It’s the question most clients don’t ask, yet it’s perhaps the most important. What are the most important steps I should take as a seller to be prepared to sell my house?
Commitment:
Decide if you’re a seller or a homeowner. What? Yes, there’s a big difference between being a seller and being a homeowner. As I wrote in a previous blog post about the state of real estate in Escazú and Santa Ana, we’re currently in a buyer’s market. When you think about selling your house, if the first thought that comes to mind includes the phrase “I don’t need to sell, but I would sell if…” or, “We’re extremely happy and really don’t want to sell, but if the right person comes along willing to pay what we want…” If we were playing the $100,000 pyramid scheme, these would fall into the “Things a Homeowner Would Say” category. Real estate, like anything else, is a matter of supply and demand.
Properties, no different from cars, clothes, rings, or a bottle of water, are worth what the market is willing to pay. Therefore, the critical step in preparing to sell is understanding the market you’re in. Let your agent inform you about the likely market price for your property, and then make a decision about selling. If you agree with the price and are willing to sell, then commit to selling—the first critical step any seller must take. Furthermore, if you’re unwilling to accept the price in the current market, that’s also a respectable position that your broker should understand. If that’s the case, don’t try to defy the market, or expect a buyer to ignore market realities and overpay. Decide if waiting for a better market is in your best interest and move on. Your agent will be there to serve you in the future. Just be sure to ask your broker/agent what their outlook is for the future so you can decide if today’s outlook might be better than what you thought you should expect.
Depersonalize:
Once you’ve committed to selling and agreed on a price and terms with your agent, it’s important to remember that once you sell, you won’t be living there. Okay, I know, it seems obvious. But the point is, while you might enjoy seeing 650 pictures of your kids on the mantelpiece, appreciating the trophies from their sports collection over the last 15 years lining the hallways, or relishing the pain of stepping on Legos barefoot to relive childhood memories… most buyers won’t. Also, while we, as agents, might love the fluorescent purple wall you painted in honor of your favorite local football team in your house in Hacienda Gregal , the buyer might prefer red, for example… quick tip: stay neutral.
While the buyer’s market isn’t a time to invest heavily before selling, a neutral paint job is one of the things that will likely make the house more appealing to a wider market. Back to clutter: get rid of it or organize it. I’m not saying you should sell your kids’ favorite toys they still use. Nor would I recommend putting your life on hold while you wait for a buyer. However, learn to stay organized, as buyer visits can often be spontaneous, and as the old saying goes, you get one chance to make a first impression.
Leave the house:
I’ll start by saying that you shouldn’t sign a listing agreement with an agent or broker until you’re 100% comfortable with them. However, after you’ve taken that leap of faith and your agent has earned your trust, it’s important to let them do their job. That doesn’t just mean marketing the house. It means that when your best friend who’s an agent asks if they can bring in a buyer, you should refer them to your exclusive agent. Let your agent work for you, as they will strive for the best outcome. Most importantly: when your agent has confirmed an appointment, the one place you shouldn’t be is at home. I understand. The temptation to want to meet potential buyers; the desire to make sure your agent points out the crown molding, or the imported Brazilian stone you hand-set in the garden, or how nice it is in the evenings to sit on the porch and sip wine, and that you really love living there, but the place is too big now that the kids have grown up… BUT: no offense, but potential buyers really don’t care. In addition, all the characteristics of the property must be conveyed to your agent, whom you have entrusted with the responsibility of representing you and your property.
Let them do the work for you. As the seller, you want buyers to feel at home, which is something they won’t feel if they’re in YOUR house. It’s important to give them time to visualize themselves in their new home. How will their furniture fit? How can they close off the open kitchen they love so much? How are they going to decorate the house? And how are they going to get rid of their favorite chandelier, handed down by their great-grandmother, that just won’t fit in their new place? “WHAT? How could I not want that? Why would I want to close off the kitchen? Is it the best part of the house?” Remember, it’s not your house after the sale, and allowing a potential buyer to openly discuss with the agent what they love, and yes, what they don’t like about the house provides an open dialogue to work toward an offer. If you’re there, a buyer will respectfully let you know how much they love everything you’ve done with the place, even if you want to tear it all down and remodel it completely.
However, when they leave and tell the agent they didn’t like the yellow walls, which can easily be fixed with a coat of paint, it will be too late. They’re not in the house anymore and can no longer imagine themselves there… if they were in the house, alone and in the trust of their agent, they could comment on how much they hate the color yellow, and their agent could quickly respond to remind them that in a couple of days, that problem can be easily solved and make sure they don’t get stuck on it. And guess what, they won’t… but once they leave, it’s too late.
I recently took some clients to see a house with a trusted colleague who was representing the sellers, and then a lot in Condominio Bosques de Altamonte . It was an agonizing 20 minutes watching the very experienced agent constantly interrupted by the homeowner. The owner explained why they chose the color, how they designed the living room space to match the colors they saw in a tree on a lot in Condominio Santa Lucia , how lovely the backyard was at sunset with the light shining on the grass… the agent smiled at me, as we both knew the outcome of showing the seller was an increase. We left the house, said goodbye to the agent and the seller, and the buyers immediately came to me to talk about how uncomfortable they felt and why a seller would put themselves, let alone a potential buyer, through that… ECHO, ECHO. There’s a great coffee shop around the corner, a quick walk with the dog, or whatever makes sense during that time of day. Your professional agent will provide you with a comprehensive report and feedback on the sample. Trust them to do their job, and you’ll always achieve better results.
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