Before You Sell Your Home, Know Your Competition and Beat It!

By
Real Estate Agent with Rich Life Real Estate Team GA#242237

Kitchen Renovated

Same Kitchen, almost same square footage, same subdivision, but renovated.  One sold for $140,000 one is Under Contract and they were asking $318,000 and it probably got pretty close to that!

This is the tale of two applicants, two homes, applying for the same job or buyer.  Both are in the same neighborhood, and are virtually the same floor plan and size (competing for the same job/buyer).  One is updated (has a great resume) and the other is not.  One sold for $140,000 and the other is under contract and they were asking $318,000!  Both sold very quickly, but the owner of the one got a much better salary (net price)!  Before you sell your home, you have to know the competition and beat it!

Selling your home is a lot like getting a job, and your agent's well executed marketing plan will be a lot like your resume, and the showings that result from the marketing are like the job interview.  Most of us would never think of turning in a resume with gramatical errors, that is hand written on torn out, wrinkled piece of spiral notebook paper, but yet when we go to sell our homes, we don't care if they are tattered?  

The best chances of selling your home quickly and at the highest price are to make sure that you really know the competition.  Think of the job interview, if you knew exactly what the other candidates were going to say, what their weeknesses were, and which glaring holes they had in their resume's, wouldn't that give you an edge to highlight your advantages to the employer?

Most people stand to make a lot of money, or to save a lot of money by selling their homes, and yet we often don't approach the sale of our home as serioulsy as we do an interview for a great job!

 

Which Applicant Would You Take?

Before you even get an interview, you need a good head hunter who is out there shopping you to all of the best employers, someone who has relationships with all of the top companies in your field.  You'll want them armed with linen paper resumes that have been printed clearly with a laser printer, and probably a very good cover letter. Most likely you are going to find out everything you can about the company you are interviewing.  You'll be able to talk about their market share, the innovative things they have done with regard to the competition, mention what you know about their management philosophies, the charities they support, and if you are really lucky, you'll know some of their management that might put in a good word for you.

Hiring the right agent for your home should be someone who does everything the head hunter can do.  You want them to get your home in front of as many good qualified buyers as possible.  If they work with relocation companies, and have connections with the Chamber of Commerce, and have a large database of buyers, and know when these buyers are planning on moving, they can market your home's resume to all of those potential buyers who would like to hire your home as their next residence!

Living Room

 

Even with square footage, floor plan and so much more being very similar I doubt this living room gets the job over the next applicant you below, which even lacks the two story room and balcony.

Even the best head hunter, with the most connections will struggle if the resume you provide isn't the best.  Your home will need to really be fine tuned to put itself out there in a competitive market.  In many fields today a college degree 20 years ago isn't enough, continuing education and refresher courses are importnat to show that you are up to date with current technology in your field.  Homes are the same, they must be updated, if your paint, carpet, lighting, door knobs, faucets and furnishings haven't been changed in 20 years, it's not going to fare well against the competition.  

Living Room

 

Even though these homes were built a year apart from each other, one looks completely modernized and the other makes you want to watch Top Gun because it is so dated!

Having a professional photographer shoot high definition pictures of your home with a wide angle lens to make the rooms look larger, and then marketing the features of the home in as many places as possible are very important.  Spending a little money on cosmetic updates to make the home feel new is also very important.

 

Master Bedroom

These May be Identical Rooms, But I Bet You Wouldn't Pay Identical Prices!

Dated

These Are some tips you should consider if trying to sell your home!

  1. Consider the advice of an interior decorator in paint color selections to make the home more desirable.  They may also know where to get accessories that will make the home look much better.
  2. Consider consulting a home stager and either buying or renting nice furniture pieces that will really make the home nice, and make the rooms seem bigger.
  3. Consider packing away all of the clutter, and getting a storage unit to store items, so the home feels clean.  Clutter makes a home seem smaller and makes a buyer feel that there isn't enough storage space.
  4. Don't have lots of family pictures on every wall, it makes people feel that they are going to have to patch a lot of holes, and many people feel guilty about making you move from your home, even if it's your greatest desire, and it feels like your home not theirs!
  5. Go to open houses of the homes that are competing in your price range, so you know what the strengths and weaknesses are compared to yours.
  6. Consider replacing worn carpet, refinishing worn hardwood floors, replacing dated lighting, installing granite remnants where lamintate countertops exist, replacing faucets, installing climate controlled thermostats.
  7. Consider hiring a landscape architect to come up with a great landscaping plan, and trim back bushes and plant flowers to brighten the home, giving the appearance that you have paid attention to every detail.
  8. Always leave all the lights on and open blinds, while playing classical music for when people come through your home.
  9. Leave a copy of a home inspection that you have done, showing all of the items that have been fixed, to give the people peace of mind, also consider having a termite bond, showing the home is free from termites.

Taking these steps will help your home sell much more quickly for a much higher price, and not taking these steps may actually prevent the sale of your home entirely or force your home to go for a much lower price.  This all just goes to show that before you sell your home, you need to know your competition to beat it!

 

For mor advice concerning selling your home please call Jared Garfield and the "Rich Life Real Estate Team" at 404-718-9126 or email jared@richliferealestate.com

 

 

Comments (1)

Kimberley Kelly, SFR, HAFA, GREEN
HK Lane, Christie's International Affiliate, 760-285-3578 - La Quinta, CA
I do Real Estate like I played polo-to WIN!

Nothing new here, but good reminder.  First Impression is everything, then the nuts & bolts come after that, and are usually right in line with that first feeling..

Sep 29, 2013 09:48 AM