Managing the Sale of Your Home - Position Your Home to Sell

In this series of posts, we will discuss the different stages that we take in order to manage the sale of your home. There are three main components of a Realtor's job description: Acquisition of buyers and sellers, creation of highly satisfied customers, and long-term maintenance of the real estate relationship.

What do people that are speaking to you about listing their home for sale really want to do? They want to sell their home of course. When you are meeting with a potential seller, what is the most important factor that will influence whether or not you are able to sell their home? The correct price. Today, people that are considered buyers are not dumb. As a matter of fact, there are really three subcategories of buyers: Experienced buyers (those that have been studying the market for a time), Semi-experienced buyers (those that are not brand new to the market, but not yet considered experienced), and New buyers (those that have just entered the market). Studies show that the most critical time for a home that has just been listed is the first 14 days.This is when buyers are most likely to make an offer on a newly listed home. After this time period, interest falls off dramatically. The experienced buyers that have been studying the market know when a newly listed home is priced right, or if it is overpriced. If it is priced right in the market, they will take a bite. Think of them as sharks in a feeding tank. If you throw chum (home priced correctly) into the tank, they will bite. If you throw rubber tires into the tank (homes that are overpriced, even by as little as 5%) they will not take a bite.

In today's market, it is so important to offer an initial price positioning that will get your seller's home sold quickly. You need to develop a competitive listing price to attract home buyer's interest and inquiries and to generate attention and support from other Realtors. Remember that the largest pool of potential home buyers wants to see your property within the first 14 days on the market. The number of qualified buyers decreases as the number of days on the market increases, so your home must create energy and excitement immediately. Aggressive property pricing from the start will generate the most Realtor and home buyer activity. With a competitive market analysis, you receive details about what current home buyers are willing to pay for properties similar to your seller's home in the local market. This recent sales data takes into consideration the prices paid for recently sold properties, properties currently on the market that are not selling, and homes that did not sell which shows the properties/prices that home buyers have not been willing to pay in today's market.

The next step in positioning a home to sell is to discuss any home enhancement recommendations for making the home look its best for showing and open houses. This may include removing clutter from rooms, having the carpets professionally cleaned, or painting the walls a neutral color to make it more appealing to potential buyers. Buyers need to be able to envision themselves living in the home. Another great enhancement that can be made is to remove all family photos from the walls/house and removing all items from the refrigerator doors.

The final step in positioning a home to sell is to implement a full-service marketing plan. This will provide maximum property exposure and generate both online and in-person showings. You will want to utilize the marketing tactics that your broker has in place for you. You may also find it useful to promote your new listing via other channels that you may need to pay for out of your own pocket.

When all is said and done, selling a home really boils down to one thing...price. I cannot emphasize the importance of pricing a home correctly from the very beginning. It is your job to stress the significance of this decision to your seller. If a home does not sell, it does not do your seller any good, nor does it benefit you. If a seller does not agree with your professional opinion on where the market currently is and what their home should be priced at to bring them the greatest profit in today's market, then you will need to decide if you really want to take the listing. Remember that having your sign in their yard is great advertising...if the home sells. If it does not, then you could be doing more harm to your future business and reputation. Ultimately, you have a business to run. If you are dealing with a seller that is unwilling to take your advice, you will need to decide if you want to take the risk of having a home sitting on the market and not selling on your record.

Please keep your eyes out for the next post in the Managing the Sale of Your Home series. I hope that you have enjoyed this post. Please keep an eye out for my next post to this blog. You can follow me on Twitter: @TopOrlCBRealtor or "friend me" on facebook (Tim Shelton). Checkout my website: Thanks for reading!

Tim Shelton, Realtor
Coldwell Banker Residential Real Estate
Winter Springs, Florida