10 Tips to Help You Sell Your Home Faster
Nobody will love your home as much as you do, but the biggest mistake you can make in pricing your home is by thinking your property is better than everyone else’s.
Buyers start logically and finish emotionally but a vendor must begin logically to attract the market. You do this by looking at what similar properties to yours are selling for and how they are performing in the market.
Another important tip is the “30-day rule” that applies to every property in real estate. The best buyers will come along in the first 30 days and if you fail to attract any offers in this period, your price is too high. If everything is lined up right from day one, you should have interest and offers in the very early stages. If you aren't getting interest in those early stages, adjust early and you'll be on your way. The “30 day rule” is the most important rule for any owner to understand before sell a home.
When selling a home it has nothing to do with how long it has been on the market, but more to do with how long a buyer has been shopping in the market. The longer a buyer has been looking for the right home, the more heightened their emotional readiness becomes and usually the stronger their price will be because they want to get in before the rest of the market. That’s why the old saying rings true, “your first buyers are always the best buyers".
So, here’s 10 tips to consider if you are thinking of selling your home:
1. Price Your Home Right
Take your time to understand the market before you speak to an agent. Remember, price is everything. Too high, no one will buy. Look at the facts that are happening in the market today directly around you and then consider market demand (is your price bracket selling quick). The biggest mistake owners make in pricing their home is they think their property is better than everyone else's and expect the market to love it as much as they do. Buyers start logically and finish emotionally. The first thing you have to do to logically attract the market is make sure the criteria of your home matches what other similar properties are selling for. Then buyers will come.
2. Have A Strategy For Marketing Your Home
These days many owners just want to use the internet to sell their home. This is not a strategy, this is just one part of what's available. Buyers come from all different places, and if you want the best buyer and the best price, you must cover all your bases by making sure you have a complete marketing strategy and full market energy around your home. Market Energy=Better Price (every time). You only get one chance to sell your property right, so have every marketing channel working for you from day one; internet, advertising, neighbourhood campaign, database plan, signage, best photography, editorial, video, floor plan, open houses, hot buyer preview and the absolute best agent working for you.
3. Present your home like you don't live there
Well, that's a bit of an exaggeration. Looking like you live in your home is fine. Just get some expert advice on presenting your home. Most of the time owners aren't stylists, so it makes sense to source the best advice on this one. Buyers are looking for a home that they instantly connect with and feel like they want to live there, and this connection comes from style and creating a WOW. Often owners think that having a clean house is presenting it for sale when this is only part of it. Styling is about maximising the space for appeal and flow. How a home flows is just as important as how it looks. You only get one chance to make a first impression so speak to the people that specialise in first impressions. Most agents will be able to point you in the right direction for good stylists.
4. They really are different
The right agent can make a massive difference. Sometimes owners pick an agent because they like them, which is fine, but the question I would be asking myself if I was an owner is ‘what difference does this agent bring to my sale?’ You see, the most important function of an agent is their service levels and their skill set. Can they help you protect your price? That's the single most important question you should be asking. Selecting the wrong agent can be very expensive. Before you engage an agent ask them to demonstrate how they will best protect your price and this will flush out the ones that know what they are doing. Then you will have a short list of agents to choose from that offer the best skill set. Remember this one thing when selecting an agent… You can only base your selling decision on what they tell you. So the quality of information that your agent is able to extract will make all the difference. That's why skill set is important.
5. Be real
Not everyone is going to love your home, in fact probably lots of buyers won't like your home at all. Don't get discouraged when you get feedback about your home, See it for what it is, they just don't like it or it’s not what they are looking for. The most important feedback is what the market place thinks your home is worth. This way you can adjust, if needed, early if the feedback isn't in alignment with your expectation. Here is a checklist of the people to listen to with price feedback.
Neighbours and Friends: Don't listen to them about what they think your home is worth, they are always too high.
Buyers that are ready to buy, have inspected your property but don't like it: These buyers are usually quite educated and fairly accurate with price feedback because they see it for what it is and have no emotional connection to your home.
Buyers who are interested in your home: They will usually give slightly lower price feedback initially because they are interested.
This is an easy way to work out who is giving the feedback and why.
6. Area Specialist
Use an agent that knows the area. Just because you might know someone in Real Estate but they work in another area don't use them to sell your home. That's ridiculous. They will have no idea how to build value in your home because they don't know anything about the recent properties that have sold (they might know the price but they won't know what the home offered or the story behind the sale) Use an agent who specialises in the area, works in the area and loves the area. It will be much easier.
7. I'm Thinking About Using My Friend
This is a delicate one. If your friend (agent) works in the local area it's easy to list your home with them and they may do a good job but I have found this to be awkward sometimes. Selling your home is a business transaction and doing business with friends isn't easy if you have to have those hard discussions. Managing property in a changing market can be a testing time and it can strain a relationship if you don't see eye to eye with your friend during the process. So my advice is don't list with your friend and maintain the relationship.... It's easier.
8. The 30 Day Rule
There is a rule in Real estate that applies to every property. Your best buyers will come along in the first 30 days. The reason for this is you have access to the greatest number of qualified buyers when you first launch your home into the market place and that excitement period never comes back. There is a trap that many owners fall into when selling and that is rejecting a buyer in the early stages or an offer in the early stages because in there mind, they have only been on the market for a short time (a few days or a couple of weeks) and they always says “it’s only early days". Usually why you don't get offers during this period is your price is too high and buyers are walking away. This leads me to my next point.
9. Adjust Early
One of the biggest mistakes is owners say it's early days.... Meaning if the market isn't responding and you are getting no interest or offers, owners feel it's too early to adjust. This can cost you dearly. Market momentum is everything and if in the first 2 weeks the market feedback is lower than where your price point is, that is a strong indication that your price is too high. Often owners will say "we haven't had any offers" so they can gauge whether to lower their price or not.... Listen closely...... You aren't getting any offers because the buyers feel your house is too dear and they are voting with their feet and walking away. Work closely with your agent in these early stages and feel the rhythm of the market and you will be able to read what is going on. If everything is lined up right from day one you should have interest and offers in the very early stages. If you aren't getting interest in those early stages, adjust early and you'll be on your way!!
10. Just Relax
All you can do is your best and make sure you have done everything you possibly can to position your home right, market your home right and select the best agent. Once you have ticked all the boxes sit back and relax and work closely with your agent as a partnership. Allow the agent to do their job and be open to understanding the market and everything will work out just fine.
"Not all homes sell within 30 days but,
if these things are covered,
chances are you will"