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Quiz: Are You A Hot Seller?

Written by on Wednesday, 02 October 2013 4:13 pm
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Are you a seller who earns the best return on your real estate investment, or do you just hope things will turn out OK?

When it comes to selling your real estate, you may want everything to go your way - to sell for the highest price, hassle free, within the shortest time. You want these outcomes, but what are you prepared to do to guarantee that you get these results from selling your house, condominium, or cottage?

Yes, you're paying the listing brokerage and salesperson to achieve these goals on your behalf, but they cannot attain these results in spite of you.

Real estate markets get all the attention for being "hot or not" when it's really sellers who make the difference in individual sales. Are you the kind of seller who earns the best return on your real estate investment - you're HOT - or do you just hope things will turn out OK - you're NOT?

THE "HOT" SELLER QUIZ?

Give yourself 2 points for every genuine "YES" and penalize yourself 2 points for every honest "NO" or indecisive "NOT SURE." There's no middle ground with these issues - you're either HOT or you're NOT!

1. Did you choose PUNCH over PITCH when you selected your professional real estate listing team?

YES means you went for performance which generates PUNCH in any market. Real estate professionals who present demonstrated results with similar properties to yours and a proven track record with the range of target buyers who'll be attracted to your home will move you closer to greater returns.

NO means you were attracted to promises, which were not backed up with market data or a solid sales track record with properties like yours, but were part of a short-sighted goal to PITCH to "get the listing" and worry about results later.

2. Did you commit to shifting to a HOUSE* MINDSET from a HOME MINDSET to prepare your real estate for sale?

(* Or, condo or cottage mindset depending on your property.)

YES means you and your partner have committed to emotionally disengaging from your HOME, and actively engaging with the real estate professionals intent on earning the greatest possible return on investment for your real estate. This mental shift enables you to turn professional suggestions for presenting the true value of your property to prospective buyers into action—and to contribute a few ideas of your own.

NO means you're still hung up on the value you see in your home and the changes you've made to it—pride of ownership—so your real estate is not deliberately presented from the target buyer perspective where the best returns lie.

3. Are you intent on helping your real estate team get prospective buyers INSIDE your real estate where the real buying action begins?

YES means you understand how curb appeal is essential. Your real estate team is professionally trained to show a property to its best advantage, making it clear to buyers why this property is a good match for them. Unless, prospective buyers enter your house or cottage, there is little chance they'll visualize themselves living there or be eager to put in an offer. Updating and upgrading everything from fencing, lighting, and plantings to that creepy old garage door makes buyers stop and take notice—curious to see what lies inside this obviously-loved home (that's the word you want buyers to apply to your real estate).

NO means you have lived with things for so long you can't see how others view your real estate. Check with neighbors and friends if the candid professional feedback from your real estate team does not have you obsessed with "curb appeal."

4. Do you understand the real estate sales and offer system well enough to be comfortable acting quickly when an offer comes in?

YES means you've asked a lot of questions and asked your real estate professional to take you through the steps, perhaps with a "dummy" offer, so you won't be distracted from concentrating on the pros and cons of an offer when it arrives. This includes asking your professional to take you through Purchase & Sale Agreement Forms used by real estate professionals in your area. Then, the only explanations you'll need when an offer comes in will relate specifically to that buyer's terms and conditions.

NO means you're not putting in the time beforehand to acquaint yourself with legal and financial issues standard to each real estate transaction. You may be confused and distracted by these issues when a solid offer to purchase arrives with the traditionally short time to decide "yes" or "no."

5. Are you intent on getting the HIGHEST NET RETURN for your real estate, not merely the HIGHEST PURCHASE PRICE?

YES means you understand that what you'll end up with in your pocket - your net return - is more important that the purchase price on the offer. Your real estate professional has explained the many factors included in an offer to purchase and how they contribute to net return and net cost. You understand that "doing the math" with your professional when an offer comes before making a decision to accept or not.

NO means you don't understand how your real estate team can help you get the highest return. This lack of knowledge may lead to an emotional reaction to an offer with lower-than-you-want purchase price before you fully understand the net return. When factors like closing date and inclusions are evaluated, this offer may result in a higher net return than an offer with a higher purchase price and tough buyer-favoring terms.

Are you HOT or are you NOT?

  • If you gave yourself 2 points for all 5 genuine "YES" answers, your score is 10—a perfect 10 means you and your real estate team are set to go.
  • If you penalize yourself 2 points for 5 honest "NO" answers, your score of -10 is the least of your worries. Don't despair. Get out there and find the real estate team than can reverse your thinking.
  • If your score lies in between, why settle for less? Jump on those weak spots and turn them and your attitude around in the process.

If "NOT SURE" was your most common reaction to these five questions, this column "Decisions & Communities" and is loaded with straightforward, empowering explanations that will help you out of your indecisive slump. You're HOT...you just haven't decided to get fired up about boosting your real estate net return.

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  About the author, PJ Wade

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