In for the Long Haul

I had three settlements on listings last week. Each had a unique set of circumstances and were atypical from what your standard Realtor may handle. As I reflect on those experiences, there are at least two common themes among them: longevity and expertise.

First, a brief overview of these sales:

1. A DC rowhouse, administered by an attorney as the court appointed Personal Representative of an estate for a person who died in 2006. This was also a short sale requiring bank and investor approval. I also had to appeal the sales price with the investor after ratification.

2. A split-level home in good condition in Montgomery County, Maryland, also an estate managed by two of the three adult children (all who had grown up in the home) of the deceased owner.

3. A nice sized brick Colonial in Upper NW DC with property condition challenges in FHA loan pre-foreclosure status. This one required lengthy bank approval and multiple appeals.

Next, details on staying power:

1. The attorney for the estate is one of my regular clients. By establishing a long term working relationship with her, we can work together efficiently with trust.

2. I initially had met one of the siblings in October 2016. We all kept in touch regularly. I weighed in on preparation decisions (colors, finishes, updates to do or not to do) as they made progress. Once the house was market ready, we were on the market with 3 offers and one ratified contract 6 days later and closed 32 days after that.

3. The sellers and I first met on April 7. 2017. We closed March 30, 2018. From start to finish:

• 357 days
• 84 showings
• 12 offers
• 6 inspections
• 4 contracts
• 3 foreclosure dates postponed
• 3 appraisals
• 3 walk throughs
• 1 closing

I am with clients for the long haul.... whether within one transaction or across multiple sales for a single client.

More on my areas and levels of expertise in future (and some past) posts.

3 Ps for Selling

Although I did not study business at school, I have heard that there is a common set of 3 Ps for marketing. I'm not sure what they are, but I have my own series of 3 Ps for selling a home. I share these with prospective seller clients when discussing their home sale, and today, with you.

Preparation
When working with seller clients in preparing a home for sale prior to putting it on the market, my goal is to focus on those activities which address minor yet obvious repairs and which create the impression of a home that is clean, tidy, homey, safe, and well-maintained.

Proper preparation will be greeted positively by buyers when they see the home.

Presentation
In my approach, presentation means marketing and other outreach activities that aim to reach the most likely buyer for the specific property. Preparation can involve staging (light rearrangement of furniture and personal property, bringing in furniture and art to a vacant listing, or even removing items and excessive decoration or personally identifiable items), advertising, planning a welcoming and convenient open house, completing the most thorough and descriptive listing in the multiple listing service as possible, and having readily available at the house some information useful to buyers and their agents.

This last item in my best practices is to have a binder at the house with neighborhood details (recreation, shopping, mass transit, commuter routes, and entertainment opportunities), a paper copy of the disclosure package, floor plans, a list of updates with dates (even paint colors if available), any conveying warranties and service agreements, and even requests for potential offers such as submission guidelines.

Proper presentation means your listing will reach as many qualified buyers and their agents and entice them to add this house to their tour list or open house schedule.

Price
I typically begin price discussions with seller clients by suggesting to set the initial asking price at or very near the market value as determined by a detailed comparative market analysis (CMA) at the time of listing. For pricing a house, we look at the recent sales as well as the competitive houses on the market currently, as those will be the ones that the most likely buyer will see during their home search, too. Regardless of the state of the market (buyer's market, seller's market, or neutral), I recommend sellers offer the house at a price at which buyers and their agents will see value and want to write an offer.

Proper price will give buyers the incentive to put an offer together that they believe will result in a ratified contract.

These three Ps allow for focus at the time of sale and a simplified approach to conversations with seller clients.

Detritus

Detritus is not a word I would use to describe the possessions of someone else. It is truly a word one can only use about oneself. A prospective seller client used it last week to describe the contents of his house and his shed, "The detritus of a lifetime." It is a little sad when one's things reach the state of detritus. In Roget's Thesaurus, the word is found under "remainder." As in, remains, residue, leavings, scraps, rubbish, debris, end, shadow, afterimage. It is not a happy word, yet one that does come to mind particularly when I work on estates or court-appointed guardianship situations.

My message is, take care of your property, both real property and personal property. Regularly sort out your things and perform regular maintenance on your home's systems and major components. These steps will help preserve the value of your home and your long-term investment in it. I have created simple checklists that can help with maintenance and keeping your home safe and tidy. I'm happy to share them upon request. Just email or call me.

Ideal Market Reach

I receive the letters in the mail just like you. The local builders are back in full force, and they prey on uncertainly. They focus on everything negative in big bold "NO" letters. They scream at you to convince you that selling directly to them, off market, is the only logical choice and in your best interest.

There is a market for less than perfect homes, "fixer uppers" even. The open, free market with expert presentation and targeted, multi-faceted marketing opens doors to as many well-qualified, interested buyers as possible. A measured, thoughtful approach to preparation, which does not have to be expensive or particularly disruptive, can help reach your most likely buyer who actually may want to live in your home for as many years as you have. Your own advocate, who has your needs in mind, can guide you throughout the selling process to a successful settlement.

If you are considering selling your home directly to a builder, I strongly encourage you to also meeting with a Realtor who can give you another option to consider. Explore options, protect yourself, open the possibilities, then decide.

Curb Appeal

Curb appeal is more than the color of your shutters and the architectural features of your home. For a relatively small cash investment, you can spruce up the curb appeal of your home, whether you are staying or selling.

I work regularly with landscapers who will plan within a client's budget to spruce up the garden and general appeal of a property. For the outside of your home, remember this analogy.

Decluttering is to the inside what weeding and trimming is to your home's exterior.

Weed, trim, rake, edge, mulch (but not too much!), then fill in with some plants. Perennials which will add to the beauty of the yard for years to come are the best, even if you plan to sell. Your future homebuyers will appreciate your efforts. And even quick fill-ins with seasonal annuals: think pansies and tulips in spring, petunias and geraniums in the summer, mums in the fall, and holly and greenery with berries in the winter.

If I am customizing the house preparation checklist for a seller client, landscaping is always part of the input.