How NOT to Lose Money When Selling Your Home
Don't be penny wise and pound foolish.
If I had to sum it up in one sentence, those are my seven words of advice for home sellers everywhere.
Truth is there are many ways to NOT lose money when selling your home. However, failing to address these THREE things is what causes home sellers to lose the most money, or worse, not sell their home at all.
The 3 P's of Selling Your Home
You may have heard of The 3 P's of Business - People, Products, and Processes.
Selling your home has its own 3 P's:
🏡Prepare Your Home
Sweating the small stuff before you list your home for sale pays big dividends. Not sweating the small stuff leads to a home that languishes on the market for months, leading to stress and frustration.
The scope of work is different for each home, as is each seller's budget, but preparing your home for sale is rarely about redesigning spaces and spending a lot of money.
It's about removing obstacles to a sale and fixing problems prospective buyers don't want to hassle with. Avoiding objections and deal-breakers is the key to achieving a great selling experience and financial results.
You can prepare your home on a minimal budget. Working on curb appeal, decluttering, depersonalizing, painting, sprucing up your kitchen, maximizing light, and cleaning are just some of the things you can do NOT to lose money when selling your home.
💲Price Your Home Right
Putting your home on the market at a price that reflects what you want and not what the market will bear costs you time and money. The longer your home sits on the market, the less it's worth in a buyer's eyes.
Overpricing a home to test the market is a surefire way to lose money. The market was already tested by the recent comparable sales and the active listings (your competition) in your area. Learn from your competitors' experiences and mistakes.
Pricing your home at "the sweet spot", the list price that generates enough buyer showings to generate offers for your home, is the most important decision you will make as a home seller.
The home sale market is a hyper-localized phenomenon. The only way to get a clear picture of what your home is likely to sell for is by gathering and analyzing the following market data:
Comparable Sales - The sales price of similar homes in your area that sold recently and how many days those homes took to sell.
Active Listings - The list price of similar homes in your area that are actively listed for sale (aka Your Competition).
Pending Sales - The list price of similar homes in your area that have gone under contract recently.
Expired or Canceled Listings - The list price of similar homes in your area that were listed for sale, but did not sell.
Supply and Demand - The absorption rate for all homes in your area AND homes in your estimated price range. This lets you know if it's a Buyer's Market or a Seller's Market in your area. Knowing what type of market you are in lets you know how much leverage you have in negotiations.
📢Promote Your Home
Leveraging the opportunities the Internet, mobile search, and social media present today is the key to successfully promoting your home to potential buyers where they are - online.
We understand that people are not on Facebook and Instagram to buy a home. However, the people buying homes are on Facebook and Instagram. Twenty years ago they read newspapers. Forty years ago they listened to AM radio.
While there's no magic bullet for promoting your home, the days of taking iPhone photos of your home, placing it on the MLS, and praying 🙏🏼 that it sells - are long gone.
Successfully promoting your home takes a well thought-out marketing plan with a clear message that is executed to the right audience at the right time in the right places in the utmost professional manner.
The foundation to a successful marketing plan begins with professional digital assets like high-definition photography, 3D tours, short video, lifestyle maps, and interactive floor plans.
Combining your digital assets with professional copywriting that speaks directly to potential buyers and calls them to action on the platforms they inhabit (think Facebook, Instagram, Email, Zillow, Realtor.com, etc) opens the road to successfully promoting your home to thousands of potential buyers everywhere.
Ready to NOT lose money when selling your home?
Moving is stressful. You have enough to worry about. Selling your home shouldn't be one of them.
Schedule an appointment to meet with us today.
We can help you devise a stress-free plan to sell for more and move within your desired time frame. Let's talk.