Selling a home in the Lake Minnetonka area isn’t any different than selling a home anywhere. If it’s on the lake there are more nuances, but in general the success or failure of selling comes down to three things; price, location, and condition. The more alignment there is between these three the more successful you will be. Two of the three still will yield a solid result. One of the three and it will be a long sale process.
Talk to your realtor. Be candid with them and expect them to be candid with you. Communication is the single most important element of a successful transaction. Always. If you elect to ask your realtor for referrals, ask those people if the agent was a strong communicator. If the answer is yes you’re in business. If the answer is no seller beware, no matter what the agent says.
Here are a few other things to consider when you’re getting ready to sell a home in or on Lake Minnetonka.
#1 Choose a listing agent
Check out this guide about Choosing a Realtor in the Lake Minnetonka area. Don’t be fooled by the notion that you need an agent who’s got name recognition on the lake. What you need is an agent who knows how to successfully sell homes in the upper bracket, who knows the lake, and who is well-networked.
A majority of the homes sold on Lake Minnetonka trade off-market and also trade to buyers from across the metro and from outside Minnesota. Being locally networked around Lake Minnetonka is great, being networked across Minnesota, nationally across the U.S. and internationally around the world is even more beneficial.
#2 Determine a list price
Your Realtor is the expert so do yourself a favor and trust them. They’ll present you with comps and other relevant data in order to arrive at a recommended list price. You may also discuss different approaches based on the marketing plans. If you want to attempt to sell “off-market” you may approach your list price differently than if you’re going straight to MLS.
A good realtor is going to ask you about your selling motivation. What matters to you first? Is it time (as in speed), convenience (as in make it easy) or price (I want every last dollar). Keep in mind you can’t have all three. Unfortunately, they do not align that way. Understanding your motivation is key to pricing your home.
Finally, understand your carrying costs. Mortgage payments are due the 1st – 5th of each month. Then you pay for any lawn service. And utilities. And docks/pool service. These costs come at all separate times of the month. So, while your mortgage may be $4,800/month, your true costs monthly may be $7,900. Knowing this and factoring it into how you price your home for sale is critical. Misplay this and you’ll cost yourself significant money. Sometimes in the hundreds of thousands!
#3 Discuss and align on the marketing plan
What is the marketing plan? Open houses, broker opens, invite only opens? What assets will be collected and used? Drone video, professional photography, video tours, professional measuring? When will this take place?
Simply put, a good agent will give you a calendar and schedule for all things related to the sale of your home. You should NEVER wonder what is happening and when. You, the client, being informed at all stages is critical to a great experience.
#4 Preparing your house for sale
Check out TI’s article about Staging your Lake Minnetonka home. A good agent will pay for a staging consultation. This is when a professional stager will come in and walk through your home, take notes, and provide guidance on how best to curate your home for the buyer pool.
Just like your realtor is the expert on buying and selling homes, the Stager is the expert on how best to present your home in a compelling manner for the masses. Follow the stager’s advice. Following it, combined with your realtors’ marketing and pricing strategy, will get you the best sale result in the shortest time possible with as little inconvenience as necessary.
#5 Get ready for showings
Make sure the house looks great prior to all showings. Here are five steps to follow in preparation for showings.
- Vacuum all carpets throughout the home.
- Turn on all lights even if it is a sunny day. The more light the better.
- Open all blinds to allow natural light in.
- Make sure everything is clean and orderly (no dishes in sink, bathroom counters picked-up).
- Make sure all pets are caged in a non-common area (so not in the kitchen, in the mud or laundry room is OK) or out of the house.
#6 Negotiate
When an offer is received your agent will discuss options with you revolving around three primary paths; accept, counter, decline without a counter.
As a general rule of thumb your best offer is your first. It may be great; it may not be what you hoped for. Your agent has no control over what someone offers but a good agent can get to the root of why the offer is what it is, and then advise you on opportunities to find common ground.
If you come to terms you’re headed towards closing. If you don’t then your realtor will discuss how best to move forward and together you’ll continue to work on the plan with a goal of realizing a sale that brings you the result you desire.
#7 Closing Time
Closing day. Congratulations! Make sure your house is clean and ready for the new owners. Hand it off the way you would hope to receive it if you were buying it.
You may choose to pre-sign or sign the day of. Your agent can walk you through the benefits of both.
Consider meeting your home’s new owners and walking them through how things work. They will appreciate it forever.
Finally, if you were happy with your agent and the work they did for you be sure to refer them. They’ll be forever indebted to you for recommending them. It’s the nicest compliment a realtor can receive.