Colley Bailey - HOME SALES MADE EASY

HOME SALES MADE EASY

Colley Bailey

Table Of Contents

Introduction to Selling Your Home Faster and for More Money (the 3 P's) 2

First Steps to Home Selling

Pareto's Principle

Creating Curb Appeal

Staging with Purpose

Upgrading with ROI in Mind

The Three D's

How To Market Your Home

Common Seller Mistakes

10. Learn From Other's Mistakes

11. Finding Buyers

12. Be A Power Negotiator

13. The Dos and Don'ts of Negotiating

14. Bargaining Chips

15. Why Hire an Agent?

About Colley Bailey and the LoneRock Home Team

Colley got into the real estate industry in 2014 after running a small photo/video production company which served Real Estate Agents and helped create high-end marketing to sell their listings. After several of those agents encouraged him to get a real estate license of his own, he set out to help property owners prepare and promote their houses in a way that achieved outsize results. Very quickly, he was hired by the largest home builder in the state to sell through their Northwest Arkansas inventory under construction. He helped them sell Millions of dollars worth of new homes as they built 5 different neighborhoods from the ground up. Colley was taught at a young age that if you want something in life, you have to work for it. So that’s what he did. And that work ethic bled into everything that followed. As his career advanced, Colley found his stride working with Home Sellers to maximize their Sale Prices. He became an expert in controlling the Buyer's Perceived Value of a given property through expert Preparation and high-end Promotional efforts. His motto became, "don't just list properties; launch them into the market like a company would launch a new product line." More Buyer Demand for each listing leads to Higher Prices for the clients.

Throughout his career, Colley has earned numerous accolades,

including: • Being named as one of the "Best REALTORS in Arkansas" by the state's AY Magazine • Ranking in the "Top 100 Real Estate Agents" in the Northwest Arkansas Business Journal • Being an Amazon Best Selling Author with his first book, "Revved Up! Real Estate" This lead him to create the LoneRock Home Team in 2023, and launch a full brokerage, LoneRock Realty in 2024. This team of professional agents and assistants exists to serve the homeowners of Northwest Arkansas. As this group continues to grow, the client success stories continue to build as well. Colley lives in Fayetteville with his Wife and two Daughters. In his free time, he enjoys mountain biking on the many trails in NWA as well as hiking, kayaking, and attending live music events. A constant ambassador for the area, he desires to take part in all the area has to offer. LoneRock Realty aims to provide the highest level of service to their clients and take deep pride in helping them achieve their real estate goals. They aspire to play a part in the continued growth of the Northwest Arkansas region. The LoneRock Team offers Free Strategy Sessions to build a comprehensive Real Estate strategy tailored to the individual, guiding them to the best strategies to attain optimal results whether buying, selling, or investing.

Testimonials & Reviews for Colley Bailey and the LoneRock Team Here’s what our past clients have said about working with us: "Colley Bailey was straight up from the start on what he can provide to us as a professional Realtor®. He kept us informed all they way through the process, and updated us on completed steps from the buyer. Just a couple weeks from when we were suppose to close the buyer had to back out of our plan. This broke our hearts, since we were ready to close on another home. We were only given 3 days to find another buyer. We reached out to Colley and he assured us he would find a buyer. Colley had our home on the market within 10 minutes, he had a looker the next day and made the sale that night! We were totally elated to have had the opportunity to work with Colley! Colley again kept us in the know for each step between us and the new buyers, until the closing date of our home sale. We told Colley he was our Superman through this process and we couldn't be more thankful. We would like to recognize Colley Bailey as one of Northwest Arkansas' elite Realtors®."

- Barbara Koeckritz

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"Colley and his LoneRock Team are simply the best! They have gone above and beyond for us, and we are forever grateful. Thank you guys from the bottom of our hearts."

- Chris Bundy

"Colley was excellent to work with when we sold our house! I give him 5 stars across the board - excellent communication, timely follow up, carries himself professionally, knowledgeable about pricing and the market, great promoter, kind and friendly, etc. I can't think of one way in which he could have been better. We had a great experience working with Colley to sell our house in Bentonville. I definitely recommend him to those who want to invest in their house and get it looking great so they can get top dollar for it."

- Andrew Braithwaite

"Colley is a great Realtor®! He sold and helped us buy a house. He sold our house within days of putting it on the market. He knows what he is doing and is up to date with technology which is nice."

- Misty Arnold

"I would recommend Colley to anyone buying or selling a home! He really went the extra mile - tirelessly negotiating on our behalf, fielding several offers after dozens of showings over the course of a weekend, and even bringing our family dinner when

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we got sick the week of closing.

He explained all our options well and made every step of the process easier. Colley understood what our family needed and made our dreams come true!"

- Jennifer Barnes

"Colley was great at helping us buy our first home. He is a busy man but honestly he makes you feel like you are his only client. We didn't quite know what we were looking for and he was so patient with us as we went back and forth. I would definitely recommend Colley to anyone! Thank you so much Colley!!"

