Step 1 – PROPERTY:
In the initial consultation, my main goal is to sit down with you and get to know you. I want to know YOU so that I know how to best serve you. I’ll talk about the market and your motivation to sell, whether it’s a good time to sell, what your short and long term goals are, etc…
I’ll discuss what comparables are selling for in the neighborhood, what the market conditions are, and how your home looks in front of a buyer.
Depending on your home’s condition and your budget, I’ll discuss options to make your home look like it’s in showroom condition. There’s no 1 size fits all, so I’ll have a discussion with you about that.
Step 2 – PRICING:
The next step is I look into what your home is worth. I go in depth and study the comparable sales and then I begin to talk to you about how I should price your home. Because pricing is so important to selling you home, I talk to you about different strategies including pricing below market value, above market value, at market value, and I explain the pros and cons of each.
Above market value – if you’re not in a rush to sell and you want to test the market, you may want to price the home above market value. The downside of course is that, many people will notice your home as being overpriced and may ignore your home entirely and your home may end up just sitting on the market.
At market value – if you want to sell your home quickly, then this is the most common choice. You want your home to be shortlisted by buyers and be one of their top picks.
Below market value – if your goal is to spark a bidding war, then pricing your home a little bit below market value is a good strategy. Often, this will generate extremely busy open houses.
The downside is that if the bidding war doesn’t net you the price you were aiming for, you’ll have to increase your price. So if you’re going to price low, it’s important to know how low to go.
It’s important to note that which strategy you should use depends on a number of different factors including (but not limited to) how many other similar listings are on the market, what the current market conditions are, your motivation to sell, your risk tolerance, etc…
So, I always discuss pricing with you only AFTER I get to know you and your real estate goals and needs.
Step 3 – POSITIONING:
<pHere, I begin to craft a Premium Positioning Marketing Strategy for your property. I try to create a theme for your property and build around it. A key example would be 1238 W. 37th Ave, Where Dreams Are Made.
For this client, we employed:
- Professional Photography
- Cinematic Videography
- Walkthrough Tour
- Professional Staging
- Professional Measurements
- Physically Mounted Floor Plan Designs
- Multiple Luxury Professional Brochures
- Email Blast to Thousands of Realtors
- Reached Out to Dozens of Reporters for Media Coverage
- Social Media Campaign
- Mounted Exterior Luxury Signage
- and much more…
The key for you is to create a dedicated Premium Positioning Marketing Strategy to make your home stand out from the rest. Branding and marketing is what makes companies like Apple and Samsung stand out so I wanna do that for your home.
Step 4 – PROMOTION:
Just because a company creates a great product, doesn’t mean it’ll sell automatically. Someone told me, “you can have the greatest product or service in the world, but it’s no use if no one knows about it”.
That means, how your home is promoted is important.
Depending on whether your home is vacant or tenanted or whether you live there, different techniques would be used.
I can do a set of open houses and then take offers right away.
I could also do an agent’s open, a private sneak peak, followed by a Saturday/Sunday open house.
I could also be creative and do open houses on weekdays as well.
Or to be exclusive, I might choose to not do any open houses and only do private 1on1 showing appointments.
During these showings, it’s important to plan and give a memorable presentation as well. How many times have you gone to a home and the Realtor barely says anything to you. No presentation whatsoever, just opened the door for you and that’s it.
That IS NOT what a good Realtor should do.
Along with the presentation, I would incorporate the types of brochures to be presented, offer snacks and refreshments or maybe the event is catered for specific clientele.
Sometimes, a prize draw is a great way to attract prospective buyers and Realtors to your home.
Basically, I imagine a buyer walking through your home and what they are hearing, seeing, feeling, and smelling and I would try to touch their senses so they walk out of your home with a lasting memory. Your home will be stuck in their memory out of ALL the other homes they’ve seen.
This is all part of the strategy during this stage to make sure your home leaves a lasting impression.
Step 5 – PROCUREMENT:
So, the buyer or Realtor walked through your home having been impressed. Before they leave, I make sure their contact information is recorded and I follow up with them to make sure the amazing experience they had turns into an offer for your home.
Maybe the Realtor was just browsing through the neighborhood but after seeing your home, they are impressed and decides to contact a few of their clients.
Maybe the buyers were impressed at your home but had a few concerns.
This is the stage where follow up is crucial. I contact everyone who visited the home and ask for feedback, concerns and questions. The feedback they provide is gonna give me the information I need to help me make changes to the strategy and ultimately help sell your home.
Some buyers have questions regarding the location, some have feedback about how well maintained is your home, some Realtors might comment about the layout and the price of the home. This is important information for me to sell your home to the interested parties.
Step 6 – PRESENTATION:
After following up with clients and Realtors, I work at converting that interest into offers for your home.
This is a delicate time because I’m getting interested parties to commit. I persuade them to actually write up an offer for your home. If the first 5 steps were done properly, then there’s a greater chance that they’ll write an offer on your home.
Often, buyers will only write an offer after their questions are addressed and so it’s important to answer them in the Procurement stage so that they are comfortable writing an offer for your home.
This stage is also sensitive because many buyers and sellers and Realtors get emotional during this stage. The number 1 rule in negotiation is to never piss off any party. It’s hard to negotiate when people are upset.
So, I’m really aware of human psychology and look for signs and signals from all parties to make sure negotiations don’t get out of control. Any careless words used can push buyers away from the deal. The goal is to make the negotiation process for your home a win-win for everyone.
This gets even more complicated if there are multiple offers on the table.
Even after getting an accepted offer for your home, buyers might negotiate for things found during a home inspection and so it’s important for me to analyze the situation and make sure I can get both sides to come to a fair agreement.
Step 7 – POST SALES:
After the sale of your home is firm, there’s still work to be done. I have a large network of service providers to help you, whether you need a moving company to help you move, or you need a lawyer or notary for conveyancing or you need a contractor to help you make some repairs to the home.
If you’re living in the home, then you will need to cancel or transfer any services you have at the home before the new buyer moves in. This may include Hydro, Gas, Alarm Monitoring, Home Phone and Cable Services.
A lot of things need to be done before keys are passed over to the new buyer on possession date.
Lastly, I stay in touch with you as my goal is to be your lifelong Realtor for all your real estate needs.
