How to Sell Your Home for More Money
After having helped dozens of people in the Chisago Lakes Area sell their homes, and hearing from other real estate agents across the states, we at Lakes Country Realty can definitively say that one of the top questions sellers in any market ask is how to get the most money for their home.
Sellers often wonder what the pricing strategy should be or what improvements and/or repairs they need to make. While these are definitely important questions, they are only part of the bigger strategy, and that strategy works best when you have a top real estate agent directing it.
Don’t settle for the 3 P’s, the so-called strategy most real estate agents use:
- Put a Sign in the Ground
- Put it in the MLS
- Pray it Sells
Too many times we have been called after a homeowner hired a real estate agent who did not have a winning strategy. While we are able to get homeowners great results, even if they have tried one or two real estate agents before us, it is always disappointing to see people waste time and lose money by not hiring a top real estate agent.
Consider the 7 P’s that will get your home sold for the most money.
After years of experience, selling dozens of homes, I have seen the best results for sellers when they select a real estate agent who knows and implements this seven-part strategy:
The best home selling strategy starts with knowing the product. You must understand what you are selling and its relationship to the entire market.
You need to identify these important factors: location, type of home, size, features, and age. You cannot change what you are selling, but you must fully understand what it is so you can effectively price and market it.
Overpriced homes for the most part will not sell. High prices prevent buyers from falling in love with a home. They judge it before they see it – that is, if they even see it at all. At best, an overpriced home compels a buyer to ask, “How much can I get off the price?” At worst, they do not even consider it. Correctly priced homes create a fear of loss in buyers. They wonder about what they need to do to make sure they do not lose out.
There are instances where a unique or rare home does not have recently comparable sales. In these cases, there is an argument to set a high price for anchoring purposes, but this is definitely the exception to the rule. More often than not, an overpriced home will lead to more time on the market and thus necessitate price drops to below where it would have sold had it been priced correctly from the get-go. If a home is priced at or even slightly below market price, more often than not it will attract the most buyers and potentially get multiple offers to drive up the price.
3. Packaging and Presentation
Homes that show the best, sell for the best price. It is hard for buyers to see around faults, so it is best to make sure the home is in top shape. This means completing repairs, making sure the exterior looks great, getting rid of clutter on the inside, and doing everything to make it look move-in ready. We provide our sellers with consultations about staging to make sure they are getting the best advice. If the owner is going to live there, we make sure they do not have too much furniture, and personal items should be packed away. If the home is vacant, we recommend www. The easier it is for a buyer to imagine living in the home, the better the chance of getting the maximum sales price.
If a home is priced right and is in top shape, the next step is to make sure the positioning strategy makes sense. Ask yourself, “Who is the most likely buyer for this home?” Is it a first time home buyer? A move-up buyer? An empty nester? The answer to this question will dictate how your real estate agent markets the home.
How are you going to showcase the home to the most potential buyers in the best possible way? Since most homebuyers find their home on the internet, first you need to make sure your home will be found online and that buyers can easily view the features of the home. High quality professional photos are a must. Virtual tours are also important. The right people need to see the home both online and through social media. Other marketing channels can be important as well. Targeted direct mail can make a big impact if done correctly. Print is nowhere near as relevant as it used to be, but on some occasions, for certain types of homes, it can still make an impact. The same can be said for events, such as open houses. Overall, the goal is for the most potential buyers to see your home and for it to look its best when they do.
The first five P’s addressed marketing processes. The next two address the logistics of the selling process. Getting a home under contract, marketing it, and then getting to the closing table, takes a good number of different skills. Some people can do it all, but most cannot. Even those with experience in every part of the process can become overwhelmed. To ensure as smooth a process as possible, Lakes Country Realty has a team mindset with a variety of professionals working with you to find the right buyer at the best price. It’s hard for other agents to compete with a real estate team committed to getting you the best possible results.
Along with great people working on selling your home comes the importance of proven processes. Effective and efficient processes are discovered through experience, trial and error, seeing what works over and over again, and learning what doesn’t work. When a team has sold dozens of homes in a particular market, they naturally climb higher and faster on the learning curve. An agent that sells 10 homes a year over two decades will have less effective processes than a team that sells 50 homes in a single year.
Getting the Best Possible Price for Your Home
When you ensure the first five P’s are done correctly, your home will have optimal marketability. Hiring an expert who has done just that over and over is the best way to achieve your end goal: the sale of your home at the best price. That expert needs a skillset that includes the last two P’s, the best people and proven processes. Our Lakes Country Realty team has sold dozens of homes and has many loyal clients who have used our services over and over again.
Contact us online or call 763-614-0258 to learn how we can get you the best possible price for your home.