Six Types of Home Sellers
When it comes to selling your home, there are different types of sellers. Each type has its quirks, and being one type over another may have its advantages and disadvantages. Determining which type of home seller you may be can even make a difference in your bottom line when it comes to your final sales price. So, which type are you?
1. The “Do-It-All” Seller
This type of seller will not let their house go on the market until everything is absolutely perfect. This means the kitchen and all bathrooms all must be completely upgraded, new carpeting is installed throughout the entire home, lawn is manicured, landscaping is perfect, etc. This is wonderful in theory, but sometimes it can go too far. This type of seller may spend too much money making unnecessary upgrades. Or they may spend too much time and miss prime selling season because everything they want to do is not completely done yet. A bit of advice for this type of seller: Don’t do it all yourself. Hire contractors to help you with certain tasks. Preparing your home for sale will go faster and the entire process will be more efficient if you hire contractors than if you take time to do everything yourself.
2. The “I Only Want to do the Big Things” Seller
This type of seller only focuses on big glaring issues that will be obvious to buyers. They will only replace a stained carpet, or paint if necessary, or only replace countertops because they think every buyer wants granite, etc. They focus on the eye candy, or the quick fix items that they think will return the biggest bang for their buck. In essence, just like seller #1, they may be wasting money fixing the wrong things because they think they have to.
3. The “I Want to Test the Market” Seller
This type of seller just wants to see what they can get for their house. They know the market is hot right now and they don’t want to miss out. They will take a $300K house and list it for $400K, only to find that no one makes an offer. Or they may actually receive an offer, but then the house doesn’t appraise. So they have to keep lowering and lowering the price, making them appear desperate to buyers. Typically these types of sellers are not successful. The running history of price reductions is visible to any future buyers, so this is not a smart tactic.
4. The “No Hassle / I Just Want to Get Out of Here” Seller
This type of seller just wants to unload the house. They don’t care at all how much money they will get. They just want OUT. They don’t want to spend any money on repairs, deferred maintenance, or upgrades. Buyers can often sense desperation with this type of seller, and that is not the bargaining chip sellers should have in today’s market.
5. The “I Don’t Want to Do Anything” Seller
This type of seller thinks, “I’ll just put a sign in the yard. I’m not fixing anything or remodeling anything. Buyers will love my house without me having to do anything.” In actuality, buyers will calculate all of the things they want to repair and re-do when they walk through to preview the home. They may overestimate the cost to renovate or fix items, and they may end up walking away from the house before they ever make an offer.
6. The “Consultative” Seller
This type of seller is Paul’s favorite. They understand the value of the consultative process. They contact a Realtor and ask the Realtor what really needs to be done. They value the Realtor’s professional opinion and take the Realtor’s advice, fixing, repairing, or renovating only necessary items and leaving the others be. This type of seller usually ends up with maximum sales price without having wasted any more money than necessary getting the house ready for sale.
When you’re ready to sell your home, think about these different seller types. Perhaps you can see the true value of working as a Consultative seller in conjunction with a professional Realtor.
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