Betsy Phillips of Compass On How To Get The Absolute Best Price When You Sell Your Home

An Interview With Jason Hartman

Refresh & repair: Go through your home and declutter and organize. Put away personal items. Neutralize the decor. Consider new carpet and a fresh coat of paint to make it more contemporary. Remember that story about my luxury French wallpaper? I got rid of it, patched, painted, took down all the other custom decor, and the house sold in a week.

How can you get the best price possible when you are looking to sell your home? Sometimes it’s a matter of timing, the right upgrades, or simply the right negotiation. In this interview series called “How To Get The Best Price When You Sell Your Home” we are talking to successful real estate leaders, who can share stories, insights and lessons from their experience about how to get the best price when you want to sell your home.

As a particular part of this series, we had the pleasure of interviewing Besty Phillips.

Betsy Phillips is Senior Real Estate Specialist with 40 years of experience buying and selling homes. As a Compass Real Estate agent on Chicago’s North Shore, Betsy thrives in this affluent and active residential market. She understands and enjoys helping individuals and families cope with emotional and business aspects of real estate transactions.

Thank you so much for doing this with us! Can you tell us the “backstory” about what brought you to your career?

Buying and selling is complicated and stressful. I know because I’ve done it myself many, many times throughout my life. Over the course of more than ten personal moves across Chicagoland, I’ve seen everything that happens in the world of real estate. I’ve experienced building from the ground up, as well as expansions, rehabs, and remodels. I’ve worked with landlords and served as one. I’ve dealt with high interest rates, low property values, and buyer’s remorse. I know what it’s like to move because of a divorce, to support a sick family member, and to change school districts to meet children’s needs. I’ve also learned from it and truly loved it. And I know that you can make the entire real estate journey fairly simple if you understand the ins and outs and can foresee problems. As a real estate agent, I use the knowledge I’ve gained over the years to help my clients avoid the struggles and focus on getting to the next chapter of their lives.

Can you share with our readers the most interesting or amusing story that occurred to you in your career so far? Can you share the lesson or take away, you took out of that story?

Getting divorced and moving is never easy, but when you have to tell your soon-to-be-ex to get rid of the thing he loves so you can sell the house, that’s a whole other level of distress. That was my life. My ex-husband was a master carpenter. We lived in a gorgeous home with high-end decor including luxury French wallpaper, and he had done all the work to finish that house. Based on the advice of our realtor at the time, I had to tell my then-husband to take down his beloved wallpaper which he worked so hard to hang. We tore it down, and the house sold in a week.

Lesson learned: staging is important. Your house may look beautiful to you, but that doesn’t mean it will appeal to the general population. You must create an experience that allows a buyer to emotionally connect to your home, and if that means getting rid of your ex’s favorite thing in the midst of a divorce, you do it.

Do you have a favorite “life lesson quote”? Can you share a story or example of how that was relevant to you in your life?

“It’s all about the journey, not the end.”

That might sound surprising coming from a realtor who helps clients find their home which seems like the end of a journey. But what people learn along the way is really the most important part of the experience.

Personally, my journey has been strongly influenced by my dyslexia. It’s very tiring to read, but I got through college and became a voracious audiobook listener. At the same time, it forced me to work extra hard to figure things out, and ultimately, I became an excellent problem solver. In many ways, my work is solving problems, and I pride myself on the fact that there’s no hurdle I can’t overcome for my clients. I’ve also learned that we all have limitations. I know my skill set, I stick to it, and, when necessary, I’m not too proud to ask for help from others whose abilities I respect.

Are you working on any exciting new projects now? How do you think that will help people?

I’m developing strategies to educate people on the importance of long-term planning for the aging population. People are living longer which means we must prepare for ourselves and our parents for the future. We can’t wait until it’s a crisis. By talking about this important issue, I can help people overcome the emotions that often come with real estate transactions when someone needs to change their living situation or a loved one dies. We also know seniors are often victims of abuse and scams and many end up losing vast sums of money. I guide clients to make decisions that position themselves and their families for the best possible outcome.

What do you think makes your company stand out? Can you share a story?

