LAS VEGAS LISTING LINGO MAY LINK TO SALES PERFORMANCE
If 90% of home buyers use the internet at some point in their search, the percentage who go to the Las Vegas listings has to be close to the same ballpark. It’s hard to imagine anyone NOT wanting to take at least a peek at the current listings. Even if they have already settled on a target property, curiosity would send most of us to check out the way it’s described in its Las Vegas listing. When you begin your house-hunting project online, the chances are you just scan the listings’ major features to narrow down the candidates, leaving out the majority of the finer details until later. Some of that information might turn out to be decisive—but most likely not until you’ve settled on the major contenders, and possible already toured them in person. What can be more important than you’d think might be the descriptive language that describes the overall property: the ‘blurb’ that’s up there at the top of Las Vegas listings? Just as a good salesman in any field strives to present the most attractive facets of their product, a Las Vegas listing’s descriptive paragraph can be as important as the glamor photo that accompanies it. In pursuit of facts that might support that idea, Zillow’s writer Catherine Sherman took a look at some research that dissected the language used in some 24,000 listings. They all resulted in sales—but some brought higher sale prices than did others. Her summary of the findings is pretty interesting: Luxurious, Captivating, Impeccable (and Spotless) were among the adjectives that appeared most often in listings that resulted in above-average sale prices. That stands to reason: adjectives pointing to higher-end features would be apt to set a superior tone. Less obviously, some of the nouns that accompanied larger price tags were Basketball, Pergola, and Granite. “Granite” will surprise no one who has been exposed to home design over the past 20 or 20 years—granite counters are the default go-to material that’s come to symbolize quality in kitchen décor. And pergolas are landscaping plusses… But…“Basketball”? Apparently for lower-priced homes with listings that mention ‘basketball,’ selling prices are 4.5% more than expected. You have to suspect that the word gives some color to a run-of-the-mill listing—yet I’d be surprised if just setting up a hoop over the garage door made much of an impact. When Author Sherman writes “Among lower-priced homes…an indoor basketball court is a huge selling point,” I have to think, “DUH!” How many Las Vegas listings for lower-priced homes have indoor basketball courts (or bowling alleys or soccer stadiums, either)? More practically, Upgraded and Updated were listing words that coincided with slightly higher sale numbers—at least in mid-priced homes. And Gentle was a surprising winner, too, as in “gently rolling hills.” I think ‘gentle’ highlights the most important take-away that I believe is relevant and true. Thoughtfully composed, accurate descriptions are what give Las Vegas listings a working advantage over cookie-cutter summaries—especially those weighed down by cliché-studded vocabularies. I work hard to insure that my clients’ online presence stands out from the crowd. If you plan to be listing a Las Vegas property soon, I hope you will give me a call to demonstrate what I mean!
LAS VEGAS READERS BENEFIT FROM REAL ESTATE INFORMATION BESTSELLERS
When it comes to understanding the factors that come into play when buying or selling a home—or any practical real estate information at all—Las Vegas high school (or even college) graduates are on their own. If any real estate information has even been touched upon, it will have been in the most cursory manner: at best, one line item in a Home Economics budgeting discussion. That’s one reason why everyone from first time Las Vegas homebuyers to itinerant real estate investors can benefit from the best of today’s how-to real estate books. Here are some of the popular oldies—as well as some valuable newcomers: 100 Questions Every First-Time Home Buyer Should Ask is Ilyce Glink’s compilation of insights from top brokers across the country. Las Vegas first time buyers aren’t the only readers who will find this general reference valuable—Las Vegas home sellers who want insight into the concerns of potential buyers will find it a useful resource. The “100 Questions” don’t address every Las Vegas real estate information topic; but on the whole, this book is concise and informative. Solid, practical information for homeowners readying their property for the Las Vegas market can be found in Rhoney and Richard’s Smart Essentials for Selling Your Home. In the same way that 100 Questions book is also useful to sellers, this one would make excellent reading for prospective home buyers who recognize the importance of understanding sellers’ priorities. Smart Essentials is mercifully short: just 92 pages! For more seasoned readers who might be considering a Las