Here are 10 important steps to facilitate a successful property sale:
- Set the right price: Research the market value of similar properties in your area and set a competitive and realistic price for your property. Pricing it too high may deter potential buyers, while pricing it too low could result in a loss for you. There is so much more to pricing a home than you may think, especially if you have a unique property, or if there haven’t been any comparables in a while. A good agent will use a combination of many tools, from time adjusting, to property feature price analysis, to assessed values of both land and building to so much more. It takes a lot of data analysis to price a home correctly, especially if there haven’t been any sales in your area in a while. Be wary of the agent that promises you the moon!
- Enhance curb appeal: Make a good first impression by improving the exterior of your property. This includes maintaining the landscape, painting the front door, and ensuring the property looks inviting from the outside.
- Painting: a fresh coat of paint goes a long way! But try to stay on trend, and maybe don’t paint your kitchen lime green! 😉
- Stage the property: Highlight the best features of your property by staging it appropriately. Arrange furniture, add decorations, and create a welcoming atmosphere that allows potential buyers to envision themselves living there.
- Market effectively: Utilize various marketing channels to reach a wide audience of potential buyers. This includes online listings, social media platforms, local newspapers, and real estate agents.
- Professional photography: High-quality photographs can greatly enhance the online presence of your property listing. Consider hiring a professional photographer to capture attractive images that showcase your property’s best qualities. This is probably the most important ‘marketing’ feature. Without good photo’s, online buyers/lookers will simply go straight past your listing. AND, if you have a tear down property or somewhere that needs a lot of work, still take interior photos!!! Investors or builders will want to see what they’re working with before committing to a viewing.
- Conduct repairs and maintenance: Ensure that your property is in good condition by addressing any necessary repairs or maintenance work. This will increase its appeal and reduce the likelihood of negotiations falling through due to inspection issues.
- Prepare necessary documentation: Gather all relevant documents, such as property deeds, surveys, permits, and warranties, to streamline the sales process. Having these documents readily available will help expedite the transaction.
- Respond promptly to inquiries: Stay proactive and responsive to inquiries from potential buyers. Timely communication demonstrates your seriousness and can help build trust during the negotiation process.
- Negotiate effectively: Be prepared to negotiate with potential buyers to reach a mutually beneficial agreement. Consider the terms, conditions, and contingencies involved, and be open to reasonable offers and counteroffers.
- Work with a qualified real estate agent: Consider enlisting the services of a reputable and experienced real estate agent. They can provide valuable guidance, market knowledge, and expertise throughout the selling process, increasing your chances of a successful sale.
Remember, each property sale is unique, and it’s important to adapt these steps to your specific circumstances and market conditions.
Below is an example of an invaluable tool I use to price adjust taking into account the shift in market conditions over time. This is especially useful if there haven’t been many/any sales in 6 months or more!
Below is an excerpt from a recent property analysis, part of what you can expect in the initial stages of valuing your property.
Check out my luxury marketing package below
What are the effects of overpricing?
Every seller given the opportunity will always choose to get the most money
possible from the sale, and why wouldn’t they?! But there are also other factors to consider. If you need the proceeds to fund another purchase or venture, or for tax purposes etc then speed may be of the essence and so pricing realistically will be key.
Can or do you want to wait for upwards of 9 months for a property to sell? Typically the first 3 weeks in a sale are crucial to obtaining the best price. The longer it sits on market, the worse the sale price usually becomes.
Pricing your property too high all but guarantees it will take longer to sell, sometimes much longer, or more commonly not at all. Instead of selling your property in just a few weeks, you could have to go through months of showings and open houses.
Even worse: statistics show that the longer a property is on the market, the less it sells for in the end. In fact, it will usually sell for less than what it would have fetched with a more realistic starting price.
I work with my Sellers every step of the way, and together we build a strategy to sell your property for the highest price, that starts weeks before your listing goes live.
And now let’s be honest, any agent can hire a good photographer, get a good virtual tour and get cool videos made, and put the listing online if they have access to the MLS.
The DIFFERENCE is a bespoke strategy that will be tailored to your property, at that specific time in the market, along with a strong pricing analysis using hard data to position your property correctly in the market.
IF YOU INTERVIEW LISTING AGENTS, YOU’LL ALWAYS GET SOME THAT PRICE HIGH TO APPEAL TO YOUR HUMAN INSTINCTUAL NATURE WHERE YOU DARE TO DREAM YOU CAN ATTAIN THAT PRICE. ASK THEM HOW THEY QUANTIFIED THAT PRICE. YOU MAY BE SURPRISED HOW MANY AGENTS USE THEIR STATURE AND ‘GUT INSTINCT’ TO PRICE A HOME.
PLEASE DON’T CHOOSE ONE OF THESE AGENTS!