Market Insights: Sold in 67 days: Prepare your property
December 1, 2012
Editor’s note: This is a series of articles about how to get your property sold in 67 days. To read the previous articles and review all 12 steps in the process, go to http://www.summitdaily.com and search for “market insights.”
The steps to selling in 67 days which we have discussed so far are: 1) Plan ahead, 2) Know the market, 3) Make the commitment to sell and 4) Select your Realtor. Now we will talk about the fifth step, working as a team and preparing your property.
At this stage of getting your property sold in a flash (67 days is “a flash” in Summit County), you have signed a seller agency marketing agreement (commonly known as the listing agreement) with a Realtor you like and trust.
You, the seller, and your Realtor, are now a team dedicated to obtaining the highest possible price the market will bear for your property. Since you are planning ahead, you are best to have plenty of time before your property actually goes on the market. This is the period of time when a team effort is most critical.
Here is the most important advice I can provide: be involved. Your top-notch Realtor wants your input, ideas and participation. Listen to each other and focus on your goal – getting top dollar.
I know this advice is unconventional. I am advocating you select your Realtor before nailing down the final marketing price. In general, sellers want to hear the price a Realtor recommends before they select the Realtor. However, if you follow the first four steps, you will know the approximate value of your property and you will be working with a Realtor whom you trust. Based on this, together you determine the price. The marketing price is influenced by numerous factors, such as how much you are willing to invest in upgrading or staging, your belief in if the market is heading up or down and your commitment to selling.
This series of articles does now allow me to elaborate on the ‘ins and outs’ of pricing. I have written several articles in the Market Insights column over the years about pricing (email me and I will send these to you).
I remember my mother, who was a pioneering female Realtor when I was a kid, saying that most people want to buy a polished trophy that shows pride of ownership. Yet she said that too often the homes for sale are worn out, out-of-date and tired. In other words, the seller has placed on the market a tarnished and dinged trophy. Here we are 40 years later and it is exactly the same. One thing that has changed, is that now adays there are plenty of people who are pleased to buy that crummy old trophy and polish it themselves; however, they expect to pay way, way below the market value.
So, if you want to get the highest price for your property, invest in sprucing it up. Again, there have been several articles on staging in past Market Insights articles, so please email me for copies.
This is a stage of the process you do not want to rush. Allow yourself however much time is needed, often around a month or so, to get ready. I do recommend setting a deadline, such as a published open house date, so you do not delay too long. All of this is important as our next step, which will be in the paper next week, “Explode onto the market.”
See you next Saturday. Love life, DWJ.
Daniel Webster Johnson is a very active, full-time Realtor in Breckenridge, who has earned the national Quality Service Certified Platinum award, recognition of 100 percent client satisfaction. He is one of the team at Resort Brokers Real Estate. He loves feedback, so call him at (970) 393-3300 or him drop him a line at Daniel@YourMountainBroker.com.