You want to sell your home and you want it sold quickly and for top dollar! All sellers have these two goals in mind, but too many people make crucial mistakes that can jeopardize the successfulness of the sale of their home.
Particularly if you have experienced the selling process previously, you might think you understand the process inside and out. However, do you realize that simple mistakes such as not being honest with yourself about your motivations for the sale and not keeping those reasons to yourself can negatively impact the sale of your home?
However, by researching and understanding the selling process, you can avoid making costly mistakes. Below you will find a special industry insider’s report titled, “9 Steps to Get Your Home Sold Quickly & For Top Dollar”. The 9 important tips discussed will help you maximize the profit from the sale of your home, while also enjoying the benefits of a quick sale.
The Current Real Estate Market…
Not long ago, people were able to make a fortune in the real estate market. A home could be bought for a certain price and within a short period of time could be resold for an impressive profit. The market was “hot”.
Times have changed, as you may have already ascertained. Though the market is still strong, property prices are lower than when the market was at a real peak. Many homes listed for sale remain unsold in this market and buyers have become much more discriminating shoppers. However, you can still sell your home quickly, and for a good price. If you understand the 7 mistakes commonly made, and also the informative 9 Step System that will help produce positive results, the process of selling your home will likely be much easier and more profitable.
7 Mistakes Many Sellers Make:
- Not carefully considering their motivation for selling
- Failing to prepare their home so it catches a buyer’s eye
- Incorrectly pricing their home
- Selling too aggressively during showings
- Signing a lengthy agreement with their selling agent without a performance guarantee in writing
- Not providing their potential buyers with easily obtained information
- Not seeking mortgage preapproval for the purchase of the next home
9 Steps to Get Your Home Sold Quickly and For the Best Selling Price
Selling a home is an important milestone in a homeowner’s life. The following 9 points will aid in maximizing your profit, maintaining control of the sale, and reducing the stress of selling what might be your largest investment.
- Understand why you are selling but keep the reason private.
Why you want to sell your home can affect every decision you make, from what price you set to how much time and money your want to invest in preparing your property for sale. When you know what motivates your sale, you can answer these important questions: Do I want a fast sale above all else? Or am I more concerned with selling my home for as much money as possible? Different motivations and their corresponding goals will determine different sets of action.
However, do not tell any buyer or buyer’s agent why you want to sell or it may give them the upper hand during negotiations. If someone asks you why you want to sell, tell them your housing needs are now different.
- Before setting a price do your homework.
Setting an asking price should not be done without doing some research and careful consideration. An asking price typically tells buyers what amount is the highest they will have to pay for your home. Pricing too high or too low can affect the success of your sale. A typical buyer views 15-20 homes and will recognize if your home does not compare favourably to others they have looked at. If you fail to compare, your listing may not be taken seriously. Further, your home might languish on the market, signalling to other potential buyers that there is something undesirable about your property.
- Conduct even more research.
More research needs to be done, but your agent should do this for you. He or she should find out some information on homes in your area that are currently for sale of have sold within the last year. Prospective buyers will be using the same information when they decide whether to deem your home a contender or not.
- Hire a real estate agent who will best represent you.
Almost three quarters of people claim that if they were to require the service of a realtor again, they would not hire the same realtor. The key to a good relationship is strong communication. Poor communication can produce limited feedback, a lower price, and ultimately a relationship that is strained.
- Maximize the sales potential of your home.
It is common knowledge that the annual budget for product and packaging design in corporate North America is billions of dollars. From this we can glean that appearance is essential. Given this, it would be unwise to ignore the “packaging” of your home when putting it up for sale.
Though your home’s floor plan and location may be unalterable, you can do much to improve its appearance. Indeed, a buyer will feel a stronger emotional connection to your home if it looks and feels enticing. To begin, make sure your home is spotlessly clean. Tidy your belongings and de-clutter your collection of personal items. Then roll up your sleeves and scrub, scour, and dust. No matter how insignificant a repair might seem, make sure you complete it. View your home with objective eyes and do whatever you can to elicit a “WOW” from potential buyers.
People are typically driven to buy a home by their emotional, and not logical, response. A buyer needs to be able to see him or herself living in your home and loving it! Indeed, the process of looking at a home is much like trying on clothing – in both cases the potential buyer wants to experience a perfect fit. If your home has glaring repair concerns or a wild, hugely personal decor, the buyer will have a difficult time feeling comfortable enough to imagine him or herself living in your home.
- Provide potential buyers with an easy means to access information about your home.
Some marketing tools used by real estate agents are simply not very effective. Case in point: the popular “open house”. In reality, only about 1% of homes are actually sold as a result of an open house.
Potential buyers will likely want information about your home at times that are not during an open house. However, when they contact your agent for information, they do not want their time wasted by playing “telephone tag,” or by having to listen to an unrequested sales pitch. Ask that your agent create a 24 hour pre-recorded hotline message about your home which can be accessed anytime. If this number is then placed in the advertisements for your home, you have a greater chance of enticing potential buyers. In fact, it has been proven that using this kind of system draws 3 times as many buyers. This is important because the more buyers you can draw, the more competition will flourish for your home. More competition will create a setting much like an auction, which will likely give you the upper hand during negotiations.
- Make sure that you understand your buyer.
During negotiations, you want to direct the pace and length of the process. Find out what is motivating your buyer to purchase. Ask these questions: does the buyer need to move quickly? Can the buyer even afford your asking price? Understanding these kinds of motivations can ensure that you have the upper hand during the negotiation process as you are aware of the buyer’s limitations.
- Ensure the contract is complete.
As a seller, be sure to disclose everything. It is very wise to exceed legal requirements and disclose any known defects or areas for repair to your buyer in writing. A buyer is unable to return with a lawsuit if he or she is informed about all problems before the close of the sale.
Spell out all terms, costs, and responsibilities in the contract of sale. Do not deviate from the terms outlined in the contract. For example, a buyer may request a move-in which is earlier than the closing date. Refuse their request because you do not want to do anything to jeopardize the success of the sale.
- Do not show an empty home, devoid of contents.
It has been proven that it is more difficult to sell a home that is empty. A vacant home looks unloved, forgotten, and thus not enticing. Furthermore, moving out before you sell is a mistake that could cost you thousands of dollars. If you move, you are indicating to potential buyers that you are likely motivated to sell in a hurry. Thus, a potential buyer has the upper hand during the negotiation process, likely lowering their offer knowing you do not have time.
Please feel free to contact me to discuss this 9 Step System and how to get your home sold quickly and for top dollar. Maureen and I know the right steps to take. Give us a call and we can chat.
Doug Blackstock: 1-613-328-1653 Toll Free: 1-800-862-4443 Doug@DougBlackstock.com
Maureen Blackstock: 1-613-532-3427 Toll Free: 1-800-862-4443 Maureen@royallepage.ca