Trading Places

Every buyer is at some point a seller. But the personality of a buyer changes completely when that transition occurs. The same person who, as a buyer, offers low and doesn’t want to raise the offer to meet the seller’s “unrealistic expectations” becomes a seller and behaves in an identical fashion to the seller he so recently reviled-and usually without an ounce of self-consciousness. The question is how to make those seller expectations as realistic as possible?  What do you need to do to maximize the value of your property? The economy is uncertain, the Eurozone is struggling-the last thing most buyers want is an additional headache. So how do you, as a seller, make your property the SOLUTION to a buyer’s problems rather than an extension of them? Let’s look at some ideas:

·        Make sure you have all the proper documentation. Do you have all the sign offs from the contractors who did your renovation? Do you have a record of the Board’s approval of the renovation? Any buyer’s lawyer will want to see them. Did you combine apartments? If so, do you have a record of the Board’s approval of THAT? Have you removed the second kitchen and taken the other steps to make sure the combined space is completely legal? Do it before you take the property to market.  How about the building’s recent financial statements? You will need them.

·        As soon as you decide you are going to sell, start throwing things away. You can put a lot of your possessions in storage, but make triply sure you REALLY want them first. When we moved our second home  recently, we threw a lot of our stuff away and then put the rest in storage for 18 months while we renovated. Then we moved into the house, unpacked everything, and threw away half of the things we had stored. So be ruthless the first time.

·        Once you have gotten rid of a lot of debris, walk through the house with your broker and a critical eye to see what needs to be done. Chipping paint on the ceiling? Fix it. Bulging tile in the bathroom? Fix it. Those dark purple walls you thought were so cool? Paint them white. Replace the 40 watt bulbs with 60 watt bulbs. Or 75 watt bulbs. Buy a couple of halogen torcheres and but them in the dark corners to cast uplight. The goal is a space which looks under-furnished, airy, and bright.

·        Try to think of the convenience of the buyer and not your own convenience. Make the showing hours as liberal as possible. Work overtime to keep mess to a minimum. Keep buying flowers. Make the beds. Kids (even teenagers) can be made to understand that selling the property is financially significant, and having their rooms look like Satan’s lair is NOT conducive to a successful sale!

·        Price to sell. Remind yourself of what it felt like to be a buyer and let that inform your decisions as a seller. You want to choose a number which will draw the buyers in, not shut them out.

There are no guarantees in real estate sales; even the most experienced agents cannot say for certain how long the sale of your home may take. But if you follow these steps you are significantly improving the odds in your favor.