Selling Secrets: What to Consider When Listing to Maximize Profit
Published | Written by Liz Kaye
"Just Sold," music to a homeowner's ears and the most rewarding part of the home selling process, but how do we get there? Part of selling your home fast and for the most money is dependent on the efforts you put into motion prior to listing. As a local real estate agent, I can tell you over 50% of the total process is focused strictly on preparations. Contacting your local agent should be the first step to streamlining the sale of your home.
PRICING YOUR HOME RIGHT THE FIRST TIME
When pricing your home, you must think strategically. Your selling strategy should be to attract the maximum number of buyers (which leans heavily on price point). Your real estate agent will conduct a complete market analysis and price your home comparatively to comps in the area to come up with a fair and realistic price. Pricing realistically and below price point will broaden a buyer's pool. The influx of potential buyers creates competition, which often leads to bidding wars. Competition can ultimately increase the price buyers are willing to pay-- sometimes beyond what the home was originally worth. Pricing your home too high initially misses the excitement of a 'new home on the market' and fails to generate activity later on.
PAY CLOSE ATTENTION TO INSPECTIONS
Property inspections often occur prior to signing a sales agreement. As the seller, it may be in your best interest to have a pre-inspection conducted on your home. This gives you, the seller, the opportunity to address potential problem areas before your first prospective buyer reaches your door. This increases your competitive edge so buyers don't have as much power to negotiate you to a lower price. A pre-inspection can also reassure buyers that there are no major surprises on the horizon and encourage them to place a bid more quickly.
IMPROVEMENTS THAT ADD VALUE
There are many small improvements you can make in your home for little to no money that will have a big impact on the traction it gains in the market. Remember that quick fixes always payoff, but complete home makeovers will not. Think things like a fresh coat of paint, rearranging furniture, landscaping the yard and depersonalizing to stage.
MARKETING MATTERS + INSIDE INFORMATION
Your realtor will use a marketing strategy specifically catered to the sell of your home. All the changes you make prior to the initial marketing of your listing will increase its visibility and make their strategy stronger and more efficient. Your realtor has marketing tools you don't have access to, which gives you an advantage over FSBOs. After we've identified the buyer, we can cater our MLS remarks, Facebook ads and group posts and media connections to this subset of people. You, as the seller, have the ability to cater to this process. What makes your neighborhood culture special? Is it your next door neighbor or maybe you personally love the fact that you're a 3-minute drive to a hidden restaurant no one knows about that rocks. These small details are what create a visual picture for your buyer and allow themselves to imagine that life. Don't forget the house "extras." Do you have access to solar power? Electronic door locks? Maybe a security system installed? Mention it.
UNDERSTAND MARKET TRENDS + KNOW YOUR BUYER
This is where your realtor really comes in handy. As a realtor, it is my job to know the neighborhoods I'm selling a home in. I am able to see what has sold and what hasn't in there area, as well as the kind of a traction a home like yours gains, all from my MLS database. It's important to list your home in the right month as every market has a different pulse. Knowing your buyer also plays a strong role in understanding the market trends. For instance, if you are selling a luxury listing on lakefront property, your buyer might be the corporate head of a Chicago firm looking for a vacation home after an ideal tax return. Thus, preparations should start after the holiday and your home should be move-in ready and listed prior to the summer season.
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Are you selling by owner with no such luck? We hope these tips & tricks strike a cord. Please comment below with content ideas you's like to see from us in the future!
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