-Monica Justice

"Colley took very good care of everything and has been very on top of everything from day one. Anything I needed for the sale or even my new purchase got handled. He was always available when I needed help. Colley helped me get the most out of my house for sale, and found the most perfect house for me. Thanks for everything Colley!"

- John Sturdivant

"Colley was really great to work with and so helpful! He always quickly answered any questions we had! It took us a while to find what we wanted but he was very patient and worked with us the entire time! Thanks Colley!"

- Janet Froelich

"Colley is fantastic! If you are in the market for a different home he is definitely your guy. He is personable, kind, knowledgeable, and professional. Colley makes buying/selling a home easy. Regardless of your financial situation you owe it to yourself to give Colley a call."

-Garrett Y.

"Colley Bailey was fantastic!

This was our third house to buy & our first with him. He met us in the midst of a pandemic when the housing market was getting bananas crazy. Gave us solid advice, was always looking at the little details, and was open & willing to show us anything and everything. He even met us at the house to get a flooring estimate done so that we could have that scheduled as soon as we could move in. Also, the pictures he had done of the house we sold were gorgeous...it sold in hours for over asking! He's a great Realtor® and my first recommendation to anyone looking for one!"

- Jessica Hartman

CHAPTER 1 Introduction to Selling o Selling Your Home Faster and for More Money (the 3 P's)

The largest investment most people make is their home. That makes selling a home the single largest, most complex transaction a person will ever undertake. It involves new terms and concepts, financial acumen, and larger figures than are normally dealt with. There are also many emotions at play that can affect good judgment. Many sellers think, Surely, my home where I raised my children and made so many memories is worth more than the bricks and mortar it contains. Real estate transactions involve dozens of decisions and substantial investment in homeowners’ time, energy, and money, and emotions almost always lead to problems in a sales price negotiation. The home seller’s objective is to find that home shopper who cannot resist buying your house at the highest price. To do this, you need to offer potential buyers a striking home presentation that outshines other homes on the market. It requires making a fantastic first impression, creating for the buyers an instant feeling that they are traveling up the front walkway of their new home for the first time, not visiting someone else’s. It’s about falling in love at first sight, from the curb, in those initial seconds.

Most sellers do not venture alone into selling their home. They

find it better to have an experienced real estate professional with whom they are comfortable. This book was written to provide some of that comfort without the direct sales stressors of person- to-person contact. I want the prospective or active home seller to independently achieve a better understanding of the home-selling process. I’ve also provided actionable insight into how best to market your home, avoid critical mistakes, and maintain a proper focus. Let this book be your go-to resource for information, strategies, and techniques that can be put to work to sell your home quickly at the best price. Take time looking through the chapters and master the secrets of successful home sellers. For example, discover why comparable homes sell for considerably different prices. Be ready to sell by knowing your home’s market value, best listing price, negotiation tactics, and improvements that offer the best Return on Investment (ROI). My sincere hope is that this book will help you make the most of your time and efforts to sell your home. In Part 1, the process and importance of preparing your house for sale is examined: how to present to get top offers, the “80/20 rule,” along with which upgrades will make the most difference in ROI. Part 2 delves into marketing your home with a look at costly mistakes, avoiding those mistakes, and finding qualified buyers. In Part 3, we examine the critical topic of negotiations — what to expect, and how to conduct them — and finish with a look at what engaging a real estate professional brings to your real estate sale transaction. After you learn the process, requirements, and tips, you will see that an experienced, financially astute real estate professional can vastly cut the time and raise the economic value of your transaction.

Reading this book is your first step to selling your home for the best price in the shortest time. After you read it, I stand by to assist you with a Comparative Market Analysis and a solid marketing plan to fit your budget and lifestyle.

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This book will guide you to a smoother transition and save you thousands of dollars along the way. I’m also willing to bet it saves you weeks (if not months) in preparation, shopping, and time in the market. My goal is to help you make the smoothest (and most profitable) transition possible. You’ll see how to make extra money on the sale and avoid the pitfalls that so many homeowners fall into throughout this difficult process. In this first chapter, I’ll lay out an abbreviated version: the Roadmap. In essence, I want to quickly share with you “the right way” first. This will give you a good overview of the process and help save you time down the road. In a later chapter, I’ll show you the most common mistakes I see home sellers make when trying to sell on their own. In fact, most of those Mistakes are usually violations of the handful of principles we’ll cover in this very first chapter, the 3 P’s. (So if you read nothing else, read this chapter!) But for now, let’s start with the right way to sell your home. If you just focus on these 3 factors, you’ll be far ahead of most people. Traditionally, there were only a few things you could do to sell your house.

