Michael Burke.JPGD. Michael Burke left his career of 15 years in Ohio as the owner of a computer hardware servicing company, to grow into one of the top producing real estate agents in Southwest Florida. Michael has become the “voice of real estate” in Lee County, Florida through his weekly featured column in the Fort Myers News-Press Saturday’s Home Finder section, and his own publication with 20,000 subscribers “The Coconut Point Press” which features local real estate market trends in Southwest Florida. D. Michael Burke is a licensed real estate agent with Keller Williams Elite in Bonita Springs.

Michael believes that there is no reason why homes should not sell in the current real estate market.  In the last couple of years, the market in Southwest Florida has shown clear signs of stabilizing with the number of closed sales rising each month and lower inventory levels. So, as we conclude 2011, we would like to share D. Michael Burke’s top home selling tips for sellers to effectively sell their properties. The following are Michael’s best home selling tips, listed in the order of priority from highest to lowest:


1. Selection of Real Estate Agent

2. Pricing your home to sell

3. Marketing Strategy

4. Seller’s home inspection

Q:  Why is the selection of a realtor so critical?

A:  If you had an important legal case, you would not just hire any old lawyer, would you? My point is, the same goes for selling your home. I advise sellers to interview agents before hiring them. The skills I think are most important to look for in a good agent are:

• Expert in the neighborhood

• Strong negotiator

• Aggressive marketing plan

• Technologically savvy

• Good references

The choice of a real estate agent will have a dramatic effect on a seller’s experience. Any agent can list a property, but what sets agents apart is what value the agent can contribute.

SMZ: That is why I recommend that sellers have counsel review listing agreements in advance, so that the term of same is not unreasonably long in the event the seller would want to terminate. Additionally, listing agreements should be reviewed by counsel to limit agreement provisions by a seller to a broker in case of (i) ambiguity, wherein seller indemnifies broker for seller’s  “actions” or “inactions” and (ii) broker’s right to place a lien on a seller’s property for seller’s refusal to pay broker’s compensation; notwithstanding that same may be disputed.

Q:  How should a listing price be derived?

A:  To arrive at an appropriate listing price, an agent should begin preparing a comparative market analysis (“CMA”). The CMA identifies the selling price for homes in the area over the past six (6) months. By calculating the average price per square foot on comparable properties, a proper listing price can be achieved.

However, once my clients are advised of the recommended listing price, they frequently ask, “How much margin for negotiation should I have?” My response is always None, Nada and Zero!  If a home is initially priced right, not only will the negotiations be fair, but sellers will actually sell their home, which is their ultimate goal.

It is a fact that 94% of homebuyers are utilizing the Internet to commence their search, which quickly removes unwanted homes from the search criteria. Therefore, the trick for the seller is not to get his/her property removed or disqualified from the buyer’s online search criteria. If a home is priced too high, the property will be eliminated from the search. Some additional advantages to properly pricing your home to sell are:

1. Savings of carrying costs, which include mortgage, insurance, maintenance, and tax payments

2. Less stress and fewer demands, since a seller’s home should sell faster

3. Exposure to more prospects who can afford the price

4. More traffic to your home compared to mis-priced homes around you

Home pricing has never been as critical as it is in this market. Pricing is everything.

Q:  Which marketing techniques are the most influential?

A:  A great website with state-of-the-art tools, is a must. As I have mentioned, since buyers start their searches online, if a real estate agent does not have a strong online presence, it is very likely that a home may be overlooked.

How a home is presented online is equally important.  Professional photos, three or four 360º views and virtual tours can make all the difference. It will be the listing with lots of bright, clear photos and a virtual tour that is going to generate enough interest to request a showing, not the listing with just a picture of the front of the house.

After price, marketing is one of the most influential factors in determining how quickly a home sells.  Even a great price will not generate interest if no one knows the home is for sale.

Q:  Why is it important for a seller to conduct a home inspection before a home is listed?

A:  The home inspection identifies problems in advance, affording the seller the time to correct them. This circumvents any hiccups in the buying process or moreover, a deal to fall through later if the buyer decides to walk away rather than deal with the inspection deficiencies.

