WHY PREPARATION IS KEY, EVEN IN OUR BUSINESS.
You hear it from agents in the market on a daily basis: each day is never the same.
And neither are the types of transactions as well as the situations that each family faces in the sale of an intimate piece of personal property, their home.
Each month we help families across Silicon Valley with what are called regular residential sales but often the situation is nothing but ordinary. Recapping on the last few situations, they included possible 1031 exchanges, probate and trust property, unexpected short sale due to lender troubles, sellers moving into their next home while also having to sell their current residence on a timely basis or sellers already moved into their new home, only to have to deal with delays with fixing some deferred repairs on the previous home and more.
Yes, these are all seller specific situations, and there’s a consistent conversation about how well our buyers need to prepare for the market, but often, the conversation with our prospective sellers are lacking such urgency.
This, of course, does not apply to all clients. If you knew tomorrow you were going to sell your home and move, what tasks would you start doing today?
That’s a broad and also very minimal time to get anything done in reality, you would hardly be able to sign a simple listing agreement, let alone review some of the supporting docs that are now included to cover certain listing situations, for example, off-market repairs, deferred projects and to cover even the timeline of routine maintenance and spruce up of the home.
It often feels more like a sprint than a marathon to get things together before inviting the public into your home - kitchen cabinets need touch up, counter tops may have got worn out, that purple paint in your daughters room may not look so good to someone that may turn it into office, or you had a section of the hallway that had a pile of office stuff that you are not sure what to do with. Once again, speaking from personal experience but it can happen to anyone. I may have to save my “Tale of Two Homes” for another future blog post and another time to tell the story of when I took on a task of an epic proportion of fixing two homes that I own at the same time. Experience counts always, even if it’s your own.
In today’s local market, preparation is key.
Silicon Valley is the epicenter of not only technology and business growth but real estate growth as well and the demand, despite market fluctuations, never ceases. Buyers nowadays demand newer, updated, renovated, remodeled homes, or expect a home to be in move in condition with all the ends tied up and ready to close.
Let’s face it, moving is tough enough. Add on having to worry about a tree that may need trimming to keep from getting too close to the roof of a home, a dishwasher or garbage disposal going out right as your family needs it, the roof leaking in certain corners while having guests over, or termites infesting some parts of wood rotten portions of the home that weren’t patched up and maybe nobody noticed, until now. The list can go on and on, but the idea is as a courtesy to leave the home in a good condition for the next occupant.
Thankfully, we make an effort to set courtesy reminders and have tons and tons of checklists available for any potential home seller looking to make their next move on how we can ensure that all parties involved in the sale are happy with the overall outcome.
Going back to renovation or remodel projects, due to a home left in a deferred state...which do come up onto the market roughly about 10-20% of the time. It’s not really about money but time, and the underrated amount of effort that goes into these projects. Often funds are not so much a drawback to purchasing a fixer or deferred maintenance property rather than the time and coordination of resources needed to complete a project with the scale size as a home.
Resources may include:
-Investment Funds for Project
-Architect for Plans on the Home
-Contractor or Development Company
-City, State, and Other Permits
-Interior Design Specialist
-Other types of Contractors
What we refer to as house “flips” are also very time, resource and effort intensive. That house flipping show just makes it look way too easy. Speaking from experience, you would be blown away to know that it takes the right level of detail in doing things like changing out sinks and toilets, choosing paints, choosing fixtures and finishes and much more.
Sometimes I feel like we should be showcased on those flipping shows, nevermind.
What does preparation have to do with it?
Preparation is not just an act, it’s the proper execution of an idea, a plan, a task, a checklist, a guide and ultimately the effort that goes into the proper timing of the completion of all these items. And every situation is different.
Surprisingly, other local Brokerages can be guilty of lack of preparation for certain situations when it comes to listing a home for sale. Not all, but some of them, and we see it every day in the business. There’s a difference between someone that is simply willing to represent you, your home and your family, versus someone that you prefer to represent you, your family and your home but is also well versed, experienced and well qualified to handle any types of situations.
Thankfully we’ve been at the forefront of having plans and checklists and guides and much more info for any potential home seller to best prepare for any and all situations.
We’ve also had a current evolution in some of the ways in which we plan for listing and open house launches, so much that our meetings in office are always about how we can best improve our processes and how we’re already in motion with launching on some of the homes coming on the market soon for this late Spring/Summer season. It’s amazing!
The next step in this evolution is getting all this info into the hands of potential sellers just like yourself! Don’t worry, if you are going to be both a buyer and seller, we have some great refinements, updates and overall revamp of a ton of our exclusive content coming out in the next few months.
Some guides, reports, and information you can expect to see from us soon, in addition to our monthly Blog postings and email newsletters, are some truly informative and eye-catching guides designed to best serve the needs of local families across Silicon Valley.
You can expect us to hit topics across all areas including:
How Trust & Probate Work in Real Estate
The Ultimate Seller’s Guide
Exclusive Buyer’s Guide
Common Seller Mistakes
Home Inspection Guidebook
Renting vs. Buying Report
Finding Value in your Realtor
All of this content is taken from our decades of experience in Silicon Valley, through some situations that we’ve faced with clients, agents, prospective buyers, family, friends and much more! And we’re happy to first send the invitation to you, our clients and followers, before anyone else. As markets change and trends shift, you may also see more on how to handle these types of markets best. Wow!
Going back to preparation.
How can one best prepare for a variety of situations that they may encounter in the Real Estate game? It’s information and truly becoming the expert. The more information one can acquire about a challenge, the best that they can prepare for the conditions are coming down the way.
Of course, we live in a digital age where we are truly oversaturated with information, and not too sure where to apply it and when. And when it comes to Real Estate and market information for our particular region, that’s where we come in and help. A lot of articles on the current market may apply to the nation, or even other parts of our state, but not our immediate area here in Silicon Valley.
That's where we come in. We're working hard to remain your primary source of market developments and tips on how to be a proactive buyer and seller.
Now that we’ve outlined how preparation factors into our Real Estate business as well as your role in all of this as a past, present and future client of us here at the Knox Team at Pinnacle Real Estate, we would love to hear from you!
If there’s anything we can do for you at the moment to help best prepare you and your family for current or upcoming market conditions, information we can pass on that can help you in and around your home or if there’s a guide we can send to a friend or family member that has been thinking of buying or selling, contact us below! We will be happy to get in touch with them and get them some of these resources coming soon. It's the season to sell, are you ready?