Most Real Estate Agents rely on the Old 3 P’s: Put a sign in the yard, Put it in the MLS, and Pray it sold. But that simplistic method of selling will leave your home sale lacking in today’s digital age. You see, we can do so much more now. And buyers expect much more. Also, we’ve never had more data at our fingertips to help make good decisions. It’s important to embrace the new technology we have at our disposal, and to exceed your buyers’ expectations. When it comes to selling a home, most sellers want two things: a Great Price that protects their equity and a Fast Closing so they can move on with their lives. In order to ensure these two goals, we need to consider a few core principles I like to call “The NEW Three P’s of Home Sales:” Price, Presentation, and Promotion. (Just to give credit where it’s due, I learned this 3 P’s concept from Garry Creath & Chris Scott at The Paperless Agent and Creath Partners Real Estate in Austin, TX. It has been a huge advantage for my clients.)

Price

The first and most important piece of the sales puzzle is Pricing it Right. Buyers search for homes by price first, and all other criteria second. Pricing is critical, so being knowledgeable about current market trends is absolutely vital. The strategy of “Testing the Market” by pricing high and then coming down later may actually be dangerous for your equity, not to mention it hurts your ability to close quickly. Most buyers won’t even look at a property they feel is overpriced. Remember, they have access to similar data on what other homes have sold for nearby. Also, when you do start dropping

the price, buyers see a property dropping in price week after week, and they begin to think you’ll keep dropping, even past market value. This strategy often results in low offers, and limited ability to negotiate a higher marketable price. In a normal market, homes that sell, usually sell for 99-97% of the listing price. However, this doesn’t mean we can just list it at any price we want and expect to receive 97% of that price. Notice the most important part of that statistic, “homes that sell…” Not every home will sell, (even in a hot market) and overpricing is one of the main reasons. If we deconstruct that statistic, we can determine at what price we should list your house. So let’s change it to this: Homes that sell, LIST for only 1-3% a y 1-3% above MARKE e MARKET PRICE. Listing in this range will dramatically improve your chances of selling quickly while saving as much equity as possible. More than that, and you’ll risk lower interest, fewer showings, and lower offers. So they key is finding the market price, based on past sales. (This is why consulting a great listing agent can be crucial to your success as a home seller. They’ll be in tune with the current market prices and trends.)

Presentation

Homes for sale must show well to potential buyers, and must be easy to show in order to get the most buyer attention. I partner with local professional home stagers to help organize my clients’ homes and get them showcase ready. Staging your home for sale helps ensure your equity and supports your pricing. An immaculate dwelling is hard for buyers to throw lowball offers at. Presentation supports the Price, so if you’re going to price your home at the top of the market, it better show like the Top-of -Market homes.

Everything from de-cluttering, de-personalizing, organizing, and cleaning all the way to repainting, repairing, and renting furniture & decorations can be considered “Staging.” Your stager can identify the best strategy for your home to make sure it shows the best for the budget you have. Also, make sure to put together a showing schedule for buyers (and their agents) to be able to show your house. It’s important that the home stay in showcase ready condition for each of those showings.

Promotion

When your home goes out across the internet, it needs to be represented in the best possible light. There’s no second chance at a first impression. The purpose of great photography and video is to get buyers’ attention and make them want to see your house in person. I highly recommend getting Magazine Quality Photos as well as a Full HD Video. Acceptable photography isn’t a quick walk around with an iPhone. Your photographer should bring in top of the line professional cameras and multiple lighting options. In fact, plan to have a full “Picture Day” to capture all the still photos and video content. Your home should be shot from multiple angles and we will feature all the amenities that will make buyers fall in love with the house. Cheesy slideshows of bad pictures set to music are a thing of the past. Buyers are now utilizing real video to get a feel for your house, and it often serves to make them feel that the in-person visit is like a second showing, increasing their connection to the space.

Every home should get its own video on YouTube, the world’s 2nd largest search engine, second only to its parent company, Google, which ranks YouTube content very highly. Your home should also be distributed across the various Social Media channels to draw the most attention from the marketplace. But keep in mind, many of these channels really are “Pay-to- Play” and you should have a marketing budget set aside to put your home in front of the masses through paid ads on these platforms. For example, in our team's business, it’s not uncommon for us to promote a property and generate 40,000 to 50,000 impressions across Northwest Arkansas. That means tens of thousands of people see the ad for that property. And as we all know, more potential buyers means more potential offers. Again, all this extra effort results in a protection of equity and a speedy sale. Your home should get the Premium Treatment so that you can sell it for a premium on the open market. POINTS TO REMEMB O REMEMBER: • A home must be Priced right in order to garner the most Buyer interest • With Presentation, the home should be cleaned, de- cluttered, and staged so it shows it's best. • A home must be Promoted to the masses, driving the absolute most Buyer engagement in the shortest time possible.

