What's in a word in the real estate world?
Words used in real estate marketing were evaluated and written by Professor Paul Anglin, University of Guelph, Ontario after examining listings of about 20,000 homes.
Interestingly enough, I've spent alot of time evaluting words to help with my listings and have come up with similar results. My results, however, are not nearly as detailed as his and my evaluation is simply a personal 'poll!'
Did you know that the word, 'beautiful' is worth about $12,500. in a sale?
'Beautiful' or 'gorgeous' homes sell about 15% faster than average and for a whopping 5% more! Conversely, 'move-in-condition' sells 12% faster than average but, has no bearing on the selling price.
'Must see' has no impact on either the time on the market or the sales price but, does seem to cause sellers and listing agents to think that the value of the home is 4% higher than it really is!
However, if you use the word 'vacant,' the time on the market is neither helped or hindered but, will bring a sales price of about 8% less.
'Starter homes' will sell 9% quicker but, will bring 10% less in price.
'Motivated' is the REAL shocker! If you use the word 'motivated,' your time on the market will increase by a whopping 30% and bring a sales price of 8% less.
Rather than writing about how motivated your sellers are, share how gorgeous the 'landscaping' is; that will decrease your time on the market by 20% and improve your list and sales prices by 5 and 6% respectively!
If you're in a terrible hurry to sell and don't mind a huge slash in sales price, use the term 'handyman special:' this will sell your listing in HALF the time but, for 30% LESSthan it should!
'Rental property' will increase your time on the market by 60%! Don't advertise your home as being rental property! When you finally DO sell, your sales price will be reduced by 9%!
We should all evaluate our current listings to see what words are working for us (and which ones are working AGAINST us), according to Professor Anglin!
I wonder if I'm correct in thinking that 'turnkey' would probably bring a faster sale with a higher price? Or if the words 'needs updating' will bring a much extended time on the market and a much lower sales price?
Agents, what words are YOU fond of using in your listing descriptions?
More Seller Tips:
What Can You do if Your Home Does Not Appraise?
Seller Tips, Part I (Pricing)
Seller Tips, Part II (Declutter)
© Debe Maxwell | The Maxwell House Group | CharlotteBroker@icloud.com | Are Your Descriptive Words Working FOR Your Sellers or Against Them?