Like many other industries, real estate is driven by the cardinal rule of the market: Buy low, sell high. We all know this. And lately there are a couple of ways to give your sales an edge that stands out. Presenting these five tips to your potential customers will help sell your properties faster and for a higher profit.
1. Smart homes sell faster
Research suggests that homes sell more quickly when they are equipped with the right technology that homebuyers seek. Many buyers are looking for the newest gadgets so that they won’t have to pay to have them installed later.
They prefer that their new homes come equipped with the technology that they see in other new homes right now.
Homebuyers are more interested in homes featuring smart features and tech than two to five years ago.
2. Staging matters
Every agent knows the old adage, “Homes that don’t show well don’t close well.” But yet, time and time again we see sellers rail against the time and cost associated with staging a home. After all, if they love their home as it is, why shouldn’t everyone else?
If you have a particularly staging-averse client, take them on a two-home showing: one where the home is staged and one where the home is not.
3. The market sets the price, not the owner
It’s understandable that many home sellers think that their home is above the price that the market dictates.
Sentimental value often translates into an inflated sense of the home’s worth, but when it comes price, the winning opinion is always the market’s opinion.
Agents know it’s impossible to effectively price a home without taking into account the competition. Unfortunately, too many sellers don’t.
First, it’s essential to determine how much the seller thinks their home is worth. If their expectation is wildly inappropriate, it may be worth taking the clients to see a home that is on the market and priced at their expectation.
Then, take the seller to a comparable home that is priced similarly to where you feel their home should be priced.
Take the time to both educate them on the competition and give them expert home pricing tips to help them understand your pricing strategy.
4. Small renovations may mean big bucks
In many cases, the cost of repairing a home is less than what a potential buyer may estimate.
If buyers overestimate the cost of fixing the problem, it may negatively impact the offer amount and end up costing the seller more in the long run.
Be upfront with your seller clients when you spot unsightly blemishes that could cost your clients the deal.
Before you list and start marketing the property, counsel your sellers on the improvements you know will make a difference when it comes to price.
5. Real estate is a local business
The last few years have turned real estate headlines into high-profile news. Home prices are on the rise. Be sure to remind your sellers that real estate is a local industry and that asking price isn’t everything. To do this, consider posting your own local market updates on your personal social media or real estate blog.
Resources: WMA PROPERTY