When you’re selling your home, it’s important to know your competitors. Although this may seem like a time consuming thing to do, it doesn’t require much effort at all.
Schedule Time to Look at the Competition
Consider walking through the 5 to 10 properties that are most comparable to yours in terms of proximity, price and type. Make sure to take notes and photos of each property, considering the layout, feel and condition, as well as any upgrades or value adds that a buyer might consider in comparing the home to yours. It’s best to look at 3 to 4 properties at a given time. Otherwise, the properties can begin to blend together in your mind; however, the whole process shouldn’t take you more than a day.
Why Knowing the Competition is Important
Getting to know your competition is invaluable! It blows us away when home sellers tell us their agent has never suggested that they should get a feel for their competition. By looking at what competitors have to offer you put yourself in a potential buyer’s shoes and the perspective gained from knowing what’s on offer on such an intimate level is simply unparalleled.
Pro Tip: If you have a smartphone, download a good “Notes” app, such as Evernote. Some apps let you take pictures, write notes and organize your entries by title (you can even make it the listing address). Take photos with notes of the front, back and inside photos of the kitchen, bathroom, master suite and ANYTHING unique or different (good and bad).
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