Unlike most real estate companies, Compass is built on a culture of complete collaboration designed to give clients the very best possible experience. The founder developed the company by bringing together the very best people in real estate, marketing, and technology to share ideas. He created a giant brain and created a system so the entire Compass team can draw on one another’s expertise. Now, I get up at 6am three times a week to connect with my Compass networking group to talk about our challenges, share solutions, and learn from other industry professionals. We also spend time on self-care including meditation and journaling to make sure our bodies and minds are sharp.

Collaboration with our clients is so important that we offer the Compass Concierge program. It bridges the gap for our sellers by providing money based on their home equity and allows them to make improvements or rent elsewhere in order to put their best foot forward when listing their home.

None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?

My father was an entrepreneur and a steel distributor. He taught me the number one thing in business is always taking care of people: employees and customers. He gave his employees such an amazing work experience that they never left. One time he told his team if they could hit $1 million in sales in a month, he’d take everybody to Las Vegas. They met that goal and off they went to Sin City. You could say they hit the jackpot with him, and I did too. He made me understand the value of relationships and the importance of sharing your authentic self with others. I’m grateful that I’m able to carry on his legacy by touching and changing other people’s lives.

Ok. Thank you for all that. Let’s now jump to the main core of our interview. For the benefit of our readers, can you please tell us why you are an authority about the topic of getting the best price when selling a home?

Selling a home is not just a business transaction. It’s personal. It’s emotional. I’ve experienced it extensively from both the professional’s perspective and the consumer’s point of view. As an agent with decades of experience, I know the steps you need to take to get the best price when selling a home from staging to strategic pricing. I’ve seen it all, and I know what happens if you don’t present the property in just the right way and if you set the price too high. It’s not complicated if you do it right. I also understand how hard it is to let go of your home, put away your personal belongings, and let someone else make your house their own. I always bring compassion and a deft touch to escort my clients through the process.

Can you share 3 things that most excite you about the Real Estate industry, as it is today? If you can please share a story or example.

1. A constantly changing market gives me energy. We call it a drive-thru market because it is so fast. It’s exciting to work in a dynamic business that is influenced by global factors, and I find it thrilling to stay on top of new trends and embrace where we are at the moment.
2. My joy always comes from the people. It is truly an honor to help my clients find their place in the world. There’s really something special about watching someone’s face light up when they find the house that feels like home. It’s also fulfilling to counsel people who know they need to move or sell but are having trouble taking that big step. I’ve worked with many people who have lost a spouse or a parent and are struggling to sell their home because of their emotional connection. I talk with them, I listen, I let them know it’s ok to move on, and they are grateful and relieved.
3. I also work with fabulous people inside the real estate industry. My colleagues are fully committed to helping their clients buy and sell. We all recognize it’s an emotional experience, and we are always sharing stories and collaborating on how to help people cope with the difficulties.

Can you share 3 things that most concern you about the industry as it is today? If you had the ability to implement 3 ways to reform or improve the industry, what would you suggest? Please share stories or examples if possible.

1. It’s 2022, and we are still in a fair housing crisis. Despite the Fair Housing Act of 1968, people of color and various ethnic groups continue to face segregation and discrimination because of red lining and unscrupulous lending practices.
2. Affordable housing is a huge problem nationwide and particularly in warm climates where there are significant tent populations. Places like Arizona used to be affordable, but property values have skyrocketed. Working people are getting ousted from the housing market. Where are teachers, waitresses, and grocery store workers going to live? In some cases, communities don’t want affordable housing; it’s another type of discrimination.
3. Senior housing is a growing issue as a result of our aging population and shifting lifestyles. We used to have a system that allowed family members to stay home to take care of one another, but life has changed. Women are not on the home front caring for aging parents and young children. Senior housing is extremely expensive. How are we going to pay for that?

We need more education on all three issues. Not only do we need to inform the public, but we need to make sure all realtors understand the problems we are facing. The State of Illinois recently took a significant step toward protecting seniors by creating the Supreme Court Commission on Elder Law. Its mission is uncovering attempts to defraud seniors, propose new rules, and examine adult guardianship policies which can impact real estate transactions.

