Let’s face it! Every homeowner wants the best deal when they finally decide to sell their home. It’s every homeowner’s dream to see a bidding war ensue. Unfortunately, most homeowners end up settling for average or even below-average offers according to most real estate experts.
What most home sellers fail to recognize is; getting a great deal isn’t a matter of luck, timing or even location. Taking a systematic approach to the marketing and sale of your home, and negotiating for it through proven methods will consistently outperform the average ‘luck approach’ of many agents. So let’s get right into it and discuss 5 secrets to sell your house for top dollar.
1. Ask for a little less to get more
This is by far one of the best-kept secrets to sell your house for top dollar. Although this strategy appears to be counterproductive at first glance, it works wonders by creating the necessary attention required to create a fierce bidding war. It’s worth noting that bidding wars are created when there are multiple willing buyers and to get multiple willing buyers, the price has to be very attractive i.e. lower than the current market value.
When you price your house just under market value(ideally, around 3-5% lower), you are bound to attract more buyers who will be willing to write better offers to outbid their competition. You are also bound to get great offers since most potential buyers will realize the true value of your home when they view it.
2. Don’t accept the first offer right away
This is another best kept secret to help you sell your house for top dollar. It doesn’t matter how good the first offer is, you should wait at least a day or two and see what other offers come your way. This is especially true when you receive an offer early in the weekend. As a general rule, you should always review offers after the weekend, as this is when most buyers will view your home.
Ultimately, you want to be able to cultivate fierce competition between interested buyers, which will ultimately increase your home’s final sale price. An interested buyer will offer more in the presence of competition.
3. Flip Your Home
When most people think about flipping a home, they think of investors buying a low priced property, doing great renovations and selling the house for profit. But did you know that you can approach your own house the same way? If you want to sell your house for top dollar, you will need to make your home stand out by doing all of the right renovations to appeal to today’s buyers.
Making the right renovations and/or improvements at the right price is absolutely crucial to sell your house for top dollar and maximizing profit. In other words, you want to invest in the improvements that will add maximum value to your home as opposed to the improvements that will simply eat away your profit. The right improvements can boost the value of your home as much 10-15%. So talk to your agent about what improvements to make and who they recommend to do them at a fair price.
If you don’t have the money up front, a few select experts, like us, can show you how to do the right improvements with little or no cost upfront. Just ask!
4. Make your house stand out
You also need to make your house stand out for you to sell your house for top dollar. You need to present it in it’s absolute best light. Understand the key selling points, and any unique yet valuable features your house offers. Stage it, and market it strategically with a systematic approach.
Make sure that your agent has a robust marketing plan that incorporates a strong web presence and magazine quality photos. In a market where the internet rules the roost and over 92% of buyers start their search online, too many agents still do not understand or fully capitalize on online and social media marketing. In the ever changing market, old school methods just won’t cut it if you want to sell your house for top dollar.
5. Hire a true expert – one trained in negotiation
It is an unfortunate and sad truth that in today’s market, many agents are ill equipped to handle the negotiations and complexities associated with a real estate transaction. This is proven by the shocking fact that over 98% of licensed agents have never been formally trained in real estate negotiations – all while handling the negotiation of most people’s largest financial asset.
Would you trust a surgeon who was never trained in surgery? Likewise, why would you trust an agent to negotiate your largest financial asset when they have never been trained in real estate negotiations? Trained surgeons will do better than untrained ones. And of course, studies prove that trained negotiators will consistently outperform untrained negotiators who rely on their ‘instinct’ and ‘experience’.
Would you believe it that poor negotiators can easily lose you 10% or more in final sales price, while the a trained negotiator can easily get you 3-5% more than a ‘good’ untrained negotiator? There is a reason why, last year alone, we sold homes for over 4.8% more than those sold by other agents. And it doesn’t have to do with luck – it has to do with training.
So if you want to sell your house for top dollar, find yourself a true expert, and not a part-time rookie or untrained
‘professional’ hobbyist. Ask your agent about their negotiation training – what specific training, where it was at, and if they are certified. And of course, ask them how they can guarantee their service to you to ensure you are happy.