Your home is probably one of the most valuable assets in your investment portfolio. When the time arrives to move up, or scale down, it makes solid financial sense to develop a written business plan for selling your house. After all, time spent planning and preparing before the sale often delivers huge rewards.
The Decision to Sell: Life events are the usual indicators of when it is time to sell a property. Once the decision is made or if you’re undecided about the timing, it’s never too early to consult the professional in your life. A call to an accountant and or attorney to discuss tax, trust and estate planning is a wise move. The goal is to avoid after-the-fact financial mistakes. Planning is the precursor of peace of mind.
The Improvement Budget: Whether you have $1,000, $100,000 or somewhere in between, establishing a pre-sale home improvement budget is essential. It will help you and your team of professionals prioritize the preparation list.
The Preparation Consultation: What investor/owner does not want top dollar for his asset? Whether it is a piece of art, shares of stock or real estate, when assets are shuffled the goal is a positive experience and a gain instead of a loss. The pre-listing consultation with a real estate professional will help you decide what must be done to achieve the best price for your property based on the funds available.
The Pre-Sale Improvement Process: Depending on the breadth and depth of the improvement projects this timeline can be a few days or a few months. While the property’s appeal is being maximized it is important for the seller to begin the transformation from owner to seller. It’s time to physically put away the memories of your life in the home and prepare the house to welcome a new owner. It can be a cathartic experience but one that is best experienced with the help of professionals.
The Price Decision: Once the home improvements are completed it is time to reassess the value of the property based on the improvements and current market conditions. Once a thorough analysis of recent sales and current competition in the neighborhood are evaluated, it is time to set the list price.
The Marketing Phase: When the stage is properly set and the price set, it is time to open the doors so to speak. Whether you have an open house or not, people will be viewing your house. The first place many prospective buyers will see it is online. Many will decide whether they want to know more based on the photos your agent posts on various Internet sites. This is where your meticulous attention to details will reward you. From curb to backyard, fabulous photos will put your home on a buyer’s shortlist, or cause her to click on by. Photos win or lose most buyers within seconds. In today’s market, photos are the first impression.
The Showings: Showings are essential to generating offers. Guidelines can be set, but too many restrictions will limit the number of showings. If buyers can’t see it, they won’t buy it. My goal is to make the house bright, inviting and easy to show.
The Offer: Rarely does a seller get exactly what he wants. The same can be said for buyers. Price is important but so are terms and conditions. Each must be evaluated. The nuances of negotiations can establish a positive outcome for all parties. That’s the experience we want you to have when selling your home.