Sellers Archives - My Team VP

Overcome your home selling fears

Remember when you learned how to use the jungle gym rings in grade school? If you wanted to get anywhere, you had to build up enough courage, motion, and strength to let go… and trust you would be able to grab onto the next ring, getting you one move closer to your goal!

Buying and selling a home can be a lot like learning how to get across the jungle gym. You might miss your next ring, but you won’t get better if you don’t try again. You might dangle for a bit, until you have the right help come along and give you a nudge in the right direction. You might, however, get it the first time and ‘nail the landing’!

The Repair Dilemma:

Sellers have never been more fearful to try their luck at the real estate ‘jungle gym’, and here are three major reasons why:

We understand that putting your homes best ‘foot forward’ is to ensure it is looking its absolute best when a potential buyers walk through! Also, people don’t want to put a lot of money into fixing up their home just to turn around and sell it again… Especially knowing what kind-of a market their walking into! Let’s review a couple of different approaches that could be taken.

Sell as is: If you are at peace with selling your home as is, then do it! Fix the basic items (replace lightbulbs, repair screens that may be ripped, tighten hinges on cupboard doors, etc.) and make sure your home looks cared for. Potential buyers will still see the love you have given your home even though you might not want to splurge to have that big deck put on for someone else to enjoy. Also, if you’re looking for a few affordable and fun projects, check out 5 easy ways to upgrade your home.

Pick your investment: While you might not be interested in fixing every little item, you might want to invest in the most important ones. If you have spoken with a real estate agent…, they know what to look for. They will be able to advise you on what will have the biggest impact on your home’s sale price. The greatest agents will have terrific advice that will not break the bank but will get your house ready for the market!

The Market:

In the housing market, the seller and the buyer are, in many cases, the same person – the existing homeowner. To buy a new home, you must sell the home you already own, and then find a home you like better. With the market being as tight as it is in today’s housing market, the risk of selling, if others do not, prevents many existing homeowners from selling. The result? Prices are further bid up by competition for the increasingly short supply.

Sellers also think their home might not be worth as much as what they need in order to buy a home in a market like this. This is the ‘nudge part’ of the jungle gym analogy. The hesitation is understandable, but that is why relying on a great support system, for example, the agents at ERA Team VP Real Estate will give you the nudge in the right direction. With a free CMA [Comparative Market Analysis], these professional and knowledgeable agents can help capture the value of your home, which in this market will likely sell for more than you would expect! For a free valuation of your home, contact one of these qualified agents in your area.

The complexity of the process is overwhelming:

There is no doubt that this process is complex….and at times overwhelming! From the beginning of packing up your house, going through the emotions of excitement and sadness to the elatedness of finding your dream home and looking forward to moving in… it is a lot to process, a lot to do, and a lot to keep organized! The right Real Estate Agent is key to eliminating stress and complexity while providing peace of mind throughout the entire process. Finding an agent who recognizes the value of your home, who communicates well and genuinely cares for your needs is crucial in making an overwhelming process a walk in the park.

5 Easy Upgrades!

The amount of time a home spends on the market before going under contract is an indicator of how competitive the housing market is. Currently, homes are spending an average of 32 days on the market. The longer homes spend on the market, the more control homebuyers have in this ‘game of roulette’.

Here are five easy ways to keep your house out of the seller’s limbo by adding perceived value (and actual value) to your home.

Upgrade your Mailbox

It may seem like a silly thing, or something you might not even notice anymore when you drive into your driveway. But a weathered or outdated mailbox can be an eyesore for the potential homebuyer, especially when wanting to make a great first impression. It is also one of the easiest home improvements you can do!

Paint your Home Inside and Out

Remember the time your kids insisted on bright purple or orange when painting their room? While that’s fitting for your family, a potential homebuyer might not have the same appreciation for those energetic colors, and it could distract them from seeing the true potential a room has to offer. Help buyers envision themselves in your home by painting rooms a neutral color.

In a similar vein, if your house has always been known as the “pink” house on the street even though it was originally red, painting the exterior will also help with potential buyers. Painting the exterior of your home can be pricey, when done by professionals, the process has a very quick turnaround time, and the result will be sure to leave a lasting impression on potential buyers.

Clean, Declutter and Stage your Home

People touring your home like to look not just at the larger rooms, but also poke around in closets or nooks and crannies to make sure their stuff will fit. If your closets are overflowing with the winter jackets, or you have too many pieces of furniture in a room-your home may not be ready to show off the qualities that make it truly unique. Nothing turns potential buyers off more than an unkept and cluttered home.

