5 Tips To Help Get Your Property Sold Quickly
By Paul Esajian on June 1, 2016
Doing everything right on your rehab is not enough to get it sold. You can never assume that just because you did great work buyers will come running to you with offers. With many areas tilted towards buyers you need do everything right to show the property in the best possible light. Regardless if you are selling a rehab or putting a rental property on the market there are things you can do that will increase your chances of a successful sale. Most of these items may seem minor to you but to a prospective buyer they mean everything. Here are five tips to help get your property sold quickly and for the highest possible price.
1. Look At The Comps. Buyers don’t care about the condition the property was in when you bought it. They don’t care about the work you did and all the hoops you may have had to jump through during the rehab. All they are going to look at is how your property stacks up to what else is on the market. The first step in getting your property sold quickly is to leave your emotions at the door. You need to use the comparable sales and current listings as your guide. These numbers should guide you throughout the process. These are the same numbers that buyers and their real estate agents look at when a new listing hits the market. You may think your work is better or the location justifies a higher price but the data is always the best indicator.
2. Make The Right Updates. Not every improvement you make adds value to the property. You need to focus on what is best for your current location. Instead of spending money on updates that you find personally appealing you should look at what has sold in recent months. A bulk of your budget should be allocated towards bedrooms and bathrooms. These are the areas that a majority of buyers look at first when entering a new listing. In these rooms you need to find a mix of modern upgrades with a little bit of flash. Most buyers will spend money on quality over sizzle. An updated TV room in the basement may seem cool to you but what about a family with small children. A new pool in the backyard may seem like a good idea but many buyers don’t want to have to deal with a pool for just a few months a year. Putting the wrong work can leave your home sitting on the market for a very long time. Instead of getting a return on your investment you will end up spending money correcting the mistakes you made on the property.
3. Price. The price a home a listed for is the first thing that prospective buyers notice. If it is too high buyers will immediately look elsewhere. It is tempting to try to squeeze every last dollar out of the property but buyers markets don’t work that way. By listing high and hoping someone makes an offer your home can sit on the market for a very long time. Buyers that may have had interest if the price was right will look elsewhere. What is worse is that they may never come back. Long gone are the days when an interested buyer will make an offer, wait for a counter and meet in the middle. There are too many other options for a buyer to pursue an overpriced property. As with many things in a property first impressions are critical. The very first impression that the public has of your property is the price.
4. Curb Appeal. There are many buyers who drive by new listings before contacting their real estate agent for showings. In addition to getting a feel of the market they want to get a first impression of the property. Any time you are listing a property you need to spend some time and money on the exterior. If there are overgrown bushes or weeds in the driveway buyers feel that the interior will be sloppy as well. This may not be the case but buyers will not want to find out. You need to make sure that the first visual impression is a good one. Not only do you need to focus on the yard and landscaping but you need to focus on property itself. Look at the front door, siding, roof, shutters and everything else with the exterior and make sure it is to your liking. Most of these items are inexpensive to fix and don’t require a lot of time. If the exterior is not up to par how the inside looks won’t make a difference.
5. Showings/Staging. Upon entering your property everything should be perfect every time. You never know when your next showing will be the one that produces a buyer. If the property is vacant it could make sense to spend the money on staging. If you are selling a rental property you need to stay on top of it. Everything from the lighting to the temperature to how the property smells could influence the buyer. Constantly reminding your tenants or physically inspecting the property before every showing is an inconvenience but it is necessary if you want to sell your home. If your property doesn’t show great you won’t get it sold for the price you desire.
The most important step is to remember to always think about the buyer. Everything from the work you do to the first impression you give should have the buyer in mind. By putting them first you can get your property sold as quickly as possible.