Selling real estate: Is it an art or a science?
A real estate agent lists a home for sale and then markets the home so that it sells fast and for the highest possible price.
Is that process an art or a science? Let's look at some parts of that process:
A home is listed in the local multiple listing service (MLS) and displayed on Realtor.com, Zillow, Trulia and other major real estate website directories (science).
Beautiful house photos and compelling property descriptions are created to show and tell how attractive and appealing the property is (art).
A comparable market analysis (CMA) of actives, pendings and solds, using analytical software, is compiled and presented to the sellers to determine price range and listing price (science).
An agent might visit the property's most comparable competition to confirm price, compare value and analyze emotions based upon physical observation (art).
A home's list price might be determined by a review of active, pending and sold properties for the past 12 months, all of which have similar square feet, layout, number of bedrooms, baths and additional rooms (science).
Adding to the above, the price determination might be further modified to take into account additional property attributes - condition, appliances, lighting, flooring, painting, decorating, furnishings, special features, and the view (art).
A luxury $2 million plantation home with a boat slip and view of the marina, Intracoastal Waterway, sunrise and sunset might be marketed the same way as a $400,000 plantation home with a golf and wooded view (science).
In the above example, conventional real estate marketing can be supplemented by "outside-the-box" advertising and marketing to reach additional specific markets and potential buyers (art).
I believe that selling real estate is both an art and a science, and more of an art when a home is very unique and has many special features. While there are very effective software programs that can help price and market a property, buying a home is emotional.
How many times have you said or heard "I love this home" or "I don't like this home"? That's where "art" comes in - making a home as attractive and appealing as possible, and creatively expanding the market to showcase the property to more potential ready and willing buyers.
Larry Stoller is a broker and Realtor with Real Estate Five of the Lowcountry. Larry@RealEstateFive.com or www.RealEstateFive.com