Home Selling Lessons From The Golf Course

Posted by Joe Manausa on Monday, August 2nd, 2010 at 11:25am.

Home Selling Lessons: When selling a home, you are competing against the field of others who also wish to sell their home, so avoid stupid mistakes!

I have found that there are many home selling lessons that can be learned on the golf course. This weekend my good friend, Ron Rice, was in town to participate with me in a golf tournament at Golden Eagle Country Club. He and I like to compete in tournaments, and through the years we have discovered that though we are not necessarily that good of players, we seldom make mental errors in tournaments.

Our favorite quote that we use to remind ourselves about the importance of the "mental" game comes from the late, great John Wayne:

Life is tough, but it's tougher when you're stupid.

- John Wayne (via Woody Simmons)

When selling a home, you are competing against the field of others who also wish to sell their home. There is plenty of information available to help a home seller make the correct decisions, yet sometimes this information is ignored and poor choices are made.

I always try to remind myself that there is a significant difference between ignorance and stupidity. If somebody is unaware of current housing market conditions or of the fact that the internet provides all of the research channels necessary to obtain information on what to do, then we say that person is ignorant.

However, if they know all of this information exists, and they are aware of the challenges of the current market (like the fact that 60% of the homes listed failed to sell last year), then we should be concerned that they are making a stupid mistake.

Home Selling Lesson #1: Avoid Stupid Mistakes

The two biggest mistakes that I see from home sellers is their choice of real estate company and how they choose the asking price for their home. Of course, if they make the wise choice on the former, it will be easy to correctly handle the latter.

  • How To Choose The Best Real Estate Company -Of the two, this is the most important home selling lesson. NAR reports that over 65% of homeowners choose to hire the first agent that they interview, without any significant research into the effectiveness of the agent or the company. Thus, an agent who looks and sounds good is often hired without any knowledge of their ability to successfully market and sell the home. A homeowner would be prudent to determine the strongest web candidate in an industry that finds 94% of buyers through the internet. The company with the strongest local web presence will most likely be the one that can best expose a home to potential buyers in the market.
  • How To Determine The Best Asking Price For Your Home - This one is market dependent. If home values are dropping (as is the current case in Tallahassee), one has to be priced ahead of the competition. Knowing who the competition is and where they are currently priced is the primary responsibility of the real estate company hired to sell the house. Following the pricing guidance is the difficult task of the home seller. Too often, home sellers think about their own needs, rather than focus on the needs of the prospective buyers in the market.

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Joe Manausa, MBA is a 26 year veteran of real estate brokerage in Tallahassee, Florida and has owned and managed his own company since 1992. He is a daily blogger with content that focuses on real estate analytics and providing his clients with a tactical advantage in today's challenging market.

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