Price + prep + exposure = record price. This equation is the focus of today’s topic.
Before we unpack each element, let’s consider some alarming market statistics that illustrate the dilemma a lot of sellers are finding themselves in:
- Two out of five homes sold in our market sell below their true potential.
- Another two out of five homes fail to even sell.
- Only one in five homes sells at or above market value.
For our part, the last seven homes my team and I have sold have gone for a record price—even in the face of the current market slowdown. How did we get this done? For one thing, we recognize that the buyer will always have the last word when it comes to your home’s value—not you or me. As your listing agent, it’s my job to demonstrate to the buyer that your home is worth more than its market value.
For most homebuyers, the decision of whether or not to make a purchase is rooted in emotion. It only makes sense that the more emotional a buyer becomes, the higher their offer will be.
That leads me right into the first element of the previously mentioned equation: price. At the outset, you have to do your homework and work closely with your agent to set a fair asking price for your home. That includes looking at past sale prices and present competition, market trends, and interest rates. Then, you’ll need to compare those findings to your home’s location and condition.
“Price + prep + exposure = record price.”
Taking all of that into account, arrive at a price that’s fair not through your own lens, but through a buyer’s. Pricing high in hopes that there’ll be room for negotiation might seem like a strong strategy, but in reality, it won’t attract buyers to your home. The best way to entice buyers and increase your property’s exposure is to stay within the bounds of what buyers think your home is worth.
Next, let’s talk about prep. I can’t tell you how many listing pictures I’ve seen online that didn’t light a fire under me at all, nor would they with prospective buyers. As a seller, understand that how your home is displayed online carries a lot of weight. That’s where 92% of buyers start their search nowadays, so if your home’s photos are unattractive, buyers won’t take notice or want to view it in person.
No matter what price range you fall into, you have to make buyers feel like your home is an investment that’s well worth it for them. For as significant as this stage is, as many as 85% of sellers neglect it almost entirely.
The final element in our equation is exposure. The exposure your home receives is only going to be as good as the agent you hire and their marketing. A great agent is going to maximize your home’s exposure, both on and offline, and, as a result, widen your buyer pool.
I hope you found value in today’s message. If you know anyone who’s thinking about selling their home, send it their way. If you’re thinking about doing the same and you’d like to talk about the selling process, I’d love to have a conversation with you on the phone or in person. I hope to hear from you soon. In the meantime, happy selling!