A Competitive Property = A Successful Sale

Recently, I met a buyer at a "just listed" in the perfect neighborhood at a decent price and the pictures could not have painted a better deal! There had only been one prior showing! We were so excited. I new we were just going to be blown away! As we got out of our vehicles we were absolutely stunned. It was nothing like we expected. Total mess outside and the interior was a disaster. I new the listing Agent had used old photos as a deception to get people to see what was actually a horror.

This is not an example of good strategy or competitive property listing. Price only and honest dealing would have been better.

Today's market requires patience, competence and strategy. Who is going to buy your listing and why? You need to answer this question and market your listing accordingly.

Homes that are selling the quickest are still close in to city centers and do not have much on the "to do" list. If your place needs a lot of work then price it correctly and let everybody know you know. You and your Agent would be wise to have some bids on some of the work. Let your potential buyer "imagine" the possibilities!

The key in a successful listing is that as the seller you need to have the property prepared for a Competitive Listing. Does this mean a total remodel? Not really. In fact, there are so many little jobs that cost very little and go a long way to maximize the potential selling price.

So what if your place is in decent shape but want a Competitive Listing? Your best price 1st is always the answer but even then you have to be realistic about your "area", the condition of the property as well as neighborhood and of course what is "included". It means what are you going to do for the buyer?

You will want many current pictures of the property. The prior perception of your listing is so important! If your potential Buyer expects roses... you'd better have roses! If you show a "dated" but very clean and decent condition kitchen then they know what to expect and so on.

The condition of your home is paramount for maximum sale price. A clean and clutter free home is far better if you plan on living in the place while on the market. Fresh paint does wonders inside and a tidy yard is of utmost importance for curb appeal. Pull some weeds and wash off the exterior. Keep the pet food out of the way as well as any "smells". One more reminder on keeping everything CLEAN AND CLUTTER FREE! All of this is peanuts compared to a total remodel. It is the old fashioned ideal of ELBOW GREASE!

You want your Buyer to show up but instead of letting them down once they get there make them feel great! While your Buyer is there let them know something really great about the property you had yet to post and give them a "prize" for stopping by. You want the memory of your listing to stay with them and with a few items of ADDED VALUE it will!

A Competitive Listing does lead to a Successful Sale. In this it is often the little things that count and if you are not prepared then be prepared to wait it out or drop the price. An older property that has been kept up is in better condition to sell than a well used newer home. Don't let your buyer down by not being the property they wanted to look at.

Market the possibilities!

Renting? Why in the world are you renting?

A couple years ago I had a conversation with my mother about stairs. I knew it was leading to moving her out of this wonderful town home she had been renting. The place was in a safe neighborhood, had great neighbors and was really private. She had taken such care in the yard and interior decor just like it was her own. Wait a minute. We had just said the 2 magic words.

HER OWN.



It was not her own home. She was paying someone else to live in something that she was taking care of! What was wrong with us? Why was I letting her do this? Where we thinking she was unable to take care of her own place? Are you thinking you can't do it?

In July of 2010 a leading Real Estate company did a survey in which they found that over 70% of renters (thousands in the survey) said yes to wanting their own place. Of that 70% there was nearly 75% stating they had saved money, had a good job and liked the city they lived in.

SO WHY ARE YOU RENTING? Interest rates are at record lows. Home prices are great. It is possible for 1st time buyers to get into incredible loans through credit unions and large banks like Key Bank with little down. Too often I hear "I AM SCARED - I CAN'T AFFORD IT - I DON'T KNOW WHAT TO DO".

You need to start with discussing your situation with a Real Estate Professional. You may be overpaying every month just to live in someone else's property. Isn't it YOUR MONEY? Don't you think it should be YOUR PLACE? Remember, it is an investment in YOUR FUTURE! Aside from the financial reward the simple fact is that IT IS YOURS!

Recently, I sold an end unit that is saving the buyer nearly $200 per month. He will also get the tax benefit in the coming years let alone the average rent in the area is higher than his mortgage payment. Why did I mention this? He now owns his 1st rental property too. You build wealth through this Strategy and not paying rent! His next purchase will be launched with the success of his 1st.

By the way, the home of Mother Nurture is now the center of play time for a lot of the neighborhood kids. The big tree in the summer and the nice old lady with pop is just what the neighborhood wanted. The right neighborhood is waiting for you too!

Your 1st has everything to do about your 2nd

We hear a lot about the 1st and 2nd in relation to real estate. Too often it has something to do with loans and not what it should be about.

1st time buyers are courted by new agents as an easier source of business. Everybody is new to the game and we want to "specialize" in something so the 1st time buyer is a great group! What I want you to understand here is one simple rule.

YOUR FIRST PURCHASE HAS EVERYTHING TO DO WITH YOUR NEXT

So what do I mean? I am telling you to have a strategy in mind. Get inside and ask yourself some questions like:

is this purchase to jump start retirement?

is this purchase going to be a great rental property?

is this purchase going to satisfy my need for 5 years?

Okay, so you know this right? What you may not realize is the long term strategy of building wealth through real estate that begins at the 1st purchase. This property will most likely not be your only residence for ever. What can it do for you now is less important than what it is going to do for you later.

Generation Y listen up! You are coming into a beautiful time as a new buyer. Don't waste your money on buying gadgets that decrease in value. I recently spoke with the owner of a well known high end car dealership that is doing fine during this economy. She was clear about one thing. She said, "Lease what will decrease and buy that which has the history of gain".

I was confused. She sells cars, right? Nope. She supports her family and the families of her employees based on leasing, service and repeat business. They are doing very well.

I have always encouraged people to buy into real estate. Too often folks think it is TOO EXPENSIVE to buy and that is plain wrong. A good broker will help you understand the many ways to take possession of a property and help set goals to acheive financial gain in decent time.

An insiders guide book looks at the 1st time purchase in 5 year purchases. It looks like this:

Own one house for 20 years and receive an average of 5% gain.

Own one house for 5 years and and keep it. Buy another in 5 and so on for 20 years for an average gain of 5% on each one. Can you do the math? Talk about RETIREMENT SAVINGS!

Oh if I had only kept my 1st, 2nd and 3rd... I can only imagine the possibilities.

Hey generation Y are you listening? Learn from your elders and buy now and start your path to financial freedom in what is still a safe and rewarding commitment. Besides, in your own place the colors are your choice, the noise is fine (usually) and the nails in the wall can be anywhere you want them!

Until next time,

Erick