Tips For Homeowner’s Trying To Sell Their Home
You can’t expect a piece of property to sell itself. Even the most beautiful house will need skilled marketing and exposure to sell in today’s market. I’ve seen many great houses attract little to no buyer interest simply because the sellers did not know the market and did not price their property appropriately. The following are a few tips for homeowner’s trying to sell their home.
Agents are important
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Who you’re in business with matters, and that is especially true when choosing a listing agent. A listing agent is not just someone you casually hire to sell your property. You are entering into a professional relationship with that person. It is important to pick a good one.
Ask about their list-to-sell ratio for the last ten properties. This compares a seller’s asking price to the final sales price. If they tell you it is 98%, you’re off to a good start. On the other hand, a list-to-sell ratio of 70% should raise some red flags. The average in my local market is about 91.7%. These questions will help you find a good agent that can help you sell your property for top dollar fast.
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Exposure to the market
There are many traditional methods for promoting a property such as newspaper ads, promoting the listing on multiple websites, and the agent presenting the property to the Association of Realtors at the weekly meeting. Technology has allowed the evolved Realtor to have an advantage over the traditional Realtor. The evolved Realtor is using social media to reach out to thousands of potential buyers in a matter of minutes. Think of it as a supercharged referral or word-of-mouth system. Stage the property accordingly and have nice flyers and other promotional items printed out. Pictures are very important. When possible, hire a professional photographer. The photographs of your property are a buyer’s first impression of your home.
Local presence
You need to get an agent that’s a hyper-local expert. He must have a local presence within the community in addition to his online one. This agent will be involved in the city they work in, and will be aware of the different ins and outs of local business. This can include working with the chamber of commerce to local escrow, mortgage, and real estate companies. He knows where to find great business – and by extension, potential buyers and sellers.
Price accordingly
Some sellers may not want to hear this, but price does dictate whether a property is going to sell, or sit around gathering dust. Sellers want listing agents to work miracles and sell the property for $50,000 over the appraised value. You could get lucky, but I suggest you rely on strategy over luck.
One of my goals when selling a property is to encourage a multiple-offer scenario. Multiple offers can drive up the selling price considerably. Ironically, to do this, you need to first set an enticing price to generate a bidding war.
For example, I recently handled a trust sale. We needed to sell the property quickly so I listed the home at $499,888 thinking we would get multiple offers to drive up the final price. The listing generated a ton of interest. I had several buyers attend my open house and agents were calling me to set-up showings. We received numerous offers ranging from $490,000 all the way to $530,000. Our initial price set the stage for the multiple-offer scenario and allowed us to pick the best one.
I’m all about finding that balance. The goal for our team is to sell properties in the least amount of time, for the most amount of money, with the least amount of problems. Price the property accordingly, and it can be done.
Try to anticipate buyer issues, and act accordingly
I recently sold a home with no hallway; needless to say there were some staging challenges. The property had an awkward floor plan and was notoriously dark. However, we managed to spruce up the place by allowing more natural light to flow in, making this strange layout easier to live with.
From the start we analyzed the property and listed what the potential issues and hurdles would be. Specifically, we worked with staging experts to show potential buyers how the room space could be used. People could still tell that the house was old, but the renovations and staging addressed the age. I priced the listing accordingly and that price made the listing enticing enough for potential buyers to look past the layout and see the value in the property.
In summation, pick your agent wisely. They should be a hyper-local expert and be able to utilize all the available resources to market your property. Know your market and price your home accordingly. Stagnant properties present red flags to potential buyers. Finally, know your homes shortcomings and try to rectify them with strategic staging. Good luck and if you would like to ask me any questions please email me at ryan@thinkrelink.com or call me at (626) 253-4557.
Ryan Asao * Not Just Another REALTOR. A Friend For LIFE!