The biggest issue facing a seller in a down market is a lack of buyer confidence. In spite the logic that says now is when a buyer can negotiate their best deal, most consumers are out of the market. Those that are left are very cautious and slow to act. If the deal isn’t exactly right, they just move along and don’t buy. This calls for an effective real estate marketing plan.
Nonetheless, there are legitimate buyers that must move, that have excellent credit, plenty of money in savings or are just shrewd enough to take advantage of current market conditions to get a great property at a great price. So what must a seller do to find these buyers?
1) Tic-Tac-Toe or “Thermonuclear War”
I will probably upset you with what I have to say next. My very best advice to you as a seller in this market is: if you do not have to sell, stay out of the market! Some games are only won by not playing them at all! This is not the time to “dip your toe into the water” just to see what your property will bring. If you are not prepared for the brutal beating you will take from buyers, then STAY AWAY!
2) Price is King
Remember I had said that buyers are beating up sellers? A buyer’s number one concern is to not over-pay for the property or to over-extend his financial resources. Regardless of what you may think is “fair”, a buyer will only offer what they feel is advantageous to them. When prices are falling, in order to hit “fair market value”, you must actually price your property BELOW current sales!
Think about it: if prices are falling and your price is based on last month’s sales, you will STILL not be at “market value”. Even if you eventually drop the price, you only end up chasing the market downward – and never priced at “fair market value”. End result? The property never sells!
3) When In Doubt, Price It Even Lower
This is not a market to “speculate”. Of course you want to get as much as you can for the property. No one wants to feel as if they have left money on the table. It is counter-intuitive, but the BEST way to get the most money for your property is to ask LESS, not more.
The reason is that if you have priced the property too low, buyers will recognize that and bid the price up.This is an essential tool in creating your real estate marketing plan for this market.
4) You Have A Narrow Window To Maximize Your Dollars
Your best chance to get the most money for your property is when it first hits the market. The reason is that your BEST buyers are the ones that are already in the market, have already done their homework and are just waiting for the right deal. Once you lose that pool of buyers, they are gone – forever!
5) You Have One Chance To Make A Good Impression
Once you have the property priced appropriately and aggressively, only then does staging the home become a factor. If a buyer is looking at 3-4 homes, the one that shows the best and is in the best condition obviously has the advantage. The important concept you want to keep in mind, though, is staging your home makes your property the “best of show” within a particular price range. Staging does NOT put your property into an entirely different price bracket!
So clean up, tidy up, de-clutter, throw away or pack away those things you don’t use on a daily basis. However, do NOT spend money on making big capital improvements. You may want to do some paint touch ups or replace unsalvageable carpeting or tile. But leave the new appliances or central a/c for the next owner to install.
To attract more qualified home buyers directly to you, and use your brand to dominate your local market, go directly to http://www.SocialMediaTrafficSecret.com. We will reveal must have Facebook lead strategies together with a specific formula to help you attract a consistent stream of qualified home buyers even in this market. And with using this specific real estate marketing techniques you never have to worry about filling your sales pipeline with qualified prospects, ever again.
Can Social Media Help You Manage More Relationships And More Real Estate Leads?