Series: 20 Best-Kept Real Estate Secrets

I've decided to do a four-part series to share with you all the best-kept secrets in the Real Estate industry.  Some you may already know - but some will shock you.  I will have 10 buyer secrets and 10 seller secrets in all, so enjoy!

Selling Side

1.  Underprice It

Risky?  Yes.  Worth it?  Absolutely.  This strategy, according to reknowned real estate mogul Barbara Corcoran, is the single best strategy when selling your home.  All you have to do is take market value, shave off 15%-20% with your asking price, and you will be stampeded with buyers and multiple bids, even in the worst markets.  Even if you price it around market value, think about re-evaluating it after about 30 days.  And ALWAYS remember - 9 out of 10 times, the first offer you get will be the best offer.  NEVER refuse that first bid.

2.  Clean Your Closets

Yes, buyers will open those closet doors, and every closet should be half-empty.  Storage and closet space is at a premium, and every square inch of storage should be celebrated.  Go ahead, get a forward-shot at the moving process, and clean out those clothes you probably never wear anyway.

3.  Light It Up

The second most important thing to buyers (after location) is good light.  In order to maximize the light in your home, take down drapes, clean windows, and up your wattage in your light bulbs.  Whichever area you and your Realtor decide has the most impact should contain the focus light.  Save the "mood lights" for the Olive Garden, and crank it up!  Also remember that in this busy world, some buyers now have to look at homes after sunset, so don't forget outdoor lighting - it makes a big difference.

4.  Play the "Agent" Field

Awesome - you found out your college buddy is a realtor while you were throwing back Jose Cuervo at the bar.  Working with him to sell your home should be a breeze!  Wrong.  Hiring the wrong broker could be disastrous.  You have a right (and a responsibility) as a consumer to examine your options.  Interview more than one agent (even if it is your friend).  One of the best things to do is make the Realtor sell your home back to YOU - after all, if he or she can almost make you not want to move, can you imagine what they are capable of with a new buyer?  Make sure your realtor embraces every ounce of new technology available in order to best sell your home. 

5.  Beware of Pets

ANY pets should be out of the home for showings.  Nothing makes a buyer lose interest faster than the smell of pet food or hair.  In a recent poll, most buyers automatically assumed that, when a pet was present in the home, there was pee on the floor.  I was recently showing a buyer around a home when we noticed a cat.  Not knowing if my clients were allergic or not, I walked over to the cat to try and put it downstairs in the basement - needless to say, when the hissing and scratching started, my buyers didn't care how beautiful the hardwood floors were...we left.  When your home is a pet-free zone, it will sell much faster.

And so ends Part I...I hope you all are taking notes!