When you’re trying to sell your home, there are things that you simply can’t change. If you bought in an awkward location, there’s not much you can do about that now. If the plan isn’t as functional/modern as most buyers would prefer, this is something that may cost too much to remedy. You also can’t really control which buyers are in the market at any given time. 
However, there are three big items that you can and DO control:
- Price
- Condition
- Agent
Pricing: This is a biggie. Make sure that you give this part some sincere thought. You and your listing agent don't dictate the market - buyers do. In fact, one definition of market value is the price that a ready, willing, and able buyer will pay for your home.
A solid agent can provide a comparative market analysis (CMA) that should give you a good idea where to begin when pricing your home to sell.
Also, give some thought to where the "breaking points" are with the homebuying audience. In my local market in Austin (and probably elsewhere), $200,000 is one such breaking point. What that means is that there are a lot of buyers looking UP TO $200,000, but NOT over. If you price your home at $202,500, you are hurting your chances of selling. Price it at $200,000 or $199,999 if you want to use the retail psychology trick. Either way, it's a big mistake to go just over one of these breaking points. Your agent should be able to help with this, too.
TIP: If possible, go with your agent to see a couple of the homes that you will be competing with nearby. This will allow you to see what potential buyers are seeing, and it often gives you a much better sense of how your home stacks up.
Condition: As I alluded to above, you probably don't want to spend a fortune remodeling your home, but you do want it to show in the best possible light. Getting good photos, staging, cleaning the carpet, and painting if needed are all inexpensive ways to improve the condition. If you have repairs that you already know are needed, do them now. If buyers notice them, they tend to assume that the home isn't well-maintained. I guess the best advice I can give here is to get your house in the best possible condition with your budget. This WILL make a difference when you're competing with other places.
Agent: I would like to tell you that this is the single most important part of the equation, but it's probably not. Price, condition, and location will largely dictate whether or not you get offers. That being said, if you have an agent who isn't reachable by phone during reasonable hours, or who is unpleasant or difficult to deal with, or who doesn't really make an effort to present your home well, this will hurt you. Additionally, make sure that you really like your agent, because you will likely be spending a good deal of time talking to him/her. Ideally, you want someone who can get you the maximum exposure for your home, and who is reasonably experienced and good with technology (at least the basics). Friendliness and honesty are two characteristics that are critical. You aren't paying your agent to tell you what you want to hear; you're paying him to tell you the truth.
There are a number of other intangibles that are part of the formula for home sales success, but these are the ones that you can affect. "Location, location, location" still applies, but these are probably the next three in line.
Thanks very much for reading!
Photo: Diana Parkhouse Creative Commons 2.0
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Good morning Jason; You said it better then I. Excellent post. I just wish sellers would read it.
One big out of control factor seems to be what the buyer you go with does. Lately in strong buyers markets they have been the most unpredictable for Sellers, but your top three for the sellers Jason on what you can control are absolutely on the mark.
Kenneth - Thank you, sir. :) I think I may take this with me on listing appointments going forward.
Gary - Agreed. You can't really control what other people do. Thanks for stopping by.
Nicely done Jason.. You make many valid and important points. This is my personal favorite
You and your listing agent don't dictate the market - buyers do..... Another thing I think is important is to take a look at the competition. Sometimes, this is a big help.
Jason
This is an excellent read and one that all sellers shuld have. Could be terrific marketing piece or part of a pre-listing package.
Jeff
I think you have the three factors in the right order as well - price must definitely be on mark or all else fails.
Very good article and information for sellers. I like your honesty about the role and importance of an agent in the transaction. Great post!
Joan - I am often surprised at how many people choose an agent based on the price they select, especially when it's WAY out of whack from reality. I learned about 10 years ago that it's helpful to take clients to see the homes they're competing against. Sometimes, this helps them to realize that their home may not be quite as spectacular as they originally thought. :)
Nancy - As I mentioned to Joan above, this dose of reality is often helpful to put things in perspective. :)
Jeff - I think I may start using it in that manner for our brokerage. Congratulations again on the birth of your very cute granddaughter. You looked very happy holding her, and it made me consider having a fifth child. :)
Margaret - Right you are. Without the right price, your chances are slim indeed.
Kaera - I wrote a post a week or two ago about integrity and honesty. It's the cornerstone of my business, and without it, it's tough to have a successful long-term real estate career.
Excellent. I would add that pricing a home that is around 200K at 199,999 is not a good plan for internet marketing. You will lose internet searches for 200K-250K, etc. Use the 200,000 even, to get in searches up to 200K as well as searches from 200K. To the searchers of 200K - 250K, the home looks like a bargain. Same scenario at 300K, 400K, etc.
