If you’re thinking of selling your Chicago loft then there are a few things you need to be aware of prior to listing your home for sale. Your lofty abode is unique. You didn’t buy cookie cutter and neither is the next buyer of your home. Therefore, you shouldn’t market your home like every other one. Listing lofts for sale is about 90% similar to listing any other residential property type. It’s the 10% difference that gets your place noticed. All listings must A.) be priced competitively and B.) show very well, no exceptions. Lofts buyers however are a little different than your typical condo/apartment purchaser. They respond a little more to the emotional pull of the space. Loft buyers want beautiful, dramatic spaces to call home. It’s an extension of their personality. In order to capture that feeling up front, you have to reel them in with the two most critical elements that you can control: pictures and description. The pictures are the most important element. It’s always the first thing people go to on-line so if they don’t look good then you won’t even be lucky enough for them to get to your description. Loft photos should feature the key elements loft buyers look for: wide open space, large windows, exposed elements such as brick or timber, even a shot of the gleaming hardwoods. Sex sells, it’s no different than selling jeans. Sexy photos that lure a buyer in will produce interest. In many cases we’ve opted to skip bathroom or guest bed shots in order to fit in a few more “key element” shots. FYI – this should always been done by an experienced photographer who specializes in real estate. Your 8megapixel Android, however sweet, is not the answer;) The description is next in line of importance. Since you can’t be there to speak for the home prior to a showing, your description becomes your voice. The same applies here – key element features should be packed in here. Words and phrases like exposed brick, timber columns, exposed ductwork, 12ft ceilings, huge windows, and so on immediately identify the space as unique and creative which the buyer is looking for. These words are also big time emotional sparks for the property. I’ve been helping people buy and sell for over 11yrs now and I can tell you this – it’s impossible to sell someone a home. The home has and always will speak for itself. If it sings to them, they will listen. What song is your home playing? As always, if you have questions or need some help just give us a call.
Selling your Chicago loft or condo in any market takes a lot of work. Today’s market presents challenges not seen in decades. Yes, you will likely take less for your place than what you expected just a year or two ago. No, if you wait until next year the price will not be more. Given the current elixir of job confidence- or lack thereof, existing inventory, number of sellers who have wanted to sell in the past 2 years but are waiting for a “better” market, and sheer number of distressed properties, it’s likely going to be some time before we see consistent appreciation. It’s been said in real estate that you make money buying, not selling. It’s true. When you’re ready to sell and/or need to sell, the market is what it is. One property or seller can not change the momentum of the market. So… what can you do to influence your sales price to the best of your ability?
1.) You MUST be priced competitively. Keep an eye out for a blog I’m putting out next on overpricing – it says it all. Price is always the first criteria every buyer starts with. If you miss the boat here, you’re swimming.
2.) Your loft MUST show like model. You get one shot once buyers cross the threshold into your home. It’s imperative you do everything in your power to make it count.
Other items that should be discussed with your Realtor…
Expect to spend money before you go to market. $300 in handyman work + $700 in paint can significantly reduce market time and often yield that much and more in sales price.
Look for the 3-4 most directly competing properties on the market. Then go over every aspect of each. Next, identify strategies on how to position your property against the others. This IS your buyer’s experience.
Go through comparable listings that have CLOSED in detail. What’s on the market is your competition but when it comes time to negotiate an offer or to meet an appraiser, this is what they will zero in on.
Home Staging: do you need a home makeover?
De-clutter everywhere. Think open, light, and airy. Getting the “extra’s” out is half the battle in showing preparedness.
Curb appeal rocks. I’m talking to you condo owners. Get on it! If your common area looks less than desirable- then so does your entire home.
Best of luck and of course contact me anytime I can help!