How to Sell your Home Faster than your Competition
As a refresher from my past blogs, a large piece to increase your net profit in real estate investing is lowering holding costs. A big factor is days on the market or DOM. As an investor selling a home versus a homeowner you have an advantage. You have budgeted the costs to improve the home to sell for top dollar. Also, the home is vacant and not full of “stuff”. Here are 4 helpful tips to sell your home or rent your home quickly.
Curb Appeal
Buyers give you about six seconds to make the sale—three seconds from the curb and three seconds from the foyer. A fresh landscaping bed with inexpensive low-maintenance shrubs and pine straw make great photos and the front exterior neat. Paint the front door a color that will “pop”. Pressure wash the siding and front porch and put down a nice welcome mat. These changes will add that extra touch to stand out from the others.
2. Install free or inexpensive upgrades that have a “wow” factor.
You have the outside covered, now add a nice light fixture that can be seen when a prospect first walks into the home. In the master bedroom, paint an accent wall. Installing dimmer switches on certain lights will stand out from other homes. Since kitchens and baths sell homes, upgrade the sink faucet with a nicer look or finish in the powder room. Spend a little more on the tile backsplash in the kitchen.
Make the house feel like home by taking advantage of what is in full bloom that season. Fresh flowers are so inviting and reasonably priced.
3. Staging and professional photos
In a buyer’s market, this is a must. Everyone is looking at homes online now before they look in person. Staging can be expensive but has a great return if you get a lot of showings early. You can save on the staging cost by not staging secondary bedrooms. At the very least stage the master bedroom and all living areas including the bathrooms. Before you hire a staging company, look at their past projects to select the right one. Great staging companies are busy so get them involved before your renovation is complete. They are designers so they might also have some great tips before you finish the project.
Have you ever tried to take a photo of a small bathroom? Unless you are a professional photographer, hire one. Negotiate with your real estate agent to pay for it. It typically only costs $100-150. It will make their listing look better than others. You can also use those photos (with the photographer’s permission) to market your company and the property through social media. Staging and professional photos will create excitement and activity early on your property.
4. Promote your home
Your real estate agent will market your home on the MLS and through their network. However, marketing is not a one-person job. You want to “cast your net” to as many prospects as possible. Send out new listings to your past buyers, post on your social media and neighborhood websites. Send an email to family and friends to pass along to others.
Some of these areas might not be your strength. Outsource for assistance in those areas. Surround yourself with professionals and delegate tasks to be efficient. Doing this will help you sell quickly so you can move onto your next project.