Imagine: You have decided to list your luxury condo on the open market among the other luxury condos for sale in Soma, South Beach, and Mission Bay. The mantra is “it will sell quickly.” As you sit and wait patiently for the potential offers to come in, the bleaker the outlook becomes.
Frustration can build quickly, particularly if your home has been “sitting on the market.” Before you start questioning your home's value, just know it may not have anything to do with your home itself. Seller frustration and anxiety often can seep into the process and create barriers when planning to move forward with your listing.
Seller impatience and frustration present a unique challenge to real estate specialists today. Some sellers can become paralyzed by too many obstacles to the point of cancellation. Thankfully,
Sean Mamola from Rises.co can help address sellers’ fears and turn them into successful, high-touch experiences. Working as a team with sellers, Rises.co excels in the following:
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Understanding the balance between financial ease, service quality, and time efficiency
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Maintaining availability throughout the transaction
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Fielding any and all questions — whether you are a first-time seller or a savvy investor, Rises.co is always happy to educate and source solutions along the way
Fortunately, we have a few points of service to help you overcome seller hesitation.
1. We Know the Nuances of the Market
Every neighborhood in San Francisco has its own nuance and specific market. Engaging in conversations surrounding preparation, timelines, and specific market cycles with us is essential. We will help you strategically time your listing to create an increased amount of traffic and attention and targeted to as many buyers as possible. Developing a timeline and pricing strategy to receive the best possible price for your homes is one of our number one concerns. The better prepared you are, the more likely you are to find success.
2. Are You Ready? Yes, You’re Ready...to talk strategy
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It can be challenging to determine a seller’s timeline and motivation. Before we showcase a home, we sit down with potential Sellers to unpack their motivation and evaluate the current environment surrounding the housing market. This consultative approach helps us recognize any signs of hesitation before the start of the marketing process.
Rises.co has a real-time, expert understanding of local market performance in order to provide the maximum opportunity for receiving solid purchase offers. Uncertain timelines, financial unpreparedness, and the inability to articulate needs and concerns are all potential hazards to both seller and buyer.
3. Data Anchored Pricing Paths
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The biggest mistake homeowners make when trying to sell their luxury property is the concept of market value. Misunderstanding market values and all the variables that affect them commonly leads to overpricing. More often than not, this results in properties “sitting” for months on the open market. The more “days on the market” will have potential buyers wondering if there is something egregiously wrong with the subject property.
In any type of market, to create a win-win for our sellers, pricing must be spot on. We always do a deep, thorough dive into a market analysis of the surrounding homes. This practice is nuanced and requires a great deal of detailed diligence. In addition, collecting “comps” is considered one of the heaviest data anchors when pricing a home correctly. Failing to gather this information is dangerous and can land a property on the “stale” list. Our end goal is to create a pricing strategy that is attractive to the active and qualified buyer pool.
Interesting side note: Most potential, qualified home buyers will notice overpricing, even when the market is on the seller's side.
Here are some proven pricing practices we use for pricing luxury condo listings in the San Francisco High-Rise market:
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Review recent sales: We review recent sales and set the price of homes based on competitive differences to formulate attractive pricing.
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Use tools: Marketing tools aligned with our brokerage, COMPASS, ensures our properties are exposed to as many search engines, syndications, websites, and social media outlets as possible. Leveraging a large market share and in-house, world-class market analysts with preferred and proven work-flow strategies only increases buyer intrigue — a must-have.
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Professional influence: We always invite our tight group of trusted colleagues’ input. Gathering insights and perspectives of what our networks are witnessing can be considered a reliable source of where pricing could/should be. The San Francisco real estate network is always evolving. Professional and respectful collaborations always seem to get the job done seamlessly. At the end of the day, we can ask and listen to our colleagues’ feedback and provide you with extensive professional insight which will allow you to make the final choice.
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Browse the local listings: Encouraging clients to do their due diligence is also an essential part of our process. Due diligence comes in many forms. For most in this day and age, technical aggregators seem to be the go-to resource. Understanding search engines such as Trulia, Zillow, and Redfin can be confusing when thinking about pricing. You, as a homeowner, always have input. We always promote open conversations about different viewpoints and strategies.
4. Accentuate The GOODS
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As a homeowner, you want to emphasize your home's positive features. Make sure to stage your home to showcase all the incredible amenities, architecture, and upgrades. Staging can help a potential Buyer imagine themselves living within the walls of your gorgeous property, which will help motivate them to make an offer if they feel a strong connection.
Staged homes often sell for a higher price and in a shorter time than unstaged homes.
A NAR survey shows a significant part of the home selling and buying process is indeed home staging. In fact, nearly 82% of realtor specialists agree that home staging allows potential buyers to visualize the home as their future home.
5. Seller + Buyer = WIN
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Negotiations with Buyers are always on a case-by-case scenario.
Understanding a potential buyer’s needs, timelines, and motivation are all fantastic consideration points. We always like to remember, talking at each other from opposite sides of the room can lead to a long, drawn-out, painstaking process. At Rises.co, we prefer talking from the same side of the room with each other in order to get the transaction moving forward.
Buyers want to feel like you understand them and care for their concerns and interests. In order to create this environment, we will want to emphasize the benefits of the home to the potential qualified buyer.
6. Knowledge Is Power
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Even if you show your luxury property and it doesn't result in an offer, you still get something very important — feedback. We will always track visitor traffic and circle back with leading questions after showings. Clearly, if multiple qualified buyers are providing feedback, we encourage addressing the situation head-on to receive the highest and best possible price for your home.
Sell Your Luxury High Rise Home by contacting Sean Mamola today
When you’re ready to move forward, reach out to trusted real estate specialist Sean Mamola with the incredible
Rises.co team. We stay informed and up-to-date with statistics, cutting-edge market knowledge, and negotiating tactics to get your home seen and sold.
Contact Sean Mamola today for help selling your luxury home in San Francisco High Rise Real Estate.
*Header photo courtesy of Rises.co