I listed a home recently, the seller wanted to list at 189,999 - said he would take 180K. I insisted that we list at 200K even and get more search results.
Price. Condition. Agent. The right combination of all three of these is essential to a successful transaction.
Great info, Jason. I find that if the price is right someone will buy. Location and floor plan can be a problem, but there is somebody out there that doesn't care and needs housing. It's our job to get them together. Congrats on a great blog!
☂ Jason, what great advice! You've nailed it with your top 3! I'd add one more - accessibility to show. Some sellers these days put way too many conditions on showings. If it doesn't show 'it ain't going to sell'! :)
Pamela
Jason, Another well thought out post. Suggestion: Laminate the article and make it part of your listing presentation.
Margaret
Lots of good, solid advice for sellers. All these factors are more important than ever in this market.
Gretchen
Virginia - I've used that technique before, and for the same reason, but it seems that it doesn't work as well, possibly because they are comparing the home to others that are more expensive, and they generally go with the places closer to the top end of their range.
Craig - Indeed.
Mike - This is true. If the price is low enough,you'll find someone who doesn't need perfection.
Pamela - Right you are. Great point!
Margaret - Great idea! Thanks!
Good Article! The three things you mention are probably the most important to sell a home. Price in this market is so important that if you have a good price on a home buyers will buy it with a lousy agent and poor representation. Shoppers know good buys when they see them.
Jason,
I do think the individual agent is #1. The right agent makes certain a seller sets the right price. Think about the many agents who don't blog or capture other Internet marketing strategies...
Well said, Jason.
Hey Jason, Well presented review of a sellers' strategy. Going with the agent to see what the competition is offerijng is a great help.
Very good points as to sellers strategy. However, I disagree about pricing a property at $1,999,999. For a dollar you miss all those searching at $200,000 and up
Fantastic post, Jason! We should all print & send it prior to our listing presentations. :-)
I tell people that if you don't have the location, you better price it to where people don't care where the location is, and you need an agent who will be as blunt with you!
Jason - You hit the nail on the head with this post. Price Condition Agent. Couldn't have said it any simpler and on point. Definatly a great little marketing piece to bring on listing appointments.... BTW Happy Belated Birthday... :-)
Jason,
We have a similar "breaking point" here in Colorado Springs. Homes below $200K are moving much faster. Great tip to go preview some of the competition- I don't think too many sellers actually do it though. Great post!
Hey Jason, thanks for saying it so well! All three areas discussed are critical!
Great blog jason. You brought home some vital points. I +1googled it. Thank you for a well written blog that brings it all home.
Jason,
You are so right and this is a great way for any sellers reading your post to realize, they are in control of some things that those things have a large part to do with whether their house sells or not.
Absolutely spot-on, Jason. Thanks and re-blogged!
Jason, this is excellent advice to sellers. I would definitely use this one in your listing presentation.
Jason, this is great advice for sellers in any market, but more important in a heavy buyer's market.
Hi Jason, Congrats on the nice post. If only sellers would realize that what they do or don't do has a huge affect.
Great post! I think you summed this up very nicely!
Jason -- Ah....yes. The old PCA approach. While the price is definitely first with condition a close second. if the agent stinks then the price and condition are likely not what they should be. A strong agent with an outstanding marketing plan will sell any house. Good point on paying the agent to tell the truth! I'd like to reblog in a few days.
Jason,
Well thought out and presented appropriately. Congrats on another featured... g
Jason,
This is timeless advice for any seller, and a message that has been said many different times and in many different ways. I just hope that sellers are really reading this and taking it to heart.
The tip about going with your agent to a couple of comps in the area is a good one! You don't want to be that bad example that other agents take their people to to sell their own listings! Although its nice to have those around!
Jason, These are great tips for sellers. I hope they will read this post.
Spot on Jason and I so wish that sellers would be realistic on the price, even now, when that one realtor prices it $40k more than everyone else they still get the listing...no lemonade in that lemon passed...hope it is read by many potential listers..thanks
As William said...this is timeless advice. I have found it so interesting to be on a listing appt and have the client tell me the prices have been all over the map...
Great blog, while location locatio location is important, being priced right, being a in a showable condition and having the right agent to market your home are all equally important and go hand hand
Great blog and I completely agree with the assertion that the agent really isn't as critical as most people would think. Anyone can sell a house if it's priced right, in good condition, and in a good location. However, the agent does have to "get the word out". A poor agent can get the home sold but perhaps not drive the selling price as high as it could if they don't have good marketing. Other than that, I agree with what you've written.
Jason, three ingredients for contributing to a successful sale. Good read!