Vegas residential investment, the bookshelves have plenty to offer: The second edition of Gallinelli’s What Every Real Estate Investor Needs to Know about Cashflow has been around for a while, but comes highly recommended for its textbook-level explanation of how economists digest real estate information for investment purposes. The formulas are all there, as well as examples that demonstrate how to apply for them. Reading it won’t encourage prudent Las Vegas non-CPAs to do their own business tax returns—but will acquaint them with valuable foreknowledge on how their tax advisor approaches maximizing their refund. Its description of four different ways to make money from real estate can be eye-opening. J. Scotts’ The Book on Flipping Houses (how to buy, rehab, and resell residential properties) is a roadmap from start to finish on how to go about a lucrative house flip. There are many books on the subject, but this one is the leader of the pack. First published in paperback in 2013, it’s been a real estate information best seller ever since. Part of its wide appeal is the author’s (he’s a veteran flipper) candid step-by-step descriptions of how he executes his own projects. The author’s other book (with co-author Brandon Turner) is: The Book on Estimating Rehabs. This is a book Las Vegas real estate information-seekers should find well worth its hefty paperback price tag ($22.49 on Amazon). It details a variety of different approaches to projecting a rehab budget, including a breakdown of the 25 components that need evaluating. Books can provide invaluable background information for real estate newcomers and veterans alike. Another essential is the assistance of a knowledgeable agent: good reason to give me a call!
KNOW THE EMOTIONAL ELEMENT IN SELLING YOUR LAS VEGAS HOME
When you read up on the dos and don’ts for selling your home, there is one piece of advice that’s universal when it comes to negotiating a successful deal: don’t let emotions get in the way. It does seem peculiar that something that is so obvious about any negotiation would have to be stated at all—much less repeated so often. You have to conclude that it happens a lot. It does, and there are deep-seated reasons. Although selling your Las Vegas home is primarily a business venture, it’s one with some of the emotional overtones usually associated with creative endeavors. When an artist or sculptor, jewelry designer or photographer—any creative professional—decides to offer works for sale to the public, it’s nearly impossible for him or her to remain completely objective about how it is received. Or to avoid forming feelings about those who accept or reject the creation. Selling your Las Vegas home only seems to be all business. True, it’s a single-transaction enterprise. It begins with preparing the property and concludes with negotiating to close the deal. Every step of the process may seem to be all business. But in reality, it’s almost unavoidable for emotional cross-currents to seep in from the very first step. Consider preparing the property. If there were such a thing as a perfect home, this would be a cut-and-dried affair: all it would involve would be to eliminate every flaw. But since perfection exists only in some alternate universe, deciding which of a home’s features need to be enhanced, replaced, or done away with altogether involves making subjective judgments. Some of these can require paying significant amounts of money; others, significant amounts of elbow grease. When the work is done and the results are first put on display, it’s like Opening Night. It is only human to feel personally connected with how prospective buyers react. Not only is the ‘product’ that’s being evaluated one that reflects your tastes and efforts—it’s also where you live! Your home, for goodness’ sake! It deserves to be appreciated at the very least… Especially when it comes to the negotiations phase of selling your Las Vegas home, this is one business venture wherein it’s nearly impossible to avoid the personal element. Acknowledging it is simple. And knowledge is power—if you expect that you might experience an emotional reaction at some point, you’ll recognize it for what it is. If it’s an overreaction, you will be much more likely to be able to simply take a deep breath, put it into perspective—and come up with an appropriate response. “A lot of times buyers and sellers will argue tooth and nail over things that aren’t really that important,” New York City closing attorney Sandor Krauss blogged recently; “and sometimes it blows deals.” One of the great advantages to having a Las Vegas agent by your side when selling your Las Vegas home is to have an experienced intermediary working on your behalf. It can put you at a professional remove from the direct negotiations with buyers—and their emotions! If you will be selling your home in Las Vegas this winter or fall, I hope you’ll give me a call!
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