CHAPTER 2 First Steps to Home Selling o Home Selling

Location! Location! Location! is the most crucial consideration in real estate and a major factor, if not the predominant one, in real estate pricing. Novice (and not-so-novice) home sellers alike must know the considerations that determine a home’s price. Setting the price at which to sell your home is not a simple formula, nor totally mathematical. Many elements factor into the decision. Throughout this book, you will read examples of similar and similarly situated houses that sold for very different prices, along with the reasons for the disparities. A calculated home value is not necessarily what you believe your home is worth. Recognizing this helps avoid overpricing, a major factor that leaves homes unsold. Familiarity with the real estate terms market value, appraisal value, and assessed value can save disappointment and frustration, and allow the home seller to meaningfully engage in setting a home’s listing price. The most used definition of market value is “the most probable price a property should bring in a competitive, open market, under conditions requisite to a fair sale.” Essentially, this is a pre- negotiation opinion of what a house should bring in its local market, i.e., its geographical area, generally an area such as a suburb or neighborhood. Appraisal value is an evaluation of a property’s worth at a given point in time that is performed by a professional appraiser. Appraised value is a crucial factor in loan underwriting and determines how much money may be borrowed and under what 10

terms. A bank won't lend the buyer more than the home appraises for. Assessed value is the amount local or state government has designated for specific property and frequently differs from market value or appraisal value. This assessed value is used as the basis of property tax and when a property tax is levied. The assessed value of real property is not necessarily equal to the property’s market value. Approximately 60% of U.S. properties are assessed higher than their current value.

WHAT IS YOUR HOME WORTH?

The first step in selling your home is knowing the difference between value, worth, and price. Let’s examine the determining factors at work. Understanding those factors allows them to be leveraged. There are several ways a home’s value is derived.

PROFESSIONAL APPRAISAL

Nothing determines the sale price of a piece of real estate but the price at which it sells. Houses are not same-priced identical cans of tuna on the grocery store shelf or shares of stock valued and traded every day on the stock exchange. Real estate appraisal (“property valuation”) is the process of developing a perspective of value for real property. This is the market value — i.e., what a willing, reasonable buyer would pay for the property to a willing, reasonable seller. Real estate transactions generally require appraisals because they happen infrequently and every real property is unique in features and characteristics. An appraisal helps in various decision points. The seller can use the appraisal as a basis for pricing. The buyer can use it as a gauge on which to base an offer. Lenders use appraisals to know how

much money to credit to their borrowers.

The important factors in a house appraisal are:

• Dwelling type (e.g., one-story, two-story, split-level, factory-built) • Features (including design) — materials used and the kind of structure present and how they were built • Improvements made • Comparable sales • Location — type of neighborhood, zoning areas, proximity to other establishments • Age of property • Size • Depreciation Condition, of course, is a crucial factor in valuation. Location is also a factor; however, as property cannot change location, upgrades or improvements to a residential property often can enhance its value. A professional appraiser should be a qualified, disinterested specialist in real estate appraisals, with expertise in our region. His or her job is to determine an estimated value by inspecting the property, reviewing the initial purchase price, and weighing it against recent sales with the same purchase price.

COMPARATIVE MARKE TIVE MARKET ANALYSIS BY A REAL ESTATE PROFESSIONAL

This type of home valuation is free from real estate professionals and more helpful than automated online offerings. It provides detailed information on each house sold in your area over the last six months, along with the final sale price. It also includes

the specifics of all the houses for sale in your area, including the asking price. These homes are your competition. The real estate professional will also answer any questions and help you price your home realistically. Along with an understanding of how the worth of a home is determined, the current market must be considered. By utilizing a professional real estate agent, you can rely on proven expertise to market your home at the best listing price. I will be happy to provide you with a Comparative Market Analysis. Please refer to the last pages of this book if you would like more information on how to price and/or request a free home valuation.

THE SECOND STEP (SELLING YOUR HOME FOR MORE)

Prior discussion showed that there is no calculable certainty in setting the value of a home. There can be wide differences between the seller’s assessed price, the asking or listing price (market value), and the price at which the home sells (sale price). Let’s turn to what the homeowner/seller can do to elicit offers at, or even above, the listing price in a competitive market. The seller’s time, effort, and investment are the most important parts of the process. The seller’s willingness to adequately prepare the home for presentation — and willingness to live in that pristine state for the time it takes to sell the property — will greatly affect both the sale period as well as the price at which the home sells. A market in which homes normally sell in no more than six months of listing is considered balanced or neutral, which means a good number of homeowners are selling and buyers are purchasing; therefore, neither has an upper hand. A variable, for

instance, like a major company entering — or moving from — the area will tip the scale toward homeowners to make a swift market or toward buyers to make a slow market. The typical selling time in a swift market might be 30 days, while that of a slow market may be up to nine months. Typically, any number below four months is considered a seller’s market.

LIVING IN A FISHBOWL

A house on the market requires keeping the home in a constant “show-ready” condition, and changes in day-to-day life are inherent in the process. Sellers get frequent updates by phone, email, and text and showing appointment scheduling messages from the listing agent. They also will likely deal with repair and reconditioning appointments and inspections. There are repeated showings when the home first hits the market. Keep your home in pristine showing condition for impromptu visitors — the perfect prospect might just drop in at dinnertime.

