OBX Selling FAQs

Selling an Outer Banks property can be different than selling an inland property. This page has a few OBX Selling FAQs. We’d be happy to answer any questions you have about buying or selling real estate here.

How should I prepare my property for sale?
What is the Residential Property Disclosure?
Where should an agent market my property?
How should a property be priced?
What should I tell my agent about my selling motivation?
What characteristics should I look for in an agent?

How should I prepare my property for sale?

First impressions are critical for prospective buyers. Many times having the property clean and well maintained can result in a faster sale at a higher sales price. Reducing clutter and a fresh coat of paint or stain may make all the difference. Scott Team Realty agents can recommend which improvements are necessary to successfully compete against other properties currently for sale. It is a good idea to talk with us prior to making improvements. There may be some areas that are critical to today’s buyers that you may not see right away.Back to top

What is the Residential Property Disclosure?

The Residential Property Disclosure is a form created by the state of North Carolina to help sellers disclose to buyers the condition of their properties. Not giving this form to a buyer when they make an offer can result in problems. If not signed by both parties, then state law allows the buyer to void the contract in certain circumstances. Your Realtor should be familiar with those circumstances. To see a sample of this form click on this link. Another unique thing about this North Carolina form is that sellers can choose NOT to represent the condition of anything listed. Should a seller say on this form what’s wrong with the house? Your Realtor can help you understand other implications of this form. Back to top

Where should an agent market my property?

In the past, home ads in printed publications was the most common way real estate companies marketed Outer Banks real estate. This is not as important as it used to be because buyers today have smart phones and can access details about the property no matter where they are. Photos and descriptions of property are more important than they ever have been. Furthermore, the agent must know how to get that information out to the places where buyers search. Additionally, your agent should be able to focus their marketing on those folks who are most likely to purchase your property. Social media also plays a larger role exposing a property now. Most buyers today are represented by a buyer agent not associated with the listing agent’s firm. Therefore, it’s important for an agent to have a plan to expose the property to other Outer Banks Realtors. In today’s market placing a sign in the yard, putting the property in the MLS system and placing an advertisement in a magazine may not be enough. Back to top

How should a property be priced?

Most sellers have an idea of what they think their property is worth. But, that should be confirmed with a Realtor located on the Outer Banks who is in this real estate market full-time and daily. This market is too complicated for part time or out of town agents. A property should be offered at a price that will encourage people to view it when compared to similar sold properties. Also it should be compared to properties currently on the market. It is important to know the current market conditions as well. If property values are going up then pricing it slightly above the latest sale may still result in sales activity. If property values are still going down then you should price it at or below the last similar sale. Buyers are less likely to look at a house that is over priced because they do not want to offend a seller with a low offer. Also, the property should not be priced so low that the property is sold for less than it is worth. Local Realtors and appraisers are experts in weighing the features, conditions, locations and other criteria of similar properties and determining a range for a seller to consider. Scott Team Realty recommends that you have one of our agents provide you with information on the most recent sales of similar properties and what your competition would be. That will help you confirm the best price point. Back to top

What should I tell my agent about my selling motivation?

When a seller first meets a Realtor, the agent represents the seller. North Carolina law requires agents to work for the seller until they reach an agency agreement with the buyer. If the seller does not enter into written agency agreement then at some later date the agent may represent a buyer in the sale of that property. Therefore, a seller should be careful about what they tell an agent until they have a written agency agreement. Back to top

What characteristics should I look for in an agent?

Choosing the right agent can make a significant difference in how long the property will be on the market and how close to the asking price you will receive for your property. Below are a few characteristics sellers should look for in a listing agent: Back to top

Agent Characteristics

• High level of energy: Selecting an agent with a high level of energy will usually result in the agent completing the tasks necessary to properly market the property.
• Market specialization: Your agent should specialize in your area. Typically this agent will know a greater number of buyers that are interested in property similar to yours. Also, they will have a high level of pricing expertise in your area. This agent should be an expert on the positive and negative selling features of your property compared to neighbors.
• Empathy: You need an agent who can see things from your point of view as well as the point of view of potential buyers. Seeing your point of view helps the agent best meet your needs and understanding buyers wants and needs helps the agent show a buyer how your property meets those needs.
• Networking skills: Agents and buyers will work with people they know and like. A listing agent that is well respected and a good communicator will give the seller an extra edge.
• Experience: Regardless of the market, it helps to hire an agent with a high level of experience. In weak market, you will need an agent to market the property effectively and in a strong market you need a skillful agent to handle the nuances of multiple offers.
• Good communicator: You need an agent who can verbalize what’s going on in the current market and who is not hesitant to provide you with the facts regardless if they are good or bad. Having the all the facts, figures and information is critical in making the best decisions.