In business before buying, you direct your Purchasing Department to provide you with product and cost comparisons then based on the best and most complete intelligence, you move pro-actively confident that you can negotiate the very best deal. When selling, the Sales and Marketing Department provides you with competitive information and creates a coordinated campaign that will ensure the successful sale of your product.
When buying a home, think of yourself as the Director of Purchasing. Create a list of the elements which are mandatory and those on your “wish list” which you would like to have included – it is not a bad idea for you and your partner to make separate lists then compare notes, you will find many similarities but there may be a few important surprises!
Once you have completed the profile of your “new” home you need to hire and contract with a Buyer Representative whose responsibility it will be to identify a selection of appropriate homes. Because there evolves a close working relationship, your choice of representation may be critical to the success of your search. When interviewing prospective representatives, be sure that the chemistry is right and that there is a clear understanding of the goals you have set.
When selling, think of yourself as the Product Manager, your home as “the product” and your representative as the Sales and Marketing Department. In order to ensure the successful sell-through of “the product”, both parties have responsibilities. As Product Manager, you need to ensure that your home is attractively packaged and price-pointed correctly so that the Sales and Marketing Department can fulfill its mandate to mount a successful multi-dimensional marketing campaign, one to which all parties can be held accountable.
It is important to fully understand the market. Don’t look at it through an unrealistic prism rather be objective, compare your home to the competition and the most recent selling prices for those properties in your neighbourhood which are most like yours. If a pragmatic perspective suggests a disappointing result, remember that once your home has sold, you will be buying in the same market as selling and you should be able to make up the short-fall.