CHILDREN (AND PETS) SHOULD BE UNSEEN, UNHEARD

Children and pets (as much as we love them) are sometimes distractions for potential buyers, affecting their experience of your home. You should plan for your children to be elsewhere and your pets crated or leashed, and no toys lying about or dog hair on the sofa. The dishes should always be done and the kitchen sparkling. The pressure of showing to everyone even mildly interested in looking (not necessarily buying) may come from the idea that the more your home is seen, the more quickly and easily your home will sell. Many real estate agents provide their clients with dozens of homes to consider without a clear picture of what the buyer wants. Low-interest traffic can be heavy and a burden on

the seller’s time, energy, and resources.

Since a showing can take an hour or even hours out of your day, finding an interested buyer is what matters most. The home will be shown to many more uninterested buyers than interested buyers. How many times will you have to show your home? In an ideal world, your property would be shown to serious buyers only. However, many “Sunday afternoon window shoppers” exist in the real estate business. That said, you shouldn’t waste your time trying to appeal to uninterested buyers. This is where planning, organizing, and the professional help of a qualified real estate agent enables you to handle even the most intimidating tasks without wasting efforts.

CHAPTER 3 Pareto's Principle

“Eighty percent of results will come from just twenty percent of the action.” This is the Pareto principle, attributed to Italian economist and philosopher Vilfredo Pareto, who, in 1906, observed an intriguing correlation. He began work on the “80/20 rule” with the observation that 20% of the pea plants in his garden generated 80% of the healthy pea pods. This observation caused him to explore more examples of uneven distribution. He discovered that 80% of the land in Italy was owned by just 20% of the population. He

investigated different industries and found that 80% of production typically came from just 20% of the companies. His findings led to the concept that 80% of results will come from 20% of the action. While it does not always come to be an exact 80/20 ratio, this imbalance is often seen in various business cases: • 20% of sales reps generate 80% of total sales • 20% of customers account for 80% of total profits • 20% of the most reported software bugs cause 80% of software crashes

• 20% of patients account for 80% of healthcare spending

RELATING THE 80/20 R G THE 80/20 RULE TO HOME SELLING

Understanding the 80/20 rule concept can save you time in selling your home. Applying the 80/20 rule, you stop trying to sell people on the entire home. Applying the rule, you can highlight the 20% of your home’s features that make it special. The remaining 80% of your home still

affects the buyer’s decision, so do not neglect it, but in photographs and showings, feature the elements that make your home special. Keep in mind, your selling point won’t be the common features your home shares with the other properties on the market. Instead, use your home’s unique features to grab the attention of buyers who are interested in those distinctive attributes.

THE 80/20 RULE IN ACTION: BUYERS ARE SEARCHING FOR UNIQUE FEATURES

Decide upon, improve, and spotlight the unique features of your home in marketing copy, photographs, and showings. Do not spend much time explaining how the storage room can be converted to another full bath; instead, let the dog-owning prospect know about the fenced-off dog run in

the unusually large backyard. If the home has a certain feature a buyer is specifically looking for, highlighting this aspect in 17

marketing efforts will attract interested buyers willing to pay the asking price. Each house will have its unique features. Here are some suggestions if you aren’t sure of yours: • Hilltop views or high vantage point, offering a spectacular view of the surrounding area • Open fields frequented by wildlife • Unobstructed views of sunrise and sunset • Patios, decks, dog runs, garden areas, and gazebos — highlight items neighboring houses don’t have, or differences in size or quality; that one vital feature could help you sell your home • Location can set a property apart, even in the same area, adding value to a home on a cul-de-sac or corner lot • A private location or lot partially concealed by trees • A unique, shady, or larger backyard; a fenced backyard is a big selling point (If your yard can be fenced but is not, consider making that improvement.) • Finished basement, large attic or garage, swimming pool, or anything else that makes your home stand out Following the 80/20 rule can lessen time showing to people who aren’t interested. Instead, you will be showing your home to buyers who are motivated to make a purchase. You won’t have to show as frequently. You also won’t have to sift through low-ball offers from casual shoppers. Keeping this in mind, you must take the time to uncover your home’s most attractive and unique features and improve them to their highest potential. Compare your house with others in the neighborhood to see what makes yours stand out. Work with that.

CHAPTER 4 Creating Curb Appeal b Appeal

Someone once said, “a stunning first impression is not the same thing as love at first sight. But surely it is an invitation to consider the matter.” This could not be truer than in selling a home. First impressions matter. Sometimes they are everything. Nothing sets the tone of a relationship or encourages a

transaction more than first impressions. So, always consider what a potential homebuyer may think as he or she drives up to your property for the very first time. Think of “curb appeal” as the home seller’s shop window. Like picking a lunch place on a busy avenue in a tourist spot, it’s either the outside presentation, or, as we saw in the 80/20 rule discussion, some particular feature that brings in the customers. For most lunch seekers, it is the way the place looks (“curb appeal”), and to others, the soups and sandwiches they serve (specific desired feature). You do not have a lot of time to establish a curb appeal relationship with a prospective homebuyer. Whether cruising the web to view online photos from across the country, or cruising by your home in the family SUV on a Sunday afternoon outing, home shoppers will decide at a glance whether they want to see more.

