The first question I get when meeting with potential home sellers is this.
“So what do you think it’s worth?”
Now this is the most natural question in the world, and for two reasons
1: They genuinly are curious and don’t know it’s current value.
2: They have a pre conceived idea and wan’t you to confirm it.
As I’m not a qualified valuer I will never answer that question with a dollar figure, but I do ask them this question.
“What do you think it’s worth and why?”. I then just listen to the owners reasoning.
Mostly and reasonably it’s based on comprable sales in and around the area, I then follow up with.
“What makes your home truly valuable and worth the price you want?”.
If you thought that most home owners have an overblown idea of the selling price of their home, my experience is the exact opposite. Most don’t realise the potential value of their home, they equate selling price as the measure of success, and that is based on these reasons.
WHAT IS STRUCTURAL FUNCTIONALISM?
Structural Functionalism describes in part a paradigm where people become used to their surroundings and assume that other people share the same paradigm. In a practical sense when people are selling their home they imagine buyers will feel and relate to the property the way they do. But they don’t!
3 CATERGORIES OF VENDORS
I’m sharing from my experience as a Property Presensentation Strategist that has allowed me to understand how homesellers think.
60% Catergory: Contented Vendors, they are relaxed in terms of their lifestyle and how they live. Will most often present their home to market with minimal asthetic or presentation work. The paradigm is based on family and friends living an equally relaxed life and style.
The value in their home is assumed on what already exists, and sales price expectations are usually based along this paradigm.
30% Catergory: Aspirational Vendors, they are relaxed in their lifestyle but enjoy aspirational features in their homes and lifestyle. Often the homes have beautiful elements like designer furniture, lights, flooring and even meaningfully manicured gardens.
The aspirational vendor will add value and make effort to enhance the key features of their home by deep cleaning, touch ups and preliminary presentation. An intersting observation is that beautiful elements in the home take on an enhanced significance, as these homeowners really stretched to aquire and install these items in their home.
10% Catergory: Dominator Vendors, these people are the minority and place more emphasis on the future value and appeal of the home, they always ALWAYS see the property as an investment that requires the greatest possible returns. They are buyer focused only, with the history of the home seen as irrelevant.
Interestingly these vendors are not in any particular socio economic class, their paradigm is to dominate the market place they are selling in and maximise personal profit. Adding maximum value requires reimagining how the home looks and functions, lighting, colour, painting, flooring and gardens have a full presentation renovation.
To dominate the market they are selling in requires knocking out the competition and presenting a home that stands out to aspirational buyers not low bidders.
Mr & Mrs P were Dominator Vendors, although cautious to begin with they quickly realised it was their responsibilty to add maximum value to their property before even appointing a sales agent.
As their Presentation Strategist we collectivily reeimagined how this home should function and look, there was no structural work it was all cosmetic, everything from lighting, colour coordination, painting, flooring, landscaping was worked on over an intense 3 week period.
This home dominated the crowded real estate market by standing out visually and emotionally, prospective buyers came from as far as The Peninsula looking to buy a dream home.
The demand was so strong a mid week auction was called 2 weeks before christmas and sold under intense competition to a buyer who lived 25kms away, they had only seen it online.
This scenario is repeated in all suburbs and areas.
High Value comes first – Price follows.
Here’s why:
1: Price is what you ask.
2: Value is what buyers see.
If buyers don’t see the value, they won’t pay the higher price.
So before engaging a real estate agent and setting a sales price, you need to create, enhance, and value – through presentation, condition, and emotional appeal. that’s how you dominate the competition and get the price you want.
Remember: “You are selling in competition not isolation”
Free Pre-Sale Property Audit: If you’re considering selling your home we offer a preliminary audit that looks at your homes presentation credentials. We help you take the guess work out of what it takes to maximise the value and sales price of your home.
peterkaraoglanis 