Get Into The Property Selling Mindset
Tips before putting a property for sale. Choosing an agent and marketing strategy, preparing your home, and a self-care plan.
10 Items homeowners and seller's agent must discuss:
Basic facts (Floor/Lot Area, age, repairs, renovations)
Market history of the property
Area's current inventory and what sold recently
Property disclosures like death on the premises, damages or defects, hazards, nuisances, homeowners association and memberships
Identify and capitalize on the uniqueness of your house
Marketing strategies
Primary message
Preferred means of communication and schedule
Upcoming plans and vacations
Any unexpected life events
Accompanying costs to putting your property on the market:
Pre-Market Home repair/s, yard, and exterior work
contingent on sale Home improvements
moving expenses
Costs incurred over time the property is on the market
Real estate sales commissions
Fees paid at closing
Title charges
Taxes
Government recording and transfer charges
Any additional settlement charges
Debt obligations related to paying off any existing mortgages
How to prepare for your home and self for the real estate market
Selling a home is a complex undertaking. It can be short and sweet or lengthy and stressful. Therefore, it is imperative to mentally, emotionally, and physically prepare yourself for the most crucial sale of your life. Being the key decision-maker you need to be ready for any eventuality since no one knows how the property sale will unfold. Your overall state of being will impact how smoothly the transaction starts, progresses, and concludes. Here are some tips on getting into a healthy mindset and sustain it.
Make a list
Having conviction is important to complete a real estate sale. It comes after you resolve your feelings and thoughts on selling your house. Listing your reasons, the pros and cons should lay to rest any doubt you may have; we recommend you create this list before anything else. Keep it secure yet readily accessible for those moments when you falter or lose focus.
Shift from home to house
Change the terminologies you use when you refer to the property you are selling. Start using ‘house’ as opposed to ‘home’. It will help you shift your perspective from homeowner to property seller and move along your process of detaching.
Plan ahead
Flooding is everywhere in a country like the Philippines and is a deal breaker for many real estate transactions. Disclosing this to be an issue can discourage even the most motivated of buyers. Discuss with your agent or broker how you want this dealt with. Having a plan allows you to respond promptly. This demonstrates your preparedness and confidence in your property.
The reality is your attention will be called to address the biggest to littlest of concerns. Avoid wasting time and resources by strategizing before going to market. Having a plan of action allows you and your team to focus on marketing, showing, and selling the property. However, these plans must be dynamic and flexible to personal and market changes.
Be market savvy
Yes, your neighbor of 12 years selling their house down the road is fishing for the same buyer you are trying to land. You and your agent should take a moment to view what is on the market and any property on sale.
Engage the right partner
After deciding to sell your house, hire a licensed professional to work alongside you. We have another article, 7 Qualities of a Property Seller's Real Estate Representative, with tips on how to screen and choose the right one for your property sale. Like all other hirings, it is important to find a good fit. Download the sample interview sheet (PDF) here.
Financial preparedness
You probably have heard the phrase, "It takes money to make money". We listed expenses that come with selling your property. It would be worthwhile to know them as they impact your profit from the sale of your property.
Budget for celebrations
A property sale is unlike any other transaction There is a lot at stake and it touches all facets of your life. The journey will be filled with highs and lows, and celebrating your achievements will be extremely important. Avoid anything too extravagant since there could be unforeseen expenses before completing the sale. We recommend setting a predetermined amount for reaching a milestone, such as a successful open house. This will make celebrations meaningful and serve as motivation knowing you will be rewarded for your hard work.
Available to download
Be your own best ally
The people around you will be affected directly or indirectly no matter how much you try to keep the worries away from family, friends, and co-workers. Expect people around you to have opposing emotions, opinions, and judgments swirling around your property sale. Therefore, it will be beneficial to learn how to be kind and be an uplifting force for yourself during your property-selling journey. You must be your best friend when things are not going as you expected or planned. Give yourself a pass for minor hiccups. Be ready to have self-affirming inner conversations with yourself. Some people can do this with no problem while others will need practice.
Lean on your support system
When it seems that the sky is falling, it is the perfect time to look at the big picture. Referring to the checklist you created may help you reign in your thoughts and emotions.
Do not hesitate to seek help. Reaching out to family and friends is a step in the right direction. However, do not forget to use your best resource, your real estate service person, who can give you expert guidance on your real estate sale. Listen when they suggest any or no changes to your strategy. Communicate your reasons why you agree or disagree. Ultimately, it is your decision and your representative is there to act upon your instruction.
Identify potential obstacles
Have a candid discussion with your real estate broker or agent about foreseeable scenarios you will face as well as challenges your house will have selling in the current real estate market.
If there are features in the home that can hinder a sale, categorize which needs to be addressed before going to market and those that can wait. Ask if there are changes or improvements buyers may cite as contingent for the sale pushing through. It would be wise to budget for those as well. Ask your real estate broker which ones can be negotiated. Knowing you have options will calm your nerves and increase your confidence in proceeding with your listing.
Declutter, depersonalize, and stage for success
Declutter and depersonalize living spaces one at a time. While tidying up the house, you will experience memories flooding in and the emotions attached to them. Allow yourself to take short pauses to reminisce, if needed, and honor the good memories you made in the house. Packing away memorabilia can be bittersweet and best to think of this task as making room for new ones to be created. A shift in perspective can ease the difficulty and enable you to let go successfully and healthily.
Next, stage your property for success. If you can afford to hire professionals, GREAT! The goal is to stand out amongst your competitors. If you tackle this yourself, the key is to furnish based on what your target market wants, catering to their tastes and aspirations. Create memorable areas that buyers walking through would take pictures of. We want them to feel excited, envision themselves living in the space, and put in an offer.
It is natural to struggle to keep the house ready to show at the drop of a hat. It is okay to miss your things too. Be patient with yourself and trust the process. If you need to, take a break or contact your support system.
Actively practice self-care
It is important to start the process with a healthy mind and body with a concrete plan to sustain it. Here are a few ideas to get you started!
Maintain your health and focus by regularly eating healthy, exercising, seeing your doctor, and taking breaks. Avoid magnifying stressful situations. Instead, try keeping things light and needless worrying at bay. Use your real estate agent or broker as a sounding board. Rely on their experience and expertise before hitting the panic button.
Some homeowners take a mini vacation or have a weekend getaway while in the thick of selling their home. Nothing should keep you from taking a break and destressing. Inform your real estate agent or broker and agree on keeping a communication line active and open. This way, your partner can reach you for crucial inquiries and decisions that cannot be delayed.
Announce your property is for sale
Consider hosting a party to celebrate this exciting development. Think of it as having an exclusive open house advertising your home to family and friends. Someone in your social circle could be looking to buy in your neighborhood that you did not know!
A get-together is a great venue to announce your intention to sell. This is an opportunity to promote your house and tie up loose ends. We encourage having one-on-one dialogues with as many attendees as possible and expect to be asked the same questions repeatedly. Neighbors may feel apprehensive about the potential changes the sale of your house could bring. Be patient and reassuring in your responses.
Lastly, knowing your house is on the market will explain the heightened activity at your place. Your neighbors can even keep an eye out and notify you of irregular activities at your place, especially if you are out of the area while your house is selling.
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