So, you’re thinking of selling your property. The reason might be for investment purposes or just to make some money for something else.
Well, whatever the reason, it’s still a daunting task for which we don’t always have the guidance or tools to help us make the sale and on top of that, we don’t know how to ensure we get the asking price that we want.
I realized that this is a real struggle for people who don’t buy and sell properties on a regular basis and that is why I’ve decided to help you guys out with my 5 tips for selling your home quickly.
1. Asking price
If you’ve read some of my previous work, you know I am very pedantic about research. If your not willing to do your research, how are you going to know what the market value of the property is, or what the neighboring properties are selling for?
In order for you to find out exactly what you can get for your home, you need to know what’s going on around you. What did the man across the street sell his home for? These things you will all be able to see on property selling websites or in the local newspaper.
What’s nice about the websites is, you can type in the exact location that you are interested in and it will show you all the prices in the nearby location. Some of these sites give you fantastic insights such as market values, previous years’ selling prices, etc.
If you don’t want to do your own research about your specific property, you can always ask a real estate agent to do a property valuation for you. Sometimes you will have to pay for this, but I know a lot of agents do it for free as a marketing technique.
2. Property appearance
We all know that first impressions are very important.
If your home’s overall state is not up to standards, I would strongly suggest doing the necessary upgrades in order to improve the quality of your property.
Now, upgrades don’t necessarily have to mean you need to spend all of your savings. We all know how finance can become a real problem, especially when you’re investing in property. You will be surprised to see how minor upgrades like re-painting the walls or making sure all the cupboards are in working condition, can make a major difference.
When people are looking at property, they will always have attention to detail when it comes to the small things like this. And the awesome thing about this is, it won’t cost you that much. On the contrary, you will actually be able to raise your asking price when doing these minor upgrades.
3. Use a professional
Let’s face it, if you are taken to court, you’re not going to act as your own lawyer or if you want to build a house, you’re not going to do it yourself (except if this is your profession).
So, why would you want to be your own real estate, agent?
The thing when using a real estate agent while selling your home is, they have all the necessary tools, contacts and marketing strategies in order to ensure you get your home sold relatively fast. They do this every day of their lives so they know what they’re doing. If you are to try and do it on your own, you will end up losing a lot of time and money.
You will have to pay the estate agent a commission, but in my experience, this is definitely worth it. The time you save by using an agent, can be spent on more important things like looking for your next property to buy.
4. Choose the right timing
Timing is everything!
You should learn to read the markets. I always spend a certain amount of time every day, just looking at properties and what they are selling for. I try to keep track of how fast they sell and the price they sell for.
By doing this, I start to understand the market for the specific type of property I’m looking at. Whether you are selling an apartment or a family home, try to start observing properties before you think of selling yours.
If you are selling in a buyer’s market or vice versa your are not going to get the price that you want. Selling when everyone else is selling will result in the market being flooded with options for the people that is buying, so they have the upper hand.
You should always try to sell when you see/know that you are in a seller’s market. This way you have more power when it comes to negotiations and chances are good that you will get the price that you want.
5. Sell at the “sweet spot”
You might wonder what in heaven’s name is the “sweet spot”?
Well, when you’re doing a property valuation (by a professional), you will normally get three valuations. The first one is the upper-range. This is the absolute most you will be able to get for your home. This will be achievable when you are in a seller’s market.
Then you’ve got the lower-range. Yes, this is probably going to be your selling price when you are in a buyers market. This is the price you can ask when you are desperate for a sale and willing settle for less.
Lastly, we have the “sweet spot”. This is in-between the upper and lower range. If you can sell your property in this range, it normally means you get the price you want and are probably walking away with profit in your pocket. I always try and aim to sell here, because this means I’m not pushing my luck, but still getting a decent price, meaning the sale will possibly happen quicker.
Please note that these examples above are not always the case when it comes to selling. There are cases where you will be able to get your asking price even when you are in a buyers market or where you will be able to get more than the “sweet spot”, which is always a bonus.
Whenever I’m thinking of selling my home or investment properties, I make use of these tips. I know that it is a difficult and stressful time when selling, but by following these steps it will make your process a whole lot easier and stress-free.
I hope that my 5 tips for selling your home quickly were able to help you and if it was, please feel free to share it with the world.