Basic Truisms in Real Estate Sales
When I work with a seller to market their property, I explain, right from the beginning some basic truths about selling homes. In many ways, the selling of your home is similar to the selling of a product. From the moment you make the decision to place your home on the market, you are no longer simply a homeowner living in the property. You must now view yourself as the seller of a unique and valuable commodity. Therefore, the price of this commodity will be determined in the same way that all other products are bought and sold.
A demand must be created for your property given its condition and price in relation to the current marketplace. The question that I assist the homeowner with is, “How do we raise your property to the top of the list of all other competing listings in your price range?” “How do we create demand?” We do that by making a lasting first impression on that potential Buyer.
Curb appeal is critical. Work on the outside first. If the Buyer won’t go inside the front door, the home will not sell. Fine tune the landscaping and decorate your front entrance. Make that Buyer want to see more! Prepare the inside for all showings just like you would prepare for your mother-in-law stopping by for the first time. Clean off all countertops, put away highly personal items and make the place sparkle. Even though you know those Buyers don’t live in a spotless, odorless, noncluttered home. Play the game. Let them fantasize in your home just how beautiful their life will be if they lived here, in this home, the one for sale, today. These things all go to product presentation and first impressions. Make your product scream, “BUY ME”!
Along with product presentation, another basic truth in real estate sales is that there must be effective and highly visible advertising to expose your product to a large pool of Buyers. Just like any other product on the market, if the public doesn’t know about the home, how will they ever know they want it? This is done by professional promotional programs. A good Realtor will have a solid marketing plan that they follow to ensure that your product gets the coverage it takes to move the product. Warehousing the listing contract, without consistent marketing exposure to the buying public will not get your home sold. It takes many different avenues of promotion to guarantee that steady stream of buyers. Steady streams of interested buyers lead to successful sales.
Most importantly, you must be willing to separate your personal and emotional ties to the home to prepare yourself for “selling decisions”. I know that you have spent hours in the baby’s room stressing over just the right color and darling decorating ideas. I know that you dedicated one whole summer putting up that gazebo in the backyard. Of course all those things will help with the marketing of your product, your home, but now is the time to move mentally to the proper mind set of selling your home. This mental preparedness gives you negotiating strength. That way when your Realtor brings you an offer you can objectively consider the sale of the property and not get tied up in an issue that is more personal taste than making a good financial decision.
Remember, it’s all about marketing. You have a product. You price the product correctly to get it sold. You present the product attractively to the Buyer to create want. The Buyer buys it. Piece of cake! These are basic truths of real estate sales (except for the piece of cake part).