Sushi Money

     Are you selling your home this year?  Maybe next year?  Start now and get the home ready for a buyer.  Even better, get your mindset right about what it takes to sell the home.  I read a recent article from Bankrate.com by author Dana Dratch discussing the 10 ‘must-do’ steps to sell your home this year.  The article is an excellent summary of key considerations for sellers (and buyers) who work hard to get their home sold.  But I wanted to go further… to hit a few topics really hard because I think it’s so important.  I sold two homes in 2005 and 2006 respectively.  Some might argue the market was much better at the time, and granted, that may be true.  However, one of the homes took over seven (7) months to sell in a slow market.  I’ve sold another home in the past in a slower market and really believe there are a few things a seller must do to get that home sold.  Let’s dive right in:

1.  Get Real.  Begin from Day 1 to decide what you can realistically live with for your selling price.  It’s probably lower than you are thinking of right now.  You must examine the best case and worst case… what’s the absolute lowest price you will sell for?  If you don’t face reality up front, from the beginning, you will not be in a position to firmly negotiate or accept an offer that will get the house sold. Look at the comparables for your neighborhood and prices per square foot, etc.  Consider pricing your home aggressively toward the lower side as compared to similar homes on the market in your area.  It doesn’t matter what your neighbors think… it’s your home, your life and your future!

2.  Believe.  But be patient.  Never give up, nor give in to losing faith.  Your home will sell, it’s just a matter of the right buyer at the right time.  You must believe and continue keeping the home in “selling condition” throughout the process.  It takes stamina and a great deal of patience.  Hang in there… the end is worth it.

3.  Neatness Counts. Like crazy.  Selling a home is not easy… no kidding right?  But many people are not prepared for a lengthy time with their home on the market.  While you are being patient and believing… you must keep the house impeccably clean at all times.  Not easy to do, especially with children.  But if a Realtor calls at 7:00 am to show your house two hours later?  You do what it takes to let them show it.  Our last home was sold to a buyer whose agent called at 7:00 pm on a friday night, while I was heading in to a restaurant (selling By Owner).  Dinner’s off… home we went.  Buyer showed up and loved the house, ultimately completing the deal.  Do ‘ya really want to sell? Do ‘ya?  Conversely, I jumped through hoops one time to show the home when I was 45 minutes across town shopping. The agent and buyers swung through the home in 15 minutes, pointing out everything they didn’t like, with no apologies.  Pride swallowed, I wished them well.

4.  Meet the buyer MORE than halfway.  That’s right… give the BUYER the advantage, at least psychologically.  Why?  Because if you really want to sell your house, you must decide that you will do almost anything, within the limits of what is acceptable to you, to get the home sold.  For one of our homes, it was decided up front that anything the buyer wanted would be considered in order to sell the home. For our buyer, that made all the difference.  You want the curtains?  You’ve got them.  You like the picture cabinet on the wall that we found on sale and haven’t seen since?  You’ve got it.  You want us to paint the pantry?  You’ve got it.  Do not get hung up on details and sentiment.  You are selling the home… in a few years you won’t remember the details, but you will remember that you sold the home and moved on with your life.

 5. Presentation is a biggie.  Inside AND outside. 

• Outside: If your landscaping is not appealing, then DO something to improve it.  When prospective buyers drive around neighborhoods, the outside of your home is the first impression they make.  Does your home need paint?  Loose shutters?  Dirty windows?  The manner in which a seller takes care of the outside speaks volumes about pride of ownership and what the inside may look like.  If you want to catch a fish… the bait must be something they like!
• Inside:  We’ll assume you are keeping the inside clean and clutter-free as much as possible.  In some markets professionals are hired to “stage a home”.  That’s great if you can afford it, but if not- you can do the same thing yourself.  A few plants, a few decorative items, a few pictures and stay as NEUTRAL as possible.  Why?  Because many buyers want to “make the home their own.”  It’s a lot easier to do with a neutral decor and layout.  We once saw a home we loved, but upstairs every room and carpet was a different color.  No go.  Too much work and too little time to fix.  If you have a kaleidoscope decor, consider neutralizing it with a little paint.

