Popular Posts

Saturday, February 26, 2011

11 Hot Tips To Sell Your House Fast In A Weak Market

1.Choose A Broker That Can Sell To find the best broker,determine which realtor dominates your market by "For Sale"signs and recommendations by neighbors. Then call the sales manager at the realty office and find out who are the top 10% agents as measured by sales. These agents generate 90% of revenues for an office. So they are most likely to sell your house at the best price. Before you commit to an agent make sure he or she has sold several homes in your neighborhood at attractive prices. Also, make sure that no more than 6 months had passed between the time the homes were listed and sold. Then make sure the agent has a marketing plan tailored to your home. 2. Offer A 2 Point Commission Bonus bringing the total commission to 8%. That way, the listing agent, your broker, and the selling agent, the buyer's broker, get an extra one-point incentive to focus on your property above anyone else's. Tell your agent to make sure the extra commission is clearly stated in the MLS listing - both under "commissions" and under "broker remarks". 3.Get Your Marketing Right Most home buyers start their search on the Internet. So make sure your agent lists your property on the seven biggest real estate sites which are Yahoo, Craigslist ,Trulia, Zillow, Homes.Com ,Realtor.Com and MLS. Only real estate agents can list homes on Homes.Com, Trulia, Realtor.Com and MLS. Ads range from free to $300+ for first page positions, slide shows and videos.
4. Brainstorm With Your Agent to come up with the single most important outstanding feature that makes your property different. It's called a USP or "unique marketing proposition".  Then market the daylights out of it.  Brainstorm further to come up with a list of special features like a fabulous view or a quiet street .It can be long or short. Then rank the items from most to least important.  Then make sure all your advertising  includes  your USP and your home's special  features. 5. Use Professional Photos Market research proves that photos influence buyers more than any other tool. Develop a virtual tour online like something you might see in a home magazine. Whether they're clearly visible or not, each photo or video should include a strongly worded caption that points out interesting details or features. Some agents will send out a professional photographer to take photos. If yours doesn't, you can hire your own for $100 to $500 depending where you live. 4. Clean Out Your Closets Neatness implies that you take care of things. Buyers may think that a messy closet means faulty wiring or plumbing. 5. Get Rid Of Clutter Every piece of junk reduces your homes value because buyers can't see past it. If necessary, rent storage space for a few months. Never underestimate how much a poor appearance will turn away potential buyers and diminish a sale. You want buyers to take a look and say, "Wow! I could move in here today!"  6.Let There Be Light Buyers want a bright house above all except location. So ditch the heavy drapes, have the house cleaned, wash the windows,  and move furniture away from the windows. Then trim any outdoor plants blocking the sun. Paint the walls creamy white. And if possible, paint the outside of the house yellow. If you need to re-paint or change the siding of the house, make sure it's yellow. Yellow houses have the most curb appeal and sell faster than any other color. 7.Swipe And Deploy Attend an open house at a few new developments and take note on how the model homes are decorated. Then try to apply some of these latest decorating trends to your house on the cheap. 8. Price It Right The smartest strategy is to under price your house below market value. That's because buyers are looking for value when they buy. This also might force buyers into a bidding war over your house with one another. If you price high and then go low, buyers will sense your desperation and start making low ball offers. Calculate the average on the "comps" for your area and mark it down 10%. If market conditions are deteriorating rapidly, or if you're in a particular hurry, mark it down another 10%. 9. How To Handle Low Ball Bids In A Weak Market When you get low ball bids on your property, never say " NO" regardless of how ridiculous you may think they are. That's because your agent may be able to nurse the buyer along and warm him or her up to a price you may be able to live with.  Also, it will be a learning experience. You and your agent will get a chance to get a sense of what a buyer's typical objections may be. Then you'll have a chance to try out some arguments to overcome the next buyer's objections.  Based on what you and your agent learn, you can update your marketing materials on the web while your listing is relatively new. 10. Offer Incentives In a buyers market, new home builders will be handing out incentives like Halloween candy. So to sell a used home like yours, giving buyers a cash incentive will give you an unfair advantage over other sellers. Offer to pick up part or all of the closing costs. Then advertise this in advance and more people will want to see your property.  You could also offer a decorating allowance of say 1% of the sale price. But do not make this known except to buyers who see the house. Otherwise, prospects may consider it as a sign that the home is not clean or needs work.  11. Hold The Paper First of all, one-fifth of all homes sold involve partial or seller financing. Second, buyers may not be able to qualify for a conventional mortgage because they may be self-employed or can't come up with 20% down. If you don't have a mortgage to pay off, and you aren't buying another house, or if you don't need the cash, this is a win-win for you and the buyer. You can charge 5% interest or more, and the collateral is a property you know and trust. The buyer gets to skip the hassle of applying for a mortgage, and saves on closing costs. The down payment also becomes negotiable. Plus you might be able to spread any capital gains you might owe over several years. Just make sure your agent or lawyer runs a credit check on the buyer and let your lawyer draw up a formal contract. Also, make sure your contract states the if the buyer falls behind on payments just one or two months,the buyer forfeits the down payment and you can take back the property.

No comments: