What Do You Think Sells the House?
What sells a house?
There are many factors that can go into why certain homes and properties move faster than others. These include:
- The property value and comparative list price.
- The home itself (layout, upkeep, renovations, etc.).
- The marketing done (listing photos, demographics targeted, etc.).
- Competition
- Time of year.
- The housing market.
- The economy.
- And so on…
While all of these elements can play a role, some are more in your control than others. For instance, the competition, time of year, housing market, and economy aren’t necessarily things you can change — but you can make them work in your favour through what you can control. Here’s how:
- Property value and comparative list price.
The property value itself might be out of your control, but the list price isn’t. The right real estate pricing strategy can go a long way. Price a home too high and it may never move. But price it too low and you risk losing out on revenue. This is where technology can help!
By using your property tools, you can assess the best market list price through comparable sales, neighbourhood data, and more.
For more on setting the right list price, read our recent blog:
https://www2.geowarehouse.ca/listing-price-mistakes-real-estate-pricing-strategy/
- The home itself.
Some items, like renovations, might be out of your control, and if there is work to be done (like an unfinished basement) this might be something you factor into the list price and marketing.
Other elements, however, are in your power.
According to HGTV, decluttering and removing personal touches from a home before showing can have a big impact. You might consider home staging, too. Creating an environment that looks picture perfect to live in will often go a long way!
From a technology standpoint, you can use your property tools to assess comparable homes in the neighbourhood. If a similar house down the street has an outdated kitchen, you might use that to show off your client’s recent remodel.
If a similar house in a nearby neighbourhood is stuffed to the gills with furniture, encourage your client to put some of theirs in temporary storage to make it look like their home has lots of space.
- Real estate marketing
Another big aspect to selling a house quickly can be the areas where you are advertising it for sale and how you are positioning it.
For instance, a house priced at $500,000 might seem too much to spend for people in a smaller town, but to someone from Toronto it might seem like a steal.
Sometimes it’s not necessarily about the price or the condition, but rather about finding the person who is motivated to buy.
If the home is located in a great school district, consider marketing to young parents.
If it needs a lot of work or is unfinished, you might market to a real estate developer or investor.
Look for the unique features and characteristics that make this home different from those on the market and ask who would be the likeliest to get excited about it. Just putting together a listing and staking a “For Sale” sign into the ground might not be enough.
Technology tip: use property tools to boost your real estate marketing by looking for similar properties and how they sold. You can also use a GeoWarehouse Demographics Report to find potential buyers and areas to market.
There is no one-size-fits-all approach to selling a home quickly. Thankfully, that is where property tools come in. With the right technology and data, you can access the knowledge that finds the perfect strategy for the house you’re currently selling. And the next one… And the next one…
Access accurate, up-to-date property data through GeoWarehouse! If you’re not a subscriber become one today. Call 1-866-237-5937 or visit www.geowarehouse.ca.