The Home Selling Trifecta
Three Things You Must Do In Order To Sell Your Home
By Audra Slinkey

Have you ever been to a horse race?  If you have, then you know that when you bet on a "Trifecta" you are betting on the exact horses to win first, second and third.  It's no surprise that this is a very difficult to bet to make, but when executed correctly can reap huge financial rewards in the quick and most profitable sell possible for your home.

Selling a home in this economic climate is really no different!  The "Home Selling Trifecta" when executed correctly is the only way to compete and sell in a market with very few buyers which will in turn, reap it's own rewards.  What is the Home Selling Trifecta?  Similar to horse racing, it's three things, in exact order to reap huge rewards.  Here is your Home Selling Trifecta bet:

First Place - Hire a Professional Home Stager to Completely Stage Your Home
If you skimp on this, the seller who does follow this formula will win and get your buyer, while your home languishes on the market.  Hiring a professional home stager is the least expensive thing you can do to sell your home but it is also the most important because it affects the other actions your agent is working on.  You need objective, expert advice not your own biased opinion when it comes to your home.  Staging is an art form similar to decorating and most people (including your agent) do not have this kind of expertise that can transform each room of your home into a show home using just what you have!  The more you spend on this "First Place" winner, the better your return, so budget at least 1% the value of your home for this and make sure to use an expert home stager.

Second Place - Hire a Great Agent Who Pays for a Professional Photographer, Enhanced Realtor.com Listings, Glossy Colored Brochures and Great Signage What good is a gorgeously staged home if no one knows about it?  You need an agent who knows how to market your home to the public in the best way possible.  Make sure the agent you choose pays for a professional photographer to photograph your beautifully staged home, as well as lists those many photos in a Featured Tour and Video by having "enhanced listings" on Realtor.com.  Realtor.com is by far the most trafficked real estate website and agents can pay extra (a small yearly subscription) to have their listings highlighted and be able to display more than just 4 photos.  It's no surprise that 90% of buyers are online first and the enhanced, multiple photo listings get the most clicks!*

I had an agent tell a seller that bringing in a professional photographer was "quite expensive" but "for their home, he grudgingly would do it."  The seller's home was over 900K (a 27K commission to the agent) and the cost for professional photography was $150.00!  If your agent does not do this minimal amount, then choose one who does because they are clearly not an expert at marketing your home.  Some very smart agents will even pay for the initial staging consultation, so remember that not all agents are the same and choose one who invests in the sale of your home along with you!

Third Place - Price Your Home Competitively
A good agent will review the comparables, as well as what is currently on the market (your competition) and tell you what is a good price that will bring traffic and offers.  I recommend doing a bit of your own research and going to www.realtor.com and looking up the competition in your area to see what stacks up in your price range.  You can also click on the "View Sold Homes" link at the left hand side of your search to see what has sold in your area and for what price.  Another great website for getting comparables is Zillow.

When all these bets are placed in the exact order, you win!  Do you know what a "show bet" is?  It's where you bet on one horse to place first, second or third and needless to say, you usually don't even make money on the bet but lose depending on the odds. 

Unfortunately in this marketplace, foreclosures and short sales are "show bets" because they are strictly relying on third place for their home, so the price is lower than if they worked on second and first place.  Don't be a "show bet" and rely solely on a low price for your home because ultimately you lose out!

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*According to the NAR Profile of Home Buyers and Sellers 2009