So, you own a home that isn’t selling, or something else is keeping you from selling it, but you still want to add some extra money to your budget. Renting out is a reasonable option many homeowners who won’t or can’t sell choose. Although renting out your home or a part of your home is a relatively easy way to earn extra cash, not everyone is capable of doing so. There are several things you should take into consideration before putting your home on the market as a rental property.

Determine whether your home is ready to rent

In order to rent out your home and make money out of it, it needs to be appealing to potential tenants. You need to analyze your area and all the other rentals in it. Is the demand in your location low or high? What are the home features tenants are interested in and does your home meet the common criteria? Find an agent who can offer valuable advice on this subject and help you determine whether your property can become a rental. 

Know the law before renting out your home

Renting out property has to be done in accordance with the law. If terms like real estate law, tenancy agreement to inspections, terminations and rent collection don’t sound familiar enough, do your homework. Furthermore, you need to do research on the relevant tax codes, federal, state, and local housing laws, as well as real estate investors’ rights and obligations. A professional can help you do everything in a legal manner, so don’t be shy to ask for legal advice before renting out your home.

Calculate the costs associated with renting out a home

First of all, you need to know the costs of real estate investing in your local market. Advertizing, maintenance, taxes and insurance are just some of the costs of investing in rental real estate. A real estate market analysis can help you estimate the costs of investing in your market with accuracy. This type of analysis will also help you determine how much rent to charge. To get an idea of how much other landlords charge, check online resources and local newspapers. The most important thing when setting your rent is to be realistic. Once you calculate how much you can lose and gain in the process, you’ll know whether renting out your home pays off. 

How to prepare your home for renting 

• First, you need to inspect your home and detect problems that need fixing. Roof leaks and clogged gutters aren’t something potential tenants will ignore for very long. Take safety risks into consideration as well. In case of an accident, the responsibility may be yours.
• Eliminate all personal belongings, such as family photos, before showing your property. This way, renters won’t feel like they’re intruding someone else’s home. You can find reusable packing supplies for your move to save some money. 
• Determine whether you want to rent a furnished home or not. Perhaps you want to remove all or some of your furniture.
• Eliminate everything that is broken or unnecessary. De-cluttering will make your home look neat and spacious.
• If you have no other place to put your stuff, use specialized bins for storing your belongings and rent a storage unit nearby. 
• Clean up the entire home, including the appliances and furnishings.

How to find tenants before renting out your home

Having good, responsible tenants is the most important factor in succeeding as a landlord. Renting to family and friends is not something we would recommend. Local newspapers and websites, especially social media, can help you find your tenants. Moreover, no matter how much you need that rental income, you should be very patient when choosing your tenants. Consider to whom you are renting out your property, not only when they can move in. Talk to your applicants’ previous landlords (even employers) and check things like their criminal history and credit reports.

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com

Few words get home buyers more excited than these two: open house.

An open house is their opportunity to give your house a whirl. To wiggle the light switches. To admire the crown molding. To, y’know, awkwardly ask to use the bathroom. (Which, by the way, savvy buyers will totally do — because they’ll want to test how the water pressure holds up when they give the toilet a flush.) 

For you, seller, an open house is a chance to throw open the doors. To dazzle buyers with the big reveal. To make someone fall head over heels for your charming abode.

These tricks can help you make your open house a massive hit.

1.) Time It Right

Your agent will typically hold an open house for two to three hours between 11 a.m. and 5 p.m. on Saturdays and Sundays, when buyers have time and flexibility away from their jobs. To maximize your foot traffic, avoid having your open house during holidays, big community events (marathon days, for example), or unofficial “holidays” like Super Bowl Sunday.

2.) Let Your Agent Take the Lead

In your own personal Open House Show, your real estate agent has two roles. To you, they are the director, giving you instructions on how to prepare for open house day, and what to do during the event. To buyers, your agent is the host. They will welcome viewers, introduce your home’s impressive features, and take questions from the audience.

Your job is to make your house look like a million bucks — or more like $300,000, depending on your price range. (Tips on cleaning and spiffing up your home in a moment.)

The job of your agent, an expert on your local real estate market and what makes buyers tick, is to take care of the rest. That will include: 

• Staging your home, or recommending a reputable stager that you can hire
• Hosting the open house
• Communicating with home buyers and buyers’ agents
• Receiving feedback during the open house and communicating that feedback to you

Your agent will also recommend that, actually, you should probably leave while they show off your house to strangers, who will look under your sinks and peek into your closets. Why should you heed that advice? Because it makes good business sense for you. 

