Ten Tips to a Successful Sale
1. Be committed to selling. In a buyers' market with inflated inventories, short sales, and repos, there is no place for sellers who want to "test the waters". Don't even think "if I get my price." You won't. What is your real motivation for selling? Money is usually only a secondary motivator to the serious seller.
2. Make sure the price is right. Gather information. Ask your realtor to gather several colleagues for their opinion. Visit www.zillow.com. Consider a formal appraisal. Focus on both current competition and current comps. Sales more than 1-2 months may no longer be relevant. Time to emotionally detach from the property and position it to sell.
3. Staging is a necessity. Clutter is to equity what dryrot is to your foundation. Sellers should realize that they seldom see their property objectively. Hire a professional stager and listen very carefully to your agent's suggestions. View 2 hours of HGTV staging shows. Buyers 'horriblize' defects. A faded front door suggests deferred maintenance. A stucco crack may infer expansive soil. Buyers will notice everything you don't want them to. Time to emotionally detach from the property and position it to sell.
4. Install a for sale sign. If you don't want the neighbors to know you are selling, reread #1. The people on your block will know, with or without the sign, that your property is for sale and wonder what the secrecy is all about.
5. Absorb all feedback. If one buyer says something, others are thinking the same thing. If several similar comments are made, do something about the problem. Put your ego in storage with the excess furniture. We are here to sell a property. Time to emotionally detach from the property and position it to sell.
6. Flexibility is fundamental. No showings usually means the price is too high. No offers usually means the price is too high. Be proactive especially if the market is flat or declining. Discuss with your agent what reduction is necessary to "stay ahead of the market." Buyers will see your listing as unrealistically priced if there are a series of minimal price reductions. The flipside is that if you will be buying another home yourself, remember that you will likely be in a position to negotiate that price.
7. Accentuate the positives. Selling, buying, and moving are stressful events, in the best of markets. Tell your agent you appreciate their efforts. Ask them how you can help get the house sold. Ask them what they would do if you were their relative, or it was their home. This is a discussion that takes place from the very first listing meeting and continues throughout the process, in response to buyer and buyer agents' feedback.
8. Time is of the essence. This means sooner is better than later. Do not underestimate the first buyer. They may be the best buyer. They may be the only buyer for a long time. A lower asking price early on may net a seller more money in the long run.
9. React realistically to the market. Ask your agent what the average days on the market is THIS MONTH. 2-3 months ago is no longer relevant in a declining market. The only way to get somewhere faster is to step on the gas if you are in a car. Or, reduce the price if selling a house. Reread #6.
10. Be aware of the media. The media sensationalizes the market, both positively and negatively. Buyers are reading and listening to this too, their portfolios are down, they are worried about their jobs, and the home they are selling is worth less. When an offer does come in, work it like a fine timepiece.