10 Ways to Scale the Sale
It is a make or break best practice: knowing how to pinpoint what is considered salable when scaling a listing that’s new to the market. Properly identifying what elements of a listing are most desirable is crucial for a broker to survive and be successful in the real estate industry. Read on for ways to do better business with your buyers and sellers and reduce your sale to close time:
1. Know the Legal Landscape
There’s no way to avoid legal documents in the real estate world, however the length (or lack thereof) can hinder the salability of a listing. Verify the presence of required documents related to the property such as the title and list of assessments before spreading the word of it’s ‘for sale’ status. Proactively draft up necessary paperwork ahead of time to make it easier on your buyer and seller and to prevent its hindrance within the sale.
2. Find Creative Ways to Stand Out
It goes without saying that the current environment for listing data is a cluttered one. Maximize the exposure of your listing by knowing the ‘ins and outs’ of what makes the property special. Highlight unique features and be able to pair those attributes with the right buyer. Use a personal agent website to send prospective clients away from the crowded scrapping sites like Zillow, Trulia etc, and onto a platform where they can clearly and efficiently analyze what the property is offering. Allow the personality of your professional brand and listing to connect the right buyer and seller together.
3. Capitalize on the Location
No one is a stranger to the phrase, location is everything when it comes to real estate. With that being ‘mostly’ true, we challenge agents to observe what about a listings geographical zip code has the ability to propel the sale. The physical address of a property clearly cannot be altered, however if a realtor can advocate strategically for a unit and focus on the selling features of the neighborhood or local landscape, than they are that much closer to the closing table.
4. Stage for Success
Primarily controllable by the seller, properly staging a listing can not only aid in the selling process, but increase a units value if positioned correctly. The homeowner may not be able to afford a long list of renovations, but by addressing any potential pressing structural or glaringly obvious issues in advance, helps the buyer envision they can be addressed with a little TLC. It’s always smart to push for cosmetic upgrades when possible to add that extra sparkle and shine.
5. Lure with Curb Appeal
Attention to detail and good old-fashioned curb appeal for a listing is another sellable feature for potential buyers. Address any fouls smells, flickering lights and over cluttering in any of the main areas that could cost you the close. Ask the owners to plant some simple flowers in the front garden box or maybe give their front door a fresh coat of paint to add further value and appeal.
6. Size Matters
There no question that the size of the property is an important factor in its price and salability. Make sure you are accurate when calculating the salable area value based on the type of the unit you are working with. “For detached homes, multiply the house’s total area with the circle value. For apartments, add the carpet area, shared interior space like the stairs, and exterior areas like terraces and balconies. Multiply the sum with the guidance value.”
7. Accelerate Value with Add-Ons
Added space = added value. Has the homeowner recently built out an extra bedroom over the garage? Does the property have a bonus room or loft space unique to the neighborhood or typical floorplan? Maximize a listing salability by spotlighting special add on features.
8. Win the Trust of the Seller
Ultimately, the homeowner or seller of the listing has the ultimate say so. Whether it’s staging for a showing, or negotiating the selling price, gaining the trust of the seller by working with them closely and asking them to be flexible when the situation calls for it will earn you repeat referral business and an accelerated closing time.
9. Price Makes Perfect
While the seller may have the final say regarding price, the agent should act as a ‘realist’ by encouraging a healthy and practical mindset. By managing the expectations of both the owner and buyer, you further establish your role in the transaction. Try and suggest both realistic break-even and pessimistic selling prices. “Financing is also crucial in a buyer’s affordability. Flexible, competitive and budget-friendly payment terms and interest rates on the mortgage will definitely help the buyer.”
10. Price Tag Means Twofold
A listing has two price tags: the selling price and the transfer of funded maintenance by the buyer. For example, there is the asking price stated by the seller and then there is the ongoing price tag it takes to keep the unit up and running. Detached standalone houses will demand much more upkeep than a condo that is maintained by the property owner.
Do your own research and homework with both your buyer and seller. Remembering ‘finding the right fit’ will create winning relationships that will convert into referral clients before you know it. By establishing ‘win-win relationships’ and thoughtfully pairing the unique characteristics of a listing with the unique requests of your buyers, agents are able to produce real and lasting results.