A cake without icing is just a cake.
It might be tasty but dry, and there’s not much special about the way it looks.
If there weren’t any cakes with icing available, folks in the mood to buy cake would buy it.
In the open marketplace, your non-iced cake business would likely fail if a smart and innovative entrepreneur were to open a cake WITH icing store across the street.
You’d either have to “up your game” by starting to ice your cakes, or close your shop.
Let’s say you decided to accept the challenge and begin icing your cakes . . . NOW we have created a competitive market.
How will you get cake eaters to buy YOUR cakes instead of those cakes of that irritating dude across the street?
Your cakes will either need to taste better than hers . . . or look better than hers . . . or BOTH.
And the game continues . . .
Next thing ya know another savvy and innovative entrepreneur shows up and opens a shop caddy-corner from yours.
DARNIT! This new jerk not only offers great tasting, great looking cakes, but he’s also offering “accessories” – coffee and tea AND in-store seating with very chic ambiance.
This is the reality of a competitive marketplace and is VERY similar to selling houses. (Bear with me here).
When home owners decide to sell a house, they are entering a competitive market, and they must consider the competition to help them make informed decisions as to how best to prepare the house such that it is competitive with other similar houses . . . of course with the goal to sell at the highest price possible.
We REALTORS are experienced/trained real estate sales professionals and are experts at advising Home Sellers how to offer the BEST house on the market so they can get the highest price and the best terms.
I’ve got a short list of “mistakes” many home owners make during very important stage of the process. It’s imperative to note that the REALTOR can only advise and counsel . . . It’s the home owners who make the decisions.
- Listen to the expert advice – Some Homeowners are “deaf” to their REALTORS’ advice and choose to do their own thing. They have the right to do this, but it may cost them more time on the market and less $$$ in their pockets at the closing table.
- “Putting lipstick on the pig” – In the interest of spending the least amount of $$$ possible, the Seller tackles the todo with a DYI approach instead of hiring professional contractors. This results in a “less than crisp” fit and finish which makes buyers suspect of deeper (hidden) defects that may exist. (Again – more time on market +Less $$$)
- Misunderstanding the term “Up-dating” – Most folks live in their houses 3-5 (or more) years and seldom update their houses during that time. Meanwhile, trends and buyer preferences are always evolving. Even if “everything works” smart updating can go a long way with rising above the competition. This may take some time and cost what seems to be a significant amount of money, but your REALTOR can likely “justify the effort and expense” by showing the potential increase in selling price and decrease in time on the market.
- Failing to finish – If you (the home owner) are going to up-date and stage the interior, don’t forget to do the same on the exterior . . . and in the garage and storage areas. All the fabulous up-dating in the world cannot overcome disheveled landscaping, fungus covered decks, driveway, siding, need for tree pruning, and cracked settling concrete.
- Making showings a joy for the prospective buyers – Make it super easy to set the showing and access the house. Create ambiance with music, cookie dough in a 200 degree oven, Lights on, Curtains and blinds OPEN to allow sun in, NO (ZERO) evidence of pets (Visual or olfactory)
Your REALTOR will advise you on ALL of this . . . I am beseeching to listen and heed 🙂
If you happen to be in Middle Tennessee, I and The Vital Few REALTORS of Pareto Realty stand poised and ready to work with you to get the MOST $$$ in the least amount of time on the market with the best terms for you, so you can turn the page to the next chapter of your life efficiently.