Are Seller Incentives to Buyers the Answer to getting your property sold?

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Real Estate Agent with Atlantic Bay | Sotheby's International Realty

If you are selling a property, you have no doubt seen other sellers offering incentives to make their properties stand out, and you are wondering if you should jump on the bandwagon. In a market with increased inventory, the challenge for sellers and their agents is to figure out what will capture the attention of the buyers.  Incentives are more common in traditional markets, but we are beginning to see them crop up on the outer Cape.  Some sellers are offering to: pay condo-fees or property taxes for a year, pre-pay for a year of parking, pay a bonus to the selling agent, hold a part of the mortgage, or pick up the closing costs for their would-be buyer.  One seller even offered a new motor scooter with the purchase of his property!

Do these incentives work?  In some cases, they may initially help to draw attention to the property. But do they increase the likelihood of a sale?  In my experience, the answer is NO.  With so much competition, there are two fairly simple ways to make your property stand out.  1 – Clean, repair and stage your property. Get rid of clutter, make obvious repairs, and consult a staging expert.  A property that appears well maintained and presents in a clean and stylish manner will rise to the top of the buyer’s list.  It’s all about making an impression.   2 – Price you property appropriately.  This is the single most important factor. Instead of offering to pay expenses for the buyer, use that money to bring the price down to where it belongs in the marketplace.  Get an appraisal of your property, and price the property accordingly.  In the end, it’s the property that will win the buyer over, not the perks.

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Rainer
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Kim Harris
Sound Realty - Kirkland, WA
Broker/Owner/Sound Realty

     Emily,   This was done a lot back in the 80's, started in Calif. (where else?).  Have seen a few agents try some of this lately around King County, but haven't seen it make any difference.  Agents better figure out the right price up front or it could be a long summer.......trying to sell that listing.

Jun 26, 2008 09:17 PM #1
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Rainer
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Emily Flax

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