Selling your property during a sellers’ market is a prime opportunity for increasing your return on investment. The trick is to know how to make the sellers’ market work for you, instead of feeling rushed into accepting an offer.
Here are some helpful tips for taking advantage of a sellers’ market and maximizing your returns.
Invest in Staging and Visuals
To get the best possible return on your investment during a sellers’ market, you need to showcase the property in the best possible light. Now isn’t the time to skimp and cut costs— you must invest in staging and strong visuals.
Staging is the process of making a home welcoming to anyone, regardless of personal tastes and style preference. During the staging process, personal effects are removed, the room is reorganized to make it appear more spacious, and clutter is eliminated. In some cases, a home stager will replace the owner’s furniture with designer-inspired rental pieces.
After staging is complete, have a professional photographer capture high-quality photos and videos. These materials are essential for marketing your property and appealing to potential buyers, whether you’re using websites like Houzeo: The Most Advanced For Sale By Owner and Flat Fee MLS Platform or working with a realtor.
Opt for Thursday or Friday Listing
Listing your property leading into the weekend is one of the most effective ways to get quick offers during a sellers’ market. The idea behind this approach is that most people have more time to review real estate on the weekend.
By launching Thursday night or Friday morning, the property will stay top of mind (and at the top of the listing service) when people plan their property viewing schedule.
Build Hype Before Listing
While listing at the end of the week is a great way to attract potential buyers, you should be showcasing your home beforehand. Share your photos, virtual tour, and details a few days before to build hype for your listing. If you’re launching on a Thursday night or Friday morning, consider announcing the listing on Monday.
In addition to building hype for your listing, this also provides you with two waves of interest: the announcement and the official listing. Your social media network will feel more compelled to share multiple times if they feel like you’re showcasing two separate events.
Use Social Media Like a Pro
Social media is a powerful, free tool for promoting your property to a broader network. When marketing your home on social media, remember these key considerations:
- List all the pertinent details in the post, including pricing, home size, location, etc.
- Make the post public so everyone can share it.
- Focus on the area as well as the property (schools, access to the highway, etc.)
- Respond to questions and comments to boost engagement and extend your reach.
If you’re creating sponsored posts, be sure to research the best approach for each platform. Sponsored posts can help generate a lot of engagement and interest, but only when done correctly.
Set an Attractive Price
Pricing also plays a vital role in a sellers’ market, especially if you want to trigger a bidding war— which you do. While it can be tempting to jack up your price during a sellers’ market, that’s not the right approach for securing the best possible offer.
Dedicate time to in-depth market research of your area when choosing a price. In addition to looking at current listings, look at properties that have been sold recently. Consider the asking price, the selling price, and how long they stayed on the market.
When pricing your property, set a price that’s on par with the market or slightly lower than similar listings. Be careful not to price too low, as it indicates that there’s something wrong with the property. It can also lead to low-ball offers that can derail your efforts.
Schedule Overlapping Viewings
To take advantage of a sellers’ market, you need to become a marketing guru. Scheduling overlapping viewings is a psychological trick that subtly tells buyers they need to act fast to secure your property. By conveying that other buyers are also taking an active interest in your home, they’ll feel compelled to make better offers, faster.
It’s also worth limiting the hours for showings and making it challenging to secure a visit. This approach creates a sense of scarcity, a classic marketing trick that triggers the feeling of wanting what you can’t have.
Compare the Finer Details
When you start to get offers from buyers, it can be tempting to go for the highest monetary amount. However, the offer with the highest dollar value isn’t always the best one for your goals. Take some time to look at the finer details, beyond the money being offered.
Some other considerations to keep in mind include:
- Conditions and contingencies
- Whether the buyer is pre-approved
- The down payment
- If it’s a cash offer
- Time to move
- If financing is covered
Remember that you don’t have to take any of the offers if they don’t appeal. You can also go back to the interested parties with a counteroffer or to ask for their best proposal for a shortlist. Finally, if you’re not happy with any of the offers, you can adjust the price and try again.
Know When to Outsource
Selling a property is a lot of work, even in a sellers’ market. Even if you plan to navigate the sales process without a realtor, you can still outsource some of the efforts.
For example, working with a professional staging service and real estate photographer can help make your property more appealing. Furthermore, outsourcing to a virtual assistant to help navigate communications, social media management, and scheduling is a great way to streamline the selling process. Property investors with numerous sales and purchases on the go should always have an assistant to guide the process.
Selling your property during a sellers’ market is an exciting experience. However, you need to overcome the excitement and think logically to get the most out of your investment. With these tips, you can attract offers and sell your property quickly and effectively.