Either you want to sell your home as quickly as possible or for the best price possible …….. or, ideally, in the least amount of time while at the same time getting the highest amount you can.
You will have your individual circumstances related to why you are selling and what you most need and want in relation to the sale. You may have a family or work situation that arises that is the impetus for your decision to move and if urgent enough your biggest concern might be a fast sale. You may want to sell but can only do so if you can walk away with enough money from the closing to afford to move. You might have invested in a property a few years ago and now want to sell it to get out your profit and then invest that into another property.
The approach to the sale of your home, condo or townhouse will depend on the reason behind your needing or wanting to sell and what is most important to you. Once this is determined, you and your agent can work out the best strategy on pricing and marketing to accomplish what you need and want. But whichever way you go, there are 3 main parts of the process that will control the result you get depending on how well or how poorly they are done. You have probably heard some about the 3 main areas I’m going to discuss but there is one twist I’ll be introducing that you most likely haven’t heard much about before.
This seems to get the most attention and is the most talked about. It is important but it is only one of the 3 factors that will determine your success in selling. It probably is slightly more important than the other two but is affected by the other two quite significantly.
Your agent can do the proper research to work out the price range that would be best for selling your property. The lower end of the range will result in less money to you but will also result in the fastest sale. At the top of the range you have the potential of making the most money but you will have to be prepared for a longer time frame for the sale. You will have to weigh your needs and wants against the range you are given and that will help you and your agent to come up with a workable pricing strategy.
If this step isn’t done properly your property may take a lot longer to sell and may then ultimately sell for a lot less than you had hoped for, so don’t skimp on this.
Appearance, presentation and curb appeal all are referring to the impression a buyer gets from arriving at and going through your home. This can be positive or negative.
There are very basic actions that should always be done to make the presentation acceptable and I give my clients a checklist so they know what to do. These are actions that cost very little or nothing and can be done by yourself.
There are other do-it-yourself steps that can be taken that have reasonable costs but which will make an ever more significant impact on how buyers will react to your home.
To get the greatest effect and/or if you don’t have the time to do it yourself there are professionals that can help with staging your home to get the very best possible result.
How you will approach this is something that you and your real estate agent will discuss and you will decide upon at the very beginning.
But there is one piece that is often left out of this discussion and that is about the ‘targeted buyer’. Determining who the type of buyer your property is right for is one of the most important actions you and your agent can undertake and it will determine how fast your homes sells and at what price it will sell. It will also help you prepare your property’s appearance to be most appealing to that type of buyer.
If you have a proper pricing strategy and your the presentation of your property will make it desirable to buyers, then the next area to focus on is reaching potential buyers to let them know. This is where defining your targeted buyer really will be of great assistance.
There is a widely held concept that when selling your home, condo or townhouse you want to get as many people to see the property as possible and that is how you sell it fast and for the best price. The training I did in marketing and advertising helped me to realize that this concept isn’t necessarily true.
You will understand the point if you look at how different automobile manufacturers advertise their different models of automobiles. They target their advertisements to those groups or categories of people who are the typical buyers of that particular model car. Soccer moms are not the usual buyers for corvettes and college aged girls are not the normal buyers of minvans. When you think of a truck or a Lexus or a BMW or a hybrid car you probably think of a specific type of person and that usually coincides with the type of ads you see for each of those vehicles – including the type of music that plays in the background.
When preparing the marketing campaign for a seller I will first work out who the targeted buyer is and then I can work out how the appearance or staging needs to be done, what photographs will most interest that buyer, what to write in the description that will spark an interest in that particular type of buyer and where the marketing needs to go to reach them. This is also how you take what appear to be negative aspects of the property and, rather than hiding them, present them as something that is a positive for that type of buyer.
If your home is in a neighborhood with nice large lots and yours has no backyard and only a small lot then you could think that it will be hard to sell your home. That will most likely be true if you go with the old-fashioned marketing plan of going for any and every possible buyer. Unfortunately most of them will probably be turned off by the lot size and no backyard, especially if you tried to hide those facts in the marketing. However, if you work out who the targeted buyer is (an older person or couple who wants to live in a nice neighborhood but doesn’t want to have much lawn care of landscaping to deal with) and then market more toward that type of buyer, you can present the negatives as positives and also won’t get frustrated by having your life interrupted with lots of showing and no offers coming in.
So the marketing step has a purpose of determine who to reach, how to reach them and what to present to them to get them interested and excited about your property. This also involves creating an emotional attachment to your property and that is done by a combination of proper marketing and presentation/curb appeal.
No matter what type of market you are trying to sell in – a seller’s market or a buyer’s market – the above 3 factors will determine how successful you will be. The skill in applying them to each unique situation is what you want from your real estate agent.