As a realtor, you work in a highly competitive job. One of the ways that you have found that works best to sell homes and engage a buyer is through the Open House. Open Houses have been a successful tool to help you sell for years, but have you been utilizing the best strategies to enlist this process?
Let’s explore the ten best practices for prompting buyers to your Open House.
- Pick your Open Houses wisely.
Not every house should be staged as an Open House. Some homes in your inventory should not be opened for perusal. When you host an Open House, you get an idea of who is looking and what the buyer might be looking for. You get visibility into whether buyers are serious or simply “window shopping.” This will be really helpful as you are keeping track of new potential buyers for your other inventory.
- Place your Open House ads early.
The best time to list one would be at the beginning of the week. As soon as you find out when the Open House will be and then determine the times, then list these on your website along with the general information for the home. This will help someone be able to meet you easier, and also be able to see the house. It is always best to do it earlier in the week so people can have advanced notification, and be able to plan their weekend around it should they choose to go. Also, if you have been tracking potential buyers from previous Open Houses; let them know this Open House is coming up and may fit their potential want in a new home.
Let’s face it, parenting is hard! Anyone that has sat in a restaurant and overheard a parent trying to calm a child screaming at the next table can attest to this fact! Even more difficult than coping with the immediate challenges of parenting, is in trying to raise kids in a safe environment where the child will be able to get ahead.
Home buyers in today’s market want to buy homes in places today want to do so in an area that makes them feel safe. It also needs to have a good economic climate and the ability to have a variety of jobs. These areas needs to have a lot of good schools and universities. The ideal area has parks and play grounds in the same neighborhood. There should also be good restaurants that have meals that all family members can enjoy. The ideal places to live also offer opportunities to work from home to create a higher level of parental visibility and accessibility between parents and children.
According to researchers, there are four strong housing markets that parents of children under 18 tend produce the best outcomes for families. The states where these housing markets produce the best results for parents and children include: Utah, Texas, Georgia, and California.
Homeowners and appraisers hardly ever agree on the price of the home. For the past decade, homeowners have been undervaluing their homes or minimally not fully understanding what their home is worth. And one of the major influences on how much a home should sell for has to do with location. Contributing factors to whether your home is undervalued or overvalued has to do with the type of neighborhood, whether the home is by water, or if the home has nice curb appeal. While these factors might contribute to actual price, some homeowners around the country, such as in the mid-west simply tend to think their home is worth more.
There are also internal factors that play a role in whether your home is overvalued or undervalued. The bottom line is that before you have an appraiser determine the value of your home, you should find and clear up any issues such as termites, mold, roof problems, and any outstanding internal issues that would decrease the value. Moreover, Quicken Loans Chief Economist Bob Walters, in a news release about last May’s figures. “Every city, and every neighborhood, moves in different directions based on local factors. Consumers need to remember to watch their local area closely to understand the direction their market is heading.” If you are selling your home, the worst thing that you can do is to over value your home. Before you refinance or before a house is ready to close, an appraiser will come by and look the property over and make sure that there are no potential issues that could prevent the loan from being able to be processed fully.
The reason that homeowners tend to overvalue their homes is because they love their home and naturally assume that it should sell for maximum value. Sellers presume that since they love their home, buyers should also. Therefore, some homeowners get a price amount for their home stuck in their mind that they just cannot get rid of. This is doom to a home sale. If sellers continue with this mindset, the home will likely sit on the market at the high price. Just like a lavender dress in a store window that hangs too long and becomes shop worn; homes that sit on the market too long also become shop worn.
If you have ever dealt with a truly obnoxious homeowner who is getting ready to sell; you know this can be a dreadful experience. While typical home sellers are gleeful about the opportunity to sell and make a killing on their great investment, some home sellers can be bad. Very bad. Other times, this kind of seller can not only kill the deal; they can end up losing money on their sell, because of their bad attitude. Sadly, the realtor in this situation ends up paying the higher price for having to cope with not only a spoiled sell, but also a spoiled seller.
For homeowners getting ready to sell, there are a few things that you should not do. Take a look through the following five facts, and don’t get caught being a Seller from Hell.
- Don’t be Stingy with the Buyer’s Earnest Money
When a buyer is really serious about buying a home; earnest money is provided to hold the house. Just like putting an item on lay away; earnest money is used to secure the sale and allows the buyer to get everything together in terms of financing or even selling their home. In a recent story related to earnest money, a seller decided to hang on to the Buyer’s earnest money. Apparently, there was a dispute over weather damage, and the Buyer expressed concerns over how storm-related issues were handled. In response, the Seller decided not only not to sell the Buyer the home, but also decided to not return the earnest money.
Eventually, the Seller decided to return the monies, rather than go to Court. This resulted in a lot of time and money costs, and the home sale was lost.
Simply, if you want to sell; keep your promise, and don’t keep someone else’s money. Bottom line.