You’ve decided to sell your house, but the market lost its influx of buyers due to fear induced by the coronavirus. There are many things we cannot plan for when it comes to being in the mind of the buyer, but if we hit specific standards during the sales process, it may not matter.
There are indeed ways to conduct Real Estate on a high level during chaotic times. You must be patient and cunning, two traits that often feel mutually exclusive. Perhaps circumstances out of your hands have prompted the sale, and you cannot simply take the house off the market.
There comes a time in business when we each are forced to commit to our decisions, despite external circumstances. That’s when we get very good at what we do.
This article is dedicated to hints that will help you navigate a complicated market. It doesn’t take a pandemic to have sellers face hardship. Complications could arise for any reason, and so many times, sellers must come back to reality and restructure their goals. During the Great Recession, many people faced difficulties getting their property situated correctly in the market. For many, it took months before getting offers and weeks after that to get an executed contract. It can be a stressful process, especially with a family facing uncertainty. It’s all about having your rules that work and having a scientific, learning-based approach. These five tips can be used to your advantage and help you through the trials and tribulations.
- Make Sure That the Price is Right – This is both a reference to the classic TV Show, but also a recommendation to set your sales price competitively. You need to price the home at a place where you get attention in a drifting market. If you price too high, it will be like you never even put the house on the market at all, and you won’t get the attention you need to sell faster. Always consult real, sold comparable properties. Do not just go off what else is listed because there are no rules that keep someone from putting their home on the market with a price that’s too high. Be the one that prices your home right, and you’ll be the next in line for a serious offer.
- Become a Perfectionist – This may sound a bit excessive, but you will have potential buyers that are just as excessive with their attention to detail. In a strenuous market, every single point of interest has significance, and it is worth your time to compare your property visually to all the competition out there. Being competitive always comes down to the details, and we encourage you to do everything in your power to compete. If it’s something that wouldn’t make or break a sale for you, that doesn’t mean your buyers won’t care about it. Everyone has different priorities when it comes to the purchases they make, and many times conducting business on a high level is about being able to think outside of our perspective.
- Tour Your Own Home – Take a drive outside, and once you’ve gotten into the mindset of a potential buyer, take a walkthrough of your abode. Be critical of the details. If the door gets stuck, it may not have bothered you after years of living there, but it’ll stand out as a rough first impression. Speaking of, pay close attention to the front of the house. First impressions are everything, and giving a little bit of T.L.C. to the landscaping can add so much curb appeal. Take a weekend and see what you can add that doesn’t break the bank. A clean, minimalistic approach will be the best for having buyers envision their designs and potential plans.
- Have a Solid Copilot, but Never Fly Blind – Hiring an excellent Real Estate agent that is going to offer incredible advice can be your most significant advantage in the market. One of your biggest disadvantages could be just letting them handle it and clocking out of the details of the sale. You want to keep a close eye on the week-to-week movement your property undergoes on the market. Many times, clients hire a Real Estate agent based on the feeling they get when talking to them. This can lead to a tendency to lean away from the hard questions. We want you to lean into those discussions. Your agent is there to help you navigate tough waters, and they should always be okay with discussing options, opinions, and points of view that differ with their own.
- Waiting For More Money Could Mean More Hardship – Ironically, we always consider money to be more valuable than time, even when it costs us money. Deciding to walk away from a sale because you feel like you deserve $5,000 could cost you a serious buyer. In a market where the next potential buyer could be weeks away from walking into your home, you’ll spend that much money searching for another serious offer. Don’t always let numbers stop a good meeting of the minds and keep challenging yourself to think from the buyer’s point of view. It could mean taking a serious offer despite it not being up to your asking price. The highest offer isn’t always the best, and although that sounds counteractive, time is always an easily forgotten factor. The best offer is the one that can close, and that saves you time, energy, and money spent in the future.
These are five tips to always keep in consideration when conducting Real Estate, but they are especially important to remember when the market shifts. The housing market is still affected by external forces, and COVID-19 is no different. These are ways you can keep a certain level of control over your circumstances. We are here always to help you and have myriad of incredible business professionals to recommend, including Realtors! Keep your head held high, your faith filled full, and your goals gradually going. You’ll get to where you need to be in time.
Last Updated on April 21, 2020 by The Orlando Law Group
