When selling a house, both homeowners and real estate agents want to get the most money possible. Securing the best potential offer benefits both the agent and the seller.
Fortunately, there are various things sellers can do to push up the value of their home. Here are some helpful strategies for getting the most money for your house, whether you’re selling for a client or for yourself.
Trigger a Bidding War
One of the benefits of operating in a sellers’ market is the potential for a bidding war. When a bidding war starts, the seller has more options to choose from when pursuing offers. It also creates a strong foundation for pushing the price and creating competition between potential buyers.
The key to triggering a bidding war is to set competitive pricing. The price should be on par with the local market or slightly below. Setting a price too high will reduce the number of offers. By triggering a bidding war, you’ll likely be able to get the higher price anyway.
On the other side of the equation, it’s vital not to go too low. If the price is too low, it creates a preconceived notion that there is something wrong with the dwelling or the seller needs to offload it quickly. Rather than attracting motivated buyers, it gives low-ballers a platform on which to negotiate.
Build a Broad Network
Successfully selling a house often comes down to having the right connections. Sellers wanting to work with an agent should look for someone who is well-known and in tune with the local community. Real estate agents should dedicate time to networking and developing a broad referral network surrounding their business. This network should consist of anyone touching the real estate industry, from contractors to lawyers to investors.
A well-connected agent may be able to explore other avenues. They could sell your house to a real estate investor or look into cash offers through iBuyer services. Many agents are exploring how they can get a piece of the pie as iBuyers become more popular. Agents who evolve with the changing market are the ones who will survive in the long run.
Consider Low-Cost High-Value Upgrades
Making massive upgrades to your home is not always necessary to get a good price. Unless there are structural issues with your home, it’s often the low-cost, high-value upgrades that have the biggest impact.
Simple updates like replacing old fixtures, adding a fresh coat of paint, and paying for a professional cleaner are often sufficient for securing higher offers. A skilled real estate agent can turn a cosmetic pitfall into an opportunity for personalization with the buyer. There’s no point in investing $10,000 in renovating your home to increase the price by the same amount.
Look Beyond the Dollar Signs
Getting the highest monetary offer doesn’t always mean getting the most money for your home. Agents, investors, and self-managed sellers need to look beyond the dollar signs and consider the other aspects of the offer. For example, any contingencies applied that could end up costing the seller more.
Learn to look at the finer details of the offer and measure the opportunity costs. Ensure that the person making the offer has the financing to follow through; more money doesn’t matter if they can’t pay it.
Become a Pro Negotiator
Never forfeit the option to make a counteroffer. Channel your inner negotiation skills to come back with a counteroffer that better suits your needs. It’s worth taking courses on negotiation strategies to develop this skill, especially if you plan on repeatedly selling as an agent or investor.
Create a Social Media Marketing Strategy
Finally, developing a social media marketing strategy is a must in the modern real estate market. Using these platforms is a must whether you’re a real estate veteran or selling your house yourself using a package from Houzeo.
Use high-quality visuals and compelling language to encourage sharing and engagement online, both leading up to and following the listing of your home.
With these strategies, you can get more money for your house and secure the best offer possible.
About the Author: Ashley Lipman is an award-winning writer who discovered her passion for providing knowledge to readers worldwide on topics closest to her heart – all things digital. Since her first high school award in Creative Writing, she continues to deliver awesome content through various niches touching the digital sphere.