We balance those three factors — product, price and packaging — so that we can achieve a seller’s goal: highest price in the shortest time with the fewest challenges. If the product is lacking in some capacity or another, we have to fix it somehow. Sometimes, we can physically fix the product (what it is and how it is), but sometimes, such as with a poor location, we can’t. Then, we have to rely on adjusting the price or the packaging.
Location, of course, is the one thing about a property that can’t be changed. Because, if ya could, it’d be a different property now, wouldn’t it? This point was driven home last week when I had a chance to sit down with a seller whose property was on the market, but not generating any interest. Not a single showing in almost three months on market, even in this crazy real estate market. Clearly something was wrong.
Through the years, I’ve learned that the one aspect of real estate that really sends folks around the bend is contract negotiation. There’s something about asking for what you want, and denying what “the other guy” wants, that just gets people all aflutter, and causes them to do things that are not necessarily in their best interest.
For any given market, the total time it takes to go through the entire process of selling real estate is about the same for all properties. Which is better for you, physical or emotional work?
Just as your home and your body are systems unto themselves, they are also part of a the greater neighborhood and community. You also need to look at your home as part of other systems that are important to you: your own personal financial and comform systems.
Now, for 2014, the HUD-1 will be revised again, for only the second time in 40 years. This coming revision to the HUD-1 is going to be mostly formatting, but it makes the whole thing look very different, and some information is being added that I’m afraid is going to make it quite confusing until everyone gets used to the new format.
We didn’t get the deal done. Instead, the sellers now have a foreclosure on their records, which will severely hinder their ability to purchase another home for a long time to come. The potential buyers must continue to pay rent and enrich someone else, rather than creating benefit for themselves. Meanwhile, a house sits empty, with no one to care for it, and no one to call it home.
To get a better focus on everything I have to do, I’m incorporating a blog editorial calendar into my working style. So far, so good, with only one snafu when a draft post was tagged, “Scheduled” and went out into the world wearing nothing but a title.
The third variable in the selling equation is the packaging. Some marketers think this is the most important piece because it’s the most emotionally-based. It’s how we present the product to the potential buyers in the marketplace. The packaging can leave you cold, or full of warm fuzzies. In real estate, the name we give packaging is “staging.”