1. A home owner’s presence can make it awkward for the buyer. Buyers want to make assessments on their own, without worrying about how the seller might react or try to influence them. 
2. Buyers may have trouble picturing themselves living in the house when the owner is right there, say, serving lemonade in the kitchen.
3. Sometimes sellers say too much. You might point out something that you think is a nice feature or amenity of your home, when it’s something that might turn off a buyer. (That busy arcade bar down the block may have been your favorite place to meet friends and play Pac-Man during weekends, but it could be a deal breaker for a buyer looking for a peaceful block.) You might blurt out something that could tip your negotiating hand, like how motivated you are to sell (soon!), or that you always wanted to update the retro kitchen — but just never got around to it. 

The last things you want buyers to think after the open house is, “This place needs work,” or “This seller is desperate — I have the upper hand.” So, let your agent take the lead. This won’t be their first rodeo. They know the nuanced ways to show your home in its best light so that buyers will oooh and ahhh. They also know how to strategically answer questions from buyers to help set you up for success later, during negotiation. 

Your agent can also stage a broker’s open house on your behalf.Unlike standard open houses — where buyers can stop by — at broker’s open houses, only real estate agents and other industry professionals are invited to attend. Generally, a broker’s open is held within the first few days of a house being put on the market. Complimentary lunch is often served as an incentive to get more people to show up. 

There are two main benefits of having a broker’s open house: 

1. It gives your listing more exposure. 
2. It allows you to get feedback from real estate agents on your home. 

If your house “shows well,” as they say in the industry, the agents who toured your home may recommend it to one (or more) of their buyer clients. If your home doesn’t get rave reviews, your agent will relay that feedback to you, and may suggest improvements before the next open house, such as staging certain rooms.

3.) Try some Simple Staging

You want your home to look its best while it’s on the market — especially during the open house. Many agents say the best way to primp your home for its big day is to stage it.

Depending on what your agent recommends, staging may involve renting new furniture or decor for certain rooms in your home. There are also some easy staging tricks you can try on the day of your open house. Consider displaying a bouquet of fresh flowers in the entryway, setting your dining room table to make it look inviting, or turning on your outdoor sprinklers shortly before visitors arrive to make your lawn sparkle.

4.) Clean Like Crazy

When your home is on the market, you need to keep it in showing shape — not only for the open house, but also for any scheduled showings with buyers. Even though you’ve already (hopefully) cleaned and organized your home for its listing photos, there’s a good chance you’ve let clutter or dust pile up again, especially if you have children or pets. 

Make sure appliances, windows, and mirrors are fingerprint-free. Clean and organize your closets, cabinets, and under the sinks (during the open house, buyers are allowed to be nosy). Clear every bit of clutter and get rid of it or put it in storage.

Don’t have the bandwidth to do a deep clean? Hire a house cleaning service to do the work for you. A professional cleaning service costs around $115 to $230 on average. If you’re not sure about which service to hire, ask your agent to recommend cleaners.

5.) Do A Smell Check

If buyers get a whiff of something funky, they’re going to run — not walk — out of your open house. A week prior to the open house, ask your agent or a neighbor to do an honest, no-holds-barred smell check. Some possible smell solutions:

• If your house has the aroma of your beloved pet(s), deep clean the carpets, relocate the litter box, and take steps to eliminate all olfactory traces of Fluffy.
• If the basement is dank and musty, buy a dehumidifier to remove air moisture and run a fan to circulate the air.
• If the kitchen drain stinks, drop in a cup of baking soda, then two cups of white vinegar. Enjoy the bubbling, then let the mixture sit for 20 to 30 minutes. Finally run hot water for 15 to 30 seconds to flush the odor.

6.) Put Your Pictures (And Valuables) Away

You want your home to feel cozy and inviting, but not like someone specific (you, for example) is living there. Personal belongings such as family photos, awards, and religious art can distract home buyers and make it harder for them to imagine themselves living in your home. You don’t have to go overboard — the idea isn’t to eliminate every trace of yourself — but consider temporarily hiding some pictures and personal effects out of sight during the open house.

There’s a safety element to stowing your personal belongings, too: Though your agent will be at the open house, you’re inviting strangers into your home.

• Securely store checkbooks, jewelry, prescription medications, family heirlooms, and other valuables.
• Alert your neighbors to your open house date — as a courtesy, but also to ask that they let you know if they notice any suspicious activity, in the unlikely event suspicious activity occurs.
• Make sure your agent signs visitors in and asks them to show I.D., so that you have a record of who was in your house. (Bonus: With the sign-in sheet, your agent can follow up with buyers to find out if anyone is interested in making an offer.)
• Lock windows and doors after the open house. 

