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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 know your competition.  It's important to remember buyers are the ones who determine market value. 

Know your Potential Buyer

Understanding your potential buyer will help determine the type of financing that buyer may utilize 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 Buyers, you may want to address any non-permitted structures in the home as it may cause some roadblocks with the buyer obtaining their financing.

Get your house in showing condition two weeks before you begin showing it

This gives sellers a two-week window for last minute repairs, touch-ups, cleaning and staging if necessary.

It’s ideal to have all renovations completed prior to listing your home. If you have an obvious feature in your home that is less than desirable, it’s okay to acknowledge it by offering a solution. Perhaps you live close to a very busy, noisy street, your real estate agent can display a brochure, or an actual quote, from a licensed contractor who builds waterfalls. Looking at the brochure, with photos, will then give prospective buyers possible solutions to address that concern.

Remember, presentation is everything when you want your home to sell fast. A staged home spends less time on the market than a home that is not staged. Make sure your home is in good repair inside and out. buyers today invest much of their money into buying the home, leaving them little left over to pay for repairs.

Be flexible about spur-of-the-moment showings

Key to selling your home quickly is maximizing its exposure to qualified buyers. It’s essential to have the home in showing condition nearly all of the time to accommodate the schedules of buyers. Sometimes the more serious buyers who look at homes during the week and sometimes on very short notice. The more flexible you are about showing your home, the more prospective buyers will see your home, and the better chance you have of getting an offer on your home. The more potential offers, the increased potential for multiple offers, which often lead to higher offer prices. 

Decide on what price and terms you would find acceptable

Discuss with your real estate agent your level of motivation, different offer scenarios and determine in advance what price and terms you are 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 adjusting the price if you have no offers in 30 days

Remember, as much as it hurts to say this, the reality is you don’t decide what your home is worth. The buyer decides that by what he or she is willing to pay. If you need to know one thing about selling a home, this is the concept you need to understand. The worst thing a seller can do is overprice their home, it can have many negative implications. Often those implications won’t be known until it’s too late.

When an over-priced listing sits on the market for an extended period it may create a false impression of the home’s problematic condition or that a 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. Both real estate agents and prospective buyers wonder what is wrong with that property, it hasn’t sold in so long, must be something wrong. Even though that may not be true, it’s what is often assumed.

Check out the Competition

If you want to sell your home in weeks rather than months, check out your competitors, the homes for sale that are in your price range. Compare their Price, Condition and Location of their home and inquire as to any incentives they’re offering. Then use that information to your advantage to position your property to be more attractive. That way yours will sell first. An overpriced listing is a blessing to those selling, because the buyers compare it, and then select the home that is best, based on Price, Condition and Location.

Offer creative incentives if needed, perhaps a seller credit to the buyer at closing. How about a credit to buyer for a year of housecleaning? In that case, you would still credit a specific amount at closing, and then estimate it based on a monthly cleaning service. Let the buyer select and pay for their own house cleaner, or, they can use the money for anything they choose, new blinds, carpeting, etc. Your agent will double check to make certain that the verbiage used will be acceptable to the requirements of the buyers lender.

Remember to listen to your Locations agent. These tips will help you 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.