Fear of getting stuck with a house is one of the main reasons new real estate investors fail to launch.
“I can find a deal…but what if I can’t sell it?”
The fear is understandable. We’re talking about flipping some big assets here, I mean we buy houses Arizona. I’d like to take that fear away from you with some simple tips.
First let’s examine what it means when you can’t sell a house. It’s simple. Either it means that the buyers in the market don’t agree with your asking price (note that this doesn’t necessarily mean you’ve priced it too high), or it means that your price is fine, but your marketing efforts haven’t yet reached the right buyers. Maybe your photos are terrible. Maybe the agent you have the property listed with is sitting on the listing and not doing anything to promote it. Maybe you need to get back into the driver’s seat with your promotional efforts and find the buyers yourself.
Here are 5 ways you can get your house to sell:
1. CREATE A BETTER PROPERTY LISTING—BETTER AD COPY, BETTER PHOTOS
I’m always surprised when people go to all the trouble to get a house ready for sale, and then they don’t pay attention to the marketing that’s used to attract buyers. Your property listing is ground zero. Start here. Are your photos exceptional? Not good, but exceptional? Hire a pro if you need to. Get shots taken at night as well as during the day. The more photos you can show the better.
Now let’s talk about the “copy”—that’s a fancy marketing term for the words that persuade people that this is the house for them (ad copy is salesmanship in print.) The best ad copy transfers emotion. You need to give people an insight into what their lives would look like if they lived there. In many instances, you’re selling a dream. Don’t forget that.
2. RECORD A PROMOTIONAL VIDEO
Videos for fast cash for homes are becoming essential to sell a house. People want to know if their valuable time should be spent looking at your house. It’s the goal of your video to persuade them that it is.
3. GET YOUR HOUSE STAGED
Whether you do it yourself or pay a professional, staging a house is a no-brainer, in my opinion. This goes back to creating a dream for people—they need to know what living in that house would be like. People have very little imagination. Staging helps them envisage the potential of each room – using key pieces of furniture selectively without having to get the entire house furnished.
4. OFFER SELLER FINANCING TERMS
This is one of my favorite strategies because it’s simple to do, you’re genuinely helping people who otherwise would never qualify for a bank loan to get into a house, and you get to make some additional money in the process.
Selling a house with seller financing allows you to:
a. make a lot more money from the exact same sale price
b. create multiple streams of passive income for years into the future
If you offer your house with seller financing you will significantly increase your buyer pool and you’ll very likely be able to get a higher price for the house as a result.
5. OFFER A HOME WARRANTY
Offering one of these is always a nice touch—especially if you’re selling an older home or you have a nervous first-time buyer. Just make sure your advertising promotes the fact you’re including a home warranty with the sale!
6. ASK YOUR BUYERS WHY THEY ARE SAYING “NO”
Asking this simple question can provide you with clues about what you need to do to get them to yes. Maybe they’re nervous about the big trees on the property. Maybe they prefer a 2-car garage. Note that this isn’t always about fixing the things that they complain about. For example, you might not have the $10,000 budget required to add a 2-car garage. But maybe installing a huge TV screen in the living room that comes with the house (a cost to you of $800) will go a long way toward persuading them that this is the house for them!
You’ll notice that I didn’t list dropping the price of your house. That’s because, in my view, that’s the very last thing you do—not the first—but it is what most people do when they feel panicked.
I’ve completed over 10,000 real estate deals, and I have never encountered a property I couldn’t sell. It might have taken me longer than I thought, but I’ve always been able to move it eventually. It’s all about matching the right property with the right buyer and putting in the legwork to ensure your properties sell. Don’t just hand a property over to your real estate agent and assume they’re doing a great job! Keep an open mind and be flexible. Everything changes. Keep up-to-date with your real estate education and you’ll stay on top of the changes and be able to take advantage of them!