Selling your home is one of those important steps in your life that shouldn’t be taken lightly. For this reason, we have written this 8-Step System that will give you the tools needed to maximize your profits, maintain control & reduce the stress that comes with the home selling process.
1. Know why you are selling & keep it to yourself!
For some people, their family is growing and it’s time to get a bigger house. For others, they have hit hard times and need to sell FAST! It’s important to know your reasons to sell because they will affect everything from setting a price to deciding how much investment you should make in getting the home ready for the market. Your goals will dictate the strategies taken to get your home sold. However, avoid sharing your motivation to anyone else, or they might use it against you during negotiations. If asked, simply say your housing needs have changed.
2. Do your homework before setting a price.
It’s imperative that you do not take this step lightly. By setting a price, you are telling prospective buyers what they must pay to purchase your home. Pricing it too high can be just as dangerous as pricing it too low. Keep in mind, the average home buyer is looking at 15-20 homes at the same time they are considering yours. This gives them a strong basis for comparison, and if your home doesn’t compare favorably to others, neither prospects nor buyer agents will take it seriously. As a result, your home will sit on the market for a long time and incite negative thoughts in new buyers on the market.
Your agent should be doing research for you but try this. Instead of guessing on price, find out what homes in your area have sold for in the past several months & examine what similar homes are currently being listed for. This is exactly how prospective buyers will assess the worth of your home.
3. Find a good real estate agent to represent your needs.
Don’t just find a good agent… find a great one! Almost 75% of homeowners claim they wouldn’t use the same realtor who sold their last home. Why? Well, their dissatisfaction typically boils down to poor communication which results in not enough feedback, lowering prices and strained relations.
Some key reasons you will want a great Realtor® is to make sure your house is priced right, utilize their marketing expertise, handle all liability concerns and free up your time as you prepare to move. You should consider at least 2-3 professionals before hiring someone. Not all Realtors® are the same. A professional will know the market and have information on past sales, current listings, a marketing plan and provide information on their background and references. Be sure to select someone you trust and feel confident that they will do a good job on your behalf.
For interview tips, check out our Free Report
“10 Questions to Ask Before Hiring a Real Estate Agent”
4. Maximize your home’s sales potential.
People are emotional creatures. It’s a fact most of us understand. So, when presenting your home, it is imperative that you create a great emotional response in potential buyers. Take a page out of corporate America’s book here. They spend billions on product and packaging designs every year to ignite an emotional connection between consumers and their products. With a little bit of work, and some attention to detail, you can generate many good feelings that allow buying prospects to imagine themselves living in your home. Here are some little things you can do that will have a huge impact on the demand for your home.
- Pickup, straighten up & de-clutter
- SCRUB EVERYTHING – stoves, counters, grout, baseboards, etc.
- Fix anything that needs to be fixed – no mater how small it may seem.
- Stage your home… if possible.
5. Make it easy for prospects to get information on your home.
Not all marketing tools and outlets that most agents use are very effective to sell homes. For example, only a small percentage of homes are sold at the traditional open house. When your agent advertises your property, they should value the time of all parties involved. Buyers interested in your home don’t want to play phone tag or be subjected to unwanted sales pitches. Make sure that ads your agent places for your home are attached to a dedicated landing page, phone hotline, or some other medium that allows potential buyers to quickly and easily learn the details about your house and also be given a clear call to action to move forward.
It’s been proven that more than 3x the number of people will inquire about your home using this system. And remember, the more buyers you have competing for your home, the better. It sets up an auction like atmosphere that puts you in the driver’s seat.
6. Know your buyer.
In the negotiation process, your objective is to control the pace and set the duration. What is your buyer’s motivation? Does s/he need to move quickly? Does s/he have enough money to pay you your asking price? Knowing this information gives you the upper hand in the negotiation because you know how far you can push to get what you want.
7. Make sure the contract is complete.
When we say complete, we mean disclose all known defects. The last thing you want is a lawsuit coming up because the buyer was not made aware of something. Go above and beyond the law with this by putting everything in writing. Make sure all terms, costs & responsibilities are clearly stated in the sales contract. If a buyer knows about a problem, they cannot come back with a lawsuit later. Also, be sure to resist any divergence from the contract. For example, don’t let the buyer move in before closing…. it’s not worth the risk.!
8. Don’t move out before you sell.
Listen to the research here. Studies have shown that vacant houses are more difficult to sell because they look forlorn & forgotten. People have a harder time imagining themselves in the house. Plus, potential buyers see your absence as an indication that you have another house and are likely highly motivated to sell fast. This could end up costing you thousands at the negotiating table.
For more information about any of our innovative homeowner programs, give us a call (or text).