Trying to sell your home is time consuming, to say the least. It requires time, patience, and yes, money. Hiring a broker relieves much of the stress that homeowners are faced with when trying to sell. However, it’s wise to be in the loop, and knowledgeable of what will make your home sell quicker and for a better price.
Condition & Staging
A home that hasn’t been properly staged, or cleaned to pristine conditions, will not receive many offers. Talk to your broker about finding a professional stager, or ask for tips on how to do it yourself. Either way, the manner in which your home is staged will leave a lasting impression among buyers. But staging won’t get you very far if your lawn looks like a jungle, so hire a lawn service to ensure that your landscaping is in immaculate shape.
De-clutter as much of your home as possible. Remove personal artifacts and family photos. Clean out the closets and storage spaces – buyers will want to take a look at these. De-cluttering will also make your home appear more spacious, so get to work! Buyers will compare your house with others on the market, so make sure yours is the best looking.
Pricing Low
Buyers want a deal. Homes priced at or above what they’re worth are generally overlooked by prospective buyers. The idea is to give buyers a compelling reason to choose your home over the rest, and pricing low does just that. Although it might seem risky at first, pricing your house below what it’s worth has proven to be a very successful marketing strategy.
The right price results in a quicker sale because it attracts more buyers. When buyers see a low price, they instantly feel as though they’re getting a bargain. A beautiful house with a lower price than expected will gain a lot of attention on the market. So, price low to attract the most buyers, and negotiate your way up later.
Exposure
Make sure your broker gives your house as much exposure as possible. This includes exposure online and through social media platforms. Your house may not get an offer overnight, so your broker has to be prepared to provide an ongoing strategy for exposing your home to the buyers. Talk to your broker about having professional photos taken of the interior and exterior of your home, and then use these pictures both online and in print advertising to gain attention.
Have open houses on Saturdays and Sundays, as well as a few evenings during the week. More than likely, buyers will be working during the day, and free to look at homes in the evenings and on the weekends. Try to be absent as much as possible during these showings. Buyers often feel uneasy and pressured when the homeowners are present.
Winning With Multiple Offers
By adhering to these guidelines, your home will likely receive multiple offers in no time. When multiple offers start coming your way, it’s important to be prepared. Having a team by your side is the best and most efficient way to handle a multiple offer situation.
The good news is your broker will handle most of the negotiating. As multiple offers come in, you might be tempted to start raising the price – but be careful. This has the potential to make buyers pull their bid, in which case your home could end up selling for much less than you intended.
It’s usually in the seller’s favor to have their broker or listing agent ask all interested buyers to present their “best offer.” Remember, competing buyers won’t know what their competition is willing to offer, and requesting their “best offer” will force them to up the ante. More often than not, this tactic will result in buyers offering to pay more money for your home.
As a seller, if you’ve already closed on a new home, it’s beneficial to consider lower bids, as long as the prospective buyer is capable of closing quickly. A quick close for less money is often much less stressful than a close that takes ages for the sake of more money.
Once you’ve received multiple offers, the ball is in your court, and there are multiple moves you can make. You could, for instance, reject all the offers. You can also reject one offer and go forward with the rest, or reject all but one offer and complete the sale. Don’t settle for a low bid if you don’t have to.
There is a legal standpoint to consider once multiple offers start coming in. For instance, it’s not unlikely that you’ll receive a second offer once you already accepted an offer. It’s also not uncommon for buyers to try and back out of a bid once they’ve committed. In either case, it’s prudent to seek legal council – don’t take on the challenge alone. Legal council will ensure that offers run smoothly, with no hassle.
Receiving multiple offers is hardly a bad thing. It provides you with some leverage – as long as you don’t get over confident – and often allows you to select a higher bid. However, legalities do come into play, and when they do, make sure your broker and legal aid are by your side.