In my opinion, a person should focus on taking the right actions and not worry about the results (good or bad). The results are not in our control. It is a complex algorithm to decipher why some people get better results than others.
If we put this perspective in the context of real estate, one may ask:
Why some properties sell or some don’t?
The answer lies in one’s actions, and action in this case could be marketing. Marketing makes selling superfluous. The final results are not in one’s hands, but surely one’s actions can produce good, better or bad results.
Let’s take a look at two of my recent listings in the Mississauga Square One area.
Case study – 1st Listing:
The first property is a condo loft at The Solstice. By its very nature, lofts are not a popular choice with investors, reason being that they are expensive than traditional apartments (even if they are of same size), and provide a lower ROI (return on investment).
In my opinion, lofts are a rare commodity and are usually snapped up by buyers who end up living in it.
Loft buyers are a special breed of consumers who only love living in lofts and they don’t like one-storey apartments.
Condo investors dominate the Square One market, and because this is not a popular buy amongst investors, I was facing challenges on the number of showings.
However, I was confident that this loft would sell fast. And this confidence came from the great combination of all the 4Ps of marketing (Product, Price, Place & Promotion).
It was a great Product for end-users, it was priced perfectly (this is very important), Place (location) was No. 1, Promotion (It showed well, it was marketed well with professional photography and videography).
With only seven showings, it secured three offers and ended up selling within just a few days of listing.
Case Study – 2nd Listing:
The second property is a very popular two-bedroom plus den condo at The Grand Ovation. This condo was previously listed with different agents who were not successful in selling it. The seller later approached me for selling it.
My listing presentation and discussions concluded with my advice to stage this condo (it was a vacant property).
The sellers followed all the other steps that I had advised, but did not opt for staging. He wanted to test the market and see if all the other factors (Price, Place and Promotion), would help sell it.
My job is not to make one-sided recommendations, and not to intimidate a buyer or a seller to do what I think is the best solution. So, I gladly took my seller’s instruction and put this condo for sale without staging.
I did everything to market this listing as I would with any other listing. We ended up having about 18 showings (this was an indication that price was perfect) within a span of ten days, but no offers.
My seller wasted two weeks in this process (vacant properties have carrying costs: mortgage, condo fee, property tax, insurance, cleaning etc.).
As part of my duty, I reminded my seller that we need to show this property to buyers in a way that they can imagine themselves living in it.
This can be best done by enticing them with professional home staging, especially with vacant properties.
I assured him that market is showing interest and this property is quite popular with buyers. He agreed with me this time, and opted for home staging.
Guess what, the property got sold conditional, within two days of listing. The first seller who walked in to the property brought an offer.
Conclusion: Take the right action!
There are no short cuts to success. Put your best effort out there – results will follow, with God's grace!
Thinking of selling your Mississauga property
If you are looking to sell your home or condo in today’s market, you need to put your best foot forward. Contact me for my professional selling services, I offer a free no obligation market evaluation to motivated sellers.