We’re not suggesting that visitors have any intention other than potentially buying your home. It’s just a good idea, generally speaking, to keep your home secure.

7.) Let The Light In

Light doesn’t only (literally) brighten up your space. It also makes rooms look and feel larger. On open house day, open all curtains and blinds to let natural light in. (And in the week before the open house, make sure curtains and blinds are squeaky clean.)

Replace every single burnt-out light bulb in and outside the home — buyers should see a working light every time they flip a switch.

8.) Give Your House Some Extra Curb Appeal

Buyers will judge your house on its outsides. So make last-minute improvements to turn up your home’s curb appeal. Cut the grass, prune the trees, and trim the shrubs. Touch up porch fixtures and furniture with a little paint. Heck, paint the whole porch, if your budget allows. Plant new shrubs or set out potted flowers.

Small, relatively low-budget outdoor enhancements will make your home look all the more enticing to buyers — and can add some last-minute value to its price.

9.) Draw Attention To Your Home's Best Features

After your agent signs in and welcomes buyers to your home, they typically will have some time to wander around on their own. Even though you won’t be there, you can still draw visitors’ attention to features in your home that you’d like to highlight. 

Prior to the open house, post (friendly, aesthetically pleasing) signs around the house with calls to action such as, “look down, new hardwood floors,” or “gas fireplace, push this button.” Buyers will likely appreciate the help, and that they’re working with a conscientious seller.

10.) Serve Refreshments

Serving warm cookies or freshly baked brownies at an open house is one of the oldest tricks in the book. That’s because it works: Buyers love being greeted with a sweet treat and a cold or warm beverage depending on the time of year. Refreshments also give people a reason to stay longer: No one will rush off because they’re hungry or thirsty. 

Your agent may even have relationships with a local cafe or bakery, which might offer snacks for free advertising at the open house. 

 What To Do During And After The Open House

Once you’ve done everything you can to make your house look and feel amazing to buyers — and your agent is on site to assume their hosting duties — the time during your open house is yours to enjoy. Go to the park, get a three-course lunch, do whatever you like as long as you’re free to take calls.

Your agent may need to get in touch with questions, so make sure you’re available and have good cell phone reception. (A movie, for example, is not a great activity for you during the open house for that reason.)

After the open house ends, your agent will share with you what questions buyers asked and any comments they overheard by visitors. Buyers’ remarks will likely run the gamut, including some that could be negative. (“Why is the closet such a mess,” for example.) 

The important thing is to stay open to buyers’ feedback, and to follow your agent’s advice about how to respond. Based on buyers’ reactions, your agent may recommend that you make certain repairs, do some painting, or invest in additional staging before your next open house. Whatever they advise, it’s not personal — it’s just the business of selling your home.

If you have any further questions or concerns about open houses, call our office today! 

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com

Article Taken from HouseLogic 

Selling your home is a huge decision and there is a lot to consider and prepare before and during the process. It is important to know what is involved and what it will mean for you. Realty Executives are experts in the home selling process. Use this exclusive Home Seller’s Guide to help walk you through the process from start to finish in preparation for selling your home.

Do Your Research

It is important to know the state of your local real estate market – and whether it is currently a buyers or sellers market. If you are able to be flexible with the time of the sale of your home, it is best to wait until it is a sellers market. A sellers market is when there are more buyers searching for homes, which can give you better negotiating power and can drive the value of your home up! Of course, if time does not permit and it is a buyers market, it does not mean your home won’t sell – some neighborhoods could still be a hot market despite it being a buyers market (and vice versa). It really takes a local area expert to understand the demand for homes in certain areas.

Find the Right Agent

Hiring a professional real estate agent is the best way to ensure you are going to sell your home at the best price in a timely manner. Ask family, friends or coworkers if they know any agents that they had good experiences with – or if there are agents they would not recommend. As noted above, agents with experience in your neighborhood is also important. See which agents work often within your neighborhood and who know the community and market. Most importantly, find someone who you want to work with, who you trust and that makes you feel comfortable being in your home. 

Make Home Improvements

When starting the home selling process, it is important to put your best foot forward when it comes to improvements. The common wear and tear on a home can lessen its appeal and sales value. Take a look and determine what improvements your current home could benefit from and then decide which are easy enough to handle on your own and which may require hiring a professional. A Realty Executives agent will be able to help you identify the best use of money and what improvements are necessary will get the best ROI. 

Curb appeal is always key for potential buyers, so make sure to give them a memorable first impression – spend some time cleaning up the front yard, power wash your driveway and add some seasonal plants to pots and garden beds.

