Practical Real Estate Tips for the COVID 19 Lockdown Part 1: Sellers
TOP 5 REAL ESTATE TIPS FOR SELLERS ACTIVELY ON THE MARKET
No. 1: Stay in close contact with your listing agent to stay in the loop about how the real estate industry in your area is being is impacted by regulations surrounding the virus. Understand that showings have decreased across the board, it’s not just your home that may be seeing decreased buyer viewing traffic.
No. 2: Use some of your free time to review your agent’s online marketing and advertising brochures to make sure both properly convey every feature your home offers. Promotion of your house should tell the full story about your home and all it has to offer both inside and out.
If your agent is missing key points that buyers need to know about, provide a list of features you want to have showcased and make sure they don’t miss promoting features, upgrades, updates and unique benefits buyers should know about.
No. 3: Create what we call the “Seller’s top 10 Reasons they Love their Home” list. Invite your children (if appropriate) to make their own list and/or create artwork to go with it. It doesn’t have to be ten reasons, but make it full of positive features that enable the buyer to picture themselves making memories of their own in your home.
You can share bonus insights about the neighbours and subjective features that agents aren’t able to verify and include in their own brochures, but can include the list and quote from you. You could even go above and beyond and create a video tour that your agent can use in marketing in which you walk through your home and share features. Get the entire family involved!
No. 4: Have some honest and frank conversations with your agent about pricing, strategy and your ideal timeframe. Share any changes that the current state of affairs has caused, discuss outside the box ways to increase buyer traffic and contemplate pricing adjustments.
None of us know with certainty what the crisis will do to the real estate market. Have the tough conversation sooner than later to determine what price would be one that you’d accept to get the sale behind you.
TOP 5 REAL ESTATE TIPS FOR THOSE PLANNING TO SELL SOON
No. 1: Make believe you’re a home buyer. Step outside and analyze your house as if you pulled into your driveway for the very first time. Look at your home from the inside out with a critical eye and make a list of noticeable flaws.
Focus first on curb appeal improvements (starting in the front of the house and moving through the main living areas), prioritizing enhancements you can start to make that would have the most impact on improving showing appeal.
As you walk through your home, visualize how two buyers and an agent would fit through your living spaces and plan to clear large furniture or unnecessary items that crowd your rooms.
No. 2: Make a list of every feature that your home offers, especially the ones that aren’t as obvious. Do you have Energy Star appliances, existing warranties, high efficiency toilets, recent upgrades, unique features, efficient utility bills?
At Team Pinto we always encourage sellers to share with us any detail that could potentially earn then an extra dollar at the closing table. Make a list of your top 10 favorite reasons you love your home. Make it a family affair and ask kids to contribute too, or provide artwork for your family list. Help your Realtor tell the full story of your home that will speak to the hearts of buyers who read about it online (and inspire them to take a tour).
No. 3: Start looking online and review listings and price tiers of homes similar to yours. Start getting a feel for what your house is worth and what your competition looks like. More important than what houses like yours are actively listed for is the price homes fetched at the closing table and how long it took them to get under contract). Notice what is appealing in photos and online marketing of other listings. Take notes about how you think your home can shine in comparison.
No. 4: Start contacting and researching agents to interview. Ask for sales statistics and references from past and current clients. Review a sample of their marketing brochure template and scrutinize their online property advertising.
Pay special attention to the quality of their photos, videos and social media promotion skills. We often suggest interviewing three agents, and letting each one know that you are doing so. Remember that discount brokerages can also mean discounted services, so know upfront what your agent promises to deliver before you sign a listing agreement.
Join us again on Wednesday for the second part of this advice series, when we’ll take a look at how those who are hoping to buy a home soon can do so in the midst of the COVID 19 crisis.