Thursday, August 1, 2013

Mindset is KEY!

** As seen in the August edition of Gahanna Life Magazine.  See all of my contributions on the Gahanna Life tab at the top of the blog.  Have an idea for me to write about?...  Email me! **

Hi!  I’m Scott.  Your Realtor Psychologist
Mindset is the first key to a successful real estate transaction

Mr. & Mrs. Seller,

I came over yesterday (at your request) to offer you factual information (sorry for not factoring in your 20 years of happiness, your memories, or your love for the original light fixtures) in regards to the housing market here in Gahanna. 

I’d be happy to list your home for sale, but if we are going to list at that price, I’m going to need you to add on another bathroom, 300 square feet of living space, and you need to put wood floors throughout the first floor. 

Take care,
Scott Morrison

I sure wouldn’t win over many clients, let alone get many referrals, if this was an actual letter that I wrote following listing appointments.  If I left the listing appointment with the frame of mind that comes across above, I didn’t do my job correctly. 

My goal when I meet with a potential client is to leave them better than I found them.  In the fictional case of Mr. & Mrs. Seller from above, I would consider it a win if I left them with the understanding that they need to take the emotion out of the transaction in order to gain a clear perspective on their situation. 

In today’s market, my most important job is to help the potential client set their mindset before we begin discussing the value of their home or a potential set of homes they may purchase.  Without proper perspective, I am doing my clients a disservice and ultimately am leaving them with a bad taste in their mouth, just as I would have with the letter above. 

So, before I meet with you to discuss buying or selling, please consider the tips below so that you are prepared to face challenges of today’s market.

  -  Take the emotion out:  This is the most difficult part of the process.  You have to view selling a home like you do a bank statement.  Selling a home is like math class, not art class…the most important part of the process to you is the bottom line dollar amount with which you will walk away from the transaction. 
-  View your home through the buyer’s eye:  You can overlook some parts of your home that may not be up to par, but a buyer is coming in looking to disqualify your house.  Have your Realtor offer some suggestions, but also fix your house up for a “showing” and tour it yourself from a buying perspective.
-  Prepare for the “condo generation”:  Regardless of whether or not a buyer has lived in a condo, most buyers are looking for a condo-like situation.  In other words, they don’t want to see things that they have to attend to right away.  Buyers are fearful of potential repairs, want updated features, and aren’t going to place the same value on something that you’ve “loved this way.”  “Maintenance-free” is not available, but looking “maintenance-free” is a must!

-  Buy like an investor:  I’m not asking you to be ready to flip a house like you’ve seen on HGTV.  Be ready to look past a few aesthetic aspects and a few cosmetic touch-ups to find the best deal.  Investors are all about “value.”  Be prepared to find a home that is move-in ready, but don’t require it to be perfect.  A chance to add some “value” is something that could pay off in the long run. 
-  Know what you are looking for:  Homes are moving in this market so quickly that you don’t have time to look at a home, go look at 10 more, and then come back and make a decision on the first one.  Take time to develop the criteria that you are looking for, and then your search can be more focused.  If you just say you want four bedrooms, you’ll be searching through a pool of hundreds of homes.  With the help of your Realtor, define things such as location, beds, baths, basement, garage, amenities, and so on.  This will allow your Realtor to find those homes for you as soon as they hit the market… if you don’t see them quickly, the good ones will be gone. 

I look forward to hearing from you!

Take care,
Scott Morrison
Text- 614-383-8502

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