Now That You Have a Vision and a Plan, What’s Next?
Step 4 of the Total Real Estate Experience is the Launch! This is where we start implementing – and checking off – the steps in our action plan. Whether buying or selling, the first order of business will be to vet this plan with the client’s team of advisors. Your financial advisor – who we see as the CFO of your live – and estate planning attorney will want to know well before we’ve entered into escrow that buying or selling is on the horizon. This will ensure that the steps we are taking aren’t in conflict with plans and strategies previously put into place. It will also reduce the stress that can surface when these things are left to the last minute…like during escrow.
The CPA should also be consulted about any possible tax consequences. And if our clients don’t have a team or are missing certain advisors, we are happy to make introductions to those we have come to know and trust over the years.
Once the plan has been approved by the client’s advisors, we can move on to addressing the properties in question. In the case of selling a home, the pre-market preparations start with our team ordering and supervising various inspections. The three basic ones are the physical, termite and sewer lateral/septic inspections. We do this both to save our clients money as well as to reduce stress during escrow. Because there is much to say about this strategy and limited space here, we are happy to discuss it with you either by phone or in person, so please don’t hesitate to give us a call.
After reviewing the physical inspection and the inspector’s recommendations with our clients, we determine which additional health/safety and defect items should be addressed prior to coming on the market. These additional inspections and/or bids will also provide us with the information needed to create a budget for these repairs. And lastly, if we think a partial or full staging would enhance the marketability and/or salability of the home, we will procure a bid for that as well. We then log all of these costs into a budget so that our clients can make an informed decision about which items they are willing to move forward with. If a client will be living in their home during its marketing, our stager and I can also provide a staging plan that helps the client start the packing process by culling certain areas of the house and replacing or adding certain pieces of furniture to enhance the marketability of the home.
Once all the recommended repairs and improvements have been made and the staging has been completed, we schedule the photographer and professional ad copy writer to preview the home and create the basis of our marketing collateral. Because first impressions are everything, professional photographs, videos, a 3D Tour and compelling ad copy are essential. Our team and digital platforms create beautiful and innovative marketing material that provide an impactful first impression and inspiring experience for prospective buyers. And most importantly, it results in a robust number of showings right off the bat followed by the ultimate goal: one, if not more, acceptable offers.
When our clients are only purchasing a home, the process still starts off in the same way by consulting with their team of advisors. The financial advisor (FA) will look at this purchase with a wider lens, taking into consideration goals and objectives previously established by the clients and their team. The FA will advise on the best way to finance the purchase, i.e. all cash or a combination of cash and conventional or asset portfolio loan. In other cases, more complex financing strategies may be needed to meet the clients’ objectives.
The FA, CPA and insurance broker will also review the property taxes and insurance and discuss with our client the impact of these expenses on the clients’ annual budget and longer term cash flow projections. The estate planning attorney should also be consulted, and, depending on the client’s objectives, additional planning may be required to determine the best way of holding title. I will also explain what’s happening in our local market and prepare buyers for what to expect in a multiple offer situation. The good news is that once our clients have gone through our Visioning process, it becomes much easier for them to make timely and clear choices about whether a house is right for them or not….especially when they may feel the pressure that can surface when multiple buyers are interested in the same property.
And once the FA and/or lender are prepared to issue a verification of funds for the cash or down payment along with a pre-approval letter for the loan, then we can start looking at homes and making an offer!
In our experience, planning and preparation are the keys to effectively launching a successful and satisfying home buying and/or selling experience.