This is certainly a uniquely good time for sellers to be approaching the market. The question for interested sellers is how to make the absolute most of it.
Almost all sellers are thrilled with the idea that homes are selling so quickly. Few people come to us and say, “I hope my home sits on the market for months and months.” By the same token, we have to ensure that fast-paced sales don’t come at the expense of the highest price possible.
In track and field at the Olympics, when the athletes step to the starting line they hope to go faster than ever. An incredible amount of work has been done with coaches, trainers, nutritionists, and others to ensure their best performances. The idea, regardless of placement, is to walk off the field knowing everything was done to achieve the best result. In just a few seconds of competition, these athletes will know how well those years of preparation paid off.
With homes selling so quickly in our market, we cannot help but draw comparisons. Selling a home is much like prepping for that great race. Most of the effort comes ahead of time, with great preparation and support from knowledgeable, committed professionals.
Most of the sellers that are selling quickly and for top dollar have put in the extra effort. Buffing up the home so it looks its best, including targeted maintenance items and staging to inspire maximum buyer interest are the first steps.
Next comes the promotional campaign with great photographic imagery and descriptions that connect the home to the target buyers’ dreams of living. A thoughtful and wide distribution strategy is then needed to pull those buyers in. Doing these things right requires experience and know-how, as well as a commitment to be one’s strongest critic.
Finally, the pricing strategy for the property is important to re-examine just before the home comes on the market. A winning strategy can be developed with the assistance of a pro who has a sharp understanding of both the general market conditions and the specific properties competing for the target buyers’ attentions. Setting a compelling asking price requires evaluating the latest activity, from recently sold homes, to those that are languishing on the market, to the newly listed competition.
Fortunately for our sellers, this preparation doesn’t require years of effort like the Olympic athletes. Most times, we work with sellers for a few weeks before they plan to list the home for sale. Other times, we may consult a year or two ahead of a planned move if more extensive work is needed before selling.
Either way, we enjoy the process of consulting on how to best achieve our sellers’ goals. Most times, those goals include getting the highest price the market will give in the shortest time possible. Our work with sellers ahead of listing the home for sale is designed to leave no doubt in their minds that they’ve achieved that. In the end, like all great coaches, we want them to run their best race when it comes time to sell.