Selling your home? Do what Target does.
Find someone who has been successful, and do what they do.
What does Target have to do with selling your house? Everything. Target has heavenly marketing mojo that we in the real estate business need to rob and duplicate! If you're selling your home, you're in the real estate business. Let me draw two parallel questions:
Why is it that when Walmart is posting 4th quarter losses Target continues to do well?
AND
Why is it that there are homes that are selling within 30 days on the market and with multiple offers (yes, they still happen) and others languish on the market?
Reputation:
Target donates millions back into the communities to which they serve. In general, Target has a favorable impression with consumers. Walmart has had some struggles recently with workers and fair wages. How can you create good will with your buyer?
Be flexible. Make your home easy to show-remove your pets, don't require 24 hours notice, and keep it spit shined and ready to go.
Disclose everything. Have your home pre-inspected so the buyer has a full report to go through to see what a third party had to say about your home.
Stage it. If you're in a store and things feel dirty, or disorganized it's a much less pleasing experience than if the store is welcoming and clean.
Work with a REALTOR that will tell other REALTORS you're ready to do business. Have all of the forms the buyer needs to write that purchase agreement ready and available to the buyer's agent.
Merchandising:
Target specializes in luxury items at fair prices. As a consumer you perceive those items, in general have a higher quality than Walmart. Once an item hits the shelf it has to be priced right. If it's not, it will be discounted later. If it's on sale, it's advertised as such.
- There's a simple formula to success. Price it right. I'm not sure how this started or why some sellers think "I'll start high so I have some negotiating room" or "I can always come down" or "The buyer can always make an offer." Buyers shop by price ranges. If you're too high your buyer won't ever see your house. You'll end up putting your home on the "clearance rack". Why would you risk losing money to play this pricing game?
- If an item is on the shelf so long there's dust on it, it's time to put it on the clearance rack. If your home is on the market too long, it's time to adjust the price.
Advertising:
- Know your buyer, then advertise to them. If you're selling a condo in a senior community, print ads make
sense. If it's a first time home buyer house you better be all over the internet. - Make your product compelling. In this market when houses are plentiful, buyers shop like my husband. They look at everything they can find and then compare value. Then they analyze, and then MAYBE they'll buy. Your house needs to be better than anything else on the market in your price range. If you're on a busy street, have a challenging floor plan, or aren't willing to spend some money to get it ready for the market, your house should be priced aggressively so buyers see the value in your home vs. the home on the quiet street, the open floor plan and that's in perfect shape. Buyers will compare your home to 20 others. If you're priced too high, you'll actually help sell your competition! Remember $1,000 to you is only $6 per month to your buyer.