What REALLY sells a house? -
When you hire a real estate agent to sell your home, you are hiring a marketing professional. Yes, it is true we are trained and take classes in many different subjects dealing from the obscure to the very important, but ultimately, when you hire an agent, you are saying "I believe this agent has the tools in his/her marketing arsenal to get my house the exposure needed to sell the house to the proper buyer".
However, what REALLY sells a house? In my experience, it always, always, always (should I repeat that again), ALWAYS, boils down to four items.
1. PRICE--price is always the number one thing that people feel agents over emphasize. Truth be told, it's the ONE item that can overcome almost ANY objection. The price of the home is key to a)who sees it in a search, b)who views the house c)who will buy it.
2. LOCATION--the location of the house is an important factor in selling the home. It's a factor that you CAN NOT change though, and hence, it's an item that can only be adjusted via PRICE (see number 1 above!)
3. CONDITION--Condition of the home influences who wants to buy the home. Is it ready move in or a project home with some sweat equity there to capture? Guess what, Price will once again overcome CONDITION in most instances!
4.TERMS-- This is the one that gets overlooked by most agents and home sellers. The terms of the sale can make or break a sale and you might not even know it. Things such as including the fridge, curtains, BMW in the garage or other non realty items can be lumped into TERMS. So can some finance items such as a seller carried note, a seller carried second note, or a balloon payment are just a couple of the finance terms.
So in short, when you are considering selling your home, these are the FOUR items you look at and realize that ANYTHING you can not fix in the other three are all fixed with PRICE.
As a seller, you control PRICE, CONDITION and TERMS. Location is the only thing that is handed to you and that was decided when the home was purchased! In coming blogs, we'll look at these items individually but this really is what it amounts to with this caveat: WITH EXPOSURE!
How about the Marketing plan and internet exposure. The marketing plan is huge.
Good info, but you can have a perfectly priced home in a great location, super condition, but if nobody knows about it, it isn't going to sell. I believe that exposure is critical to a successful sale.
I totally agree Ron. At least in our area if a property is on the MLS it will easily be found by anyone looking on-line. Any site coming up related to real estate will have an IDX feed and have all of the available properties. In my opinion "most" of our marketing is more about marketing us, as agents, to get future business than it is about getting the home sold. For example you can spend all the marketing dollars you wish, 1st pg Google, full page ads in every city within 200 miles, NYTimes etc etc and if the property is over priced - it won't sell - not here at least. But the agent will get a few leads from the aggressive marketing campaign.
Price is the boss in getting a home sold. Thanks for the post.
You can have the most perfect of all marketing plans with more exposure than any house has ever seen and if it isn't priced right, it still will not sell.
I'd also say that the devil is in the details to anyone talking about the marketing plan because the last line in the post says: WITH EXPOSURE!
Thanks for stopping by Tamara, Jeanne and Dan!
Good informative post, all ingredients it takes to sell a come plus adding the marketing and exposure aspect of it is really important as well.
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