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How To Get Your Home Sold in A Slow Market

October 20th, 2008 6:50 PM

How To Get Your Home Sold in A Slow Market

Sam Orlando

When the real estate market is doing well, most homes and properties will sell without a big problem, but when the real estate market slows down, it takes a bit more effort in getting a property sold. The problem in a slow market is more inventory and less buyers, and so you have more competition to deal with.

Take for example you own a clothing store in a small town, where you are the only clothing store in town. After a while, several more stores open in the small town you are in. At that point you spruce up your shop, and most likely reduce you prices to compete. This is basically what we are dealing with in the real estate industry. In a real estate slow market, there are many more properties on the market so you must spruce up and many times reduce the price of your property to compete with the competition.

Here are some important guidelines to follow in order to make your home one of the most attractive homes on the buyers list of homes:

Make Your Home Easy to Show

If possible, schedule showings in the same way that is used by a majority of the homes in your area. This may be by special appointment or by a lockbox system. Remember that this will be the buyer’s first contact with your home, and it should set a positive tone. Make the buyer and agent feel welcome. Be as flexible on timing as possible. The buyer may be viewing many homes over a large area.

To allow flexibility, you could wait until they arrive, and then slip out the back door. You may get a last minute call for a showing. If this happens, start by thanking the agent for the interest, and discuss how to work with the timing.

Does your home have emotional appeal?

A dark interior, unpleasant smell, barking dog, or uncomfortable temperature can take the home off the buyers list.

The simple experience of being in your home during the showing is a key indicator of whether the buyer will enjoy living in the home later. Consider the builder’s model home. It very light and fashionably decorated, with soft music and pleasant scents. This sends a message to the buyer that the home has been prepared for him, and he is welcome to enter. People are often sold when they walk in.

Some tips: Take off some screens, open blinds, increase bulb sizes, play some light music, and make sure the temperature is perfect. Be careful that your scents are designer quality. Don’t use plug in scents that remind people of a public bathroom. Create a good mood with natural and lamp light. Use pillows, framed photographs, books, fresh towels and flowers throughout the home. Avoid having the TV on. Be very careful about cat litter boxes or other pet odors.

Is Your Home Staged?

Sellers often ask if it would be best to show their home furnished or vacant. Of course this depends on how the home is furnished. If your home is dirty, messy, and poorly decorated, you need to stop and assess the situation. It may be possible to move out, and then stage the home with a few pieces of furniture and accessories. There are staging services that can help with this. Generally, some furniture will help to soften the interior and show it in an optimum way. However, I prefer a vacant house over a disaster.

It is important to keep the buyer’s focus on the property, and not on your family. Remove most of your personal collections, family photos, political statements or artistic expressions of yourself. These distract from the important mission that brought the buyer into your home.

Some Tips: The buyer must establish a sense of trust of your home. Messiness and confusion sends a deeper message that the home is not well cared for. It speaks volumes about how maintenance has been handled. You only have a few minutes to communicate that your home is the right one. Make sure the visit to your home is a pleasurable experience that keeps the buyer’s focus where it needs to be.

Give Buyers Information They May Want

If you were buying this home what would you want to know? Are there parks nearby that you could photograph? Does the school bus stop nearby? Anticipate your buyer’s questions and answer them. New homeowners are choosing a home, a community, and a lifestyle that your home offers.

Some ideas: Survey; floor plan; local parks; shopping; school data; or neighborhood newsletter. These are things that will foreclosed homes will usually not offer and will put you in a better selling position.

Should You Stay For The Showing?

Generally, it is not a good idea to be present for the showing. Remember that this is not a social visit. Most buyers will feel that they are intruding on your privacy if you are in the house. They may shorten the time spent in your home. Or, they may not be able to discuss your home as freely as they might have. If it is difficult to leave, you may sit outside or take a short walk.

Showing your home is a very important step in getting it sold. Potential buyers should be treated with utmost care and respect. You only have a short time to gain their trust and interest in your home. Every showing is important. It is said that you only need one buyer, but you don't know which one.

I believe if you follow these tips, it will give you a much better chance in getting your home sold quicker, and usually at a better price. If you are looking to sell you home, please check out our "Ultimate Home Selling System" to give your home the most exposure and marketing possible.

Posted by Sam Orlando on October 20th, 2008 6:50 PMPost a Comment (0)

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