There is no question that in many areas properties are currently on the market longer. As a seller, this slow-down means there is more competition for a limited pool of potential buyers. Consider the following five tips to place your property on the fast track to sell:
1.- Price It Right
The first 30 days are the most critical. If your property is priced too high, interested buyers may never even tour your listing. The longer the property is on the market, the fewer the prospects.
Deciding the value of a property isn’t an exact science. Yet, there is data to help you determine a fair asking price that is right on target. Consult with an AMPI* real estate professional who can help you determine true market value based on a comparable market analysis, which will include recent property sale transactions as well as properties currently on the market. From the analysis, you may want to price your property conservatively to give it a competitive edge.
2.- Make Your Property Irresistible
Unless they are looking for a fixer-upper, most buyers are more likely to make a bid on a property that they can enjoy immediately. Therefore, you need to create an environment the buyer can’t resist. In other words, do everything you can to make the property so attractive, charming, cozy, inviting, comfortable and exciting that a buyer will want to buy that lifestyle for himself.
Evaluate the property from a buyer’s point of view. An experienced AMPI real estate professional will be able to offer an objective view and will also know what buyers are asking for. Get your property in tip-top shape by making repairs and cosmetic improvements, and removing clutter. This may mean investing in a few upgrades to modernize your property’s look such as installing newer window coverings and light fixtures and painting the walls a neutral shade.
3.- Create Traffic
If you want buyers to see your property, you must first find the buyers. Work with your real estate professional to design a marketing plan that is flexible and capitalizes on your property’s most desirable features. Your strategy should include ways to reach buyers online and offline – such as word of mouth, the Internet, yard signs, direct mail, open houses and so on.
4.- Go with a Professional
Selling a property is more than just hanging a sign and having a listing on the Internet. In a competitive market, you don’t really want to take the chance of making novice mistakes that can slow the selling of your property. By hiring an AMPI real estate professional, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community. A real estate professional can offer worthy advice on pricing and staging your property based on their vast experience.
Another good reason to go with a real estate professional, it is the only way you can get in the MLS**, which ensures your property will be marketed in a number of different ways and easily accessible by all AMPI and MLS members.
Plus, there’s the added value of the peer-to-peer networking among real estate professionals, which can bring buyers and sellers together – sometimes even before the property goes on the market.
5.- Offer Incentives
Offering incentives can be just the impetus a potential buyer needs to select your property over others. You may want to consider offering a paint allowance. Or, pay for a professional property inspection or a property warranty – and, depending on your market and budget, offer to pay some of the closing costs.
Don’t be discouraged if there are competing properties for sale in your neighborhood. With just a few smart moves, you can turn a buyers’ market in your favor.
* Mexican Association of Real Estate Professionals.
** Multi-List System