McClelland Minute - April 26, 2009

The Four Keys to Selling Today

I often get asked by clients what are the most important things to remember when selling a house in today’s market.  It comes down to four key aspects – price, condition, location, and presentation.  Each is very important in its own right.

We have discussed accurate pricing before, but today it is vital to be seen by astute buyers and their supporting Realtors as offering the best value within whatever category you are selling in.  Over price and you likely won’t even get any showings.  Under price and you unnecessarily leave money on the table.  Do your homework, compare the features of your property with those that sold in the past six months or have recently come on to the market.  Be realistic, this is not a time for adventuresome speculation.

Look at your property through the eyes of a buyer.  You may feel comfortable with a heaving concrete basement floor, a pink bathtub, and a leaking hot water tank but nobody else will be.  In my experience, if a buyer thinks they will need to spend a thousand dollars on repairs, they will reduce their initial offer by at least five times that amount.  $250 worth of fresh paint can put up to $2,500 in your pocket. 

The old saying about the three things you need to know about selling real estate is somewhat true – location, location, location.  Families often look for a home in an area that is desirable to them.  They may want their children to attend certain schools or avoid high traffic areas.  One couple had done a wonderful job in decorating their 30 year old home, but it was in neighbourhood of 50 year old revenue properties.  You can’t do anything with location except to price your property appropriately. 

Presentation is very important, and sadly, too often neglected by sellers confident that the other three aspects will carry the day.  Like the old saying about being comfortable when giving a speech – you don’t have to be the best dressed in the room, but you can be dressed your best.  There is only one chance to make a favorable first impression with buyers.  You are moving anyway, so pack away one-third of your possessions in boxes and choose the least important room to store them in.  Better yet, put it all in the garage or off-site.

Clean the house from top to bottom until it sparkles and smells fresh.  Change out all the low wattage bulbs to increase lighting.  Get the clutter off the counters and the pictures off the fridge. Pull the curtains back and invite in the sunshine before every showing.  Tidy up the yard.  Make the front look inviting.

I call it my “3 Minute Rule”.  Between the time the buyer pulls up to the curb to when they are standing in the kitchen, they will decide if they are interested in your home or not.  From that point forward, they will give their Realtor reasons why they like, or dislike, the property.  We listen because those comments will help us guide you in making further improvements if necessary.

So count to four, and good luck with the negotiations.

Vern McClelland is an associate broker with RE/MAX of Lloydminster.  For more helpful hints on buying or selling real estate visit www.vernmcclelland.com or call him at 306.821.0611

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