Do you ever wonder what is the secret behind quick selling properties? When I speak with people about real estate they often mention a property down their street that sold quickly. The sign was up one day and the next it was sold!
The assumptions are that it was priced too low or the buyer paid too much. That maybe so, although when we look at the big picture we can discover the secret behind it selling quickly. To achieve a premium result like this there is a lot of work that goes on before hand.
When a house goes up in my neighbourhood I can’t get out of my back lane without being stopped by my neighbours. They want to find out what’s the scoop, in other words, why they’re selling. How much it’s selling for and what I think it will sell for. There’s always the discussion of whether the price matches the value or not.
This secret maybe something you knew all along. Although, this may also be a different way of looking at it or understanding what needs to be done to be successful. So, here’s the secret:
Prepare the Property
Before a property goes on the market, time must be allotted to getting it ready. If the home owner wants top dollar they need to invest in making the home as presentable as possible. This may involve painting walls, replacing trim, repairing tile flooring, recaulking the bathtub, etc. This may also involve staging. The idea is to eliminate any concerns the potential buyer will have when visiting your home. So go through every room and make it inviting.
Don’t expect to have your property on the market the day after you visited with a real estate agent. That just isn’t realistic anymore. Today’s market calls for greater consideration when offering your home for sale. In the inner city real estate market many of the older homes are up against the newer infills. You must be competitive. If you don’t want to do the work, offer a very low price on your property, post a sign on the lawn and attract the small target market of buyers who are okay with sweat equity.
Once the property is ready to go on the market there needs to be a way to communicate to the public. By having professional photos taken and providing details about the property potential buyers can determine if this is right for them. Buyers are looking for value versus price.
The key is to inform the public of the benefits of owning your home. If your home has a view, let them know. If your home has a bright basement, let them know. Just don’t deceive. No one wants to waste time visiting the property and then be disappointed because the information wasn’t accurate.
Buyers who have visited properties with the hope of this being the one, are often left disappointed because of this unclear communication. They are frustrated and feel their time is wasted. When they come across a property where value meets price the gates to the heaven’s open and they put in an offer right away. They know from experience that they won’t find another like this, and don’t want to lose it.
If all else fails… Regroup
If your home has been on the market and you’re getting showings that’s great! Although if you’re not getting an offer or the offers are really
low, then that’s not good. Buyer’s are attracted to your home because they see the price match the value presented online. When they come to your property there is a disconnect. They no longer see that value.
This is the time you need to regroup and fast. There are always new buyers joining the search to buy. Although, if a property is on the market too long, then just like with my neighbours, assumptions surface and they aren’t in your favour.
Start looking at the feedback from when buyers came to visit. This is a great way to pinpoint areas to improve. At this point you’re looking at increasing the value of the property. After you’ve done these improvements, communicate to the public the changes you’ve made. With this, you should be getting showings right away. If no offer surfaces, then your price is still too high.
If you have any questions about how to prepare your property for sale, feel free to contact me. You can also visit me on my Facebook Page for information on buying, selling and owner a home. Take care!