Discovering Home Value Through Story
The housing industry has been getting a lot of attention lately — think Selling Sunset, Million Dollar Listing, Love it or List it. These sexy shows don’t always reflect the not-so-sexy reality of the hard work that goes into selling a home. Especially when it’s your home, the place you’ve spent years living in, making your own. The selling process remains a mystery for most people, and it seems to ask sellers to leave a lot of that personal value at the door. Even experts in the field see gaps in the industry. “Housing is mostly unbranded, untethered to a story, often unmemorable. Never has something so substantial been left devoid of a modern set of “why’s,” says Nathan Bernhardt. So, where should owners looking to sell start?
Nathan Bernhardt, the Home Value Maximalist, has a simple answer — the story. “Story is how you deeply resonate with people, there’s only one of each house,” making each house’s story a special one. In a traditional selling situation, the story can easily get lost as it’s translated from seller to realtor to whomever — it turns into a game of telephone. But what if sellers could own the story? “When the source of the passionate story is talking about something it makes you want it,” whether it be a microwave, a sandwich, or a house. Think about it, the last time you heard someone’s first hand account of something they were passionate about, it made you excited. Maybe like you wanted a piece of it. This is exactly the idea behind a home’s story. A passionate seller knows their home better than anyone, and they should have the ability to advocate for its value.
“Some people personify their houses… which is really cool when it’s done well… you can walk into a house and … it’s an extension of a person,” Nathan says. And because each house becomes a personification of the person living in it, no two houses can be exactly the same. Nathan likes to use Apple stock as a comparison; it’s possible to have an international conversation about Apple stock; it’s not possible to have that same conversation about a home. Each home will have its own personality and story, meaning each selling situation should look different. “What the real estate community tries to do is commoditize everything,” Nathan says, “let’s look at how to de-commoditize a house, a story is a good way to do that.” Removing commoditization and adding story gives each selling situation a unique opportunity to reveal the true value of a home.
Nathan has seen a lot in his 30 years in the home appraisal industry. As with anyone who’s been in an industry for a period of time, he’s found some issues with the internal workings of appraisal. “The appraisal process is quite formal, with its own language, and hard to translate format. Sometimes, the appraiser’s lack of knowledge about certain important factors of value can be swept under the rug with empty jargon and boilerplate comments. This is especially noticeable when valuing design and innovative features,” he says. The lack of advocacy on the home owner’s side is the real problem he sees. “Often realtors operate on a more transactional level, expertly navigating contracts, timelines, lockboxes, open houses, unaware of the greater potential opportunities; the story of this one house, and the overall additional value hiding from their client,” with lack of story and input from the seller themselves. However, Nathan believes that it’s possible to fill this empty space for owners.
This is why he’s created the Home Value Maximalist. The Home Value Maximalist offers consultancy for owners looking to make the most out of selling their home, as he says, “people can do more when they know more.”
If this all sounds overwhelming, don’t worry, you’re not alone. Nathan expressed that at 27, he felt like he knew everything. Now, at 52, he feels as though the more he learns about the world and the appraisal industry, the less he knows. As an expert in the field, it’s important to know that there’s always more to learn. “There’s no way anyone could know enough to know how to do better” without being an expert in the field, that is.
Wondering what your homes’ story is? Or are you looking to maximize the value of your home? Nathan is looking to help people unearth their story and get the most out of their investment. If you’d like to work with Nathan, he’s available for consulting alongside his appraisal practice. Get in touch with him at nathan@bernhardtswisstrust.com and to find your story.
