Hot market, cooling market, stagnant market, recession, depression, recovery or COVID, it doesn’t matter, as there are some universal reasons property either doesn’t sell.
We all know property usually will sell at some point – we just don’t want to be wondering “at which point” lower than asking will that be. The best approach to selling anything is give the customer what they want and that is the best approach for selling real estate. Buyers today want ease of life, hassle & stress free, as little work as possible and for the best price possible. The dream is a move in ready, turnkey solution. Anything less results in the sale being affected, either time on market or offers less than expected.
Even when the market was crazy there was still money left on the table because property was not “move in” ready. Buyers deduct money from their offer to cover emotional and physical costs of preparing the house for LIVING. SURE, it sold and even over list, however how much more would it have sold for over list price had it been “move in” ready? The majority of homebuyers would prefer to buy a new build; the more move in new your old house is the easier it is to buy.
Hence five reasons to consider:
Reason #1: The house was ON SALE not ready For Sale
Not fully preparing the property for sale gives the impression you couldn’t be bothered, leaving a prospect buyer feeling dejected. A study reveals as many as 79% of sellers are willing to invest time and up to $5,000 to ready their property for sale, however in competitive market that is often not enough to get you on he must see list.
Making superficial or cosmetic changes in a futile effort to disguise fundamental failings is like putting lipstick on a pig.
Which brings us to reason #2
Reason # 2: You didn’t hire a STAGING Professional
A common mistake by sellers and real estate agents is to not fully understand the value of a professional who specializes in target marketing for real estate. Much like a seller relies on a specialist in real estate to represent the transaction way too many people still undervalue the work of an expert when it comes to advice and skill to ready the property for sale. The misconception that getting ready for sale (or staging) only requires some packing, cleaning, “depersonalizing” & sprucing up totally undermines the foundational concepts of readying a house for sale. Original intent for “Home Staging” was founded on minimal fuss, “declutter” spruce up however the financial collapse of the “Great Recession of 2007-2009 changed all that.
The inception of “flipping for profit” revolutionized preparing property for sale. Giving the buyer what they want, when selling “gently used property” means making it look and FEEL new. You might not want to hear that however it is the essence of target marketing. Instead of “vanilla”-izing hoping to attract, this approach intends to attract a certain demographic who are most likely to buy prospect. Preparing property for sale with a “Certified Staging Professional®” ensures the psychographic & behavioural segments are applied.
Reason # 3: You didn’t fully prepare the house for sale.
Typically this means the personal color palette was not neutralized, deferred maintenance not completed and no upgrades that matter most to the buyer were completed AND because you didn’t do them the result was……
Reason # 4: You had bad listing photos!
I can hear you saying “oh but the real estate agent hired a professional photographer” – but he/she isn’t a magician they photographed what was there. You got nice photos showing how you live in your old home, not photos showing how a future buyer can live in their new home. Outstanding photos are a crucial part of the marketing process, they are the curb appeal/ first view of your house a buyer gets and 100% of people view the photos before contacting an agent. Hiring a Certified Staging Professionals® who are trained to stage for the photo first, gives you the “Seller’s Edge™” Oh and those bad photos led to another problem; you know when you google something and you rarely, if ever, select a link off that first page? Well with the swipe of a finger your bad photos meant you didn’t make the top ten list….
Reason # 5: You didn’t make the top TEN MUST SEE LIST!
According to the National Association of Realtors® people looking for a new home, look at photos and make a list of TEN properties to see. 74% then jump in the car and drive by, half of them at night. They drive by to reduce the number of properties they see and according to NAR® people generally buy after seeing only SIX properties. When selling your largest financial asset, you do not want amateurs working for you and you do not want to cut any corners if you want the best outcome which is HIGH ROI.
FIVE TIPS FOR SELLERS TO MAXIMIZE THEIR ROI
According to the National Association of Realtors® people looking for a new home, look at photos and make a list of TEN properties to see. 74% then jump in the car and drive by, half of them at night. They drive by to reduce the number of properties they see and according to NAR® people generally buy after seeing only SIX properties. When selling your largest financial asset, you do not want amateurs working for you and you do not want to cut any corners if you want the best outcome which is HIGH ROI.
1st Start the preparation process early, don’t rush to market, don’t worry about the time of year/month/season and for sure do these things before you hire a real estate agent.
2nd Have a pre-sale home inspection done by a qualified & reputable firm. This will give you the heads up about any structural or mechanical issues in need of fixing before a buyer knows about it. Not doing this can slow the sale process. The buyer will have their own inspection conducted and the sale could be held up while negotiations and or repairs take place.
3rd Secure your Seller’s Edge™ by initiating a CSP equity protection plan™ Hiring a Certified Staging Professional® expert to conduct a pre-sale, objective review of your house. They will provide you with the best advice with a market preparedness strategy targeting the buyer demographic most likely to purchase your house.
4th Complete the recommended deferred maintenance items, along with the upgrades which matter most to buyers. Think of them as wealth building strategies ..…. turning your nest egg into a large amount of wealth.
5th Hire the right real estate agent who understands the market and your CSP Stager can help recommend an agent who will do their utmost to secure a buyer for you.
There is no better time than right now to take the plunge if you are interested in starting a home staging business or training a team member to be your in-house stager at your brokerage. Contact me, Christine Rae today to learn more! Or learn more & get our 65 Steps to Starting A Successful Staging Business ebook.
