3 Secrets to Getting Your Property SOLD!

By
Real Estate Agent with CENTURY 21 American Homes

I'm sure that you've heard the old saying that there are three things that sell a home, "Location, Location, Location."  I'm going to let you in on another little secret.  It AIN'T SO!  Sure, location is a prime factor in the sellability of your house, but even a bad location can be overcome.  The following 3 things are the Real secrets to getting your property sold.

PRICEdollar signs clipart

The price of the property is the single most important aspect of getting your home sold.  If the home is priced correctly for the area, the market and it's condition, then it will sell.  It's as simple as that.  What makes pricing difficult to do correctly is that several factors make it hard to determine sometimes what a person would be willing to pay.  For example, you may have a nice 3 bedroom, 2 bath home that compares to others in a nearby neighborhood suggesting a price of, let's say, a $150,000.  However, you happen to live on an old side road, next to the newly built county landfill.  That's going to affect value, without a doubt, but determining that effect is difficult to do in some cases.

MARKETINGhome 4 sale clipart

If you have a great house worth $150,000 and you want to sell it for only a $100,000, you'd think that people would be climbing the fences trying to get at it.  But, if you don't let anybody know that you're wanting to sell, how will they know about the great house with the even better price?  You cannot be a "Secret Seller," especially in a a slow market, like the one were in now.  Running ads is a great start to marketing, but there is really more to it than that.  Slapping an ad everywhere you can think of is good, but target marketing is MUCH better.

Putting the ads in the correct places where they will get the most exposure is better than the 'spray n pray' method of throwing them out everywhere.  The BEST marketing, though, is putting the RIGHT ad in the best locations.  Anybody can put a "House 4 Sell.  Call XXX-XXX-XXXX."  You need to put together a marketing plan with several good ad layouts.

TIMEhttp://www.clipartheaven.com/

Time is the final factor in getting a house sold.  How much time are you willing to wait in order to sell your home?  A property will eventually sell for any price you want...if you're willing to wait on the market to "catch up" to what you're asking for the property.  If you have something that could sell for $150,000 today, but you want a cool $1 million for it, you can eventually get.  No Really!  Of course, you may have to wait 100 years or more, but you CAN eventually get that price.

But if time is a real issue for you, then it's a factor in selling, too.  If comps for your house so a reasonable selling price of $150-160,000, with an average time on market of 6 months, then you can expect (assuming that you're marketing!) to sell in that range in the given time, more or less.  If you price it at the top end of the range, it will likely take longer to sell, while pricing at the low range, less time to sell.

Again, if you're willing to wait it out and see, price a bit high may work, but if you need to be moving NOW, then you'd want to price it on the low side, or maybe even lower, in order to get the quickest sale possible.

Posted by

__________________________________________

Hickory Home SearchForeclosure Hunter

 

Roger Johnson is a Realtor with CENTURY 21 American Homes in Hickory, NC.

 

I service the Catawba and surrounding counties, and the Hickory, Newton, Conover, Taylorsville, Claremont, Statesville and Charlotte, NC real estate markets.

Visit us on the web at: www.HickoryNCHomes.com

You can contact me via Email or give me a call at 828-381-9245 or 828-568-2121 ext 310

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Rainer
14,432
Marc Oster
Y & M Real Estate LLC - Greeley, CO

I liked your blog.  Time is not something most Realtors discuss enough with their sellers.  Time motivation is a huge thing to think about when pricing a property.   And I've found with some sellers that say they can wait.  They have time.  Price it here.  They then are calling in a 2 weeks why their house isn't sold. 

Apr 29, 2009 12:05 PM #1
Rainmaker
270,525
Kathleen Lordbock
Keller Williams Realty Professionals - Baxter, MN
Keller Williams Realty Professionals

I agree with your points but I do think that you have not addressed a crucial one and that is presentation of the property.  If all factors are equal as in price, location, marketing - the home that shows the best will sell first. Staging a home affects how it appears in marketing efforts as well.  If those photos do not capture their attention in a positive manner, buyers will be on to the next listing in a click.

Apr 29, 2009 12:08 PM #2
Rainer
14,701
K.T. Ruthven
McKinney Realty of Aiken - Savannah River Plant, SC
ePro

Good blog, I think pricing is a big issue, atleast in this area of the county.  Sellers need to realize, and I think they have started to, it's not a few years ago.

