Is price the only thing that is important about your home selling? Have you been told over and over to drop your price while similar homes are selling for higher? Are you sick and tired of being told to lower you price to sell your home?
The truth is, it is not always easy to sell a property for full market value. That being said, the reason a home doesn’t sell is not always about the price! Let me say it again, price is not always the reason!
More often than not, the reason a home doesn’t sell for top dollar comes down to a strategic marketing plan. Preparation, planning and negotiation get the job done.
Here is a real-world example:
Cristian had his house on the market. First, he tried to sell it himself, then he hired an agent to put it on the market. The agent worked for a reputable firm and tried to sell Cristian’s house. The agent:
· Hired a professional photographer
· Advertised the home on multiple websites
· Held an open house
The house sat on the market for 4 months with few showings and no offers. The agent kept encouraging Cristian to lower the price, but he knew that his home was worth what they were asking, and he wasn’t willing to just give it away.
Frustrated, Cristian took it off the market. One month later he hired a second agent to sell his home. This agent, like the first, worked for a reputable firm and tried to sell the house. Like the first, this agent:
· Hired a professional photographer
· Advertised the home on multiple websites
· Held an open house
Still little traffic and no offers. The agent repeatedly told him to lower his asking price of $440,000 down to $430,000 or lower.
In the meantime, the house next door was put up for sale. They chose the right agent, with the right strategic approach right away. They sold their home within 45 days for very close to their asking price of $445,000.
At this point, Cristian had two options:
· Option one, lower the price as both his previous agents told him to do and hope that the house would sell for a discounted price.
· Option two, hire an agent that would sell his home for top dollar. That agent would have to have a great marketing plan and understand how to get buyers so excited about his property that it would sell for full market value.
Luckily, Cristian went with option two. He hired an agent that specializes in selling homes that have failed to sell in the past. She took a good, hard look at the home and implemented a specialized marketing plan to make the property desirable to buyers.
· The agent had the home professionally staged to highlight the best features
· The professional photography was outstanding and included video of the home.
· The marketing was more extensive. There was even more advertising than before.
· The agent didn’t just do an open house. She personally contacted hundreds of agents in the local market to make sure their buyers were aware of this fantastic property.
Cristian’s home sold! They were able to get full market value for their home without slashing the price.
Bottom line, many people think that a house sells for exactly what it is “worth.” It just isn’t true. The price of a house is merely the final amount agreed upon by the buyer and seller. The price is not the only factor that affects the final sale price.
Properties do not always sell for what they are “worth.” Some sell for more that they are “worth.” Some sell for less.
Strip away misconceptions! The final sales price of a property is not determined by its “worth.” There are many factors that go into the final sales price of a property. Identify those factors and they can work in your favor.
Take the Hillgroves and the Johnsons, for example. They were both selling their starter style homes, with the same floor plan, on the same street, at the same time.
Both properties had the same floorplan, were built at the same time, and on paper looked to hold the same appeal for a buyer.
The Hillgroves and the Johnsons both sold their homes, with in a couple of weeks of each other. Because they were practically identical it would follow that they were “worth” the same amount of money. And yet, the Johnson’s home sold for $14,000 less.
In a later chapter we will explore what the Hillgroves did to make more money on the sale of their property. For now, know that what a home is “worth” is not always what determines the final sale price.
IMPORTANT POINTS:
· Homes that don’t sell easily are not always overpriced.
· Houses don’t always sell for what they are “worth.”
· The selling price of the home is simply the agreed upon price between the buyer and the seller.
· A skilled agent uses specialized techniques to sell homes faster and for more money.
To Read this entire series go Here 0r click the image below to get your free e-book: Hoberg Home's Guide to Hard to Sell Properties
