Wednesday, September 23, 2015 / by Marion Franke
How To Get The Most Equity From Your Home
In some parts of the Conroe/Lake Conroe area, properties are flying off the market. Last week we talked about some of those statistics. This week we are sharing some strategies for getting the largest check from the title company at closing. Things are not always what they seem, so pay attention.
It’s a Business Transaction
For most of us, taking a business attitude toward our homes is pretty unrealistic at first. After all, this is the place where we share so many precious memories with our friends and family. It is emotional and not at all a business transaction – right?
The truth is, when you make the decision to sell your home it becomes a product on the market and the transaction should be handled by the most capable, experienced and business-minded agent you can find. Too many people “give” the listing to a friend or relative. Trust me…that’s almost always a big mistake. You are giving them much more than a commission. You are giving up the opportunity to have perhaps your largest financial investment yield maximum rewards.
Agents that have been in the business for decades know how to negotiate from strength. They know how to handle multiple offers, low-ball offers, contingencies and the all-too-common crisis during the process.
Become a Marketing Partner
One of the things you are giving up when you don’t handle your property as a business transaction is the unbiased and expert consultancy of a seasoned agent. Don’t let anyone fool you into thinking it is simply a matter of Putting the listing in MLS…Planting the sign…and Praying. There is much more to successful property sales.
The market price is supported by the cold hard facts of a Comparative Market Analysis (CMA). We will talk specifically about the CMA in another article. For now, just know that it takes time to gather the appropriate data and analyze it properly. Having the correct pricing is your number one priority in getting the largest check in your pocket at closing.
But you have a much bigger role in marketing. First, make sure that your agent spells out everything they are going to do to get your home sold. Have them tell you what, when and why they will be taking each action.
Staging may be the second most important part of getting maximum equity from your home. You may want to visit a few new home furnished models and notice how little furniture and décor is placed in the home. It is not sparse because of low builder budgets. The furnishings are sparse because professional builders know that the home is more attractive to buyers when it is presented this way.
A good agent can make recommendations. They may even suggest that a professional stager is hired. In the end, what you want the prospective buyer to see is a well-coordinated, not overly personalized and attractive home. The reason why you don’t want it too personalized is the buyer wants to be able to see themselves in the home. Admiring your sweet collection of personal items rarely leads to a profitable sale.
Next week we will give a few tips to buyers about how to prepare for a home purchase.