How to Market a Property
Tips to Sell Your House
'I need to sell my house!' is a familiar refrain these days. So, the good news is that you have decided to dispense with the real estate agent to avoid paying those high commissions! The bad news is that now you have to start thinking like one and get some ideas together on how to market your property.
Before you take the plunge you will need to work out your strategy.
Do you know who has done something similar themselves and made a success of it? Regardless of whether you do or not, it is a good idea to meet with at least 3 real estate agents who work in the area where your house is located. Listen to what they say about the location. You will have a good idea of the area yourself but it is useful to know whether there is high demand for properties in your street and if this demand is for houses or flats, 1, 2 or 3 beds and so on.
Location is subjective depending on who is buying and why they are buying. A first time buyer may well be looking for something that an investor is not looking for.
Different buyers will equal different criteria. Get some idea from the real estate agents you speak to as to who is buying and what specifically they are looking for.
Another way to ensure you have the right knowledge, especially when setting your price point, is to gauge the market by reading the property pages in your local paper. Here you can search other properties similar to your own in type (flat, house, bungalow etc) and size (number of bedrooms). Make sure you have a look at properties at both ends of the price scale and compare what you find, in terms of descriptions and photos, to your own property to get an idea of where to position your price.
You may even want to view some of these properties (posing as a buyer) to get an even closer look.
Some homeowners have illusions as to what their properties cost. Real estate agents often play on this by inflating the initial asking price just to get you to sign on with them. Make sure your desire - 'I need to sell my house!' does not colour your view of the market. If the property does not sell right away they will then ask you to drop the price to its actual market value.
By educating yourself you will not waste your valuable sales time or lose any potential profits by putting too high or too low a price on your property.