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Friday, January 24, 2014

Selling Your Home - Start with a plan...

Years ago there was a popular management concept known as the Deming Circle.   Although I do not remember the specifics, the major concept involved something referred to as PDCA - Plan, Do, Check and Act.

This is a simple concept that could be applied to most things in life including selling a home.

The key to success when selling your home begins with the plan.  It is not necessary for you to develop the plan but rather to find a local, knowledgeable real estate agent who has a record of success.

Plan:  Working together with your real estate agent formulate a plan that meets your goals - not the agent's.  Your plan will take into consideration the circumstances of the sale (job transfer, family change, downsizing, short sale, etc.).   Your plan should consider the finances (mortgages, cost of selling, net proceeds).  Your plan should include the time frame element and your future housing needs.  Finally, your plan will include the agent's marketing plan (There is much more to a market plan than a listing price and a sign out front!).

Do:  Multiple items need to be done.  As a seller the first thing is to address the preparation of your property.  Preparation  must be done first.  There is absolutely no reason to place a home on the market before it is market ready.   Don' take it personally....few homes are ready to be showcased in their current condition.  Depending on your home's age or general condition it may be suggested to obtain a pre-listing inspection.  There may be issues with clutter or excess furniture.  The curb appeal may need sprucing up a bit with possibly some new paint (at a minimum look at the front door).  Look at your interior paint.  Is it too dark.  What about some easy fixes like replacing some worn carpet?   What about small valuable items that could be stolen?  (Most agents do not personally know their clients before the business relationship.)  And here your real estate agent is critical. 

Check:  The "do" phase should yield your desired results.  Still, if traffic is down, find out why.  As a seller, since you are writing the check, expect feedback and reports from your agent.  Discuss feedback from prospective buyers with your agent.  (Good, useful feedback is a rare thing.)  Have any offers come in at all?  A good rule to use here is my 30-10-1 rule.  

Act:  Sometimes marketing plans must be modified.  Key here is to remember the process is dynamic.  Market forces change (think competition).

Selling your home will disrupt your lifestyle temporarily.  Your plan must include how to deal with the disruptions.  The good news is a  well thought out, well implemented plan will bring your desired results quickly.

When you are ready to sell your Viera, Suntree or Rockledge, Florida home, call me at 321-693-3850 or email me for your free market analysis.

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