Making the Most of Your Sale: Image Is Everything

I see a lot of real estate. A LOT. And lately, many of the listings I’ve seen have left me wondering if sellers, their brokers, or both, have forgotten about the ever important first impression.

Yes, it’s true that the current shortage of inventory has made filling open houses as easy as placing an online ad with a few cell phone photos. Maybe you will even have multiple offers at the end of the day, but that doesn’t guarantee that you will get the most qualified buyers or the best possible price.

Why does it matter? A sale is a sale, right? Well, yes, an offer from a pre-approved buyer is a good thing and a contract with such a person is likely to close. But why aim for good when you can get great? What if, with a little more effort, you could attract a stronger buyer, one that is able to offer a higher price and put more money down? Wouldn’t you do it?

A side effect of the current housing shortage is that buyers are expanding their horizons more than ever.  They are now looking in areas they might not have considered previously, and at a broader range of price points. For example: after being out bid, a couple that was looking at three bedrooms realized they can be happy with only two, as long as the living area is large enough to comfortably accommodate a work station. Another buyer who was initially only willing to look at condos opened up her search to include co-ops, which tend to be relatively less expensive. This buyer also expanded her area of interest to include a neighborhood that is further from Manhattan, but serviced by an express train. This kept her potential commute the same and increased the number of properties she could choose from.

In both cases, the buyers made choices that increased their housing options and put them in a position to bid more aggressively. But a funny thing happened with this increased bidding power: they became quicker to judge listings by what they saw online and pickier about what they would travel to see.

Which brings me to my point: You must put your best foot forward to attract the best and most qualified buyers to your property.

How?  Well, start by taking care of all those little projects that have been piling up. The knob that fell off the bathroom vanity last year needs to be replaced, the door that sticks needs to be oiled, and that wall with the crayon needs to be cleaned or painted. Buyers notice everything. They also make more offers on well-maintained properties versus homes that come with fix-its, no matter how minor.

Once the honey-do list is complete, hire a professional home-stager to help you pare down and re-arrange your home. Don’t worry; the idea isn’t to take the flavor out of your place. Staging starts with your personal style and builds upon it to best enhance your space. If your property is empty, have it furnished.  Vacant properties tend to look smaller than they actually are and people often have a hard time imaging their potential. The initial expense is less than you think, and in the end good staging will pay for itself.

After staging, be sure your broker brings in a professional photographer. Most buyers start their search online and photos will shape their first impression of your property. High quality images are also the key to attracting the discerning types of buyers mentioned above. If your apartment looks great online, they will go out of their way to see it in person. Again, the pay-off far outweighs the cost and your broker should be paying for the pictures anyway!

Taking these few extra steps will attract more people to your property and then instill an “at home” feeling when they walk in the door. This leads to better initial offers and more tenacity in bidding wars, all resulting in the best possible sale price. But don’t just take my word for it; spend an afternoon browsing and tell me what you think.

As always, if you have questions, ask someone, like me. And buyers, I have tips for you, too! For the latest, contact: julia@modernspacesNYC.com.

Cathy Hobbs’ top tips for pre-open-house home decor:

• Pack away all un-used items
• Determine a floor plan
• “Shop the house” for your largest items first
• Select pieces that coordinate, but do not necessarily “match”
• Fill in rooms with art and accessories
• Incorporate color through accessories and accents
• Step back evaluate, edit if necessary

A long time resident & lover of Brooklyn, Julia has made Brooklyn real estate her business for over eight years. She is Vice President, Associate Broker at Modern Spaces in Williamsburg.