Get a CMA and Price Your Home 

A CMA is a comparative market analysis that will tell you what similar homes have sold or are currently on the market for in your area. Your real estate agent should provide you with a CMA as part of their listing presentation which he or she typically presents during the interview process. The CMA will also include the price or price range that your agent suggests listing your home for. 

When pricing your home, make sure to ask your agent about a pricing strategy. For example, your agent might recommend to price slightly lower in an effort to get a bidding war and raise the price of the final offer. Ultimately, you need to be comfortable discussing the sale price and what is in the realm of what you will accept for the home.

Stage Your Home

Selling your home is a great excuse to clean out those closets and get rid of extra clutter. Potential buyers need to be able to see themselves in the home, which is hard to do when someone else’s personal belongings are scattered throughout. Remove photos, family valuables and other personal items to not only set the stage but to protect your belongings during open houses. 

After staging the home, freshen up everything you can – fresh towels, clean carpets, sparkling countertops. To add a special touch, order fresh flowers or cookies before an open house to make your home as welcoming as possible.

Market Your Home

Gaining the most exposure for your home is a top priority. Your real estate agent should be strategically placing your listing to help attract qualified and serious buyers. In today’s society, the internet is the number one place buyers are shopping around so make sure your agent has an extensive online marketing strategy. The agent should know how to market the home, and the community as well. Advertise schools, great restaurants, local parks and other amenities close to home and present your neighborhood as the full package.

Negotiate the Sale

Once you receive an offer, you may accept, reject or counter it. If you decide the counter the offer, be prepared to begin the negotiation process. Your real estate agent should be the main resource in guiding you through this process but depending on common practice in your area, you may also want to hire a real estate lawyer. As a seller, this process can be stressful but ask questions, be patient and rely on the professionals. 

Seal the Deal and Hand Over the Keys

Completing the home sale includes several stages. Depending on the area you are selling in, these settlements are generally handled by the closing agent, but that could differ. Be prepared to sign a lot of documents and bring various forms of personal identification. Depending on the state you live in, you may sign during the same appointment as your buyer, or you may do it separately. 

The keys are handed over to the buyer once you have moved out of the home, in accordance with your contract with the buyer. Sometimes the keys are handed over immediately and other times it could be later. 

We hope this guide assists as you navigate what is likely to be one of the biggest financial transactions of your life. Don’t worry, you will get through it all. The trick is to start planning early and take it one step at a time!

By following this guide, your home selling process should run smoothly. Are you ready to sell you home? Contact us today at (800) 252-3366 or visit www.realtyexecutives.com to view agents in your area.

Click to download Home Seller’s Guide or Home Buyer’s guide.

Article Source: Realty Executives International

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com

Moving can be stressful for all members of the family, but especially your kids. No matter the age, kids can have a difficult time adjusting to a move, especially once back-to-school season rolls around. Since summer is the most popular time of year to move, starting a new school after moving can be challenging, so here are a few tips for helping your kids feel less alone when starting a new school this fall.

Be A Helpful Listener

Your child’s reaction to moving may be exactly or entirely different than what you expect, so keep an open mind, be positive, and above all, be a good listener. Your child should know that you are there for them no matter what. Talk about the move frequently and share what that means when it comes to starting a new school, and listen to how your child is feeling about the changes.

Go For A Sneak Peek Of The School

Giving yourself a sneak peek of your child’s new school can help not only your child adjust, but you as well. Once you figure out which school your child will be going to, take them on a walkthrough of the campus, checking out the classrooms, cafeteria, recess area, etc. Test out the morning drive or bus route, walk around the school hallways to get a feel for them, and start talking about what it will be like for your child to be a student there. This will make it easier on them once the first day rolls around and they already know what to expect.

Talk To The School’s Staff

During your sneak-peek visit or before or after, talk to your school’s staff when enrolling your child about what they might be feeling or going through. Ask the school’s staff what resources they may provide for new students to help them adjust and feel more at ease when they first start. You can even get in touch with your child’s teachers to let them know how your child is currently feeling about the move and ask if they can help your child feel more welcome as a student.

Don’t Set Unrealistic Expectations

No matter what, your child will adjust to moving to a new school in their own way, so don’t set unrealistic expectations for them. Keep the discussion open, especially within the first days and weeks of the school year, so your child can always come to you if they are having any issues with their new school, teachers, classmates, or the change in general. Remember how you felt when you were a kid and try to sympathize as much as possible. But still make the change fun, since it’s a new opportunity to make new friends in a new place.

Article Source: Realty Executives International 

Realty Executives Midwest
1310 Plainfield Rd. Ste 2 | Darien, IL 60561
Office: 630-969-8880
E-Mail: experts@realtyexecutives.com