The 9-step system to sell your house fast and for a lot of money
Not too long ago, it was common for investors to make their fortune in real estate. It was nothing to buy a house, wait a while, and then sell it at a handsome profit, and then do it over and over again.
As you are no doubt aware, times have changed. Despite how good the market may be at any given time, home prices remain below what they were at their peak.
And buyers are far more discerning: A large percentage of homes listed for sale never sell. Therefore, it’s more important than ever to learn what you need to do to avoid costly seller errors and sell your home quickly and for the best possible price.
The 9-step system to sell your house fast and for a lot of money
Selling your home is one of the most important tasks of your life. This nine-step system gives you the tools you need to maximize your profits, stay in control of the process, and reduce the stress that is always part of the home-selling process.
- Know why you are selling and keep it to yourself.
The reasons behind your decision to sell can affect everything from setting the price to how much time and money you spend preparing your home for sale. What is more important to you: the amount of money you walk away with or how long your property will be on the market before it sells? These different objectives require different strategies.
However, once you have determined your motivation, do not reveal it to anyone except your real estate agent because they can use it against you at the negotiating table. When asked, simply answer that your housing needs have changed.
- Do your homework before setting a price.
Don’t take the job of setting your listing price lightly. Once you set a price, you’re telling buyers the absolute maximum they’ll have to pay for your home, but too high a price is just as dangerous as too low a price. Remember that the average buyer is looking at 15-20 homes at the same time they consider their own.
This means they have a basis for comparison, and if your home doesn’t compare favorably to others in the price range you’ve set, prospects or agents won’t take you seriously. As a result, your home could stay on the market for a long time, and new buyers on the market may think that there is something wrong with your home that has prevented it from selling.
- Do your homework.
In fact, your agent should do this for you. Find out what homes in your own neighborhood and similar neighborhoods have sold for in the last 6-12 months, and research what homes are currently listed for. This is exactly how prospective buyers will assess the value of your home.
- Find a good real estate agent that represents your needs.
Nearly three-quarters of homeowners say they wouldn’t use the same real estate agent who sold their last home. Dissatisfaction is frequently due to poor communication, leading to insufficient feedback, lower prices, and strained relationships. Request your free copy of our report, “10 Questions to Ask Before Hiring an Agent” for information on questions to always ask when interviewing agents who want to list your home.
- Maximize the sales potential of your home.
Corporate North America spends billions on product and packaging design each year. Appearance is critical and it’s foolish to ignore it when selling your home.
While you can’t change the location or floor plan of your home, you can do a lot to improve its appearance. The appearance of your home triggers an automatic emotional response in potential buyers.
Clean like you’ve never cleaned before. Pick up, straighten, declutter, scrub, scrub and dust. Fix everything, no matter how insignificant it may seem. Feature your house to get a “Wow!” response from potential buyers.
Create an atmosphere that encourages buyers to imagine them living in your home. The decision to buy a home is based on emotion, not logic. Potential buyers want to “try on your home” just like they would a new item of clothing. If you follow them around and point out every improvement, or if your decor is so unusual that buyers can’t forget it, you’re making it hard for them to feel comfortable enough to envision the house.
- Make it easy for prospects to get information about your home.
It may surprise you to learn that some of the most commonly used home marketing strategies (for example, traditional open houses) are actually not very effective. In fact, only 1% of homes are sold at open houses.
And prospective buyers inquiring about your home value their time as much as you value yours. They don’t want to be subjected to a game of phone tag with an agent or an unwanted sales pitch. Make sure the announcements your agent places refer to inquiries from a 24-hour pre-recorded hotline with an ID number specific to your home. You must provide detailed information about your property day or night, seven days a week, without having to speak to anyone. Three times as many buyers call for information on homes under this system. And the more buyers competing for your home, the better, because you can create an auction-like atmosphere that puts you in the driver’s seat.
- Know your buyer.
During negotiations, your goal is to control the pace and set the duration. Determine your buyer’s motivation. Find out if buyers need to move quickly. Will they be able to pay the sale price? Having this information gives you an advantage in negotiations, because you know how far you can push to get what you want.
- Make sure the contract is complete.
As a seller, be sure to disclose everything. Smart sellers proactively go beyond the legal requirement to disclose all known defects, in writing, to buyers. If you tell buyers about known issues ahead of time, they can’t come back with a lawsuit later.
Make sure all terms, costs, and responsibilities are spelled out in the sales contract, and resist the temptation to void the contract. For example, if the buyer asks to move before closing, simply say no. Now is not the time to risk the sale failing!
- Do not move out of your house until it is sold.
Studies show that it’s harder to sell a vacant home because it looks abandoned, neglected, and just plain unappealing. It could even cost you thousands. And if you move, you’re telling buyers that you have a new home and that you’re probably motivated to sell it fast. This gives the buyer the upper hand at the negotiating table.
By following the nine tips in this article, you’re much more likely to be able to sell your home quickly and for the best price.