Our last item to consider when selling a property in a buyer’s market is……..that’s right, you guessed it, the price! Many times investors have to fight the urge to price a property based on the amount of work that has been done to it. Especially if the real estate comps don’t necessarily line up with the price you had in mind…
That being said let’s discuss the importance of pricing a property appropriately.
3. Priced Appropriately.
Pricing is the most difficult and yet the most essential point to stress. You want to sell, and the property that you are selling is in a very competitive market. Great price compensates for a number of property deficiencies. But if you desire to receive the highest possible dollar, you will need to follow ways one and two.
What a listing sold for last year or a decade ago has very little to do with the price that it should sell for now. Sold properties, like your property, drive the price, not simply the ones for sale. Your InvestorCompsOnline access gives you current real estate comps information and helps you determine the right price for the property.
Taking note of your property’s first impression to a potential buyer, being sure to stage the property nicely to attract a buyer, and finally pricing the home competitively enough will definitely net you a great offer in no time.
Hopefully these tips have been useful and will help you continue to build your business!
Today I want to talk about the second factor to consider when selling a property in a buyer’s market. We already discussed how a quick search of real estate comps will give you the information you need to price competitively. The next factor that will help you get the property sold quickly is property staging. Staging is the act of preparing a private residence for sale in the real estate marketplace.
2. Staging.
Once the prospective buyers are taken in by the curb appeal, they will want to check out the inside of the home. The goal of staging is to make a property appealing to the highest number of potential buyers, thereby selling a property more swiftly and for more money. Staging techniques focus on improving a property’s appeal by transforming it into a welcoming, attractive product that anyone might want.
If your schedule is too busy to stage your property properly, look into getting a professional to do it for you. Remember if buyers can envision themselves in a home they are more likely to purchase. Factoring this important technique into your budget is well worth it when your property sells quickly after listing. I urge you to make a small sacrifice on the front end to get rewarded at the sales table.
It’s imperative to your real estate investment business success that you learn strategies to continue to thrive in any RE market. Tomorrow I will be wrapping up my discussions on tips to sell in the buyer’s market. My last point, the pricing of the property, is a great post you won’t want to miss!
To be successful in selling your property, you have to beat your competitors. Of course the list price is your first strike to win. A quick search of real estate comps will give you the information you need to price competitively. You need to strive to be first on the potential buyers list, or you are not going to stand a chance. Everything needs to be perfect. Three prime selling factors are: first impressions, staging, and being priced appropriately. Today let’s take a look at first impressions, and how they are important to the sell of your listing.
1. First impressions.
There is no disputing the fact that if your property is the one that looks distressed from the curb, it will likely be hard to sell when compared to houses that are in the same price range. Take a minute and drive up to your property, but take a moment in the driveway and look around. Anything that captures your eye is likely something that should be cleaned up, or relocated out of view. Have a piece of paper handy and jot down a few issues you see. After doing that every day for a week, your property will be far more presentable.
A few examples of necessary cleanup would be:
A. If the paint is peeling off, scrape the loose paint off after which you can repaint.
B. Loose gutters and downspouts should be tightened and fixed. Clean them out while you are up there.
C. Windows that are dirty make a home look unmaintained.
Taking the time to invest in the upkeep and cleaning of the property will absolutely pay off in the long run. It’s a known fact that a person can see themselves in a property that presents itself as nice, neat and clean.
Check back tomorrow and I will discuss the second prime selling factor which is home staging. I want to express to you that home staging brings a large percentage of buyers, take advantage of those odds and make a deal!
