As of December 2022, across the US, existing home sales across the US landed at an annual rate of 4.02 million.
Despite rising interest rates, now's a perfect time to buy or sell a house. High interest rates mean fewer mortgage approvals, offering prospective homebuyers a competitive edge.
Whether you're a realtor or homeowner looking to sell a house, you need property listing tips so you can remain competitive in today's market.
Wondering how to do so? This homeowner guide explains what you can do to make your home stand out amongst the competition, so be sure to keep reading.
Tips for Homeowners
As a seller, you probably have a timeline to sell your home. Here's how you can expedite the process.
New Bathroom and Kitchen Fixtures
If you're looking for an easy way to attract first-time homeowners, consider new fixtures in bathrooms and kitchens. Younger buyers look for nice, new fixtures for a clean, sophisticated look.
You can update your faucets, sinks, stove good, counters, cabinets, and any old, dated appliances. Be sure to come up with a budget and stick to it and aim for a weekend to complete all the upgrades.
Although homebuyers look for updated kitchens and baths, if your budget precludes you from completing an entire makeover, you should focus your attention on new hardware and imitation stone countertops. You'll spend a fraction of what you would on a complete remodel, but will attract prospective homebuyers.
Include a Home Office
Did you know that roughly 27.6 million people primarily work from home? This is why you need to add a home office.
Young professionals looking to invest in property want to see some type of home office setup. If you have a spare bedroom, consider staging it to showcase a home office. For homes with limited space, choose a corner of a room and convert it to a home office.
Integrate Technology
America is home to the largest tech market. Anyone looking to attract prospective homeowners should integrate technology into their home.
Since so many people work from home, it's common for them to own a variety of different smart devices, including laptops and tablets. The more technology you include in your home, the better.
You can integrate a smart thermostat, control your lights using apps on your phone, install a smoke/carbon monoxide system hardwired to your home's security system, and more. Additionally, you may want to install smart lighting so prospective buyers can effortlessly control lights from their smartphones.
Consider the needs of the tech-savvy generation, and you may sell your home faster than anticipated.
Hire a Professional Photographer
Although it's common to rely on cell phones for pictures and videos, they don't compare to the trained eye of a professional photographer. Ask your realtor for a professional photographer they can recommend, and ask to see samples of their work.
When you use a professional photographer, your home may sell 35% faster and you may achieve a higher price for your home.
Hire a Videographer
If you're looking to showcase your home to the fullest, consider a professional videographer. They offer 360-degree walking tours, aerial views, and more.
You can expect to garner 403% more inquiries compared to properties that don't utilize videography. Professional videography gives your home an inviting quality, drawing in prospective first-time homebuyers looking to invest in real estate.
Social Media
It's estimated that, as of January 2022, 4.62 billion people used social media globally. To attract prospective buyers, you need to utilize social media.
Whether you use FaceBook, Twitter, or Instagram, to name a few, be sure to connect to various platforms. You can also take advantage of hashtags and location tags to help buyers discover your listing.
Hire the Best Real Estate Agent
Real estate agents know the ins and outs of marketing your house. This is why you need to hire the perfect real estate agent. Look for someone who knows your area and neighborhood well and who can showcase your home's strengths.
You want to work with someone who is experienced, honest, and reliable. Ask for references so you can talk to previous clients of theirs, and don't forget to check online reviews.
Tips for Realtors
It may surprise you to learn that, as of November 2022, there were 106,548 real estate brokerage firms in the US. To beat out the competition, realtors need to ensure the properties they list stand out amongst the rest.
Here are some property listing tips for realtors.
Be Accessible
A lot of first-time homebuyers are younger, often in their mid-thirties. They're used to fast responses and look for instant engagement when looking to visit a property for sale. Realtors need to be readily available, checking all their modes of contact, from social media to email to text messages.
You may want to consider using video to connect with first-time homebuyers as quickly as possible. You can Zoom or even send educational, informative videos via text or email. Your clients want a personalized experience tailored to their needs, so look for ways to personally engage with them.
Create Referral Partnerships
An excellent way to help your listing properties stand out is with agent partners. Use the positive relationships you've forged with other realtors to find prospective buyers for homes you're looking to sell. Keep in contact with previous clients and let them know what properties you have available.
Curb Appeal
Talk to your clients about the benefits of curb appeal. It's important to explain the ways curb appeal can help a home sell faster.
Consider the following about curb appeal:
- It reflects how well a homeowner has maintained their home
- It works to set a home apart from the competition, especially if there are multiple homes for sale in the sesame neighborhood
- It can increase a home's perceived value
- It's the first time a prospective buyer will see
- It doesn't have to break the bank
Curb appeal may be as simple as cleaning up a yard, painting a front door and/or shutters, installing lighting around a walkway, dropping a layer of fresh mulch, or replacing a mailbox. The goal is to freshen up a home's exterior, making it as attractive as possible to first-time homebuyers while showing them that the present owners take pride in their home.
Price Homes Accordingly
Properly valuing a home is one of the most important steps for listing a property. It's not uncommon for sellers to have unrealistic expectations about the value of their home. They may want to list it for way more than it's worth, which can deter buyers.
However, as a realtor, you must educate sellers on market value trends. Find comparable homes in their area so they know what current sale prices are.
Help your clients understand why a home needs a fair listing price, but not one that will short-change the seller either. At the end of the day, you want them to sell their house while securing the best price possible, so secure as much information as possible when educating your client on listing price.
Communicate With Your Sellers
Open lines of communication are crucial. Always be transparent, open, and honest with your clients.
When hosting an open house, it's best to have your sellers vacate the premises. Be upfront with them about this and effectively communicate why it's important.
Prospective buyers are often self-conscious when sellers are nearby. Your job is to create an environment where your seller and buyer both feel comfortable.
If your seller is home during an open house, they may become upset if someone criticizes an aspect of their house, such as paint colors, decorations, or furniture. This can lead to an argument and they may not want to work with a certain buyer. Explain to your sellers why they should step out of the home during an open house.
Know How to Negotiate
One of the most important property listing tips is knowing how to professionally negotiate. Never allow a negotiation to turn into a heated debate or a competition.
Ideally, the seller and buyer should leave the conversation happy with the deal they struck. Should you find yourself losing your professionalism during a challenging negotiation, there's a chance your buyer will walk away from the deal.
Property Listing Tips
Now that you know of the best property listing tips for realtors and homeowners alike, you can prepare to stage your home, attracting the best offers possible. Remember that small fixes like new fixtures and a fresh layer of mulch can greatly improve the way your home shows.
Are you looking to buy or sell a house? Hommati can help. Click here to find a real estate agent near you.