Whether you own a coop or a condo, a house or a building, five factors determine the outcome of the sale of your property. Each factor is either uner your control, your broker’s control, or no control. All the factors combine to influence how prospective purchasers might value your property.
Value is the key to every sale, wouldn’t you say? Different people value different things, yet most people value many of the same things. Sellers of property must always put the sale prospects of their property into the context of a value analysis. That implies numbers and trends and data. However, the problem emerges that ultimately value analysis never takes emotion into consideration.
Real Estate is highly emotional.
People buy either after careful consideration or at what some might think is a whim.
Well, it is what it is. You can’t move it. Location is the very first thing people consider when purchasing a property. We all know the clich “location location location”.
Sometimes people have a warm and fuzzy notion about living in a certain location, but can’t afford to. Other people must live in a certain location because their peers do. From budget to luxury, location is always the first thought.
We can also assign amenities to the location category, because amenities would characterize the building itself as well as the neighborhood.
Your broker will always relate the location of your property to a value analysis.
You the seller ultimately decide the asking price. Hopefully you decide to price your property in line with market value. Your broker can help you here by providing market data to you.
You are in control of your price.
Buyers consider location first, then price.
You the seller control this.
The condition of your property is changeable or repairable, or “as is”. Your broker can advise you as to how your property “shows”. Brokers are especially attuned to this, as they see numerous properties every week.
Is your property Triple Mint? Excellent? Good? Fair? Needs TLC? Estate Condition?
Your broker is objective about this factor. Often sellers are emotionally involved in their property and do not see what buyers see. Brokers know that buyers comparison shop. A good broker will be frank with you about how the market would perceive the condition of your property.
Buyers and Sellers clashing. You don’t control this. This is a dynamic organism of change. Your broker can frame your sale in the context of the market. Often buyers and sellers are either six months ahead or behind each other.
Your broker is at the fulcrum of the market reality.
This is what your broker controls.
Brokers typically have massive amounts of advertising firepower behind them. This is one of the reasons you engage a bro
ker to sell your property. But, ultimately, it isn’t the only reason