Apr 29, 2009 12:16 PM #3
Rainmaker
238,153
Roger Johnson
CENTURY 21 American Homes - Hickory, NC
Realtor - Hickory NC Real Estate

Marc, thanks for the comment.  I think you're right.  Time isn't discussed enough, both from the seller's viewpoint as well as the agent's.  The seller MAY be willing to wait on the market, but are you, as the listing agent?

Kathleen, excellent point, but I think I HAVE covered it.  You're right, of course.  Presentation is important.  BUT, if a seller is unwilling or unable to make the property more presentable, then the bottom line price is affected by that.  So, in order to sell it in that condition, you would have to reduce the price to the point that the clutter/mess isn't an issue anymore.

K.T., you're right.  Sellers simply can't sell for what they could a few years ago.  So their choices are to reduce the PRICE to reflect today's market and the home's condition or to wait and allow TIME for the market to return to the price levels that they want to sell.

Apr 29, 2009 12:41 PM #4
Rainer
62,148
SHARON CHARBONEAU
UPSTAGING YOUR HOMES - Sechelt, BC

Roger,

I agree with Kathleen.  I think more realtors need to be fully aware of what a home stager can do to increase the sales potential of a property and the reality of letting the home stay as is and either sit unsold or sell for less money.

In a majority of cases, the property is the seller's biggest asset, and they are likely counting on the money resulting from the sale to move on.  I think realtor's have an obligation to wake these property owners up the FACTS.

Home staging is an investment that benefits the seller and the realtor.  If a home stager goes into a home before the realtor sees it, chances are high that the home will be listed for more $$.  The photos will be far more attractive and draw in more viewers.

Granted there are sellers who think their home looks just fine thank you; they can then live with that decision and the lower price they get.

If you are not aware of the February '09 study done, check out www.realestatestagingassociation.com to see the stats on staged homes vs unstaged homes and the difference in how long they were on the market and the selling prices.

Here's to the #1 secret of getting your home sold - thinking like a buyer and working with your realtor to ensure your home is priced correctly and presents at its best.  The statistics have been proving for years that sellers who go into the home selling process prepared to do some work, keep an open mind, accept recommendations objectively and make the recommended changes, and work with their realtor come out ahead.

Realtors discover the benefits of home staging and share this tip with your sellers; you will both benefit.

Apr 29, 2009 04:06 PM #5
Rainmaker
238,153
Roger Johnson
CENTURY 21 American Homes - Hickory, NC
Realtor - Hickory NC Real Estate

Sharon, there is no argument from my that a staged home (even a clean home) will sell better than one that is not.  Simple logic; if 2 identical homes were on the market for the same price, then the home that shows better will sell first.

However, if the same 2 homes are on the market and the messy house is priced $10-20K lower than the staged home, you have a very high probability that the messy home will sell first.

I'm not promoting "Keep it messy" by any stretch.  Simply the fact that price can overcome that IF the sellers weren't willing or able to stage the home.  The trade-off is a reduction in the price and thus, the net to the seller.

Apr 29, 2009 05:05 PM #6
Rainer
29,408
Sheridan Corrie
Upstage, LLC - West Linn, OR

There's also the internet portion of this discussion.  It factors in heavily on the marketing side, but staging also supports this.  Buyers start with photos online.  If those photos impress, then they might do a walk through.  But if the walk through doesn't match the photos the deal could be sunk.  Good staging will help the homeowners commit to keeping the home show ready and meet buyer expectations.

Apr 30, 2009 12:43 PM #7
Rainmaker
238,153
Roger Johnson
CENTURY 21 American Homes - Hickory, NC
Realtor - Hickory NC Real Estate

Excellent points, Sheridan.  The Internet portion IS part of marketing.  In today's market, you not only need to be on the Internet, but you need to be on the Internet in the RIGHT places.  A lot of FSBOs miss this point.

And again, staging is important to get top dollar, no question.  But staging is part of the Price factor as well as the Time factor to an extent.  Do it, you get more $$$ and you usually get it faster.

Thanks for the comment.

Apr 30, 2009 02:56 PM #8
Ambassador
1,346,293
Robert (Vegas Bob) Swetz
REALTY ONE GROUP - LAS VEGAS, NEVADA 702.443.7156 - Las Vegas, NV
Commercial & Residential Real Estate Agent

Roger - I agree with everyone else and I really like your post, simple and to the point. Thanks for the read and I will come back for a second view!

Apr 30, 2009 10:12 PM #9
Rainmaker
238,153
Roger Johnson
CENTURY 21 American Homes - Hickory, NC
Realtor - Hickory NC Real Estate

Robert, thanks for the comment.  See you soon!

May 01, 2009 02:14 PM #10
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Roger Johnson

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