Tips To Sell Your House Fast
Applying the 80/20 Rule to sell a house quick.
Have you heard of Vilfredo Pareto’s 80/20 rule? It applies to nearly every industry in existence today. Basically, it states that 20% of effort produces 80% of the results. So, for instance, 20% of sales representatives generate 80% of sales or 20% of customers account for 80% of revenue.
Here in “Tips To Sell Your House Fast”, we’ll discuss how you can apply the same 80/20 rule to selling a house quick. Basically, you focus and highlight only 20% of the properties’ best features.
When generating online advertising for the sale of a house, the focus should be on the 20% of the properties best features. This will increase value over price in the buyer’s mind.
A house won’t sell based on its common features with other local area properties. A house will sell quickly if it can clearly offer something that the others don’t.
Therefore, your selling point should always highlight the “bonuses” on the property. Bonuses can include an all season enclosed porch, an inground pool, lakefront property or view, newly remodeled kitchen, a bonus room, solar panels, etc. You get the idea.
So, What Makes You Different?
Home buyers are looking out for unique features that will stand out from the competition. Spotlight your homes unique features in photos and marketing copy.
Look every home has
- Lake views, hilltop views, mountain views, skyline views, ocean views, pond views, sunrise/sunset views, etc.
- Private yards, acreage, fenced in areas for pets, wildlife visits for nature lovers, garden areas, pole barns for extra storage.
- Cul-de-sac, corner lot, frontage, circular driveway, professional landscaping, water feature, attached garage, golf membership, swim association, nearby schools.
- Finished basement, wet bar, walkout, paver patio, trek deck, extra storage, hardwood floors (nicely polished look great in photos), new carpeting, spacious laundry room (make sure there’s shelving there), etc.
Being Pro-Active Pays
Taking the time to uncover your home’s uniqueness will pay off in more showings and a quicker sale. Before placing your house on the market, quickly visit similar homes currently for sale (and that you’ll likely be competing with) and make note of their features as compared to yours.
Remember, the goal is not to identify those things that are similar to others, but rather list the few things that set you apart. If you need to to make some improvements that’s fine but don’t go overboard.
Related: Best Time Of Year To Sell Your House
Don’t spend thousands on finishing your basement just prior to listing it for sale. That’s a common misconception homeowners make and you may not get your money back
It’s always a good idea to spruce things up such as a fresh coat of paint, new carpeting, add shelving to closets, mudroom or laundry room. If you need to replace the sliding door, then replace it with the kind that
Also, consider updating some lighting fixtures or adding a ceiling fan. Small things like these can make a big difference.
Nip It In The Bud
When is the last time you had your furnace serviced? If it’s been longer than 12 months, get it done. Same for septic systems. If it hasn’t been pumped in the last two years, I’d highly recommend you call a septic company to pump. As part of their service, they will also give it a quick inspection. Getting the all clear in writing will put buyers at ease.
Seriously, consider hiring a home inspector to go through your house prior to listing it for sale. Identifying and addressing issues as a preventative measure will make the sale of your house pain free.
Addressing these issues upfront also sends a good strong signal to potential buyers that the property has not been neglected and therefore there’s less likely hood that something big will crop up down the road. We each worry about things like that, don’t we?
This is so very important and gives you the peace of mind knowing that a buyer’s inspection of your house will go smoothly with no major issues to threaten the sale.
Value Over Price Every Time
Buyers make their decisions based on value first, price second. What does house A offer that house B does not? It’s not just price that becomes the deciding factor because a large portion of home buyers are willing to pay more if they feel they are getting much more value.
Buyers will often pay more for location too. For instance, a house on a more secluded acre or large frontage as opposed to another house comparable in size and interior features but closer to the street.
Related: Selling A House Quick
Perceived value varies from one buyer to the next. Your private backyard has beautiful mature trees throughout. One buyer may love that feature and the privacy it affords them whereas another buyer would dread having to rake it all up come Fall.
Another example is an in-ground pool. Some people would be sold on the idea of having family gatherings, entertaining friends during the summer months, kids would love it, etc. However, another person would see it only as a seasonal perk you can only use for two months out of the year and expensive to maintain.
Market value is defined as the price that a willing, ready and able buyer is willing to pay and that the seller is willing to accept. Realtors are your best source of information in this regard.
They have access to listing systems and records of homes that are actively for sale, those that expired and the ones that sold, sold price and dates as well as old listing photos. All of which must be taken into consideration when determining a starting asking price. Using as much available data as possible still only gives you a “best guess” estimate. There are no hard and fast rules to pricing.
A Comparative Market Analysis can be obtained through a real estate professional and is crucial to a quick sale. It’s the crux to any strategic pricing strategy. Completely correctly, this report will also limit the chance of your house being under appraised by lenders.
As a Realtor, I employ “strategic pricing” strategy with a clear plan on starting price and scheduled price adjustments when needed. The first weeks of any new listing are critical.
The level of interest during those two weeks
Many showings but still no offers means that although there is a demand for the area, your not providing enough value in relation to your competition in nearby neighborhoods. Again, a price adjustment may need to be considered.
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Why do I take up valuable time writing these blogs? Because I have a wealth of information I like to share. Simply put, I do so because I like to do so. Feel free to leave your comments and ask questions too. If you have some topic ideas you’d like me to cover, then by all means, offer them up!