Top Ten Seller Mistakes in Today's Market
Mckinze Casey November 29, 2023
Mckinze Casey November 29, 2023
The market today is simply different than it was in years past, and for good reason. Those that sold in 2020/21/22 won the lottery. Buyers were overbidding, appraisals were being waived, and inspections were limited. Today, these elements rarely exist. We are now, in fact, in a “normal” market. One that has eliminated the chaos and introduced the traditional elements of the Denver real estate market where buyers get to shop, include the standard contingencies and offer on the houses they love at the price they are most comfortable with. It is a different world but one that our sellers are still incredibly successful in if the strategy is executed properly. We are still sitting at an inventory deficit. There are still people moving here. There is absolutely still demand; significant demand in fact. Here are the Top 10 things our sellers are doing to be successful in today’s market. Things that we see others missing.
I. PREPARATION
Most sellers skip this step thinking the market will generate a great price. The truth is that buyers pay for what they see. They pay for the life they can imagine in your home. They will even overpay for what they love.
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II. DIFFERENTIATION
You must be better somehow. Know how your home is superior to the competition and make sure that is accentuated in all photography, verbiage, and promotions.
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III. UNDERSTAND THE NUMBERS
Do you have clear expectations of what a sales timeline looks like today? Do you know the # of showings you should anticipate before you get an offer or how long you should be on the market before you consider a rebrand and relaunch?What about price reductions? Are you aware there is a specific % drop that triggers an offer?
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IV. NEWS v. REALITY
The headlines do not always relate to your specific micro market. Real estate markets vary street by street in some cases. Macro opinions are often valueless compared to direct market insight from a professional who is working in the market, with both buyers and sellers, every day.
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V. CREATIVITY
Did you know that 70%+ of all sales today included a bit of creativity from the seller? From seller concessions so the buyer can buy their interest rate down, to non-traditional timelines, sellers MUST be open to being flexible to get a deal to the closing table.
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VI. PRESENTATION
This is everything. Only perfectly presented properties are getting great traction and are able to capitalize on the demand today. The moment the home is poorly prepared is the moment the buyer swipes to the next house. We are still in a world where buyers want to be romanced and the presentation (online, in print, and in-person) better be flawless.
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VII. STRATEGIC INITIAL PRICING
Selecting an initial price offering is most often not what the home sells for. As a seller, you need to be acutely aware of what your strategic options are in an effort to get the highest possible net sales price at the closing table. Starting high and trickling down? Or starting lower and creating competition? The price at the end of the day is not what Zillow tells you. It is a market and far more strategic play here. Remember the days of having more than one party interested? This is the goal.
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VIII. BUYER MINDSET
Buyers today are incredibly fragile. The management of a buyer from initial interaction to preparedness during document review, all impact a buyer’s overall attitude towards your home. Any indication of deferred maintenance results in an overall impression of poor care. Any unpleasant experience is an instant red flag. We are dealing with the highest contract fallout rate in years. Nerves are high, make it easy.
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IX. TIMING
There are absolutely ideal times to launch a property on the market publicly. Randomly picking a launch date which could in fact be an inopportune time can have a significant impact to your overall exit timeline and your net proceeds. The Denver market has specific holidays to stay away from and seasons to capitalize on. It is important to know them.
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X. REPRESENTATION
Who you work with matters. Working with a full-service career agent has immeasurable benefits when exiting an asset. There are many efficiencies available to you when working with a professional who has worked in every market environment before. Furthermore, their reputation within the industry can have a dramatic impact on your success.
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Effectively marketing and selling properties requires many steps, all well executed in a coordinated fashion. The details are seemingly endless and the road to closing a transaction is filled with many obstacles and potholes. Our job is to expertly guide our clients to the finish line. A simple concept yet one you want to have professionally managed. We strongly believe that a systematic, detailed, and strategic marketing plan places our clients in the most advantageous position. We have been doing this for decades. Connect with us to explore what we do to prepare, market, negotiate, and manage the process for our clients.
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