Jason:
All sellers need to be seriously motivated and that is key, so often that is one of the main ingredients, that is missing when speaking with a seller, it is the agents responsibility to determine the sellers level of "motivation". To many times I see agents buy listings and then do the sellers grind, in hopes of getting the price to come down. It is regrettable.
Jason, Excellent post. The biggest compliment I can give you, is that I have shared your link with my consumers and colleagues. ~ Patricia Marie Kelly, Owner Marie Kelly Unlimited
Great post Jason,
I'm still seeing a lot of listings priced way out of their market, I guess some seller are still in denial. With all the Professional REALTORS out there, I'm confused as to why a seller may choose one that is less than proficient. You can see this obviously in many listings by photos, lack there of and the homes condition portrayed in those photos. Online photos are a huge marketing tool, I wonder if some sellers even take the time to look at their listing online.
Good post Jason. In regards to the agent portion. I think it's more important than some people realize. The agent chosen has to know the market and be watching trends closely. The agent has to have a personality to be able to keep cool under pressure of negotiations to keep buyer and seller in play to see a transaction through to the end. The agent has to market the property well- this includes taking enough photos, of the right things, in focus, toilet lid closed, no flash or agent in the mirror... Buyers find homes on the internet- if the photos don't portray the home well then the buyers won't want to see the home. PERIOD. I have seen it myself MANY MANY times. I have several buyers that are in homes today that I insisted we see when the buyer was not overly thrilled about the property due to photos.. Anyway- Unless the seller has the perfect home, set up to show well based on their own knowlege and ability, and priced right, also based on their own knowledge- then I have to disagree with your assessment that the agent is not the most important factor- Because the right REALTOR can make or break a good sale by properly preparing both home and seller, pricing based on the market trends and the specific desirability of the home (location, condition and ammenities) and marketing exposure, negotiation, and communication skills.
Great post...clear, and easy to understand. Just fantastic. Have a great weekend.
hi, Jason!
Normally I would comment on Condition... but in just a few sentences, you just about said all there is to say. If you're serious about selling, then Darn It!, be serious about making your home appeal to buyers!
Your Tip about visiting homes really applies to all three items: Price, Condition and Agent. A good Agent will do this. A not so good Agent will never bring it up. By visiting, you can feel out the Price vs Condition of your competitors. When I meet with sellers, I tell all of them to go online and see how the neighbors look. Visiting the homes/open houses is the next best step!
You are so right. Thw world is about price. If the price is right it cures a lot of ills.
Great Post, Jason! The seller really does need to be an educated & involved partner in getting their home sold. Doing the best they can with the pieces they have control over certainly is of benefit to them!
Bruce.
An excellent blog post Jason! Thank you for sharing it with us!
Breaking point - really like that term and explain that concept to all sellers (now I actually have a word for it). Thanks for the great post.... I will re-blog too.
This is an informative post. One thing I would add to the Price, Condition, Agent list is Access. After all, if buyers cannot see a particular home except during a full moon in a leap year than the home probably won't sell anytime soon.
Great points. The price being in the right range can make a large difference in how many people look at the property.
Jason, there are agents that we avoid if possible. It's just a fact of life that if there are other listings about the same, we will show those homes first and only show that agent's home if the buyers don't like any of the others...
Sharon
Hi Jason...as others have said above, this says it all.
We spend so much time on price, but sometimes condition is the harder battle to fight with the seller. Many (most?) of my sellers are older and like their home just fine, thank you. It is so hard (but so important) to be diplomatic about an owner's personal habits and choices when they conflict with what buyers consider important today.
How very True. Great post and well summed up about what people can do to help sell their home.
Great post!! I have been in so many homes where I thought, "gee, if they had only" decluttered or painted or cleaned the carpets, depersonolized..... etc. The sellers do have more control than they sometimes realize.
Great post! I especially like the tip of having the seller view other listings in the area (not just show them other listings).
Jason - this is a really good post (as you've been told before) but I do have to disagree with the 'agent' piece. True that the person does need to like their agent, but some agents think that the house will sell itself and that is just not true. The other components of selling a house is very important, but the right agent is key as well. Someone who is active online, knows how to work their sphere to market the home, and of course the other things you mentioned... being available and responsive.
John - I agree that it's good to have a solid agent helping with the process, but if the price, condition, and location are wrong, it won't sell, no matter who the agent is. My main point was that it's not the MOST important piece of the puzzle.
Your post takes me back to foundational learning I got in my initial training class over 25 years ago. Good stuff here!
So true. Some things you can't change: make sure the things you have control over are in control!
Certainly nota time to test the market, Jason no doubt one of your better post and people should read it over and over. I enjoyed the read.