Posted on Tuesday, May 01, 2012
Yesterday we successfully sold a seven-figure property in Naples Florida for our good friend and client. In these times of national real estate challenges we thought we would walk through what we actually did to help this sale work in the hopes it helps other sellers and their Realtors.
We believe location, condition, marketing and pricing are the four principle drivers of any successful real estate transaction. Yes we learned this at Coldwell Banker and give them full credit for the concepts – let’s see how we put it to use. The seller has no control over property location but the seller can learn something of the local market. The seller has complete control of the remaining three factors. Let’s take a look at this in more detail.
Location. We have all heard location, location, location. What we suggest is the buyer fully understand the market AROUND the property’s location and use this understanding to drive strategy. In our case there was greater than a full year’s inventory available, neighboring developments were planned for new construction and only a handful of local Realtors really understood the details of this particular gated community. Our advice – price aggressively, avoid riding prices downward, educate Realtors when they arrive at the property (example: “Did you know this about the marina?” or “Could we show you the clubhouse and talk about its operation?”) and hire a Realtor who can – off the top of their head – quote helpful and relevant facts and figures to prospects.
Condition. Probably the toughest to talk about – at least for me No one likes to hear their house is ugly, or needs fixing up or staging. BUT, a seller is in complete control of the condition of their property and we suggest they listen to advice here. Smell, clutter, old-style are killers. Once you have a buyer to your door step you better WOW them. The prospects are probably on a multi-home tour with their Realtor and are going to make up their minds very quickly. No WOW, no come-back visit. These buyers will ask a lot of questions and generally appear polite but if you miss on condition very few prospects will see through the issues and still like the place and ever come back.
Marketing. This is what you get from your Realtor and the seller is again in complete control of choosing a Realtor. Marketing is the Realtor’s JOB. They had better be good at it. What should a seller look for in a Realtor? We suggest the seller ask the Realtor “Why are they different from all other Realtors?” “What is their track record?” “How will they work with you and report back to you?” We would be happy to walk you through our unique approach but not in a blog in front of thousands – contact us and we will show you what we do. The important message here – make sure your Realtor knows how to market in today’s real estate environment with today’s tools.
Pricing. DO NOT always chose the Realtor who offers to sell your place for the highest price necessarily. Why? If they are wrong and your property is priced too high it simply may not sell. Then what? Well you will be asked to lower your price anyway so it will sell and worse, it the market is declining you may chase the market down. So what to do? First understand pricing is an art not a science. Then understand how the price was determined by your Realtor. Better yet you should receive a range estimate not a point estimate. AND (a big hint) understand the relationships between the number of online views, visits, repeat visits and pricing. Finally, markets change during the listing contract so stay flexible!
Location, Condition, Marketing and Pricing. We used all four (again) in the successful sale for our client yesterday in Naples, Florida. It was tough work since we started before the Naples real estate market started improving but we stuck to our method and it paid off for our friend and client.
Talk to us about how we can you or your clients sell their place.
All the best and have a great Tuesday.
No legal, investment, or tax advice is being given in this Blog. Consult with legal, financial and tax professionals before acting on any real estate transaction. Actual real estate price and sales results are subject to market forces and are not completely predictable. The writings of this Blog are intended for the sole use of our clients.
Some of the data relating to real estate for sale on the NaplesBestAddresses.com website comes in part from the Broker reciprocity program of M.L.S. of Naples, Inc. The properties displayed here may not be all the properties available through the MLS reciprocity Program. This information is deemed reliable but is not guaranteed. Buyers and sellers are responsible for verifying all information about their purchase prior to closing.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others and enjoy Naples real estate.
Mark Goebel, PA REALTOR Coldwell Banker 5th Avenue South Mobile: 239.595.3921 Email: email@example.com NaplesBestAddresses.com Facebook: NaplesBestAddresses Twitter @mcgoebel Naples Best Addresseses – Where The Best Address in Naples Real Estate Is Yours