If you’re like most people, your home is your biggest asset. You’ve poured a sizable down payment into it and spent years (decades, even) making considerable monthly payments toward the rest.
Naturally, when it comes time to sell that asset – whether you plan to downsize, upgrade or make a lateral move – you need to consider your options carefully. Selling a home isn’t like selling a piece of furniture; you can’t blindly list the item on a local marketplace and pray that the highest possible bidder finds you.
To extract maximum value from your largest asset, you must be shrewd and meticulous throughout the process. In this post, let’s review a few critical steps for wringing the best value from this monumental transaction.
The First and Most Important Step: Find the Perfect Realtor
No one can overstate the importance of great representation. A quality realtor is pivotal throughout the pricing, staging, marketing and bid-taking processes, and is instrumental counsel on everything from renovations to buyer dependability.
Still, that 6% percent commission rate? Those high commission rates quickly gobble up an appreciable chunk of your largest asset. Ideally, you want to strike a balance between a fair commission rate and a realtor who works hard for that rate. And the best way to do that is to use a real estate digital marketplace like Nobul; the platform lets sellers vet agents, and encourages agents to compete for a seller’s business through lowered commission rates.
“Prospective home buyers are armed with real, valuable information when they use our platform,” says Nobul CEO and founder Regan McGee. “They can ensure they have found a solid real estate agent whose work is in-line with their values.”
Next Steps: Discuss High-ROI Renovations
Once you’ve secured your ideal agent, you can collaborate on how best to list your property. Depending on your area – and accompanying consumer expectations, demand and competition – your realtor may suggest renovations.
For some, the highest ROI might be in “lipstick flip” renos that aesthetically polish a property without significant cost to the seller (a coat of paint, new light fixtures, etc.). For others, they might find higher value in in-depth renovations. According to experts, the highest-ROI renovations are in the kitchen and bathroom.
Energizing Your Listing: Consider Energy Efficiency
Consider “value” from a buyer’s perspective. As they tour a laundry list of properties, they will undoubtedly have “utility costs” on their minds, especially as energy costs rise.
Talk to your realtor about “energizing” you’re listing with energy-efficient fixtures and appliances, and low-flow water fixtures. Efficiency can be a fantastic talking point in marketing materials.
Playing the Game: Track the Market
Lastly, it never hurts to track the market. As you search for the perfect real estate agent, state your intentions to “play the long game,” waiting for the opportune seller’s market when demand is high and supply is low.
You can’t play the game forever, and sometimes these gambits backfire, but it’s worth discussing with your agent. Timing can play a crucial role in how much value you extract from your largest asset.
If you’re considering selling, give yourself the best shot possible at the best price possible. Find an agent through Nobul, weigh your renovation options, consider efficiency and strike when the market is hot.