The Seller's Perspective - Part Three
The Seller's Perspective - Part Three
On Pricing and Strategy
“Strategy is best defined as: “Determining how we are going to win” where winning is getting the best outcome for your client. Winning doesn’t mean the other side loses. It means both sides get their needs met.” Suze Cumming in her blog of May 2nd, 2018.
As a seller, I want to know what your plan is to get me the best outcome. The best outcome may be the highest price and it may be something else. For some people, it’s timing. For others, it may be finding the right buyers to take care of the property. For me, it’s a combination of price and a fair process that leaves the buyer fully informed about the nuances of my mountain cabin. I want the buyer to be happy and I want a good price for the property.
Strategy is a combination of pricing, timing, staging, marketing and negotiation style. It’s tricky and it is what great REALTORS® bring to the transaction that is worth the money they charge. In my experience, only a small percentage of REALTORS® are excellent strategists and for me, it was the number one criterion I used when choosing who I wanted to represent me.
Building a strong strategy involves a deep understanding of the market conditions including the subtle nuances that change from day to day. It involves understanding the psychology of the people involved – this includes the sellers, the potential buyers and the buyer’s agents that work in that marketplace. It involves careful timing, acute observation and the ability to pivot when situations change. It involves a thorough understanding of the art of negotiations. A good strategist has to know a lot and have the confidence to use that knowledge to benefit their client. This is what we do that is truly valuable to the seller.
The agent I choose to represent me put forth some great ideas and together we built a strategy that we feel will work. The foundation of that strategy is to ensure that the potential buyers have all of the information they need to make an informed decision. The buyer could be someone who will live in the cabin as it is or it could be someone wanting to build their dream home as my lot has one of the best views in Whistler.
• We have a pre-list home inspection – not because we are expecting multiple offers but because I wanted to take care of any deficiencies before the sale and I want the buyer to know what they are buying. Based on that home inspection, I am having some soffits and eaves repaired and a few minor electrical changes made.
• We will list it on MLS immediately following the Long weekend. (historical by the time this is published) We chose this time because people will be starting to think about skiing and in Whistler, this matters. Also, I am going to be away on a REALTORS® retreat in Northern BC and I won’t interfere with the showings. Buyers can see the property as often and for as long as they need to feel good about the place.
• The final decision of pricing will be made the evening before we go on MLS so that we make that decision based on the most up to date information possible. We will consider recent solds and current properties for sale and set the price to be more attractive than the other properties buyers could pick.
• The property has had all minor repairs made, landscaping done, massive decluttering and professional staging. More on that in next week’s blog.
• The marketing is important, especially in Whistler as some of the potential buyers won’t live here. The pictures, 3D video and drone shots of the view are all of the highest quality so that when people open the listing on their computer in Vancouver, Toronto, Europe or Asia, they can get an accurate concept of the property. Also, the marketing material will not over-represent the property. To satisfy ‘the happy and informed buyer’ part of our strategic objectives, accurate representation and full transparency are crucial.
Seller’s want the best outcome and it’s your strategy that will show them that it’s you who can make that happen. I didn’t choose the agent who gave me the highest price or the one who offered me the most services. I choose the one who I believe has the expertise, the experience, and the confidence to design and execute the best strategy.
See the listing here