The Real Estate Browser Volume 8, Issue 17 | Page 16

16 — Say you saw it in The Real Estate Browser of Lynchburg — Volume 8 Number 17
www.LynchburgRealEstateBrowser.com
Control What You Can, Adjust For What You Can’t
by Dan Vollmer, Associate Broker, ReMax 1st Olympic
I’ve written here and in
other places in the past about
the five main factors that
affect the sale of a home:
Price, Condition, Marketing, Competition &
Potential Buyers. Sure, if you talk to any agent
they’ll probably add one or two, or maybe com-
bine some of the above. But this list makes sense
to me and helps delineate some things for my
seller clients.
First off, as the seller, you control the Price
and Condition. Your agent is responsible for
Marketing (or call it Exposure or Promotion).
And the market itself will dictate Competition
and the available pool of Potential Buyers. So
let’s consider what you, the seller, have control
over and how to best utilize that control to your
advantage.
Take the price, for example. Most people who
are looking to sell their home have done some
basic research about their neighborhood - they
know what that house up the street sold for, who
bought it and how long it was on the market.
But a broader knowledge of other comparable,
and what buyers in that area and price range are
desiring, comes from a market expert. The agent
you choose to work with should provide both
the market data, as well as the expertise in inter-
preting that data, in a way that directs you - the
owner - to a market-driven list price.
But you still make the final decision. Some
sellers are more motivated than others, and
choose a list price hoping to sell faster than their
competitors. Others are less concerned with sell-
ing quickly, and more focused on maximizing
their return. Every seller’s strategy is a little dif-
ferent, which is why it is ultimately the seller’s
decision how to price their home.
Next let’s consider the condition. While most
home owners take great care of their homes,
most of us eventually grow used to that ‘almost
finished’ project. Little nicks and scratches that
we see every day become acceptable. Turning
a critical eye towards your home, which can be
somewhat of a pain in the neck, is essential to
preparing your home for the buying public to
see.
While a great agent and/or home stager will
give excellent advice and point out problem areas
that some homeowners would not recognize… it
still all comes back on the seller to address those
issues and present their home in the best condi-
tion possible. As the seller of the property - you
control the condition of the home you own.
Its worth noting that these two factors - Price
and Condition - have the most impact on the sal-
ability of your home. Marketing can only do so
much, if the home is over priced or shows poorly.
The number of other homes on the market - and
the number of buyers in the market for those
homes - will fluctuate. But choosing the right
price, and addressing any condition issues will
set you apart, regardless of those other factors.
That being the case, its important to listen -
not just to your agent, but to the feedback you
receive from the buyers and agents that show
your home. And we often say: If your listing only
gets a few showings, its likely the price. If you get
plenty of showings and no offers, its likely the
condition. That doesn’t necessarily mean either
one is way off - sometimes the price needs a little
adjusting. Sometimes it means the house needs
just that extra touch up in a few areas to really
shine.
Bottom line: control the things you can, and
be ready to adjust for the things you can’t…