2020 is a Tough Year for Manhattan Real Estate The…
How to Sell your House Well in 6 Steps
The Price is You Ask for is What You’ll Build Your New Life With
You’re only thinking about selling your home right now.
But it’s a interesting vision, one where you get a lot of money for your home. And with that, you begin the next amazing phase of your long life. And dreams do take a little bit of money to make happen.
Dream interrupted. On the way to selling your house or condo, you don’t get your price. And you have to pay out a lot of fees, taxes, commissions, and then you have to buy or rent another accommodation somewhere else.
The end profit is always a lot less than expected. Oh, that was disappointing. Yet the outcome is in your control. Where do you want to end up?
Smart People Take The Value of Their Lives Seriously
Have you ever noticed people who are wealthy are sticklers for getting what they want from any situation? It’s like their life depended on it. It’s a quiet assurance that what they’re dealing with is of real value. And many wealthy people are successful battlers, hagglers, and sales negotiators extraordinaire.
And while you’re sometimes irritated at their insistence and persistence, they don’t get ripped off. Secretly, you wished they were on your side.
Rich people insist on getting full value. It’s like they say to themselves “because I’m worth it.” If you thought like them as a habit, you’d be enjoying an easier life.
Rich People Build Value in All Transactions
Most rich people build value over time through capturing full value in each transaction. They know the importance of their real estate investment and they know where value is. In this case, it’s a house, condo or increasingly, a piece of land. They’re rich because they’re smart, clever, and persistent.
You need to respect this process of insisting on getting the value you deserve because others are strategically trying to take some value away from you.
The pivotal and key sales point for you is that this money is what you start with the rest of your life. With the fullest respect to yourself, you deserve to get the best home price possible.
You probably earned every penny of what your home is worth. And if you didn’t, you’ll need every penny to survive the rest of your long life. Even if you’re in bad health, you’re going to live a lot longer than generations of the past. You need that money.
Don’t Be Foolish with Your Assets
The whole premise behind real estate investing is capturing value and not handing it over to others. There are all sorts of platitudes about residential real estate sales, that you should sell fast and get what you can, or that luck is all you need when demand is high and housing inventories are low.
It’s funny that they’re not like that in commercial real estate. Perhaps having a commercial real estate pro sell your property isn’t a bad idea. Real estate is a precious commodity (they’re not making it anymore) and taking the personal stuff out of the equation can help you achieve your property’s real worth.
All the real estate talk you’ve heard is a ploy to gouge money from you. Other players in the market create a culture of real estate rules that are engineered to get you to leave money on the table. You’ll find immigrant buyers and sellers are hip to this, and they fight for every penny. They will finagle because they don’t see why they should cough up their hard earned money for some wealthier stranger.
Your New Culture of Getting Full Market Value
They’ve never been raised in the culture of “giving up value” to be politically correct, keeping home prices down, or going with the flow. No, apologies, instead, they sit firmly at the negotiating table with an insistence on getting their price. That’s so smart.
You should demand your price, even if a Realtor tells you the property isn’t worth much and you should take what you can get.
Top Realtors may look easy and carefree about this selling process, but they’re no dummies. They want to get that sales price up to where it should be too. But Realtors play the other side where the value to the buyer is overstated. They’re good at that which is why working with a top Realtor is so necessary.
Working with a Realtor should never mean accepting less than you can get and then paying their fee. It’s their job to get you the best price and use a real estate marketing system that achieves that end goal.
Real Estate Brands?
Most Realtors don’t do real estate marketing well, especially in the digital era. Their brokerages have systems, but the Realtors I’ve worked with have always told me, the brokerages offer next to no value. They collect their broker commissions and then charge for a small office cubicle. And now, no one wants to meet in an overcrowded office. It’s what they all do, because they can.
There’s a big problem with the multiple listing services and competition, which is why brokerages (big brands) offer little of value other than their aging brand name. And today, especially with young buyers, that brand name has little impact. Young buyers are brand agnostic. They focus on the dream home and a low mortgage rate.
As older buyers become fewer, you have fewer buyers willing to cough up free money based on brand image. Your Realtor has to sell to all these subgroups on their terms and preferences.
Digital Real Estate Marketing
And we’re into the AI real estate marketing era where Realtors are able to attract and identify excellent buyer prospects. These are home buyers willing to pay the price for their dream home but they’re mysterious online buyers.
Digital real estate marketing is the art science of attracting and converting the best to a successful sale. You can learn more about real estate marketing and you should.
The low inventory situation is in your favor. Buyers are more respectful of your right to insist on your price and therefore willing to negotiate fairly. So even if demand should flag in September, Realtors who are using AI guided marketing systems should be able to bring you higher quality buyer prospects.
