Flipping Rich

My friend Jeff Kerr over at ChitownLiving wrote a 10 Tips for Chicago Home Buyers and Sellers, and I hope he doesnt mind, I tweaked his tips for the Minneapolis St Paul market. I thought it had great info in a short easy to read post.

Here goes.

1. Appearance: Decluttering a home should be a top priority for sellers. Very low cost and can make a huge difference.
2. Commission: Sssssshhhhh, my broker may overhear. Yes, commissions are negotiable, but remember, they are split 4 ways. You get what you pay for, but this is as it should be. (great point Jeff)
3. Agent Services: Your listing agent should have a plan that details activities from initial listing through the active marketing of the property. You should know in advance what services they will be providing. Your agent should also be available for communication, either phone or email.
4. Marketing: All listings should include full marketing services such as photos, virtual tour, internet presence (and blog post), brochure, craiglist ads, etc.
5. Emotions: Yes, emotions can’t be avoided, but have little place in a real estate transaction. Having multiple real estate options on both the buy and sell side is the kryptonite to emotion.
6. Location: My Dad always says, “when buying real estate it always comes down to location, location, location”. How true. Be ready to pay for it too.
7. Education: In Minneapolis with the open system it is easier. Edina, Hopkins, and St. Louis Park have great public school programs. There are also several private schools in the metro.
8. Market Analysis: CMA’s are thought of in terms of the seller, but are also a great tool that buyers should request of their buyer rep.
9. Seller Concessions: Buyers should use seller concessions to their advantage. Make sure that concessions aren’t simply traded for a higher selling price however. Concessions should be consistent with your financial objectives. Do your research in the marketplace.