How to Document Upgrades and Improvements for your Real Estate Listing

Posted by Dan Miller, REALTOR on Wednesday, November 18th, 2015 at 5:38am.

For most home owners the definition of a successful sale is a real estate listing that sells quickly and for a high market price. The catch is a successful sale usually doesn't happen overnight. Rather, it's usually the result of a lot of advanced planning and preparation by both the listing agent and the client. 

So how can you plan for a successful sale of your own? You're bound to do well if you keep the "5 P's" of selling a home in mind. 

Preparing for a Successful Listing: The "5 P's" of Selling a Home

  1. Price your home correctly from the start. 
  2. Work with a professional home stager to ensure a great and lasting first impression.  
  3. Enlist the services of a professional photographer for the very best listing photos. 
  4. Use a professional videographer to produce a narrated, high-def virtual tour. 
  5. Publish marketing materials which show your pride of ownership and sell the benefits of your home. 

In this post we dive a little more deeply into the "5th P" - showing your pride of ownership and selling the benefits of your home. 

Marketing your Home's Improvements and Upgrades

Documenting your home's upgrades is a great way to sell the value proposition of your home. The example below is from a listing we sold last week (you can view the entire document by clicking here).

This simple one page document was one reason why our clients Rob and Wendy were able to attract multiple offers and sell their home for $5,000 above the list. It demonstrated over $80,000 in upgrades, which we advertised heavily throughout our listing. It also showed the use of professional contractors and name brand materials and supplies. All of the buyers who toured Rob and Wendy's home knew they had invested a considerable amount of money into quality upgrades carried out by reputable contractors. This gave buyers the confidence to act quickly and offer a high price

Demonstrating Value to a Second Important Audience: Appraisers

Low appraisals have become a relatively common occurrence in our market as home prices continue to rise quickly. In some cases, appraisers aren't able to justify a home's contract price based on the recent sales in the neighborhood. For some sellers, the end result is a low appraisal and sometimes even a canceled offer.

One great way to guard against a low appraisal is to create an "upgrade sheet" like the one above and make it available to your appraiser. This documentation can help her justify a higher value for your home when recent sales might suggest otherwise. We'll cover this topic in a little more detail in a future post. 

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711

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