Triple P: The Power of Pre-Sale Preparation
It’s not new to say that the market has shifted: prices are softening across the board and even ultra-hot markets like Clinton Hill, Brooklyn are starting to slow down. Inventory has ticked up and buyer demand has cooled. What does this mean? Well for one, what it doesn’t mean is that the real estate market is dead or doomed or anything so absolute. It means that everyone will have to be a little more strategic, a little more thoughtful about buying and selling, and work a little bit harder.
One such area that I believe is of critical importance is that of pre-sale preparation. What is pre-sale preparation? Well other than the obvious answer of strategic and intelligent pricing, pre-sale preparation is also the attention to detail needed to make your listing pop among the rising pool of competitive properties. Here are the three things my team and I are doing to get our listings sold – and we’ve signed contracts on all of them within 4 weeks of listing:
1. Staging and home preparation: Yes, I’ve previously written about the importance of making a home look its best through staging. But there are other necessary steps needed to make a home look its best both for photography and in-person. In addition to wanting to make a home look and feel 65%/70% full, it's important to really focus on how the furniture is laid out. Pretend you are taking the photo, is this the best possible position to make the photo look great? If you have outdoor space, invest in planting it and making it feel vibrant as this can be the differentiator between your apartment and your competitors. How does the home smell? It’s inexpensive to invest in a scented candle - you shouldn’t underestimate the power of the senses. A home that smells of pets or mildew can alter a viewing experience.
2. Lighting: Do you have optimal lighting? The “Not” floor lamp from Ikea is probably the single greatest selling tool we’ve ever implemented. And that’s no joke. Turning a dimly lit room into a property lit room is key and too many owners and brokers are discounting this key component to home prep. Invest some time to see what each room in the home looks like during all light conditions. We can’t always control when a viewing will take place, so if you have to have a 7:30pm showing and you have no functional lights in a room – that’s a problem. It’s a quick fix and worthwhile investment.
3. Answers to questions: Very few brokers list a property within hours of having a signed exclusive. We all have the time to properly investigate and obtain all critical information about a building and property. Uncertainty and doubt are the killers of all deals. If a customer feels you can’t properly answer a question such as “how are the financials?” or “what’s the assessment for?” they are going to consciously or subconsciously think something is wrong. We don’t have much time convincing someone to spend exorbitant amounts of money on NYC real estate, so we have to make the first impression the best impression.
The tricks of the trade truly aren’t complicated, and I wouldn’t want to convince you that they are. But they do require thoughtfulness, attention to detail, and vision. I am confident our team possesses these qualities and is a huge part of why we’ve found success with our listings in this slowing market. Hopefully, you’ll find these tips helpful if you are considering selling your home.