SMZ: It is important to note that under Florida law, a seller must disclose to potential buyers all known defects which materially affect the value of the property being sold. Disclosure is not necessary for items that are (i) readily observable or cosmetic in nature, such as tears, scrapes and minor wall cracks, or (ii) which have been previously disclosed to a buyer. However, disclosure is necessary for expensive repair items such as roof leaks and air conditioning issues.

It appears that the selection of the “right” real estate agent who employs a sophisticated marketing strategy is a key to effectively selling a property. Certainly, not to be overlooked, is home pricing, as an additional key factor in quickly selling one’s home.

  1. Selection of Real Estate Agent
  2. Pricing your home to sell
  3. Marketing Strategy
  4. Seller’s home inspection

Q:  Why is the selection of a realtor so critical?  

A:  If you had an important legal case, you would not just hire any old lawyer, would you? My point is, the same goes for selling your home. I advise sellers to interview agents before hiring them. The skills I think are most important to look for in a good agent are:

  • Expert in the neighborhood
  • Strong negotiator
  • Aggressive marketing plan
  • Technologically savvy
  • Good references

The choice of a real estate agent will have a dramatic effect on a seller’s experience. Any agent can list a property, but what sets agents apart is what value the agent can contribute.

SMZ: That is why I recommend that sellers have counsel review listing agreements in advance, so that the term of same is not unreasonably long in the event the seller would want to terminate. Additionally, listing agreements should be reviewed by counsel to limit agreement provisions by a seller to a broker in case of (i) ambiguity, wherein seller indemnifies broker for seller’s  “actions” or “inactions” and (ii) broker’s right to place a lien on a seller’s property for seller’s refusal to pay broker’s compensation; notwithstanding that same may be disputed.

Q:  How should a listing price be derived?

A:  To arrive at an appropriate listing price, an agent should begin preparing a comparative market analysis (“CMA”). The CMA identifies the selling price for homes in the area over the past six (6) months. By calculating the average price per square foot on comparable properties, a proper listing price can be achieved.

However, once my clients are advised of the recommended listing price, they frequently ask, “How much margin for negotiation should I have?” My response is always None, Nada and Zero!  If a home is initially priced right, not only will the negotiations be fair, but sellers will actually sell their home, which is their ultimate goal.

It is a fact that 94% of homebuyers are utilizing the Internet to commence their search, which quickly removes unwanted homes from the search criteria. Therefore, the trick for the seller is not to get his/her property removed or disqualified from the buyer’s online search criteria. If a home is priced too high, the property will be eliminated from the search. Some additional advantages to properly pricing your home to sell are:

  • Savings of carrying costs, which include mortgage, insurance, maintenance, and tax payments
  • Less stress and fewer demands, since a seller’s home should sell faster
  • Exposure to more prospects who can afford the price
  • More traffic to your home compared to mis-priced homes around you
  • Home pricing has never been as critical as it is in this market. Pricing is everything.

Q:  Which marketing techniques are the most influential?

A:  A great website with state-of-the-art tools, is a must. As I have mentioned, since buyers start their searches online, if a real estate agent does not have a strong online presence, it is very likely that a home may be overlooked.

How a home is presented online is equally important.  Professional photos, three or four 360º views and virtual tours can make all the difference. It will be the listing with lots of bright, clear photos and a virtual tour that is going to generate enough interest to request a showing, not the listing with just a picture of the front of the house.

After price, marketing is one of the most influential factors in determining how quickly a home sells. Even a great price will not generate interest if no one knows the home is for sale.

Q:  Why is it important for a seller to conduct a home inspection before a home is listed?

A:  The home inspection identifies problems in advance, affording the seller the time to correct them. This circumvents any hiccups in the buying process or moreover, a deal to fall through later if the buyer decides to walk away rather than deal with the inspection deficiencies.

SMZ: It is important to note that under Florida law, a seller must disclose to potential buyers all known defects which materially affect the value of the property being sold. Disclosure is not necessary for items that are (i) readily observable or cosmetic in nature, such as tears, scrapes and minor wall cracks, or (ii) which have been previously disclosed to a buyer. However, disclosure is necessary for expensive repair items such as roof leaks and air conditioning issues.

It appears that the selection of the “right” real estate agent who employs a sophisticated marketing strategy is a key to effectively selling a property. Certainly, not to be overlooked, is home pricing, as an additional key factor in quickly selling one’s home.