How to sell your home for more money

By: Alvaro Mallarino MBA, CFA

How to sell your home for more money

Tags: Toronto real estate, real estate Toronto,

Having dedicated years of experience, constant effort, and analytics to making the selling process a science, we have developed procedures and strategies that, if followed, improve the likelihood of a sale at the highest price. These below strategies through each stage of the selling process have been tested and proven to be successful.

Pre-sale assessment
In the pre-sale assessment, an unbiased third party, the agent, visits the home and provides an assessment of its overall attractiveness, both physically and emotionally. A few to-do items typically result from this exercise: 

Pre-staging visit
During the pre-staging visit, a professional interior designer or an experienced stager visits the home and gives advice to the seller regarding the cosmetic and decorative appearance of the property. A number of recommendations are provided following this visit, including things that seem obvious, but are often overlooked by homeowners. The extent to which these items and recommendations are addressed will enhance the likelihood of a higher sale price.
Typically, this visit results in the following:
    
Staging Visit
In the staging process, a team of professional designers and stager’s makeover the residence and decorate it with additional furniture and accessories. This includes living room sofas, complete dining room sets, small appliances, small decorative accessories, art pieces, bed covers and pillows, towels, and many other items. These items are intended to increase the emotional appeal of the property and create a connection with prospective buyers. One or two full days may be required for this work, as it involves movers, designers, and a few helpers.
The pre-sale assessment, the pre-staging and staging visits are some of the most important factors in obtaining the best and highest price for your home.
 
Final Preparation details and Pre-Photos Visit
This final visit is conducted by real estate experts exclusively charged with fine tuning a home before it is listed for sale. This visit is intended to ensure that the home is staged properly and that final adjustments are made to ensure that all potential buyers will find it attractive.
 
Professional Photo, Video, and Digital Ads 

A professional real estate photographer will take high-resolution photos of the space, emphasizing the most impressive features of the property and showcasing every room from its best viewpoint. In addition to photos, a professional video and a 3D floorplan are produced to give prospective buyers a deeper understanding of the house.
 
The items listed below are also used to develop digital ads that increase the reach of the listing to a wide range of potential buyers.
 
Buyer profiling, persona, demographics 
A key success factor in a digital marketing campaign is to identify the target buyer; the most likely buyer of the home. A group of experts, including a real estate agent, a marketing specialist, and a social and demographics analyst, compile statistics and general information to construct a buyer profile. Marketers utilize this information to develop campaigns targeted at consumers who fit this profile. The process is simple, but it is backed by statistics, numbers, and thorough analysis and feedback by subject matter experts. It is a crucial and fundamental aspect of any home marketing campaign.
 
Machine learning and predictive analytics
To determine the best and most effective marketing strategies to reach the target buyers, based on the buyer profile created, machine learning and predictive analytics are required. In digital marketing campaigns, advanced algorithms and artificial intelligence are used to identify leads with "potential" and to communicate with them in semi-automated manner, so as to filter and end up with a serious prospect buyer for a home. The next step is to arrange a viewing of the property. 
 
Innovative consumer programs 

Providing innovative programs and guarantees to prospective buyers that address their fears, limitations, and risks (such as not being able to sell their own property) making buying your property more appealing and less risky than  buying others, the selling team increases the likelihood of selling your home at a higher price. As an example, programs such as "offering to buy or sell the property for free after a few years", if the buyers are dissatisfied, may  increase the appeal of the listing to prospective buyers.

Pre-marketing campaign 
In addition to raising awareness of the listing, the pre-marketing campaign is intended to generate interest in the surrounding neighbourhoods and other areas where potential buyers are located. This leads to a reaction of anticipation among buyers, which leads to an increase in the number of scheduled showings in the first few days and increased likelihood of a pre-emptive offer.
 
Pricing strategy and implementation 
The real estate professional will provide the seller with current data, and together, the two of them will analyze all scenarios and consider all possible outcomes, trying to look beyond the first one or two weeks of the sales process. The agent and seller will decide on a pricing strategy, rather than a listing price. It is important to note that the listing price may not be the price the sellers are willing to accept, but a strategic number in order to attract many offers and achieve the desired sale price. In the end, the Seller decides the best strategy to carry out, and the agents assist them with its implementation.

Going live to market 
A property listing goes "live to market" when it is simultaneously uploaded to thousands of websites, both locally and globally. A part of this process involves reaching out to fellow agents to entice their buyer clients to view and consider the property. Even simple decisions such as which weekday is the best to go to market are influenced by statistics and facts that are gathered through specific research. The decision to market a property on a Tuesday or a Friday can have a significant impact on the final sold price.

Predetermined showing strategy 
Predetermined showing strategies are discussed and agreed upon in advance of any showings. It permits supervised visits to take place at times that are convenient for sellers and their busy schedules. It is preferred that the home be vacant or unoccupied for extended periods of time, allowing potential buyers access without many restrictions and increasing its visibility.
 
Personalized feedback requests and conversations with other agents 
Various technologies are available to selling agents for capturing feedback regarding their listings, and leveraging calls to ensure that everyone who has expressed an interest has been contacted. The best way to obtain the most accurate feedback on both the property and the price is to make personal phone calls or send text messages directly to the agents who show the property, before and after their visits. In many of our listings, this is a critical success factor.
 
Negotiation - led by an expert negotiator.
Negotiations should be led by an expert negotiator when offers are submitted. Experience has taught us that the best negotiations are not those in which the counter-party feels abated and squeezed at the end, but those in which both parties win, keeping in mind that the value drivers are not always the same for the buyer and seller. Nevertheless, sellers are entitled to certain privileges in a seller's market.
 
To be successful in negotiation, it is essential to manage time, available resources, and personalities effectively. These factors can be accomplished through standard procedures which have been proved successful and developed by interacting personally with hundreds of transactions. The result of direct and personal experience may represent tens or hundreds of thousands of dollars over the course of a negotiation and throughout the transaction.
 
Pre-closing arrangements

Professional technicians and trade specialists will provide their services and assess the home in accordance with the terms agreed upon by the parties involved in the sale of the home. These visits are sometimes necessary to ensure a successful closing and are essential for both the seller and the buyer. Be aware that a minor issue for the buyer may also pose a problem for the seller, for both practical and legal reasons.
The standardization of procedures and communication with all parties are critical to the successful closing on time and without hassle for all parties involved.
 
The in Black and White real estate team has gained significant experience in managing lenders, lawyers and demanding buyers as well as their agents, enabling us to ensure a smooth transaction for our seller clients. We add value to your transaction by providing pre-sale assessments, visits, and marketing plans prior to the transaction, all the way to the negotiation phase and pre-closing arrangements.
 
Try us, learn from us. You will be delighted, and so will we.

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