How to become a serious seller and get an edge of the competition
How to become a serious seller and get an edge of the competition
By CLARISSA HILLS BROWN
When this spring's crop of buyers begin shopping the local home market they'll find two types of sellers. The first is an owner who has a firm - but inflated idea - of what their property is worth. He or she is resolute in their market savvy. They have read advice columns and tracked the news reports that they believe give them a grasp on market conditions and what it takes to capitalize on those conditions. Their focus is on what they can make happen because their property is the center of the market. It doesn't take a crystal ball to predict that some of them are in for disappointment.
The second is just as resolute in their goals. But there's a difference. He or she is developing a marketing strategy to get the edge on the competition. They also have, or are in the process of developing, a partnership with a professional to cut through all the market myths and missteps. In other words, they have the focus, and mindset of a serious seller. One who has a good shot at reaching their goal while getting top dollar.
Yes, there are ample market signals that the local housing market is poised for a better year. Everyone is pumped about that. But it's cautious optimism. This year's market will still be very much a buyer's market, so let's look at how the serious buyers are putting the edge on their selling season strategy.
Welcome to Becoming A Serious Seller 101. Since selling your home is major life event, treat it like the big deal that it is. Get out pen and paper - or fire up the laptop - and commit to writing what you want to accomplish and then what you need to accomplish. Are you planning to trade-up? Or, maybe you're scaling down for retirement. Either way do you want to sell fast so you can change sides and be a buyer in a buyer's market of low mortgage rates and bargain home prices? Or maybe the ultimate goal, the best price, even if it takes longer.
Focus on the outcome you want and outcome you need. Then zero in on the one you need. Define it. Condense it. Refine it to a simple statement of your ultimate goal. But don't get trapped into the mindset that you'll "test the waters" and develop a plan along the way. The discipline of having a clear idea of the outcome you need when you begin marketing puts you in the groove to make the right decisions along the way.
Next on the serious seller agenda is getting a reality check about your home's condition. This is the point where you have to close the door on all of the home and hearth feelings and take on the marketer mindset. One way to get the reality check is to pay for a professional home inspection. It's money well-spent because it gives you an impartial assessment of the good, the bad and - if it's there - the ugly.
With this information you can begin working on what has to be done to get your home in marketing condition. An obverse option is to price a repair or repairs, then use them as a listing price-reduction bargaining strategy for do-it-yourself buyers.
Another chore is assembling all the papers and documentation that will be needed for the sale or to show a buyer to affect their decision. Examples include inspection and maintenance reports, documents for major items like a heat pump or hot water heater, appliance warranties and the obvious current mortgage documents. There will be additions to the paper chase that your REALTOR® will help you with.
And that brings us to the topic of next week's column and perhaps the biggest decision you will make on the serious seller path - how to partner with the right REALTOR.
