We were able to secure 12 offers and sell this home for $350k over list price.
1701 N Avenue 56
3 bed / 2 bath / 1578 sf
Listed for $1,275,000
Sold for $1,625,000
INTRO
Selling a home can be an overwhelming and emotional process. There are a lot of factors that go into determining the price and finding the right buyer. But with the right mindset, strategy, and execution, you can sell your home for a great price and fast. In this article, we will focus on the four pillars of listing a home: pricing, preparation, marketing, and negotiation.
PRICING
The first pillar, pricing, is one of the most important aspects of selling a home. When pricing a home, it's essential to strike the right balance between profitability and attractiveness to potential buyers. You don't want to price too high and discourage buyers, nor do you want to price too low and lose out on potential profits. The key is to find comparable homes in your area and price your house accordingly. Thus, it stands out to prospective buyers. You want your home to look like a bargain compared to similar homes that have recently sold.
PREPARATION
The second pillar is preparation. Before putting your home on the market, make sure it is in the best possible condition. This includes decluttering, minor renovations, painting, and staging. You want to show your home in the best possible way hence, impress the buyers. Your goal should be to paint a picture of what type of homeownership experience the buyer can have in this space.
MARKETING
The third pillar is an important one which is marketing. Once you've set your price and have prepared your home to showcase, you need to make it known. You'll want to take high-quality pictures of your home as well as a video that showcases the house and its surrounding neighborhood. A multi-channel marketing strategy (online and offline) will allow you to reach a larger audience including social media, flyers, print ads, email blasts, and local publications. Paid ads (Google PPC, Instagram, Facebook, and YouTube) are also effective in generating traffic and interest.
VIDEO - Shoot a professional video, use drones and shoot footage of the house as well as the surrounding neighborhood that spotlights the lifestyle in this area.
FLOOR PLANS - Studies show that 51% of buyers say that floor plans were helpful in their decision making process. 1 in 5 buyers will pass on listings online if they don’t have a floor plan. 1 in 10 buyers won’t even arrange a showing without seeing a floor plan.
REDFIN HOT HOME - I always aim to make my listings Hot Homes on Redfin. It’s 80% more likely for a hot home to sell in the first two weeks of listing. It comes down to pricing it right and getting the right amount of views and saves for the Redfin Algorithm to tag as a hot home
ZILLOW SAVES - Zillow Saves is a key performance indicator on how well your listing is being perceived online. I shoot for a 10% views-to-saves ratio. In my experience, homes with 10% saves tend to sell faster and significantly higher than list price.
PAID ADS - I always have a budget set aside for paid advertisements online. By targeting buyers on Instagram, Facebook and Google, I’m able to attract a wider audience of dormant buyers. These are buyers that may not be actiively looking on real estate sites but will still consider buying if “the right one comes along”.
FLYERS - We passed out 1000 high-quality flyers to the neighborhood prior to our open houses. Sometimes a neighbor knows someone who wants to move into their neighborhood.
NEGOTIATION
The fourth and final pillar of the listing process is negotiation. In some ways, this pillar is an umbrella of all that has come before it. A top negotiator plans ahead, keeps their cool under pressure, listens intently, communicates effectively, and knows what they can and cannot concede. At this point, as all the other steps have been completed, the house is no longer yours but you want to ensure it sells at the highest rate that is possible under the current market conditions.
CONCLUSION
Selling a home is ultimately a combination of planning, strategy, and execution. By keeping in mind the four pillars of listing a home: pricing, preparation, marketing, and negotiation you are well on your way to selling your home effectively. Remember, there are loads of other good buyers out there so you need to take action and make sure your home stands out. By following these guidelines, your home will be set up to sell for a better price and relatively quickly.