Market Insights: Sold in 67 days: The fundamental
November 10, 2012
Editor’s note: This is the fourth is a series of articles about how to get your property sold in 67 days. To read the first three articles and review all 12 steps in the process, go to http://www.summitdaily.com and search for “market insights.”
The first two fundamentals of how to sell in 67 days are: 1) plan ahead, and 2) know the market, which will lead you to the most important of the initial steps I recommend you take before meeting with Realtors.
At this stage in the process, you are now ready to answer that all-important question, “Are we ready, willing and able to sell?” If the answer is, “Yes, yes and yes!,” that means you can move forward with gusto. Management guru and author, Peter Drucker, summed it up well when he said, “Unless commitment is made, there are only promises and hopes; but no plans.”
Once you begin to think in the present tense, “We are selling,” as compared to thinking that at some stage in the future you will sell, your mindset changes from one of uncertainty to one focused on making the sale take place. The transformation is significant. The sellers who are committed look for ways to get the highest price the market will bear; they want to invest money in staging or other upgrades to enhance the value of their property. On the other hand, sellers who are uncertain about selling resist spending and tend to be hoping that prices will climb in the very near future (which could be the case; however, I never, ever predict the future).
Some prospective sellers will say, “I can’t make the commitment to sell because I am not willing to just give my property away at too low a price.” I agree. The way to overcome this feeling is to return to the first two steps. In the “plan ahead” step, the seller should have already decided what will take place as a result of the sale. For example, the well-prepared seller might know the sale proceeds will be used to pay off the mortgage on the primary residence so they become debt free, a very important goal for many. The second step, “know the market,” is all about being confident in your knowledge and having a sense of the fair market value of your property. If you are comfortable with this value, you will not sell for too low a price.
As the above shows, much of this process revolves around feeling comfortable, managing your expectations and being objective. A great example of implementing these three steps is the owner of the ‘lock off’ condo (it can be rented as a one-bedroom or as two motel rooms) in The Village at Breckenridge shown here. The owner of this huge (over 900 sq. ft) two-bath, one-bedroom condo has spent over a year tracking the market and following the fundamentals. He has planned ahead, knows the market well and is determined to sell. As a result, he priced this condo $21,000 below the last comparable sale.
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See you next week when we move on to the fourth step, selecting your Realtor. 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.