking for a different title company, and the transaction falls apart.


• You wanted eight dollars for the bill. You don't really need to buy another bill. You told your bill salesman to list it for $9.00 to "see what happens".


• Your bill salesman lives 300 miles away from the bill, so they can't be there readily to let buyers in or help answer questions from other agents.


• Your bill salesman is a family member, who's going to not only give you a break on the commission, he's going to list the bill for $6.50 for you.


• You know bill salesmen get too much money for what they do, so even though many bill salesman are getting 5% and 6% to list bills, you save money by hiring Help-You-Sell-Your-Bill. You agree to pay them 3% total. They offer 2% to the bill-buyer's agent, who won't show your bill because they can get 2.5% and 3% to show other bills. Nevertheless, a buyer is interested and is ready to see your home, but you hired Help-You-Sell-Your-Bill, so your agent doesn't show it for you, you have to show it yourself. You make an appointment to show the interested buyer your bill on Saturday. On Thursday they see another bill they like better, call the agent on the sign and see the bill that day, write the offer, and they're in escrow on Friday. They don't call to cancel the Saturday appointment, but when you call to ask why they're not there they tell you how excited they are about the bill they bought. Aren't you excited for them?


• You wanted eight dollars for the bill. Your bill salesman suggested selling it for five. You listed it for $7.50 and told your bill salesperson that if someone wants it they could "make you an offer". No one makes an offer.


• You wanted eight dollars for the bill. Your bill salesman suggested selling it for five. You listed it for $7.50 and told your bill salesperson that if someone wants it they could "make you an offer". Someone offers you $5.00 and you're insulted by this "lowball" offer, so you reject it. Two months later you ask your bill seller if that buyer is still interested, but meantime they've purchased another bill for $4.90.

John Lockwood is a California Real Estate Broker and author of http://www.sacramento-home.com. Article Copyright, 2005, John Lockwood. Published by permission under John's Free Content License Copying, publishing or distribution of the article without the author's express permission is forbidden.

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Declutter! A Must for Successful Home Sales

Your home may be in very good condition, well-built and attractive-looking. However, simple clutter will create feelings of chaos, confusion, and disorder. One of the most important things a home seller needs to keep in mind is that the decision to purchase a new home is both an emotional and intellectual response. You want your home to imply trust. When buyers see clutter, they consciously or subconsciously register that the home has been neglected, with more to fix than meets the eye. This undermines your home's marketability.

So, declutter. Before you put your home on the market, have a garage sale, throw things out, and box stuff up. Use off-site storage. Your potential move will be easier, and you will create that open, spacious, simplified look that buyers love. We’ve said it before: When it comes to marketing your home, less is more.
Front Yard

Carefully mow and trim your front yard. Remove all toys, clutter, pots, etc. Fertilize the grass a month or two ahead of time for that green grass buyers love. Trim and/or remove dead, tired growth. Make sure no shrubs block interior light by blocking windows. Place all tools out of sight, and coil all hoses neatly. Remove any extra cars, boats or trailers.
Mulch your garden. Keep flowering pots to a minimum, keep them large and bountiful with healthy plants.

Entryway

The buyers' first impression is critical, and shapes their attitude throughout the showing.

Put down a brand-new welcome mat. Clean all stains, repair all scratches on entryway. If the front door is worn, dirty, or mildewed, in need of refinishing, this is one of the most important care areas for you. Fresh paint or stain will make a great difference.
Consider having your whole house power washed to remove stains, spider webs and other clutter. If the paint is shabby, outdated or worn, invest in paint. It’s the quickest and easiest way to improve curb appeal.

If the entryway has a foyer, it needs to be spotless, clear of shoes, coats, etc. Create a focal point with an attractive table or a simple, yet attractive painting or artwork.
Living Areas

Keep rooms sparsely furnished. They will appear larger and brighter. Move large pieces of equipment, such as weight benches, treadmills, drumsets, ect. - off-site.

Do not allow furniture to impede traffic patterns or block windows. Do not permit stereo/tv wires to be seen or to cross traffic patterns.
Choose one or two elements as the main points of interest in a room - wood floors, a view, a table or piece of furniture, a nicely made bed, etc.

Remove ALL personal items, family pictures, memorabilia, collections, hobby/craft things, trophies, hunting trophies, etc. This is crucial. Remove any and all things that lend YOUR personality and interests from the home. Buyers are put off by YOUR STUFF. It’s hard for them to imagine themselves in YOUR home. Many times hunting trophies “taint” a home for buyers. Remove and store these.
Only the most healthy and vibrant of houseplants should be permitted. And, keep these small.

Bookshelves add a warmth to a room, but remove most of the books. Leave lots of empty space.

Open window blinds/drapes/curtains and leave on a few lamps for warm, low, pleasant lighting.

1.   Kitchen

The kitchen is the heart of the home and plays an important role in attracting the heart of a buyer. This area needs special attention.

Clean, finished cabinetry is a must. Add new paint or stain, if necessary. There are products that will restore finishes to marred or worn cabinets. Invest in these.

2.   New cabinet pulls are inexpensive and can help tie the room together in terms of colors and finishes.

Remove purely functional items - such as baking pans, small appliances, vitamins, phone books, plastic bags, etc.

Remove all notes or photos or magnets from the door of the refrigerator.

Clean and clear the counters completely, then add back a few decorator items.

Choose decorative pieces that contribute to a warm, elegant, organized look.

Organize and clean the areas under the sink. Store these items in the garage in boxes.

Remove all trash containers.

3.   Bathrooms

It is important to de-clutter bathrooms to give them a touch of elegance or romance.

You will give up some privacy during the marketing phase.

Remove everything from the counters.

Remove any toilet brushes or bathroom cleaners that are visible.

Put items that you use daily - toothbrushes, soaps, razors - in a container, and place the container inside in a cabinet.

Decorate with fresh soaps, flowers, bowls, photos, or designer bath items.

Invest in new towels and fold them carefully.

Never leave medicines on display.

Remove all lingerie, bathrobes, slippers, etc., from hooks.

4.   Bedrooms

Bedrooms should appear restful and serene. Sparsely furnished is best.

Use your best covers, or invest in new ones if yours are worn.

Clear off bedside tables, and add back just a few books or nice items.

Bedside lamps add a warm ambience for showings.

Remove excess paintings or photos from the walls.

In some cases, old curtains do more harm than good. Take them down and clean the windows for a fresh look.

Children's bedrooms usually need to be simplified. Take down posters and box up toys. Avoid an overcrowded look.

Never leave jewelry, adult magazines, guns, medications, etc., on display.

5.   Closets

Organize your pantry with everything facing forward. Remove excess food and containers.

Relieve your closets if they are stuffed. Leave only your favorite shoes, pack items that are not needed for this season. Make closets as roomy as possible.

The laundry room often functions as a spill over room with junk on the shelves. Clear everything out, and have just a few soap boxes visible. Paint the laundry area with a bright, happy color. Make sure it is spotless.

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