Based on your experience, what are a few of the biggest mistakes you have seen people make when they sell their homes? What must be done to avoid them?

The number one mistake people make when selling their home is overpricing it from the start. People need to understand that the market sets housing prices. A real estate agent who is doing their job does not just pick a number out of the air. Agents study the market and look at comparable properties. When an agent recommends a price, you must trust them. It’s no different than going to the doctor. You have to trust the professionals. If you list your house too high, it will sit on the market longer than it should, and people will think there’s something wrong with it.

I know this question has passionate opinions on both sides, but we would love to hear your opinion. Engaging a realtor is costly. Should people use a realtor when they sell their home? Please explain why you feel the way you do.

Using a realtor is an investment, not an expense. By using a realtor, you will realize a higher sale price and a quicker sale. There’s no question about it. A realtor will price your house right, stage it correctly, and create a buzz. In the current climate, buyers are waiting for properties to come on the market just like we all wait for the next season of our favorite show to drop on Netflix. At Compass, we build a market for your home with a tease to let customers know a property is “coming soon.” It creates healthy competition that will raise your price. You just can’t do that on your own.

Ok, here is the main question of our interview. You are a “Real Estate Insider.” Can you please share five things you need to know in order to get the absolute best price when you sell your home? If you can, please give a story or an example for each.

1. Refresh & repair: Go through your home and declutter and organize. Put away personal items. Neutralize the decor. Consider new carpet and a fresh coat of paint to make it more contemporary. Remember that story about my luxury French wallpaper? I got rid of it, patched, painted, took down all the other custom decor, and the house sold in a week.
2. Staging: You want to make your home inviting to the current buyer. Professional stagers know how to rearrange the furniture and even bring in a few pieces that will make a difference. In some cases, I’ve sold homes and the buyers wanted the inexpensive furniture we used for staging. That’s how you know staging works.
3. Professional photographs: You must hire a professional photographer. There’s no comparison. Snapshots from your iPhone are great for family photos, but they don’t put your home in the best light, literally and figuratively. Professional photos will create an emotional connection. They let the seller know you care enough about the house to bring in a pro, and that sends the important message that you’ve taken good care of the house.
4. Pricing: You absolutely must price your house correctly right from the start. Work with a professional realtor who will help you determine the price based on the market. If you overprice your house, it will sit on the market for weeks and months. People look at the listing to see how long a house is up for sale, and the longer it sits, the more people will think there’s something wrong with it.
5. Create Buzz: At Compass, we build excitement around your property with a tease. We call it: Coming Soon. It gets buyers primed to come for a visit as soon as possible because people always want to see what’s new. That anticipation builds a market for your home, creates competition, and raises the price.

Because of your position, you are a person of enormous influence. If you could inspire a movement that would bring the most amount of good to the greatest amount of people, what would that be? You never know what your idea can trigger. :-)

If I could inspire a movement, I would focus on increasing affordable and fair housing. No one should have to choose between medicine and food because their home is breaking their bank. Housing should be available to everyone. A comfortable and safe place to rest your head every night is key to a healthy and effective life.

How can our readers further follow your work online?

Visit my website: https://betsyphillipsrealtor.com/

Thank you for your time, and your excellent insights! We wish you continued success.

About The Interviewer: Jason Hartman is the Founder and CEO of JasonHartman.com, The Hartman Media Company and The Jason Hartman Foundation. Jason has been involved in several thousand real estate transactions and has owned income properties in 11 states and 17 cities. His company helps people achieve The American Dream of financial freedom by purchasing income property in prudent markets nationwide. Jason’s Complete Solution for Real Estate Investors™ is a comprehensive system providing real estate investors with education, research, resources and technology to deal with all areas of their income property investment needs. Through Jason’s podcasts, educational events, referrals, mentoring and software to track your investments, investors can easily locate, finance and purchase properties in these exceptional markets with confidence and peace of mind. Jason educates and assists investors in acquiring prudent investments nationwide for their portfolio. Jason’s highly sought after educational events, speaking engagements, and his ultra-hot “Creating Wealth Podcast” inspire and empower hundreds of thousands of people in 189 countries worldwide.