Marie

When my dad was annoyed or upset with me or my sister, out from the pant loops came the belt or the “the strap”. And we would scram faster than a jackrabbit being chased by a coyote. Today, poor Dad would be the lead story on the 11am news, notwithstanding that the threat was just for show.

But the real fear was not Dad, but Marie. Marie was recruited to help my parents not just with housekeeping, but also to keep us difficult children in line. Marie would tell us that “we were going to mind.” We did. If we got fresh, she threatened to wash our mouths out with soap. Zest doesn’t taste as good as it smells.

Marie also had some virtuous words of wisdom. “You ain’t better than anyone else, so don’t think that you ain’t.” My grandpa had a fundamental saying in business that I use to this day: “You can’t do a good deal with a bad guy.” Along the way, children learn these good fundamentals, and they set the ground rules for how to live your life.

The fundamentals in life and in any line of business are key. Real estate is no different. Since this is the time of year when homeowners get ready to list their homes, I thought it would be the right time to go over the five key listing fundamentals, plus one variable. Four of them are controlled by the seller and one by the Realtor. Sellers need to be aware of these, and buyers do too, both when negotiating a purchase and for future resale purposes.

1. Location

Always static and constant. The land a home is built on, or the floor that a condo rests on, is what it is. The buyer cares about this when purchasing. No matter, nothing anyone can do about the location.

2. Accessibility

Some sellers like to negotiate the time to see the house nearly every time. You’ll call for a 10:30am showing. “Can they do tomorrow between 1 and 2?” Then you call, and you never hear back. Homes that are difficult to show can negatively impact offers and price.

3. Condition

Will a seller do a pre-inspection to identify issues that might impact a contract or cause a deal to fall apart? Staging is such a key component of how a house looks. A properly staged home can make the difference between a buyer visualizing themselves living there or not. Good advice is needed from the listing agent, along with feedback. However, only the homeowner can execute it.

4. Price

Pricing properly and within the guidelines of the 25-50-100 rules is key. The earlier in the season a home is on the market, the easier it is to adjust to market conditions, test higher prices, and make sure the property is priced appropriately.

5. Marketing

Marketing is the one variable that the Realtor you hire controls. ECHO, as a company, guarantees 57 items that we promise to deliver in writing. Drone aerials, cinematic video, twilight/night shots, floor plans, Matterport, Zillow Tours, and flambient photography in homes are just some of what we do. We have the ability to do this because we have our own company photographers, photojournalists, IT, and social media staff. We call this the Home ECHOnomics Guarantee.

There is a sixth component, which is the marketplace. Markets go up and down depending on inflation, mortgage rates, and supply and demand. You can price a home correctly one day, but then the market moves on you. Meaning the price range moves.

Furthermore, problem-child homes depreciate more than homes with all the right ingredients in poor markets. For instance, when supply increases, homes with views, pools, higher floors in condos, and those that have been remodeled move first, assuming they are priced properly. Because there is ample supply, inventory starts to build up among those problem-child homes.

The mean side of Marie comes out, and the market can be unforgiving. It’s imperative that if you have a home lacking particular ingredients, you adjust all the variables to keep up with the market.

Oftentimes, it’s not just one factor but a multitude of items. I’ve taken over listings that have sat for a year and chopped down hedges so you can see the lake rather than adjusting the price. Price can certainly be a factor, but like a good doctor, all five fundamentals must be examined and adjusted. For Sellers keep those 5 factors in mind because adjusting late won’t taste any better than a bar of Dove Soap no matter how refreshing it looks.