In some segments of the Greater Vancouver real estate it is a very strong seller's market. If that is the case, your best chances of success are to follow a system of success. More specifically, a 'system' proven to create the desired outcome and results you want.
System n: a set of formulas or procedures to which something is done.
Here is a powerful system I call the 4PTs, that when done properly, generates exceptional results.
Your agent should prepare you with the intricate details of this plan so you know the general approach and the more important, specific details. This will identify if they have a systematic approach. They should be able to show the following checklists: Property research checklist, listing acceptance checklist, listing submission checklist, open house checklist, offer checklist, agent and buyer qualification process/script, home evaluation checklist, home preparation checklist, marketing checklist.
Without ALL of these checklists, the chance of your agent creating the buzz and buyer interest needed to get top dollar is just that... chance. Make sure your agent proves they can execute by showing you all these before ever listing with them.
It's essential to understand that selling your home is completely different than living in your home. Many of my clients have stated that their homes looks better than ever when selling. That is not an accident. If you want someone to pay you top dollar, you need to invest some time and money to capture full potential value. With our team of experts and our 'home preparation checklist' we can give you a major advantage.
An important part of the Presentation is having high quality photographs and videos done. Getting people excited about your home prior to walking in the door is essential.
There are many theory's on pricing that people will use. However, when broken down there are really three strategies. List your home above the market, at the market or below the market.
If you want more people interested and putting offers on your home, the lower you price your home the better (within reason). Keep in mind, that the other agents looking for their buyers, and other buyers as well, have a general idea of good value. And everyone is always interested in a 'good buy'. Therefore, if you price your home to the point that all the buyers in the market for your type and price of home know it's and exceptional buy you can inspire a highly competitive environment.
Some people feel this is a little risky.
To those people I say, you are right... IF the entire strategy is not executed at the highest level. But if done properly and with the highest level of exposure and timing your chances of success are very high.
This strategy will never work without the right marketing. The better the marketing and buyer reach the greater your chances for success. The mistake many make, is simply relying on the MLS system. Your agent should be able to show you their database of clients well over 20,000 people. Our database if over 45,000 strong.
The MLS system is obviously very important, but you should NEVER rely on it as the key driver to this method. Your agent should also be able to identify a high traffic website to showcase your listing and have a marketing system that can measure (and prove). If their website is not on the first page of Google for over 100 keywords they website is not performing at the level you want (and need). When you ask about their website, be very specific that you want them to show your their keyword ranking pages and volume of traffic they get.
In real estate it used to be "Location. Location. Location." Now it's Timing. Timing. Timing.
Timing is so essential to pull off this strategy. Combined this with great skill, preparation and systems and you increase your odds of success. So let's talk about the specifics of this timing strategy.
You should list your home with the expectation you will marketing quickly and aggressively. As noted above, your internet and social media presence is essential. Along with our database and the MLS they are the fastest systems for exposing your property. When done right, they also are great to directing your listing to the perfect target audience.
Below is a day by day execution plan:
Day 1: You list your home with the right agent. Your agent, prepares and submits all paperwork to the MLS, to their office and has the listing Broker loaded for immediate launch. The listing should have the activation dates that allows for photography and any staging and basic home preparation to be done prior to hitting the market.
Day 2: Once all photos and videos are taken place on MLS and ALL online solutions. Launch full marketing campaign across social media, post on high traffic websites, promote to client and buyer database, promote to agent network through all mediums. Prepare 300 mailers to area distribution.
Create digital campaign and send to 20,000 or more buyers [we send out to 45,000].
Day 3: Call and door knock neighbourhood inviting to open house. Ask them to invite their friends or family they want in the area. Send out Listing Sheet and open house invitations
Day 4: Call 200 neighbours to invite to open house personally. Calculate responses from digital marketing and follow up all interested inquiries. This allows understanding of interest level and how many agents and support should attend the open house. Ensure full information packages are prepared for open house hand out including PDS, title search, plot plans, zoning maps.
Day 5-7: Hold Open Houses on weekend. Collect all agent business cards and all buyer names and numbers. Makes sure everyone registers for potential follow up.
Day 8-9. Set a time and date for offer presentation and submission. This should be in the Schedule A of the listing contract and determined in advance with the seller. Have all offers emailed in to your Realtor roughly 2 hours in advance of listing presentation time.
Meet with your agent to navigate through all the offers and determine which is best for you.
6. Risk Elimination
What are the key risk factors? Well, obviously, if you list at a low price and it does not sell you are now at a price you wanted to sell above and you now have to decide what you will do.
This will only happen if one of three things is happening.
1. You and your agent over estimated the value of the home.
2. The market does not have enough buyers looking for your type/price of home.
3. Your agent's misplayed the strategy or didn't have the skills or marketing to execute.
The market is very good right now. To discuss the best selling strategy for you and your home, call my direct line now at 604.307.9448