The Complete Idiot’s Guide to Staging your Home to Sell

6.  Unique features of your home:  Many times we have cute, unique and original features, colors and “stuff” that we really love about our homes. But that’s you.  That’s not necessarily your buyer!  Every time you do something to your home, you need to be aware that you may be “excluding” a percentage of potential buyers.  A house down the street from us sat on the market for over two years.  Why?  Because they had a pool.  Not so bad, except their backyard was… well, all pool and no backyard.  They effectively excluded any potential buyer that wanted a backyard, or didn’t want a pool becuase it was all pool, in a region where pools were the exception.  It may work in a market where pools are common, but you are still drawing a line in the sand for what a potential buyer may want.

7.  No Surprises!  Do not think that keeping a problem hidden will help you sell the home.  If it’s a problem while you lived in it, it’s probably going to be a problem for a buyer.  Do you want the burden of worrying about that after the home is sold?  Is it something a good home inspector will catch during the sales process after you think you have a solid contract?  If in doubt… fix it up front.  Buyers want a clean home, a clean contract and a clean sale.  Do what it takes to resolve problems before hand.  If there is something that you can’t resolve, then get a home inspection up front yourself… identify the issues, and find out what it will cost for a buyer to fix.  Then you can clearly spell it out in the disclosure with a plan of action, whether that be negotiation on price or other incentives.  Maybe it’s not an issue at all… a home inspection that you conduct first will help identify that.

8.  Get creative!  We sold a home with a carpet that was permanently stained in the corner.  Otherwise it looked great.  Right up front we stated an incentive for a carpet allowance for the entire room.  For another home the carpets were pretty worn.  Rather than replace the carpet ourselves, we provided a generous incentive for a prospective buyer to install the carpet of their choosing.  Buyers often love that flexibility, especially if $$$ comes with it.  But if it detracts from the house as a whole, consider getting creative and fixing it before the home is on the market!

9.  Agents:  Interviewing is a great idea.  But go one step further… find out the names of previous sellers as references and ask their opinion.  If the agent or broker won’t volunteer that information, then ask the agent to have a previous seller call if possible. But all the research in the world won’t mean you and the agent will succeed in your real estate relationship.  If you’re not satisfied after the initial contract, then go somewhere else.  Be firm with your agent, and solicit feedback every time the home is shown. 

10.  Selling By Owner?  Re-think it.  If you’re sure, then go all out!  Make sure you know the laws and regulations you must comply with.  You can do this… but it takes vigilance and aggressive marketing.  By Owner sellers are at a disadvantage in most markets simply because of exposure.  Many agents won’t even show a By Owner home.  Many other agents will solicit your business and tell you what they can do for you.  Listen politely and take their information…. you may want it later, or they may bring you a buyer.   I had one agent freely offer comparable information and valuable recommendations, all on the possibility of getting our business.  He was sincere and helpful, and although he never became our agent, I later thanked him for his approach.   We succeeded in selling By Owner by paying a company to place our home on the local Multiple Listing Service.  Many agents called not even realizing it was a By Owner home.  We also stated clearly that Agents were welcomed, with half the traditional agent fees going to the successful buyer’s agent.  Finally, we put a nice big custom-designed sign in the yard with tasteful colors, gold stars and our phone number.  Our buyer saw our home on their own, and then brought their agent.  Don’t use the dinky red and white ‘For Sale’ signs. Those are for garage sales and curbside items… your home is a treasure! Treat it as such. 

     There’s probably a lot more… you can think of them because it’s your home!  Let me know what other ideas you think should be considered.  In my view, we do what it takes to get the house sold… don’t get hung up on the process, keep things positive.  Negotiate a successful outcome at every turn… tell your agent, and theirs, that you want the buyer to have a great experience and your home is a wonderful place to live.  Why are you moving?  Oh… you already have an answer for that right? (Hint: Make sure it’s a positive answer!)

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