“We buy ugly houses” is a sign often seen nailed to electric poles. Rehabbers look for ugly houses so that they can pay the least amount possible (and then flip them for a profit); buyers looking for a home — not a “basement bargain” — do not want an unattractive house. Creating curb appeal is essential to attracting interest in your home. How your home looks from the road is so persuasive that a well-prepared house may catch the attention of buyers who did not find the written description particularly compelling. Likewise, a neglected house can cause a buyer previously excited by the description to cruise right on by. Try this. Go out into your street and look — I mean really look — at your home, and see if you can spot any imperfections. Is it appealing, pristine, and well-kept, or are there necessary repairs that you have been putting off? After you’ve lived in a home for a long while, you’re not likely to examine it objectively. Listen to suggestions from real estate experts, your friends and/ or potential home buyers about how you can make your house show better. Then, take a drive around your neighborhood and surrounding area and see which homes for sale appeal to you and note why. Well-tended houses with trimmed bushes, groomed lawns, attractive landscaping, and a “grand entrance” (discussed shortly) will be more impressive than homes with an unkempt walkway, uncut grass, and a paint-peeling front door. The outside appearance of a property needs to be an invitation to come inside. Potential homebuyers are drawn to welcoming entries and uncluttered yards. They are unlikely to be attracted to a home with dead shrubbery and a weather-worn exterior. It is no stretch to think a buyer will believe the home is neglected on the inside as well.

Look at your home as a prospect would. Drive up to the curb and take inventory of everything that needs attention. Low-cost investments like power washing the house and concrete, repainting trim, and adding landscaping give your house more curb appeal. Simple improvements like weeding, trimming, and window washing can improve the appearance of a home with little to no expense. Repairing and repainting your home can cost more money, but often those upgrades are reflected in the eventual sales price of your home. The goal here is to get more money for your home. Homebuyers generally aren’t interested in a home that needs work, unless you want to sell below market value. Look around your yard, and make a written list of everything that could be improved: • Shrubs trimmed, flower gardens tended, walkways tidy, and beds weeded • No trash, trash cans, lawn clippings, branches, or general mess in the yard • All outside fixtures and components (door and yard lights, garage door, porch rails); functioning properly and looking their best • Outdoor features, such as patio furniture or the deck, updated with staining or painting Make all major and minor improvements to update the exterior of your property. There might be a long list of things to do. It takes hard work to get a home ready to sell. Anyone can put a house on the market, but not everyone sells quickly or with great profits. Then, await the prospective buyers who will be drawn to the inside of your home when they see how beautiful it is from your 22

curb!

CREATING A GRAND ENTR AND ENTRANCE

As I mentioned earlier, an important part of curb appeal is the home’s “grand entrance” — the portal to even the most modest house. You want to create a sense of a great place to come home to. Impressing the home shopper at the front door is a vital part of the home sale. This means more than putting out a welcome mat and potted plants. You want prospective buyers to feel welcome, safe, and secure when they open the door. The doorknob is the first point-of-touch on a home. Security is important to homebuyers. A flimsy lock or handle on the front door will make potential homebuyers uncomfortable, and they may not even know why. Replace a worn or loose entry handset. Consider replacing the door handle with a heavy-duty deadbolt and knob combination. This investment of less than $100 will make your home more visibly and practically secure, and everyone wants to be secure in their home. The front door is a focal point; make it impressive. Freshen it up and add a dash of color. Choose a paint that complements the color of your home.

SOME OTHER CONSIDERATIONS IN CREATING GREAT CURB AP T CURB APPEAL: EAL:

• Symmetry appeals to the eye and is easy to accomplish. Lopsided landscaping or unevenly trimmed bushes will detract from the curb appeal; the overall appearance of the home needs balance. • The mailbox should complement your home. If it is worn,

dated, or unsightly, replace it. This doesn’t cost much and is worthwhile. • Use outdoor lighting to add to landscaping appeal as well as a perceived safety feature. • Use flower boxes and raised flower beds to add instant color. This is an easy, inexpensive way to enhance curb appeal. • Spruce up the landscaping. Eliminating weeds and adding fresh mulch can really make a difference and shows homeowner care and maintenance. • Consider enhancing architectural appeal by adding molding to the tops and sides of the doorway or around windows. • Keep shutters and trim in excellent shape. Repainting them adds to the attractiveness. Fence gates, arbors, and fencing panels should be clean and fresh. • Clean downspouts and gutters. Repaint or touch up to eliminate rust spots. • Ensure the walkway to the front door is clear and approachable. Stacked hoses and unruly landscaping interfere with home shoppers walking up and diminish the inviting look. • Add a “smart” doorbell. Eight of 10 home doorbells are outdated or not working, so if you invest $200 in a doorbell equipped with a camera and speaker, you will gain the approval of home shoppers who are looking for security measures. • Try a fresh coat of exterior paint; faded or chipping paint, siding, or trim will always detract from curb appeal. If exterior paint is good, ensure door and window trim are, too. This simple upgrade is well worth the cost.

