- Offer incentives & pre-paids
A buyer who has narrowed their search down to two or three top choices may need a little push to motivate them to take action. To encourage buyers, many sellers offer incentives like buying the interest rate down on the purchaser’s loan, paying for closing costs, inspections, or repairs, or providing allowances or credits for home upgrades after closing. In addition, many sellers prepay for services like internet services for a year, taxes or homeowners association dues, or even golf club memberships.
2. Stage the home & use curb appeal
Buyers won’t pull the trigger unless they become emotionally invested in your home. To help build a stronger first impression start from the outside first by working hard to improve your home’s curb appeal. Next move inside and stage each space by creating a focal point and a story for each room. A set dining table, a book by the bed, or a game in the kids room are all simple examples of www.
3. Price your home aggressively
Setting the right price for your home is the single most important decision you will make when you decide to sell. Go too high and you risk turning off every buyer in the marketplace, go too low and you leave money on the table. One simple but powerful technique for pricing your home aggressively is to spend the day looking at your competitors’ homes. By doing so you will be seeing the world through the buyers’ eyes. Be tough and honest with yourself. Compared to the competition what would be a price that would position your home as the best value proposition for buyers in your marketplace?
4. Deep clean the home
A deep cleaning isn’t just straightening up or rearranging the dust bunnies. It’s a no holds barred war on dirt. Starting from the highest point in the home clean every single surface. Yes, you will have to move furniture, clean out closets, and lift up the couch, but the results will be well worth the effort.
5. Offer a home warranty
Homebuyers naturally love warranties that are included in the price of the home. Often homebuyers have plunked down a lot of their savings and have borrowed heavily to make their home purchase. The last thing they want to think about is the possibility of having to make costly repairs in the first year or two. A warranty means no big repair bills for at least a year. You pay about $300 to $400 for a year’s worth of coverage, and if anything malfunctions during that time, the new homeowner only pays a deductible of $50 to $75.
6. Have your home inspected
Nothing is worse than waiting months or even years for an offer, only to have potential buyers discover that your HVAC system is on the fritz or that there is dry rot. When that happens, you’re forced to reduce the price or give credits. Even worse, you may scare off the buyer and be forced to go back on the market. Often when this occurs, buyers and agents think there’s a problem with your property—which can make it tough to sell. That’s why a few hundred dollars on a pre-sales inspection is the best investment you can make. If there are issues, you can price the home accordingly. More importantly, you’re providing the buyers with more information. You’ll be in their good graces from the start.
7. Learn your market
When you become a seller, especially for the first time, the most important thing you can do is learn your market. Talk to a local agent, and don’t make assumptions based on what you think you know. Real estate is local. Every market is different, with its own customs. If you believe there are general rules for real estate strategy that apply everywhere, anytime, you’ll likely be fooled. A good real estate agent is the most valuable asset you have when trying to sell your home.
8. Take your first buyer seriously
Ninety percent of the time, your first buyer is your best buyer. Real estate agents everywhere will tell you that they have seen this happen time and again. Generally speaking, the potential buyer who makes the first offer is highly motivated and ready to do business. The first offer might be lower than you’d like, but that’s what negotiations are for. You can hold off in hopes of better offers, but many times properties sit on the market too long growing “stale” because the seller didn’t work with the first buyer. Months later, the seller ends up taking 5 percent less than the first offer they received. By this time, that first buyer has already bought and moved on. The seller is kicking themselves for not making it work.
9. Put yourself in a buyers shoes
One of the most simple and best exercises I have my sellers go through is to do a role play exercise where they actually drive into their own neighborhood as a potential buyer would and drive up to the house. They would then go through the entire house as if they were looking to buy that home. I want them to see what potential buyers see, not what they see as homeowners. This is also a valuable exercise that you can have neighbors or friends do if they can be truthful with you and there is no fear of hurt feelings. The final objective is to make adjustments in and around your home that would be more appealing to buyers.
10. First Impressions
Don’t forget in real estate you have 2 chances to make a first impression. The natural first impression is what that potential buyer sees as they drive up to your home and walk through the front door. Certainly you want to pay special attention to the needs of your curb appeal and front entry way into the home. But the often forgotten true first impression is the marketing of your home. When buyers are looking for a home, they are weeding through piles of MLS listings and internet sites. Your advertising, photos and information need to really catch the eye of that potential to make your home stand out from the rest.