Chase International has partnered with its clients to sell over $40,000,000 worth of homes in Arrow Creek in the last five years.
Our best strategies include:
Market knowledge profits everyone. Look before you leap by answering these questions:
- What homes are competing against your home?
- Is the general real estate market going up or down?
- Is your home’s price justified by its condition and upgrades?
- What is a realistic time frame for selling?
These questions should and can be answered by research.
Competition: By Price
Multiple Listing Service (MLS) is the primary tool that realtors use to find homes, and the number one tool for selling homes in northern Nevada.
You know when you walk through the grocery store aisles, the higher priced items sit at eye level, and the lower priced items are at the bottom. The same idea applies in real estate. Higher priced homes in outstanding condition get the most views. The farther down you are on the list, the less people ever see your home. Go around your neighborhood and personally look at every single home listed. A smart seller sees the home through the buyer’s discriminating eyes.
General Real Estate Market: Supply & Demand
Estimated Time to Sell (MSI):
“The More You Tell, The More You Sell”
After studying your top 3 competitors in the neighborhood (based on price plus condition), it’s time to position your home. Before you do, however, let’s have a quick talk.
Nobody knows your home like you do. And in sales, the more you tell, the more you sell. Make a list of every single feature of the home. Don’t overlook anything. In Arrow Creek, where the most complex and beautiful houses in Reno stand, whoever gives the most details wins—hands down. My marketing plan depends on you sharing every detail.
8 Tried-and-True Tips for Marketing Your Home:
- Don’t overlook anything. Details translate to features—and benefits to potential buyers.
- Position your home. Try to place your home in the top 3 spot, based on price and condition, to get as many views as possible. Keep track of your weekly showings in order to gauge interest.
- Fake it til you make it. No matter how desperately you need this sale, keep cool. Act as if you have all the time in the world. This is vital in negotiating.
- Recognize a good offer. I won’t steer you wrong. If I tell you we have a strong offer, you can believe it—even if it doesn’t seem that way to you at first. Price is dictated by market conditions. Back in 2007 when the Reno real estate market was on its way down, I advised one of my sellers to take an offer. She rejected it, thinking that her home’s value would climb back to previous levels in 2008. She lost $50,000 by rejecting that offer.
- You can’t please everyone. Don’t try. Is your home traditional? High tech? Luxurious? Efficient? Sharply define your home’s personality, and build your marketing plan around that personality. You’d be amazed at the interest this creates.
- Present remarkable photos. Use only high-quality photos that present your home in its best light. Show nothing less than the best.
- Give your home a first class ticket. It pays to give your home an image of quality. Pay attention to every detail in your home.
- Stick to the basics. OK, I admit it. I love real estate. The agents who partner with me love real estate. It’s like, we were born to do this. So once in a while, in our zeal, we can overwhelm sellers with exciting stuff like 100 Things We Do To Market Your Home. Don’t worry about it. Ultimately, selling a home boils down to these fundamentals:
- Great home
- Factual copy writing
- Remarkable photos
- Price positioning
- Buyer networks
- Search engine marketing (primarily google)
- Select distribution (realtor.org, craigslist, luxuryrealestate.com, etc.)
- MLS (multiple listing service)
- A word about Search Engine Optimization: 90% of home buyers start their search on the Internet. Our eight real estate websites show up on top search engine queries in Reno-Sparks and specific luxury communities.
“Unless Marketing Is Built on a Great Product, It Will Pass Like a Ship In The Night.”
“When the relationship is very strong, details rarely get in the way.“
A real estate transaction is among the top three most stressful events in anyone’s life. Understanding the negotiating process helps things go more smoothly and quickly, and helps you get through it a little easier.
- Asking price must be weighed against the percentage of buyers. Negotiating starts with you and me—the seller and the agent. We need to be on the same page, a united core in negotiations with the buyer. Trust me, I want you to make as much money as possible on the sale of your home. In order to do that, we need to know where the tide is heading. Market knowledge allows us to come to a realistic and profitable price.
If the data shows demand growing, that means supply is shrinking and median price will go up in the area. In that case, we aim for an above-market price. If the data points to a struggling market, we may need to lower the price, cut our losses, and get a successful sale in the shortest time possible.
- Timing is extremely important. This graph illustrates the importance of placing your property on the market at a realistic price and terms from the very beginning. A property attracts the most interest from the real estate community and potential buyers when it is first listed; therefore, it has the highest chances of a sale when it is new on the market. If you start out with too high a price, you will see few to no showings and lose valuable time, during which your potential buyers will find better deals.
- We need to team up with the potential buyer’s agent. I send all the numbers and data to the other agent, communicating why their buyer should buy your house at our asking price. This engages the buyer’s agent to join the team to sell your property. Another good reason to start out with the right price: If we start on the wrong foot, we will stumble along the way.
The most common bumps you may encounter when selling your home:
- Financing — The buyer’s lender isn’t releasing the money for some reason.
- Unanticipated Inspection Results – Inspectors find a problem you didn’t know was there.
- Takeaway Factor – You realize you should have gone another way.
- Buyer’s Remorse.
Any agreement builds momentum. When you can’t get agreement on specific issues, get an agreement in principle. Communication is key. Keep the lines open for a faster and smoother transaction. After the offer is accepted and opened in escrow, all control is lost. Now, it’s a waiting game.