• Power washing the house, walkways, and driveway can be almost as effective as repainting, at a much lower cost. (The LoneRock Team even includes this service in some of our listing packages, at no upfront cost.) Curb appeal is one of the most essential elements in selling your home quickly and successfully. You can create interest in your home before buyers even step out of the car, even if they didn’t think they were looking for a home like yours. If you put money into cleaning up the outside of your home, buyers will be far more likely to want to see the inside. Your home’s curb appeal draws buyers in, maintains their interest, and sets your home apart from the competition. Remember that unless you are willing to lower your home’s price well below market value, prospective homebuyers typically won’t want to take on a major renovation project.

CHAPTER 5 Staging with Purpose

I've had homes sell for 10% above what the neighborhood averages would have originally indicated! Believe it or not, this happens more often than people realize. What would that be on your house? $25,000? $40,000?

But How, Colley? How is that possible?

The answer is simple: Staging!

Staging is the act of sprucing up and setting up a home's interior to make it as visually appealing as possible to a prospective buyer. Creating an appealing home — one that potential buyers can envision themselves living in — is the best investment in the sales effort. Sellers often fail to take full advantage in this regard, as it takes considerable time and work. However, the payoff is proven. 26

Staging is considered one of the most effective marketing strategies to increase the value of your home. (The LoneRock Team even includes a Whole Home Staging service in our Premium listing package, at no upfront cost.) This strategy is effective in any market, in any type of home property being listed. It applies equally to single-family houses, apartments, townhouses, and condos. This approach works! Agents and sellers using this tactic have a greater chance of selling the property for more money.

Staging the home will:

• Distinguish it from the competition • Attract top dollar from homebuyers • Provide a visual edge over the competition

STAGED VS. NON-STAGED CASE STUDY & REPORT

Dear Reader, I wanted to give you the most convincing proof possible. Many people find it hard to believe the simple act of staging helps one home sell for more than another similar home. In my research, I looked for examples of similar houses being sold for differing amounts of money, where only one of the two houses were staged.

The clearest example I could find was in these two listings.

The development called Stokenbury Farms in Elkins has about 200 equivalent homes.

Almost every home in the neighborhood is 1 story, with 3 bedrooms and 2 bathrooms. They all have very similar floor plans with similar square footage. They were all built within the same 2 year period, and all by the same builder. I looked for sales there and found these 2 homes of the exact same floorplan, just 6 houses down the street from each other: • Home A: sold on May 4, 2022 a y 4, 2022 at $267,000. t $267,000. • Home B: sold on May 11th, at $235,000, t t $235,000, that's $32,000 t's $32,000 LESS (after languishing on the market for 75 days). THAT'S A DIFFERENCE OF 13%!!! F 13%!!! (More than double their agents' commissions) I have personally sold several homes in this neighborhood, and I am familiar with these properties. You could not find a better example of two nearly identical properties that sold for different prices. The details show these two homes are similar in every substantial way: • The lots the units sit on are basically identical, as far as the desirableness of the location. • Both units had Luxury Vinyl Plank floors in the kitchens and living rooms, and both had carpeted bedrooms. • They were the EXACT SAME Floorplan with exactly the same square footage. Every important detail of these two homes was near identical. I studied every aspect of these sales to find what made the difference. There are two reasons one home sold for $32,000 more than the other:

• Home A was meticulously staged, giving it a more appealing appearance inside and out. • The agent selling Home A took higher quality, more attractive photos of the home. Those two seemingly small actions made such a difference, it resulted in a 13% Higher Sale Price! The buyers of home A made a higher offer because the agent presented the home in a more appealing and attractive way.

THE POWER OF STAGING WHEN SELLING A HOME

Consider these results from surveys conducted by Coldwell Banker and the National Association of Realtors®: • Staged homes spent 50% less time on the market than homes that were not staged. • Staged homes sold for more than 6% above asking price. • A staging investment of 1% to 3% of asking price generates an ROI of between 8% and 10%. • Homes staged prior to listing sold 79% faster than homes staged after listing.

WHAT DO BUYERS WANT TO SEE?

