Chris Loeliger
Windermere Real Estate/S.C.A., Inc
Chris Loeliger | Direct: 425-785-9217 | Email: cloeliger@windermere.com
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Straight Talk from a Buyer
Posted on January 20, 2011
I missed this article from the Seattle Times when it first came out. Some colleagues brought it to my attention and I am so glad they did. The author does a great job of telling sellers exactly what they should be paying attention to from her perspective as a buyer.
You haven't followed that link and read it yet, have you? Or, if you have, you probably didn't read past the first screen did you?
I'll hit the highlights for you. I'll also take this opportunity to point out a few places that I have small disagreements:
- Selling a house is a full time job. Treat it that way, don't do a half-assed job of it and think you can sell your house in this market. You will be tired, frustrated, and stressed. You will have to spend money to compete. Speaking of that competition, you must to have your broker take you to see your competition. If you don't know your own competition how can you expect to beat them and sell your house.
- You need to hear the truth about your house from someone you trust. If things need to be repaired now is the time to hear about it and do something about it. If the paint is peeling, the toilet is leaking, the roof needs repairing or anything else, you need to take care of it now. It is a beauty contest out there and the ugly, neglected house is not going to win. Your broker is also a good source for this but I'll tell you that your broker may hold some back out of fear of offending you. Do listen to feedback from other brokers and the public.
- Don't be greedy. Don't 'stretch' for that high price. You won't get it and the consequences can be worse than starting at a smart listing price based on the analysis of the current market. Think of this as the "what you need" approach instead of the "what you want" approach.
- Be demanding. Expect the most from your broker and your brokerage. You should have the best photos and the best advertising. The same things you liked in the house when you bought it will likely be the same things the next buyer likes. Make sure they are highlighted in your listing and advertising. Ask for a broker's open to get the feedback of other brokers. The author suggests lot's of public open houses. I disagree here. I will do them until I turn blue in the face, but the chances of selling at an open house are minimal. Open houses are really used by brokers to find their next client, not to sell your house.
- Your broker should be giving you regular market activity updates. But there are a lot of resources out there. Make sure you stay on top of the current market.
- Should you be in the unfortunate situation of a short sale, deed in lieu, or foreclosure, know your options. I have provided just one source, there are many. Laws and license rules around the mortgage relief and short sale negotiation industry is changing fast. Beware of scams and trust someone you know for a referral.
- Allowing your house to look empty or neglected is an instant value killer. Buyers will assume you are in a tough spot (desperate) and negotiate to their advantage, for one. Additionally, remember how I keep harping on how this market is a beauty contest? The last thing you need is rain soaked phone books and power outage notices on your porch, overgrown bushes, grass that hasn't been mowed in months, burnt out lights or any other sign of neglect.
There are buyers out there and the author's points are simple and to the point. If your house isn't selling, you probably haven't done your homework and positioned your house in the best place to sell.
You see, one way or another this is nearly the exact conversation that I have on a regular basis with my listing clients. But, truthfully, the author does a better job of making her points than I do. You can be sure that I will be adding this article to the information that I take with me on listing proposals.
Chris
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