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FAQ: Marketing Ideas for Sellers - 2007-08-04 |
If you are trying to sell your home this summer, you already know that it's a slow market. Last week we covered some ideas you can implement that might elevate your home's visibility. Here are some follow-up questions that are frequently asked by sellers:
Q: I've heard that open houses are used by agents primarily as a way of picking up new purchasing clients, and that homes rarely sell as a direct result of holding an open house. Is that true?
A: Yes, it is true that agents and brokers will often meet new prospects at open houses, and use that opportunity to build rapport. But that shouldn't discourage you from holding your own open house, even if your agent is less than enthusiastic.
First, it is a relatively inexpensive way of allowing people who are interested in seeing your home the opportunity to do so. The first step in selling any house is getting prospects in the front door, and this is a fairly basic approach to marketing.
Next, I agree that it is unlikely that a relocating Home Depot executive is going to stumble on your open house while driving around aimlessly. Of course, it is more likely that he will already be working with his own real estate agent. But agents love to show homes that are being held "open" because they need not make an appointment and they can expect the home to be in showable condition.
Finally, don't underestimate the networking ability of your neighbors. Each resident of your community has made a decision to live in the same neighborhood as you, and probably likes living there. It is only natural that they would want their friends, relatives or business associates to live in the same neighborhood. By getting your neighbors inside your home, you may have contacted another three or four prospects each.
Q: I have heard that holding an open house by yourself is unsafe. Is that true?
A: As a matter of general practice, it is always a good idea to remove valuable or irreplaceable items from your home before you place it on the market.
In reality, incidents of theft during real estate open house events are quite rare. That's likely because the thief is, in most cases, greeted and clearly seen by the homeowner as they arrive and leave.
However, it's always a good idea to have enough family or friends present during any open house to allow you to escort prospects through your home. I know of one suspicious homeowner who made a point of photographing each open house visitor, but I think that's going overboard.
Q: How can a home inspection be used as a marketing tool during an open house?
A: First, you've got to recognize that virtually all of today's home buyers who are considering resale houses are planning to conduct their own home inspection. And during that inspection, it is almost assured that any major defect or mechanical shortcoming will be revealed to the purchaser.
Since that is the case, I believe it makes more sense to have your own professional inspection conducted before your house goes on the market. That way, you can know, in advance, what the buyer will discover. Furthermore, you will have an opportunity to correct the problem areas before they ever become an issue.
I have seen way too many contracts die an early death when a buyer becomes disillusioned and disappointed with the home they originally intended to purchase.
Much better to learn about problem areas prior to marketing your home, then take steps to correct the problems before the buyer ever sees them. I advocate full disclosure: providing a full copy of your inspection report to the prospective buyer along with copies of receipts for any repairs made to correct problem areas.
Q: Will the buyer then still have their own inspection?
A: In almost every case, yes. But it is unlikely that the buyer's inspection will uncover any major safety or system problems that your inspector missed. It is more likely that the new inspection will confirm what your buyer hopes - that your home is in good condition for a home it's age, and that it is safe to move in.
Q: What about an appraisal as a marketing tool?
A: Same advice as for the inspection. Recognize that the buyer's lender will order an appraisal the moment the contract is signed, and that you don't want to be unpleasantly surprised when the appraisal comes back lower than the contract price.
Instead, you should keep up with resale prices in your neighborhood, comparing them to your own home's size and features. Then when you get ready to sell, hire your own appraiser to estimate your home's value. Don't be afraid to share all your home's best amenities with your appraiser.
Once you have an appraisal in hand, you are in a position to tell prospective buyers that you decided it was unfair to ask more than the home was worth, and that you have further decided to not sell it for less than it's worth.
This strategy takes the guesswork and negotiation out of home selling, because the buyer's appraisal is very likely to come in at a value very close to your own appraisal.
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