There are a massive number of articles informing would-be home sellers of what they need to do prior to selling their homes. These lists contain big-ticket items and “common sense tasks” but fail to list some of the more “not-so-common sense” type tricks a seller can do to help sell their home. This article will briefly discuss 3, not-so-obvious, tricks a home-seller can perform that will increase their chances of making the sale.
1. Target the Millennial Demographic
-Millennials are reaching the point in life where the represent the largest group of potential, first-time, homebuyers; millennials are nearing their 30’s and have likely advanced in their careers to the point where their disposable income gives them a chance at purchasing homes. As such, it would behoove the prudent home seller to target the millennial demographic. According to the annual Home Buyer and Seller Generational Trends Report from the National Association of Realtors, Americans between 20 and 37 represent 36% of the homebuyers in 2017; the millennial generation has been the largest group of home buyers for five years in a row. So how should you target millennials?
-Social Media: Lets be fair. At some point, you have looked at a millennial with their face in their phones and wondered to yourself, “what’s up with kids today?” While this is a fair inquiry, it doesn’t change the fact that social media is a great way to reach your target audience. It would behoove the home seller to make sure that their real estate agent is marketing their home on various social media platforms.
-Invest in Making Your Home Energy-Efficient: According to a study by the National Association of Home Builders, 84% of millennials stated that they would pay upwards of 2% - 3% more for a home that was truly energy-efficient. Taking this study at its word: If a seller’s home is valued at $1.0M, then a millennial would be willing to pay between $40k and $60k more for that home if it were energy efficient – certainly this can be accomplished for less than that. As such, consider investing in the energy efficiency of your home.
2. Don’t Procrastinate on Needed Repairs
It is critical that you make your home “move-in ready” as early as possible in the process. “Move-in ready” means taking care of major home repairs, but also small home repairs as well; it is critical that you replace screens, fix faucets, unclog gutters, and fix the roof. If you’re home is not in peak condition, it may be in the home sellers’ best interest to invest in a “pre-inspection” in order to discover what needs to be fixed.
3. A Picture is Worth a Thousand Words
If you want to sell your home quickly, don’t put so much faith in your ability to use your camera phone to take an Instagram worthy photo of yourself; you should have a professional photograph your home. The suggestion above is supported by research: In a recent study, a company dedicated to real estate photography compared 350 real estate listings (which utilized their photographs) to 350 real estate listings in the same zip code (which did not utilize professional photographers) and found that the listings that utilized the services of a professional photographer sold in nearly half the time, and sold 40% closer the original listing price than listings that did not use those professional services.
At the Chernov Team, we believe in helping our clients get the best deal possible. In order to do that, we keep our thumb on the pulse of all things real estate and transmit that information to you. We know that whoever comes to the table most prepared leaves with the most, and the Chernov Team always leaves with the most.