b-LOG: The 100 Concept
We’re big fans of general concepts and noticeable consistencies in this business of real estate sales. After having sold many hundreds of homes over the years we have been able to witness trends and almost predictable reactions both from sellers and buyers alike.
Our experience has allowed us to grow a pretty reliable gut instinct on what works and what doesn’t. Should we replace that light? Should we paint that room? Should we leave the broken closet door as is? What about the pool that hasn’t been opened in 3 years? Or the nice fridge and stove that you want to pull out of the kitchen?
Here is where “The 100” Concept comes in.
If we brought 100 people to look at your home, how many of those 100 would pass on your home because of a particular factor or feature (or lack thereof).
Looking at the pool example closer, if a pool would eliminate 60 of the 100 right off the top, the neglected & forgotten pool will be viewed as a financial liability that may eliminate another 30 or more. The result is that pool may cost you over 90% of the potential buying public.
What if your home is well updated and situated in a great location but has 30 year old wallpaper through much of the living area. How many of the 100 would be lost due to the wall paper is near impossible to say but if the goal is to appeal to as many of the 100 as possible, it’s a fair statement that removing that wall paper and neutralizing the décor will only help.
This is one reason why home staging has taken off like it has. The goal is to really move the needle towards the middle and make the home appeal to as many of those 100 buyers as much as possible. Does it sometimes produce a home that feels sterile or boring? Perhaps yes but the key is to present a home that is stylish yet straight forward enough to appeal to the likely buyer that is in the market.
And sometimes there are factors that will reduce the 100 that you can not control. A perfect example is a home backing onto a cemetery or hydro line run. You will get people that will simply not buy a home that backs onto either. For example, a beautiful home with incredible updates will appeal to 90 out of “The 100” however that group of 90 may become 9 when the home is directly backing onto a large hydro tower.
So, when selling a home, make sure you look at the items in your control and strategize how to appeal to as many of “The 100” as possible.
To come up with a plan for your property, please feel free to contact us at anytime!
Thank-you for visiting.