i have real estate property that i am trying to sell but since the market is at a stand still, how can i make

Asked by Lanesia, Mon Jan 21, 2008

my property stand out and make the profit wanted on it?

Help the community by answering this question:

+ web reference
Web reference:

Answers

5
Keith Sorem, Agent, Glendale, CA
Mon Jan 21, 2008
About 90% of the time the buyer that purchases your homes sees it with a Realtor. So there are at least three parties that need to be excited about your home:
1. The listing agent
2. The buyer's agent
3. The buyers

Buyers and their agents are looking for listings that show value. The best way to see where your property stands is to compare it to the properties with which it is competing. If your home has been on the market for six weeks, look at the homes that have sold since your home hit the market, and see what key factors they have and note how your property stacks up.

One of the main reasons that people hire a Realtor is to find out what they can do to maximize the profit when they sell. Generally speaking, buyers prefer a home that they can simply move in. Marketing a fixer works, however it limits the pool of buyers.
Also, depending upon the market and the amount of time you have to sell, you might need to be more "creative". A good Realtor knows what buyers are looking for, so most will use a checklist to let you know how your property compares.

Assuming that everything else is equal (clean, new paint, decluttered, etc.), the fastest and most efficient way to make your property stand out is composed of two things:
1. Ofer above market commission
2. Offer "Seller assistance with financing" and have the Realtor discuss with a lender a "buy down" program. This will immediately make your home more affordable. Properly marketed, this should have quick results, particularly if few properties offer it..

Remember, the price for which a home sells does not relate to:
1. Your desired profit
2.. the amount you paid
3. The amount of money you have invested in it.

The market price is the price a willingk, knowledgeable, and able buyer will pay, to which a seller will agree.
1 vote
Deborah Madey, Agent, Brick, NJ
Mon Feb 25, 2008
Buyers will buy the property that gives them the best bang for their buck. You asked how you could "make the profit wanted on it?".............and that may, or may need be possible. No one can sell your property for the amount that a seller "wants".......because the market determines price, not the seller or the listing agent.

You can do things to maximize the highest price that your property can bring. Some investments (improvements) in the property can bring a greater return. Other investments (improvements) may help your property sell faster, but may increase the selling price.

Your property will stand out if it has the features that are commonly sought by buyers in your area. The better your property shows, the greater likelihood of a resulting offer. Declutter, clean, stage, and pay particular attention to curb appeal. Many buyers will do a drive buy before determining if they wish to schedule an appt. Make sure that your property will invite buyers to want to make that showing appt when they drive by.

The highest/best price and terms result from proper pricing and great exposure. Aggressive marketing will not sell an overpriced property. Overpricing will lead to less showings, and lower offers. Price right and market aggressively. Your marketing campaign needs to reach agents, brokers, and direct buyers. You never know which agent might be working w/ your best buyer, or what buyer may find your property online somewhere and ask their agent.

You need to have a broad based online marketing campaign that entails many websites with excellent text descriptions and multiple quality photos.

Upon execution of a comprehensive marketing campaign and property pricing, adjustments may need to be made to tweak price or information in the copy. Listening and responding to market feedback is an important process of selling your property.

These steps may result in a price that meets your expectations for "profit" or it may not. A great Realtor can maximize your property for all it's worth.
0 votes
Bill Baker, Agent, Madison, WI
Mon Feb 25, 2008
Hello Lanesia,
Houses are selling in your market, but because you are selling it yourself, the buyers can't find it. Did you know that on average, when using a Realtor, the selling price is 18% higher than selling it yourself. Realtors are trained to prepare your house for sale to the public, market the property, locally and regionally, and are able to address buyer questions, comments, and concerns. If you would like an idea of what is needed to sell your home, visit my website and click on seller button. http://www.billbakerteam.com
I wish you well
Web Reference:  http://www.billbakerteam.com
0 votes
Linda, , Berwyn, PA
Mon Jan 21, 2008
Consider consulting a professional real estate stager in your area. If the house is occupied, they can provide detailed recommendations about ways to improve the appearance of the home in order to appeal to the most potential buyers. A consultation will likely cost $200-$400 but can have a big payback if you are able and willing to implement the recommendations. If the house is vacant, a stager can bring in rental furniture and accessories to give it a more lived in feel and help buyers see how they would use each space. This is more costly, but again can be well worth the expense if it results in a quicker and more profitable sale. Staging can help your property stand out from the others on the market.
0 votes
Brendan Murp…, , Laramie, WY
Mon Jan 21, 2008
There are a lot of ways to make a property stand out. Some are obvious: Keep your home clean and smelling nice/fresh at all times in case a prospective purchaser takes a look with little notice. Keep the yard well manicured or freshly shoveled...depending on your climate. This however will only narrow it down to other homes that look nice of course.
Basic business strategy says to do what the best of them are doing AND then some. Ask yourself why YOU bought your house, what features of it sold YOU??? Then keep those in mind when writing any marketing materials. Pay for the extras, like COLOR in the newspaper. Go to some open houses and then copy the good ideas and have your own!
There are other tricks too, pricing is crucial. Be sure to price competitively, so that in the price range, yours is among the cheapest compared to similar listings/houses. Then consider an incentive, $4,000 at closing ("improvement allowance") perhaps. Some state laws should be checked before doing this as it varies from state to state what a lender will permit on a financed property deal.
Lastly, hire a Realtor!! It may seem as though you're making less money due to the commission fee, however the reality is your bottom line is usually higher with a Realtor. I believe this, it is not a line.
We are the specialists, this is ALL WE DO (100 hours a week for the ones like me :) I would not file my own lawsuit when I was taking legal action against someone who wronged me. My lawyer is $200 per hour and I think he/she would get me more $ in the long run and avoid the pitfalls a greenhorn might fall into. I pay an accountant to do my taxes.....because I want an expert handling $1,000s of my money, I don't want to make mistakes as a non-specialist. And if you want to stand out, hire a Certified Residential Specialist, this is their whole philosophy, their motto is "stand out from the crowd". So we figure out how to make marketing and ultimately your home stand out. If nothing else, go to their web site and look at what Realtors who stand out use to do the same for your house. Hope that helps!

Brendan Murphy
Broker, CRS, GRI, ePro
Raving Real Estate
Laramie, Wyoming
Web Reference:  http://www.crs.com
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more