Most home shoppers are envisioning a fresh start. If they can picture themselves living in the home, the home will be easier to sell. This is known as “interior curb appeal,” where the eyes are drawn to inviting spaces and light, as well as to unique features. Each room needs a purpose or suggested use. The home must feel new to reflect ease of upkeep. The goal is to create a clean, simple, and contemporary feel. Painting, updating fixtures, and eliminating stained carpets and popcorn ceilings can affect the salability of the home by 75%!

NEUTRALIZE FOR VISUAL APPEAL

The idea is to neutralize the home regarding personal taste or decoration, so buyers can easily envision the home as it would be outfitted in their taste or with their possessions without the distractions of the seller’s taste and possessions. In staging, distractions are removed so the home shopper can imagine living in each space of the house. An effective way to achieve this is to paint all rooms in a neutral color. A wide range of neutrals is available, from soft grays to warm beiges. Painting the interior gives newness and freshness and can make the home appear more spacious. Using the same color in visibly adjacent rooms gives the house a seamless look and uninterrupted flow. Changing your window coverings to match the walls can also create an illusion of more space. Dark or bold wall colors can dampen interest in a home if used in large spaces; however, they can occasionally be used effectively as accent colors.

FOCUS ON FURNITURE: LESS IS MORE

In staging, a visibly inviting space is created so that the home shopper can envision or imagine life in that space. Minimization is the key. If the seller’s personal taste and style are showcased while the home is on the market, it may be a sale distraction. Preparing for moving is part and parcel of selling a home; it might as well be done at this stage of the process, to enhance the property’s saleability. Shortly, we will examine depersonalizing the home, a key step. First, however, we must examine the concept of creating space by minimizing furniture.

Buyers are attracted to homes flooded with light and roominess. They are equally put off by cramped homes filled with unnavigable spaces. Home shoppers want to walk through a house without obstacles in the way. Space and storage are high on the list of buyers’ desires, so every area of the home should feel spacious. Remove all unnecessary furniture from living spaces. Store it while the home is marketed. Closets, pantries, and storage rooms must be free of clutter and look organized. Pruning back unnecessary items can create interest by showcasing space and storage in areas such as closets, attics or basements. Furniture placement is an easy way to highlight unique house features. A grouping of chairs in front of a fireplace will draw attention to it. Avoid pushing furniture close to the walls. Reposition easy chairs into floating group spaces. Every room must be staged to show function. An empty room used for overflow of boxes, possessions, or unwanted items should be transformed into a usable, desirable space. Clean it out and create an office space with a desk and chair, or a reading room with a lamp and recliner. Exercise equipment might be arranged to feature it as a workout room. Every room should have a purpose and be user-friendly. Make your home’s traffic flow smoothly, so buyers can browse each room without effort.

EMOTIONAL CUES AL CUES

Once every room has a purpose, creating atmosphere is crucial to make the home desirable. Decorative touches of greenery, flowers, and coffee table books give life to a room. Creatively hung wall art can do the same. A bedroom that has one bed with one pillow and blanket may make the room seem bare and lonely. By adding a table with a lamp and a rocking chair draped with a lap robe, you heighten its appeal. Be sure to add elements of

the same color, shape, or texture to unify the room. Any splashes of color should appear in wall art or any place you want to draw attention. Learn to strike a balance between staging and living in your home. You can even seasonally decorate your home without dashing its appeal. The main goal is to keep your home clean and free of clutter that distracts would-be buyers. Even simple things can make a big impact on the final sale price of a home. You have two options for staging a home: do it yourself, or hire a professional home stager. If you are considering hiring someone, I can provide recommendations. And again, we can even provide Whole Home Staging at no upfront cost to you.

TO STAY OR NOT TO STAY?

Home sellers often ask whether they should stay in their home while it is on the market, or move out. There are pros and cons to both and factors that can tip the scale to one side.

Pros of Moving Out

If the seller has engaged a real estate agent, the burden of showing a vacant home is virtually eliminated. The agent will field all calls, set appointments, and show the home. Buyers’ real estate agents are also more likely to want to show vacant homes. If agents have 20 home options and 15 are occupied, they may well show the vacant homes out of convenience. They don’t have to call and make an appointment and can simply go over and use the lockbox. Further, the continual pressure to keep daily life from affecting the home’s pristine staging presentation is eliminated. The seller is not under constant pressure to keep the home in immaculate

showing condition. If you’re someone who might struggle to keep your home in turnkey condition for showing purposes — for example, if you have young children — consider vacating before putting the home on the market.

Cons of Moving Out

A vacant home can signal that the homeowner is a “motivated seller” who needs to sell quickly. Consider this example found on an online real estate forum. A buyer saw that a home was vacant and offered $30,000 less than the asking price. The buyer was sold on the home anyway and would have paid more, but “haggling” began well below asking price because the buyer assumed the owner was desperate to sell. Another major con of moving out early is the financial aspects of finding your next place before closing on the current home. Not all homeowners are able to buy the second house first, as holding two mortgages may be too much of a strain on the pocketbook. However, there are options such as bridge loans that may be able to help lighten the load.

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