The Smart Home Seller

Strategies and Tactics to Do it Right

Confidence is being prepared…a bit of old coach wisdom. It’s useful when thinking about the process of selling a home. And selling a home is a process that can be fraught with headache and turmoil if not done with preparation. Of course, there are many resources for a home seller to call upon. Ultimately, though, the success of the sale rests with you, the homeowner. You direct the action to make sure the transaction is a success.

Central Bank has banking, insurance and real estate resources to answer questions and guide sellers through the financial aspects of the home-selling process. Here, Central Bank Bloglines offers up a few strategies and tactics to get your sale off on the right foot.

Financially Fit and Ready

Before you think about the home, an agent, a sign in the yard, and so on, look into your finances. Does your financial situation match up with your goals for the sale? For example, if your goal is to downsize and perhaps take a little equity away from the sale for retirement savings, where are you at in that process? Check in. Make sure you know your assets, debts (including mortgage) and the status of your credit report. No surprises. If part of your sale plan is to buy, then get pre-qualified through your bank or mortgage broker. There may be other advisors with whom to consult: tax advisors, financial planners. Lastly, understand the costs associated with your sale. A few:

• Selling and Buying agent commissions
• Inspections
• Remediation or other steps needed to make home market-ready
• HOA liens or other ancillary costs

You’re getting everything set so you know what a sale means to your short- and long-term financial situation. This helpful exercise will help determine timing, go-to-market strategy and should relieve some stress.

Trim up the House

Imagine yourself seeing your home with fresh eyes, as if it is not yours. Imagine you’re visiting for a weekend and you’re expecting something inviting, welcoming – a place not yet your own, but full of possibility. That’s what your potential buyer wants. You can create it.

A general strategy is to depersonalize the home. It’s no longer your home – it’s a house. Make it more of a blank canvas - a place where a buyer can insert, through their own imagination, their personal touches. Do you have old trophies or collectible doo-dads set about? That’s OK if you do. It’s time to move it, though. Neutralize the setting. Clean, organize, polish, straighten. Make it a goal to reduce furniture and décor by a third or half. Be ruthless.

 A few specifics:

• Leave just enough to communicate the purpose of the room.
• Buyers will peek in. If they’re stuffed, reduce it by about half.
• Dark rooms. Brighten up with better bulbs, a lamp and sunlight.
• Kitty in the house? Remove evidence of your pets.
• Tidy lawn, shrubbery, flowers and the walk to make a good first impression.

Along with these tactical bits, a few key areas of seller focus seem to be agreed upon by experienced real estate agents – the kitchen and the entryway. With the kitchen, don’t overdo it. Simple touches can make it ready to sell and give the kitchen a feel of value or possibility. This could include new hardware on cabinetry or a fresh coat of paint in a neutral color. For the entryway, if it is currently more utilitarian way station for your umbrella, boots and keys, consider removing these items and replacing them with an end table and bowl of fruit or flowers. Serve the buyer. The entry welcomes them versus accepting mom or dad home from work.  

Don’t overdo the upgrades. If you’ve watched a lot of home-flipping shows on cable, it’s easy to get caught up in the project and expense of selling, expecting a grand return. Unless it’s your goal to make a career of selling homes, keep it simple, focus on a few things to make your home open and comfortable to someone new.

Last Note on Brokers

If you’re looking for a broker, here are a couple of tips. Look for a broker with local knowledge and roots, and a network in the local community. Local brokers can bring outside expertise to the table when necessary and help bring buyers and sellers together in quicker fashion. Also, look at tech. Knowing so many potential buyers conduct much of their home search online, it’s natural that you want to ‘meet them where they are.’ Is your broker tech savvy? Do their listings include photos that put the best face on the homes they represent? Are they easy to find online? Do they utilize mobile and web apps or local real estate portals to market their business and the homes they represent?