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Marketing Basics

Marketing basics for selling your home from industry experts

A successful sale depends on you and your agent working together to set realistic pricing, accommodate spur-of-the moment showings and understand your competition. It's important to remember that buyers are the ones who determine market value. 

Know your buyers

Understanding your potential buyer will help to determine the type of financing that buyer might use, which can affect which features of the home you may want to address when prepping for the sale. For example, if your property is located in an area with many VA loan buyers, you may want to address any non-permitted structures in the home, as that could cause a roadblock when it comes to buyer financing.

Prep your home

Prep your home for showings at least two weeks before you list. This includes last-minute repairs, touch-ups, cleaning and staging if necessary. Ideally, you'll have all renovations completed prior to listing your home. Remember, presentation is everything when you want your home to sell fast. Often, a staged home will spend less time on the market than a home that is not staged. Make sure your home is in good repair inside and out, too. Today's buyers invest much of their money into buying the home, leaving them little left over to pay for repairs.

Be flexible

If you want to sell your home quickly, you'll need to maximize its exposure to as many qualified buyers as possible. It’s essential to have the home in showing condition nearly all of the time to accommodate the schedules of buyers. The more flexible you are about showing your home, the more prospective buyers will see your home, and the better chance you'll have of getting an offer. The more potential offers, the greater potential for a bidding war (and higher offer prices). 

Decide on your terms

Discuss with your real estate agent your level of motivation and different offer scenarios. Together, determine in advance what price and terms you're willing to accept. Often, deciding what is most important to you - time or money - will give you the best home-selling experience.

Be open to price adjustments

The reality is that you don’t decide what your home is worth. Buyers decide how much they are willing to pay. The worst thing a seller can do is to overprice their home. It can have many negative implications, and often those implications won’t be known until it’s too late. When an overpriced listing sits on the market for an extended period, it may create a false impression of the home’s condition or that the seller is not flexible. Overpriced listings often end up selling below the actual market value because of the stigma they create by being on the market so long. If a home sits too long, both real estate agents and prospective buyers may wonder if something is wrong with the property. 

Check out the competition

If you want to sell your home in the shortest amount of time possible, check out your competitors - other homes for sale in your area and price range. Compare their price, condition and location, and inquire as to any incentives they’re offering. Then use that information to your advantage to position your property to be the most attractive so it will sell first. Offer creative incentives if needed, like a credit to the buyer at closing. They could use the money for anything they choose, like new blinds or carpeting. Your agent will help to ensure that the verbiage used will be acceptable to the requirements of the buyer's lender.

Remember to listen to your Locations agent. These tips will help you to focus on what's important, but no two transactions are the same. Consult with your agent before setting a price or making any final decisions about your home's marketing strategy.