Family Law Attorney Newsletter / JUL 2020
For a divorcing couple, the protocol for selling a marital residence can be summed up in the 5 P’s: Preparation, Product Merchandising, Personal Property, Pricing and Problem Solving. Please share these tips with your clients faced with selling their home so that they can realize top-dollar and feel empowered in the process.
MICHAEL SHAPOT, ESQ.
All properties should be presented to prospective buyers in their best possible light. This always includes a deep cleaning, minor repairs, touch ups and edits. Just as you wouldn't sell a car without detailing it, a property must also be “detailed” to be sold. Remember… the cost of proper home preparation is always less than the first price reduction.
A residence about to come on the market is no longer a home; it is a product to be merchandised. The overall aesthetic should be universally inviting to create a tasteful space that people can imagine as being their home. A certified stager should be consulted for professional opinions and recommendations.
A home typically needs to be de-cluttered, with personal and sentimental items removed or stored elsewhere. It may be advisable to work with a professional organizer to assist with the logistics and the details. Note that a home should not scream or even whisper "divorce"; this raises a red flag proclaiming desperation. The process may entail packing, professional moving, storage, and pick-up and drop off to various locations.
Once a property is market-ready, fine tuning its price is the next order of business,taking into consideration current market circumstances and any special challenges. Pricing requires strategic and high-level thinking from a real-estateagent. Pricing includes the analysis of comparable sales and also accounts for the value added by killer marketing, top-notch photos, compelling web copy and modern video content. Finally, an agent needs to demonstrate salesmanship and negotiating ability to earn top-dollar for a property. It is vital that your agent demonstrates these critical qualities and a deep understanding of the power of marketing… if they don’t, money will be left on the table.
Marketing and selling the marital home as part of a divorce is highly emotional, stressful and challenging. Making decisions may seem overwhelming, especially if the couple isn't communicating well or is unable to reach an agreement on key issues. As Real Estate Certified Divorce Specialists (CDS™), we are particularly attuned to the difficulties faced by divorcing couples, and we help them make smart choices to confidently move forward.
If you have any questions, or would like a personal consultation, please contact us.