More often than not, home sellers have an emotional attachment to their properties, which is why they will often expect the monetary value of their home to be higher than what the appraiser has valued it at. Often, they will even go against their agent’s or their appraiser’s advice as to the real value of their home.
This may be okay in the beginning, but in the long run, the seller will only suffer from this decision. This can often equate to a lengthy time that the property sits on the market, which can be a dangerous situation. Why? That leads buyers to question why the house has been on the market so long and if there is anything wrong with it.
This is one thing that sellers should always avoid. To solve this, both the seller and the agent must work together to create a pricing timeline that will be both conducive for them.
The price timeline can be anything between 30 days to 90 days. Within this period, the agent should maximize everything to be able to sell their property.
There are numerous ways how. First is through signage, banners, posters, and flyers, etc. However, one thing that agents must do is to protect their client’s privacy. How? Make sure that they include in their advertisement that you will only entertain direct buyers. Doing this will make sure that only interested buyers will be entertained and no less than that.
Moreover, the agent can use social media for advertising. Using pictures or videos can show potential buyers a glimpse of the property. Agents must make sure that through this medium, the potential buyer will be enticed and would want to see more through a home visit.
If the property reaches 30 days on the market without a positive buyer, both the agent and the seller must think of a strategy to push for a sale.
How? One strategy recommended is to incorporate discounts and sale values into the home. For instance, if the appraiser states that the value of the property is only $150,000, but the seller still insists on selling it for $200,000, negotiate with the seller and lower it to $180,000, slashing 10% of their price.
This strategy should be observed. Allowing it to sink in for 2 to 3 weeks is advisable for a positive outcome. If not, it is best to go for the 3rd phase, which is either to listen to the appraiser’s advice or to lower the bar to 15 percent.
Again, if the price the client is insisting on is at $200,000, you can advise selling the property at $170,000. This way, the client still has a little more than what their appraiser is suggesting.
If worse comes to worst, it is advisable for the client to stick to the appraiser’s value rather than stubbornly sticking to theirs. Why? Because, again, the longer the property will be unsold, the more questions other potential buyers will ask, thus pushing out the amount of time the house is on the market.
Latest posts by Kathyrine Nacionales (see all)
- How to have a Long-lasting Successful Career in Real Estate - March 21, 2016
- Power Books to Improve your Career - February 15, 2016
- Explaining the Pitfalls of Renting to Your Clients - January 19, 2016