Tips for a Fast and Profitable Property Sale
There are several things you can do to try to increase the speed at which your property will sell. One thing to remember, though, the market itself is going to be a big part of the equation. As they say, worry about the things you can control and don't worry about the things you can't. Follow some of the suggestions below to improve your chances for a faster sale.
Tip #1 - Make sure your home is clean and in great shape!
Before putting your home on the market make sure it is in tip-top shape. Below are some great tips on what you can do to ensure a fast and profitable home sale.
- Clean all home areas thoroughly for optimal cleanliness including washing all windows. This is the time to hire that maid service to do the most thorough job. Clean even those hard to see areas. People do and will examine every corner.
- Remove and repair signs of water damage, mildew and other deterioration. Repair ceilings. There was a recent story that made headlines of a ceiling collapsing in the middle of an open house. While it's an interesting tale to tell at parties, you DO NOT want this happening at your showing.
- Re-paint with a double coat of flat white on walls and eggshell white on ceilings. Even if you love Tahitian pink in the bathroom or spicy salmon in the living room, when potential buyers see a home for sale they must be able to envision it as their own. Think of presenting your apartment as a blank slate. In fact, for this reason, many brokers suggest the owners not be present at the open house. It is easier for a potential buyer to envision a property as their own with no signs of past owners.
- Repair existing wallpaper and restore floor surfaces.
- Clean floor tile grout with a mild muriatic acid solution and re-grout if needed.
- Restore or repair bathroom fixtures. Add new shower curtains, rods and hooks. No mildew. Your apartment should look like a catalog picture or showroom.
- Repair kitchen cabinets, making sure doors and drawers work properly.
- Increase existing lighting. Dust, clean or replace old fixtures and bulbs. If there is a view or great exposure to natural light open those windows and shades. If there is an undesirable view, try to not do anything to accentuate it. Leave blinds closed and use soft lighting.
- Eliminate odors. Remove pet when showing the apartment and be sure to remove litter box and garbage. Conceal odors by baking cake or setting out flowers.
- Expand bathroom, closet and hallway size by installing mirrors and thinning out clothes and furniture.
- Undo clutter, make beds and put away any personal traces.
- Shampoo carpets for deep cleaning that helps reduce the allergens caused by dust mites, pollen, dust and pet dander. It helps to deep clean, brighten and deodorize your carpets.
Tip #2 - Think hard about your pricing strategy
You obviously want to try to get the best sale price you can, but you need to decide how much more important optimizing the sale price is than optimizing the timing of your sale.
For example, perhaps you've found a property you want to move into and need to close on your home before that transaction can happen. Is it worth settling for a little less on the sale price so that you ensure getting the new home you want? Or do you need to get as much as possible from this sale to afford that new home? Only you know the answer to this.
But assuming you're looking for a fast sale, one obvious way to do it is to price your home a bit more aggressive relative to other homes for sale in your market. You may be surprised at how hard this is to do emotionally, but step back and be objective.
Tip #3 - Market smartly and aggressively
Make sure your listing agent has an aggressive plan to market your home and get people looking at it quickly. What can you do to help here? Good marketing can mean all sorts of things from listing your home on the right web sites, to newspaper ads, to word of mouth.
Make sure your agent's sales materials show your home in the best light possible. Play up the features that you love about it. What makes it different and more appealing than anything else on the market?
Definitely consider using the web to market your home. This a quick way to get lots of people looking at your property. You may also want to read our tips for holding a successful open house.
Tip #4 - Throw in some perks
Sometimes it's the little things that get a deal over the threshold. Consider offering prospective buyers some extras that make sense and are attractive, but don't cost you too much. There are lots of creative ways to do this.
- You can offer to rent the home back from them if they're not planning on moving in right away.
- You can purchase a home warranty policy for them
- You could pay for some of their closing costs
- If there is something that you know the buyer feels they need to change or improve in the home, offer to pay for that work (e.g. repainting a room for their baby)
Tip #5 - Low-hanging fruit remodeling
Some types of remodeling work can be done quickly and provide a good return. What do people value most in your market? Keep your ear to the ground. Here are some suggestions for work you can do relatively quickly and at low cost, that can help your home show better and your sale price.
- Painting, painting and painting. Interior paint jobs can be done fast (you can even do them yourself if you feel ambitious) and make a huge difference. Be smart about your color selection to give your house the feel you want. Exterior helps as well but can be a bit more work.
- Kitchen & bathroom updates. As you know, kitchen and bathroom remodeling can be expensive if you really do them well. But there are plenty of easy things you can do to make them shine. Consider new appliances or new fixtures (faucets, drawer pulls, etc).
Your chances of selling your home quickly and at a great price will improve if you really commit to making it happen. Think it through and follow the tips above. And remember, sometimes the market will be going against you - don't get frustrated by what you can't control.