Developing a marketing plan for your property requires a multi-prong approach. It first involves a thorough evaluation of your property’s particular features, characteristics and condition. Once that is completed, we can then make a comparison to other “comps”, or similar properties, in your area to ensure we list your property appropriately in the given market conditions. I’ll develop a very specific marketing strategy tailored to your house. Every property is different; we want to attract as many relevant buyers as possible in order to get the best possible outcome for you!
One service that I believe is extremely important is helping my listing clients to objectively evaluate their homes for marketability. Some brokerages only do a quick once-over to get the information to put into the various information fields in the listing. However, I dive into into the details of both interior and exterior features, characteristics and condition of your home.
I strongly recommend postponing getting photos done until we’ve worked with you to do a thorough inspection of your home. Every buyer who sees your home will be comparing it to the competition in your area and price range. How your home compares is critical to how fast you sell it and at what price. I’m going to work with you in several areas of concern:
- Interior features & characteristics – While the number of bedrooms and baths are not something you’ll be changing, you do need to objectively compare them in order to end up with a listing price that will get your property sold. Other features/characteristics:
- Floor plan
- Built date and obsolescence
- Condition of floors, walls, paint, etc.
- Kitchen features
- Room sizes
- Lighting, skylights, windows
- Exterior – That “curb appeal” thing really does mean something. When a prospective buyer first drives up in front of your home, they’re going to get a first impression that is very important. I will help you to look at things like landscaping, exterior paint and condition. This is an area in which small expenditures can yield big results. In fact, some buyers will ask to leave without ever even stepping into the house if they get a bad first impression.
- Condition – Minor repairs can also make a major difference. Many buyers assume that a need for minor repairs indicates a general lack of fundamental maintenance over time. They’ll discount their offer, if they even make one, thinking they’ll have a lot of work to do to bring the home to good condition. So, I’m honest with you about things that I see that buyers will see and consider in their evaluation. From cracked window panes to scarred walls or doors, we’ll let you know what we believe is worthwhile and make suggestions accordingly.
I’m here to make sure that your home enters the market in the very best competitive position possible. A thorough and objective evaluation is an important step.
A proper list price that reflects current and realistic market conditions is critical to getting your home sold quickly. I don’t want you to under-price, but it’s worse to over-price in any market. Buyers discount its value by DOM, Days On Market. The longer a home sits on the market, the greater they’ll discount their offers. A realistic list price is how I ensure you get the highest price without languishing on the market.
How do I come up with a suggested list price that reflects your home’s competitive position? It’s a combination of services and experience, and I’m going to be very careful and detailed in my analysis and market evaluations to make sure you don’t leave money on the table or sit around wondering why you aren’t getting offers.
My evaluation of how your property compares to the current competition is the first step. Then, we may suggest some worthwhile corrections you can make to improve that position. Once I know what your home will look like when listed, I’ll dive into our thorough CMA, Comparative Market Analysis, process.
CMA of Sold Properties
First, I select comparable properties out of those sold recently nearby. These “comparables” or “comps” are selected based on similarity in features, location and characteristics with your home. They must be the most recent sales possible, so the sold prices are relevant to current market conditions.I then account for any differences in your property in an “adjustment” process. For example, if a home has one more bedroom than yours, I would adjust that property’s sold price downward for the value of one bedroom to make the comparison “apples to apples.” I make adjustments for garages, bathrooms and other major features to bring our comps to closely compare with your home. Then, I use those sold prices to arrive at a preliminary listing price for your home.
I say “preliminary” because I have another CMA step.
CMA of Current Listings
Another set of comps I gather are other properties currently listed and your competition. I go through the same adjustment process, and I come up with another price suggestion for your home. This second CMA provides me with more up-to-date information about the market, which may cause us to adjust our preliminary list price to reflect the current market. Using the two CMA results and an experienced analysis of your home’s position in the marketplace, we can set a listing price that will get the job done.
Markets don’t just change monthly, they change daily in many instances. As new listings come on the market and others sell, the supply/demand ratio changes and your price may need to be adjusted. I provide you with regular market updates to keep you in the loop.
I will develop a marketing strategy specifically tailored to your property. This may include open houses, listing the property on websites targeting specific buyer segments, social media, etc. We want to attract as many relevant buyers as possible in order for you to get the highest price possible.