Posts Tagged as Selling Tips

What to Know About the Luxury Real Estate Market in These Uncertain Times

Did You Know These Seven Potential Deal Killers for Buyers?

Veterans of real estate marketing know that sellers are infamous for overlooking home flaws. From the serious to the seemingly silly, even infinitesimal imperfections can be huge deal breakers for buyers. Which ones come out on top? Point these flaws out to sellers in advance to keep closings sailing full speed ahead.

Are These Deal-Killers Sullying Your Seller’s Site?

– Old electrical boxes.
It might ‘work just fine,’ but archaic electrical boxes are a real estate marketing nightmare. From code and safety issues to inconvenient, expensive repairs, tackling this is mission-critical.

– Raggedy, torn screens.
Anyone who’s attempted a DIY knows window screens are a pain to replace. This is a common point of contention, holding up many sales as buyers demand replacement or recompense, and sellers refuse.

– Loony laundry locales.
Laundries on the ‘wrong’ level, in inconvenient locations, or situated where noise levels make buyers want to bang their heads against the wall are a huge turn-off. Resituate now or renegotiate later.

– Kitchen conundrums.
In today’s market, bright, open kitchens can be a top real estate marketing tool. But if a seller’s kitchen is sporting 4 walls and a popcorn roof, you could be in trouble. Talk to your sellers about taking down a wall to open-up the space to avoid bad first impressions and missed opportunity.

– Temperamental door locks.
Sticky/malfunctioning door locks flip the switch for more than just the claustrophobic. They are a major safety issue, and often a complex fix.

– Bath or shower snafus.
This is a crapshoot, as some prefer tubs (parents of small children), others showers. If you’re missing one or the other, consider a switch/addition.

– Lilliputian closets.
Lots of buyers focus on closets. If closets are small, declutter and move items off-site to achieve a roomier feel, or hire a contractor to extend.

Don’t just survive. Thrive. Find the tips and tools you need to cinch sales with the help of Properties Online today.

How to Care for Your Buyers

Danger Zones: What You Don’t Know May Just Hurt You

From gas explosions to sinkholes and neighborhood crime, it’s a jungle out there. And whether you’re helping sellers list or helping buyers find the perfect home, it pays to get the details. Failing to do so could come at the expense of your reputation.

Don’t Wait Until It’s Too Late to Get the 4-1-1 On Home Safety
Use these real estate buying tips to distinguish homes in the danger zone…

• Crime Rates
Check Trulia’s neighborhood guides to detect high crime rates – or simply ask neighbors, who are often a cornucopia of information.

• Flood Zones
Seek out flood zone maps, and beware of ground pitch under homes. Soil should be graded to slope gently away from the home to prevent flooding in storms. Homes located at the bottom of a hill are at additional risk.

• Gas
Contact the local utility to find out if/where larger gas lines are buried in relation to the home.

• Natural Disasters
Contact a local insurance carrier to inquire which natural disasters are common to a potential home site. A move of even a few miles could make a major difference.

• Trees
Often overlooked, trees can cause a good deal of damage, turning a simple rainstorm into a waterfall over a home. Luckily, local arborists or tree specialists often provide free consultations to homeowners/buyers, and can point out issues.

• Seller Disclosures
Though legally required disclosures vary somewhat by state, carefully review disclosure documents, which typically require disclosures regarding:
– Lead paint
– Water damage & mold
– Drainage issues (basement floods, standing water)
– Significant physical issues (foundation, roof leaks, asbestos, radon, etc.)
– Pests (snakes, mice, bats, bedbugs…)
– Neighbor disputes (boundary issues)
– Emotional defects (murder, suicide, violent crime, paranormal activity)

Do you have the real estate buying tips you need to safeguard your clients – and your reputation? Protect yourself with the help of Properties Online today.

Is Your Home Buying Walk Through Taped for Intel?

