Hello again to this weeks Q&A! Wow, what a month. Our Pullman real estate market is busier then ever! This week we received two great questions for our Q&A! Congratulations to both our winners! We love giving away coffee at the Chris Clark Team and you can win too! Just ask us a real estate related question on our Facebook page, and we will put you in our weekly drawing!
Now, on the the Q&A Answers!
Submitted by Olivia Wooldridge.
Q: What is the best thing to do when the market is over saturated in your area, but you still want to sell?
A: There are several components to this question. First, dealing with market saturation. Let’s say there are 25 houses for sale in CMA range, and only 10 buyers looking for a home to purchase. Those 10 buyers have the unique opportunity to be choosy with their purchase (not a luxury we have in Pullman). You need to make your house the “shiniest” on the block. New paint on the home and fence, meticulous landscaping and trimming, and the overall curb appeal will immediately serve to differentiate your home. I often reference HGTV for a reason: they have great advice and create new real estate trends. Make sure your home is hip, clean, and “happening.”
Second, hire an effective Realtor. Even in a saturated Market, a good Realtor will be able to sell your home! During the listing pitch, ask them what steps they are going to take to sell your home in a challenging market! There are several key elements to look for:
- Comparative Market Pricing. While mostly math, the pricing of your home is going to determine whether it sells or not. Your Real Estate Agent needs to know the market well enough to place your homes price point where it will sell. This doesn’t mean becoming the “deal” on the block, but rather properly assessing your homes intrinsic value. Not everyone agent is going to know how to price your home!
- Use your assets. In competitive markets, home improvements are typically a no-no. The prospect of losing money with improvements is much greater in a market that has great competition. A good Realtor will know what (if any) changes will help A) differentiate your home from others available and B) offer suggestions that will increase your investments value. Before doing cosmetic or major improvements, check with a reputable Real Estate Agent for where best to invest your money.
Following these few tips will help you effectively price, market, and sell your home in an oversaturated market! Thankfully we don’t worry about this on the Palouse, our homes are flying off the market!
Submitted by Sam Horowitz.
Q: I’ve been told that an agents working relationship with other realtor’s is an important marketing component in getting listings sold, is it that important for the Realtor you are working with to have connections with other Realtors?
This is a great question! In an aggressive sales market like real estate, how do the salespeople (Realtors) get along? The answer depends on personal reputation and experience. Personally, I have gone to great lengths to ensure that my real estate deals (for both buyers and sellers) are always thorough, accurate, and professional. I have even created a system for ensuring a high level of detail and success called the Chris Clark Advantage! However, not all Realtors are created equal! “That guy” has earned his reputation for a reason! When assessing a Realtors relational qualities, I would make sure:
- Your Realtor is an established professional. Do they have a large transaction history? Do they have many reviews online? Any horror stories? Word gets around small towns like Moscow and Pullman, and you can’t hide bad press!
- Your Realtor has a plan. A successful Real Estate Agent will develop a system for managing their relationships with other agents. Most of us are careful to treat everyone with the same level of professionalism!
- Your Realtor has experience. An Agent that has been in the area a while will have worked with many different individuals. This is super helpful when looking for better funding options, or working on deals with multiple facets. Real estate is a very public centric business and it makes it easy to find information on different people! Don’t be afraid to ask around!
That takes care of this week’s Q&A! Check back next week for more coffee, questions, and advice!
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