So far, you’ve invested a small fortune in remodeling work. You’ve spent hours and hours cleaning, polishing and de-cluttering. You’ve taken the prettiest pictures of your home and uploaded them on different websites. You’ve spread the word about your upcoming relocation and organized open houses. And still, 90 days and a few thousands of dollars later, you find yourself in an awkward position: the phone isn’t ringing. Buyers aren’t knocking at your door. What went wrong? Don’t blame it on bad karma. Here are a few reasons why your actions aren’t returning the desirable results.
You’ve Made Costly, Unnecessary Changes. You have decided to bend over backwards to attract buyers. But can those new, insanely expensive custom cabinets be considered a wise investment? Was it a smart decision to replace your flooring material, repaint all your rooms and purchase new artwork just to impress someone whom you don’t really know? Truth be told, very few buyers assess your interior décor when it comes to making a final decision. They will change the style of your home anyway, simply because they want their new house to reflect their own taste and personality. In this context, it becomes obvious that buying expensive extras (furniture, decorations and so on) is never a good idea, especially if you’re relocating on a tight budget. Pricy new additions seldom pay for themselves. And you can’t just add another 20,000 dollars to your initial asking price simply because you had to have those paintings, rare marble countertops and designer bamboo cabinets.
You Have Overpriced Your Home. Don’t let your emotional attachment dictate the price of your home. Keep your feelings under control and try to evaluate your property in an objective manner. Go online and check out various listings to discover the price tags of similar homes located in your neighborhood. When in doubt, count on the expert opinion of a local real estate agent. An overpriced home instantly deters a large category of clients simply because it leaves very little room for negotiations.
You’ve Neglect Crucial Repairs. Some homeowners go the extra mile to implement unnecessary, pricy additions (gym rooms, pools, indoor spas, walk-in closets) and focus less on repairs and home improvements that are actually mandatory. Before putting a ton of money in your property to boost its curb appeal and attract more prospects, pay attention to potential flaws that could impact its electrical and plumbing systems. Leaks, clogged toilets and damaged wires posing an elevated risk of electrocution will put your buyers on the run and delay your home selling. If you don’t know how to evaluate the current condition of your house, don’t hesitate to call a professional who can conduct a meticulous home inspection. After a thorough inspection, you will manage to identify and address concerns affecting the end value of your property.
In these difficult economic times, it is essential to turn every single special skill and personal belonging into an extra source of income. If you are lucky enough to own a fantastic Californian property that you use only once in a while, you could decide to turn it into the perfect vacation rental. Or better yet, you could boost its curb appeal, make minor adjustments on the inside and outside of your property and put it up for sale. Either way, a properly maintained Californian home could become your very own cash cow allowing you to overcome times of financial hardship and increase your quality of life. Don’t know where to start? Here are a few pointers that you could consider if you feel ready to upgrade your property and make more money.
Invest in Basic Improvements without Overspending. Let’s get one thing straight: you can’t make more money if you are not willing to spend a dime out of your own pockets. According to Forbes, even a basic cleaning process could cost you anywhere from 100 to 200 dollars and up, depending on the size and current condition of your home. This small amount can trigger a substantial profit ranging from 1,500 dollars to 2,000 dollars, according to the same source. You don’t have to make a huge financial effort to transform your home into a money-making machine. A new front door, a coat of paint applied on all exterior walls, a few potted plants placed at the entrance and artworks hanged on your walls are only a few simple, cost-effective additions that you could concentrate on.
Use the Right Marketing Tactics. Promote your property with your primary audience in mind. Are you targeting families with lots of kids? If so, make your Californian house look spacious and lived-in. Are you more interested in deep-pocketed singles who could rent your home for an indefinite period of time? In this case, talk about the giant heated pool, large patio and fantastic indoor bar that could ensure the perfect ambiance for unforgettable parties. Recent studies indicate that online listings containing walk-through tours attract up to 15% more prospects than the rest; so don’t forget to post quality pictures and videos to stand out from the crowd.
Convert Your Property into a Safer Environment. No matter whom you would like to rent or sell your house to, consider home security a top priority. At this point in time, more and more people seem to be interested in gadgets that deter burglars, leading to a safer environment and a superior comfort. Invest in a state-of-the-art security system with home automation that will sweep potential buyers or renters off their feet and make them want to move in as soon as possible and write you a bigger check.
In a buyer’s market, most people who are eager to sell their properties are faced with numerous challenges. They have to repair or replace things around the house, boost the curb appeal of their Californian property, market it in a cost-effective manner and find the simplest, most efficient ways to attract buyers. On top of that, most sellers are already overstressed with their relocation and end up ignoring a few common home selling mistakes, including the ones listed below.
- Pricing Your Property Too High or Too Low. If you price your property too low you lose money. If you price it too high, you inevitably intimidate buyers and delay the selling. To prevent these drawbacks, you could hire a realtor and ask for his advice on this matter, or you could check out online listings to be able to estimate the overall value of your home, by comparing it to similar properties sold in your neighborhood over the last few months.
- Becoming a “Helicopter” Seller. Are you hovering around your property while sellers are trying to feel the vibe of the place that could become their next home? This is a major mistake that could deter prospects. Naturally, you know your property like no one else and want to play host and paint your California-based house in the most flattering light; nonetheless, your interventions could give potential buyers the impression that they are invading your personal space. Instead of being intrusive and pushy, let your agent handle showings and enable your prospects to discover a friendly, neutral space that they could feel more comfortable in.
- Not Being Flexible When It Comes to Penciling in Showings. Keep one thing in mind at all times: determined home sellers do not need 48 or 24 hours’ advance notices when it comes to giving the green light to a new showing. Last-minute showing indicate that you are flexible and hell-bent on selling your house as soon as possible.
- Not Being Ready to Welcome Your Prospects. Is your house clean or are you counting on your buyers’ lack of attention to detail? Make no mistake: buying a home is an important decision and most prospects have a keen eye for detail. The fact that your upholstery is dusty and old may not influence the overall value of your property, but it will reflect that you are a sloppy homeowner who may also be dealing with much more serious problems triggered by poor maintenance, like a defective plumbing system or a leaky roof.
- Not Using Great Negotiation Skills. In a buyer’s market, it is imperative to be able to counterattack the strategies of savvy buyers who will try to lowball you. This means that you have to be able to put the right price tag on your property and take pride in excellent negotiation skills to stay on the same page with your buyers, while defending your profit.
At the end of the day, by avoiding all these common mistakes you make sure that you and your prospects speak the same language and manage to prep the field for a mutually advantageous real estate transaction.