What Agents Need to Know About Private Communications in a Home They Are Showing

Those glued to HGTV well know the benefits of bugging a home with hidden cameras and listening devices during a showing. Opening the eyes of sellers and agents, these devices can point to overlooked or ignored strengths and weaknesses, making real estate selling a much easier endeavor. In the private sector, however, bugging could set you up for some ethical and legal pitfalls…

Buggy benefits
Bugs can give you timely, clear, honest feedback – the kind you’re not likely to get from buyer’s agents. Pricing feedback. Staging advice. Unappealing features (you know – the one’s you’ve been nagging your sellers about for months). But while bugging can bring to light ways a home can be improved to boost mass market appeal, they can also reveal details that present ethical dilemmas.

Bug bites
What if you overheard a potential buyer touting their willingness to go over-and-above listing price for a home – but they later submitted an offer less than asking price. Would it be ethical to use this knowledge in negotiations? Turns out, just because you need or simply want this feedback, doesn’t make it legal.

Punch bug
While sellers may legally install monitoring devices to protect property, when things get down to the legal nitty gritty, only video can be filmed and only in non-private locations (no bathrooms). Audio is a no-go. Most states require the consent of one or all people involved in audio recording procedures, and the buyer does not count as a “consenting party.” A signed release in advance or clearly posted “listening devices present” signage would be required for consent. Despite this, however, many sellers record audio without the knowledge of the real estate agents or other parties. (How careful are you or your clients about what you say or how you act in someone’s home?)

Don’t get bit by the wrong real estate selling advice. Shield yourself with the help of Properties Online.

Setting Your Selling Price: The Psychology of Numbers

Are your listings lounging around on the market for months while others seem to fly into escrow within weeks? Moving inventory quickly is the essence of a good real estate agent and the best way to do this is to get into the mindset of a buyer when setting a selling price.

What’s a buyer’s max price?

A potential buyer will usually start their search on a real estate agent’s website and one of the filter options will always be a “max price”. This means you need to have a good feel for not only what the home is worth, but what a buyer would be willing to pay for it and set the listing price just below that number.

Pick a number that looks good.

This is sales 101, if you want to list at $400k, go for $399,900. Buyers will not always associate it with $400k up front, which gives you the chance to hasten the sale by bringing them in to look at the home. The one time you might want to go for the full number is if you want to price a home at $1 million. At a seven figure price point, the hundred dollars less looks tacky and the psychological aspect of a “million dollar home” is attractive to buyers.

How about a price drop?

If all else fails, a small price drop will result in a “price reduced” symbol on a real estate website, making the home seem like a possible bargain. When a potential buyer sees this, they may be more likely to take a look at the listing, leading to a walkthrough, which can lead to an offer. For a motivated seller, this is an attractive option.

Keeping up with the newest real estate trends can be a hassle when you are out there moving houses. Properties Online makes it easy by condensing real estate agent tips onto a simple platform.

Two happy young beautiful women

Are You Catering to this New Buyer Demographic? 30, Single, and First Timer

Two happy young beautiful women
Single 30, and Ready to Buy

Home ownership has been a significant part of the American Dream for decades. In the 20th century, most first-time home buyers were married couples in their 20s looking to begin a family. The changing lifestyle of today’s millennial generation has caused a major shift in this profile that you should be aware of.

According to data compiled by Zillow, today’s average first-time home buyer is 33 years old and single. Compare that to the late 1980s, when 52 percent of first-time home purchases were made by married couples. Dr. Svenja Guddell, chief economist at Zillow, says this is due to the tendency of millennials to delay life decisions such as getting married and starting a family.

These new home buyers are also renting for a longer period than their predecessors. In the 1970s, people bought their first home after renting for an average of only 2.6 years, whereas today that average has more than doubled to six years. Dr. Guddell attributes this partly to young adults moving frequently in search of career opportunities.

The good news for real estate professionals? While the median income of modern first-time buyers is $54,340, roughly equivalent to the same qualifier in the mid-70s, these individuals are committing a greater share of their income to purchase more expensive homes. The average in the mid-70s was 1.7 times average annual income, while some buyers today are spending as much as 2.6 times their income.

Exploding rent costs in many areas could motivate more millennials to consider home ownership as a more attractive option. With a tight housing inventory, especially in starter homes, the challenge will be finding one that fits their needs and wants.

Is your marketing aimed at capturing this new model of first-time home buyers? Let Properties Online help you make the most of this lucrative market.