The seller should remember that when they are considering selling, they are selling a product. By merly placing the home for sale by owner (FSBO) or listing it with a real estate agent, they have skipped general product marketing steps (used by many businesses) and have gone directly to the store to wait for a buyer. Businesses would not even consider putting their product on the shelves of a local department or grocery store without first researching their competition, analyzing costs and profits, packaging that is attractive, and marketing correctly, so why as a home seller would you not do the same with your house when selling it?
The owner needs to consider that they must prepare their product for sale. By following some basic product management steps such as researching the competitor (s), analyzing sales price comparisons ("comps"), packaging the product to attract buyers (staging and marketing), and making the product as buyer friendly as possible (move in ready), then the seller can ensure that their property will stand out amongst all the other competitors on the market, thus helping to sell their house as fast as possible.
Some would also suggest that the owner follow these product management steps PRIOR to listing their house on the market. Once the seller places it for sale on the market, it may attract more buyers initially since it is a new product, however as the property begins to linger on the market (ie while the seller is still researching market pricing), it can begin to detract potential buyers and real estate agents alike from even visiting the property. The mindset of the buyers and their agents becomes "there must be something wrong, if it has been on the market for that long". This can be especially true if the seller is planning to use the Multiple Listing Service (aka. MLS), as the entry into this listing service provides a reference number (MLS #) that provides a method for determining the length of time the home has were listed on the real estate market.
Also consider that if the owner has placed their property on the market before following these steps, such as simple pricing strategy research, the owner may also be under pricing or overpricing their product causing potential buyer detraction. If the seller of the house decides, after realizing a new sales price to refresh their listing, they may actually leave the buying community in the advantageous position. These buyers will now begin to believe that either the new lower price represents the desperation of the seller and may he / she be willing to reduce the price even more, or the buyer can see that the older lower price is what the seller is really willing to accept.
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Source by Samantha Lou