Fence in your backyard

Sixty-seven percent of U.S. households, or about 85 million families, own a pet, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA).  Over half of potential buyers coming to tour your home find a fence necessary, and the other 33% find it to be an extra perk, so it is a win-win!

Reinvent Interior Doors

During all these other updates you’re working on, don’t forget to give those creaky, non-lockable doors a little TLC too. You know, the ones that are warped and stick to their frame from temperature changes. It’s amazing what a difference installing new doors in your home can make, and it’s even more amazing when you choose a beautiful doorknob style to complete the look! 

Happy Homesteading!

Offering a Higher Level of Expertise Enables Agents to Meet the Needs of Today’s Buyers and Sellers

By Nick Caruso

RISMEDIA, January 20, 2011—Today’s real estate customers and clients have access to much more information than they did in the past. As their access to information will continue to increase with the introduction of new technology, real estate professionals must stay ahead of the curve to offer a greater degree of value to meet the needs of today’s customers. Here, Bill Soffel, president and CEO, broker of ERA Team VP Real Estate in Chautauqua, New York discusses how he is giving his agents the tools they need to be the experts in today’s market, and well into the future.

Bill Soffel
President & CEO / Broker
ERA Team VP Real Estate
Chautauqua, New York & Ellicottville, New York

Regions served: Chautauqua and Cattaraugus counties of New York
Years in real estate: 28
Number of agents: 50
Average listing price: $175,000
Average days on market: 151

Best advice for real estate rookies: From the very beginning, conduct your real estate practice as a business and spend considerable time on market research, budgeting, goal-setting and performance tracking.

Key to staying profitable: Formal business planning is the key to profitability, and never more so than during a challenging market like we find ourselves in right now. Profit must be budgeted and planned for. A solid business plan provides the foundation or template from which to make adjustments as market conditions change.

What is your biggest challenge in today’s market and how is your company taking it on?
Our greatest challenge is offering the right type of training and support to our agents so they can successfully navigate through this tough market. Many of the tools and strategies they used when the market was at its peak just aren’t working anymore. We need to help them adapt, and at the same time, help them refocus on the basics.

How are you keeping consumers educated about today’s buying opportunities?
We are certainly moving away from the traditional methods, like print advertising, and focusing more on new technology. Since over 90% of buyers start their property search on the Internet, we are pushing our listings to as many real estate websites as we can, constantly updating and refreshing our own website, and are jumping heavily into social media like Facebook, Twitter, YouTube, etc.

What have been some of your most effective strategies for working in today’s market?
Inventory management has been a real focus and it has yielded results for us. We are updating our CMAs for our sellers more frequently, recommending price adjustments accordingly, and frankly, are more willing to decline listings that cannot be properly priced. When sellers have followed our advice on pricing their properties ahead of the market trend, we have seen a higher list-to-sale price ratio and a reduction in days on market.

How do you determine your marketing spend?
We break down our marketing budget into two components: one for the money we will spend as a company to build our image and brand recognition, and one for money we will make available to our agents for their self promotion and promotion of their properties. We require that our agents submit a business plan if they want to access these company-provided marketing dollars, and we determine the allocation amount for each agent based on past production and the strength of their plan for the upcoming year. This allows us to direct our resources to the agents who can provide the best return on our investment.

What do you tell sellers about this market?
Seek out the real estate agent and company with the most knowledge and expertise in your local market, and follow their advice on the best pricing strategy for current market conditions. Too often, sellers insist on setting an asking price based on old market conditions or based on factors unrelated to the market, and end up overpricing. Buyers have many resources available to them with today’s technology and are very educated on the market. They don’t respond well to overpriced listings.

What is essential to your company’s ongoing success?
We have to be successful in providing a greater degree of value in order to meet the needs of the new age of buyers and sellers. Our customers and clients are very knowledgeable by the time they connect with us; we have to offer a much higher level of expertise than they are able to obtain on their own. At the same time, we have to find better ways to attract young, tech-savvy agents into our profession.

Have you heard about RISMedia’s Real Estate Information Network® (RREIN)? RREIN is an elite network of leading real estate companies dedicated to providing consumers and their agents with leading real estate information, and committed to the belief that Information Share Equals Market Share. Having only launched this past June 2010, the RREIN network is already comprised of 40 leading brokerages, which make up 575 offices, 30,000 agents, 167,000 closings and represents over $41 billion in transactions.