The 4 Ps to Maximizing your Selling Price
When you sell, you’ll probably want to get the best possible price for your property. Who wouldn’t? Unfortunately, there are many ways to inadvertently leave money on the table – sometimes even thousands of dollars.
So, how do you avoid that possibility? Well, just remember these 4 Ps and you’ll be set!
Step 1: Preparation: One of the simplistic and most effective ways to maximize your home’s selling price! At this step, you should do everything you can to prepare your home so that it looks great to buyers. This means cleaning, de-cluttering, fixing, and making improvements in every room where necessary.
Home staging is also a big help. In fact, effectively staged homes have been shown to sell for up to 5% more than comparable properties that are unstaged. If you’re not sure where to start, there are lots of online design resources to reference. Check out sites likes Pinterest and Instagram to spark some inspiration! Or, ask your realtor! He/she will have firsthand knowledge on ways to stage your home so it displays gorgeously in listing photos, videos and for open houses. They may also recommend professional home staging services to do this.
Step 2: Price. Setting the right asking price on your home is crucial. If you under price your home, you’ll attract only deal-hunters — and you may end up getting less than your home is worth. If the asking price is too high, however, you’ll discourage those buyers who might otherwise be interested and willing to make a good offer. If a house is on the market for too long, or if the price keeps dropping due to inactivity, buyers may become weary to respond as they’ll likely assume there are issues with the home. A seller with unrealistic expectations is his or hers own worst enemy. The key is to price competitively by understanding the local market and studying the trends in your area. Do your research, and if you have a realtor, ask them to perform a home evaluation. With guidance from your realtor, you can determine a realistic selling price for your home and he or she will also negotiate the best offer with buyers.
Step 3: Promotion. There may be many qualified buyers out there who would be eager to see your property. But they need to be able to find your listing and the great features of your home first! Reaching these buyers requires more than merely profiling the listing on the MLS. Homes that sell for top dollar often have a strong marketing strategy, prepared by your realtor and directed to the right buyers. There’s lots to be done to market your home right, consider these three must dos of marketing:
- Photography: Having good photos of your home posted online is essential to how fast and well it sells. Most buyers won’t even look at a listing if it doesn’t have accompanying photos. Wide angle shots are used to capture the breadth of an entire space and close-up shots to highlight points and fixtures of interest. But remember, having no photos is just as ineffective as having bad photos. You want to make sure your home is displayed at the right angles, with good lighting and the proper framing. Some realtors will make the extra effort to hire professional photographers to get the job done right.
- Videography: Yes, videography is also important! In this age of technology, the more media you have readily available to buyers the better! You can capture the footage yourself or hire a professional videographer to film and edit your home’s listing video and virtual online tour. Buyers love having the convenience to explore the home before to deciding to view it in person. A virtual tour or listing video gives them this option and is an excellent way to utilize and gain audience on video sharing platforms such as YouTube or Vimeo.
- Advertising & Open Houses: Your realtor will advertise your home to the general public and get those potential buyers’ feet in the door! Some ways to advertise include, e-flyers and social media ads and print advertising to promote new listings and associated events such as the open house. Your agent will also likely post ‘OPEN HOUSE’ signage around your area in order to guide traffic to the home. The open house is an excellent opportunity for your neighbours to view your home in person, and to hook potential buying candidates. Keep in mind, food is an excellent method to entice buyers and their agents to your open house. Keep it simple with finger sandwiches, baked cookies and coffee.Step 4: Proposal. Once an offer comes in, there may be an opportunity to negotiate with the buyer to maximize the final price you get. Your agent has deep knowledge of the local market as well as street-smart negotiation skills. If done effectively, he or she can handle these negotiations on your behalf and can help put more money in your pocket.There you have it! These four Ps are both easy to remember and with the right representation, also easy to implement! Working with great real estate agent is so important. Contact me today to get the conversation started.