Selling a home is a complex process. I want to help simplify it for you. There are four stages in the selling process, I call them The Four P’s: Price, Preparation, Process, and Psychology.
When we meet and as the process evolves, we will discuss in detail how we will position your property to achieve the greatest level of success. For now, here are the basics.Price
Maximizing sales price is the science of analyzing existing factors, controllable factors, and uncontrollable factors, and the art of applying those data points to determine the appropriate price range entry point for each property.
Main Buying Features:
Bedrooms/Bathrooms. Stories. Square footage. Year built. Parking. Lot size and location.
Main Pricing Factors:
Location. Condition. Features. Amenities. Upgrades.
Uncontrollable Factors:
Seasonal cycles. Market condition trends. Current competition. Features & upgrades. Micro location details. Subjective factors. Seller situation/financial needs. Appraiser methodologies. Coming soon inventory. Short term interest rates.Preparation
Preparing a property for sale involves knowing what to do, what not to do, and how best to do it, with the singular goal of maximizing buyer exposure and interest.
Improvements:
Determining which improvements make sense before going to the market; which improvements are less likely to return the investment; and weighing market conditions and demand to move items between these two categories.
Repairs: Determining which repairs are necessary before hitting the market; which repairs are better left for the home inspection phase; and which repairs are more likely to be a non-issue based on market conditions.
Staging: There are two levels of staging: rearranging existing furniture and accessories to maximize buyer appeal, and hiring a professional staging company with rental furniture.
Process
Navigating the sales process involves a proven launch strategy, adjusting the sails as needed, while guiding the transaction to a successful settlement.
Elements include:- Maximizing the buyer pool.
- Building a personal property website.
- Using marketing analytics.
- Controlling the critical first impression.
- Applying an experience-based workflow process.
- Using industry & agent marketing.
- Ad retargeting.
- The power of personal lead follow up.
- Understanding multiple negotiation points & participants.
- Continuously monitoring new and existing competition.
- Controlling all controllable factors.
- Understanding the contract pitfalls.
Psychology
Selling a home involves a lot of emotion; skillfully separating emotion and understanding the psychological makeup and experience of all parties will help ensure a successful transaction. Some examples of real estate psychology:
Buyers:They do not want to be "sold." They are inherently skeptical of agents. Building a relationship when possible is a better approach.
Agents:Their job is complex (I know!). Showing some empathy will typically soften their position and put you in a better position to apply leverage when possible.
Appraisers:They can kill a deal. But they do not like to be told how to do their job. Understand this and use it to your advantage.