This also saves you time and aggravation.
Some real estate agents or Realtors have a good list of home buyers and they’re a force to be reckoned with. Others have an active marketing focus on Google/Facebook/Twitter that positions them first in their niche markets.
I know several Realtors, one a client, who have mastered marketing to the luxury real estate market segment in places like Boca Raton, Sausalito, and in Boston, Toronto and Vancouver. They can bring some great buyers to ensure you get the best price for your home in those cities.
But in your city, you’ll have to manage this search yourself. It’s not that most Realtors are dishonest or unskilled. Most simply don’t have the marketing prowess. They don’t have a big net and lack the bait and fishing skills to bring in the buyers you need.
And it will be disappointing during this Corona Virus social distancing era to bring in poorly qualified buyers. The pressure is on to get it right.
Here’s 7 Easy Steps to Take to Get Your Price
- Find a Steller Realtor — your judgement in choosing the best real estate agent is critical to getting the best price. Basically, if you leave it to your Realtor, you’re getting the best price they can get. It’s not about negotiating either. It’s about the marketing process that generates a group of eager, qualified buyers who will compete for your home. If the Realtor doesn’t understand this, don’t hire them.
- Work with your Realtor to Create a Powerful Selling Strategy — if you don’t motivate them to put things in high gear to use an intelligent buyer lead process, they probably won’t do it. It’s hard work that requires intelligence and strategy and you’re the commander in chief.
- Set an asking price that attracts buyers — you can only set an attractive price to buyers if you’re ready to ensure there’s enough good buyers to bid up that price.
- Get your home inspected — not knowing what is wrong with your home from their perspective puts you at a big disadvantage in negotiations. And if they know you don’t know, they’ll really take advantage of you. Your Realtor who said they are the great negotiator for the ages, will be on their knees in the dark. Know what your strengths and weaknesses and how to play them beforehand.
- Stage your home professionally — home stagers are proven to be well worth their money. They take the price lowering features out and bring in the items that helps you achieve true market value. They learn through experience what gets buyers into a frenzy.
- Conduct a blitz sales campaign that brings in a lot of eager buyers — it’s all about location? Well yes, it’s about all of them meeting at your location with their wallets, on a weekend of competition. The weekend brings focus and seriousness into play. Either they get into the game, or they’re left out. Good Realtors know how to force a serious mindset in buyer prospects and their agents. Time is used as a selling tool.
- Negotiate value with the buyer — Even the top buyers will waver on the value of the home. Your Realtor has to be sure of the full value of the home and to respond and then up the ante. They have to do it in a pleasant way that looks natural. Arguing and defending is not negotiation.
Using Time as a Selling Tool
Many Realtors don’t appreciate the selling power of time. Used well, it can produce astonishing results.
One very successful Realtor I know, whom I couldn’t work out a deal to work with, uses blitz strategies well.
He’s definitely a tough, even slightly grim negotiator, but his focus is on creating a blitz type situation, usually on weekends to engineer an intense bidding war for the home. The timing of the showings is all engineered to create a bidding war. Bidding wars are common even in 2020 and this is how you get closer to the actual value of your property– with more high quality buyers showing up for a viewing.
And when junk leads show up at the open house, their cynicism can ruin the mood of the good buyers present. But good buyers recognize each other and they know they’re going to have to play hard to win that home. A lot of buyers will recall the time when they bid on a home and nervously awaited their fate.
There’s No Fate: You Decide Your Selling Price!
Fate should never be a part of real estate sales. A good Realtor will wean any fatalism out of you at this time. You’re in charge of your future and the selling price of your property.
A Realtor is a professional helper, however, handing the sales process to them without being intimately involved isn’t wise. If they’re a pro, they’ll be eager to involve and educate you about what they’re doing. Anyone with a passion for something wants to share the strategy, event, milestones and processes with you. They enjoy the commitment to the selling experience with you.
This selling experience is the essence of Realtors lives. They’re sales pros. And your feedback is essential to generating top value.
Professional home staging, virtual staging, mortgage financiers, and then sophisticated promotion on Facebook and the Realtor’s website are important.
But the good Realtors are a like a pro sports coach who gets the team assembled and playing well.
The foundation for a successful sales of your home at the best price is solid digital marketing. Even the top Realtors in your city are heavily into digital marketing lead generation. These processes are more sophisticated than ever.
They all involve casting a wide net to capture a big crowd of buyers and then filtering through them to find the best of breed.
And these most eager buyers, when forced to compete for a dream home, will pay the top price. So these modern modern real estate marketing systems work to create the best result. And they hide nothing from you, encourage your involvement and respect your desire to get the most back from your real estate investment.
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