Selling your home is a big deal, and arguably one of the most important decisions in your life! Here
are 9 steps that will help you maximize profit, reduce stress, and give you control over the home-selling
- Do Your Homework Before Setting a Price
Before Setting a price on your home, there needs to be some serious research. Having a price range
in mind will help your agent understand what your needs are and how they can get you the highest
profit. Pricing too high is a dangerous game, which typically leaves your home on the market for a long
time, resulting in a lower offer than the listed price. The average buyer is looking at 15-20 homes while
also considering yours, so they have a good basis for comparison. If they see a house that has more
value, but is priced lower than yours, you will lose a potential buyer. Another result of over-pricing your
home is because it will sit on the market for a long time new buyers will think there is something wrong
with your home.
- Know Why You’re Selling – but Don’t Tell
Your decision to sell and the reasons behind it affect everything from setting your price to deciding
how much time and money to put into your home. There are questions you need to ask yourself, is the
dollar amount most important, a quick sale, or both? Your end goal decides all the moves you make
Don’t reveal why you’re selling to anyone else, or they could use it against you in negotiating. If your
agent or others ask, it’s best to simply say your housing needs have changed.
- Find a Good Real Estate Agent!
Finding a good agent is key to successfully listing and selling your home. Three-quarters of
homeowners say they would not use their last real estate agent. Most dissatisfaction is due to poor
communication between the seller and agent, which results in little to no feedback about their home,
and low-ball pricing which results in a strained relationship.
- Know Your Neighborhood
Typically, when your agent tries to sign you as a client, they do a Comparative Market Analysis
(CMA) where they discuss the sales/market for your neighborhood in the last 6-12 months. This includes
a comparison of square footage, condition of the property, and other variables that help you accurately
price and sell your home. This is also how prospective buyers will assess the worth of your home.
- Maximize Your Sales Potential
A lot more goes into selling a home than simply placing a “For Sale” sign on your property and
waiting for potential buyers. Your agent should be maximizing your homes’ sale potential through
marketing strategies and open houses. Each year advertising companies spend billions on the
appearance and marketing of their product, and real estate is no different.
While there are qualities about your home you can’t change, like location and floor plan, there
are a lot of ways you can increase your sale potential. A good way to do that is by cleaning and de-personalizing Your Home. Not every personal picture or knick-knack has to go, but it’s a good way for the buyer to visualize themselves in your space. No matter how small, fix any imperfections so you get a “WOW” response from prospective buyers.
- Give Information
Some strategies realtors use to market homes are not always effective. Traditional open houses
actually only account for 1% of home sales. It’s important to provide as much information to potential
buyers as possible. Prospects calling for information on your home value their time, so it’s important
that information is readily available for them. Having a pre-recorded hotline that gives information on
your property is a good way to ensure any person who calls at any time of day can get information. It’s
been proven that 3 times as many buyers call for information on homes under this system. The more
buyers, the more competition for your home, which equals a bidding war where you have control!
- Know Your Buyer
When negotiating, you should control the pace and set the duration. Just like your know why you’re
selling, it’s important you know the buyers motivation. Do they need to move quickly? Can they pay
your asking price? This information gives you the upper hand in negotiations because you have leverage
to get what you need.
- Complete Your Contract
Disclose everything! As a seller, disclose any problems and defects to the buyer in writing. This will
legally protect your from law suits in the future, and save you lots of time and money. Make sure all
terms, responsibilities, and costs are in the Contract of Sale, and do not diverge from the contract. For
example, if a buyer requests to move in before the closing date, simply say no to avoid any sale
- Don’t Move Out Before you Sell
Selling a vacant house is difficult because buyers cannot envision themselves or their furniture in an
empty space. It could cause your home to stay on the market longer than necessary, potentially costing
you thousands of dollars. Having a vacant home also shows the buyers you are motivated to sell fast,
which gives them the advantage in negotiations.