If you’ve ever sold a home before, you know that it can be an exciting time. It can also be hectic and stressful, with a neverending cycle of preparing, cleaning, showing your home, and then cleaning some more. Though having potential buyers walking through your space can be a source of anxiety, it’s not something you can avoid if you want your home to sell quickly and at top dollar.
Fortunately, there is one solution that will help you reduce stress and make the most of the situation. The trick is not just to attract any buyer, but to focus on finding the right buyer. In this post, we’ll explore some of the ways you can get the most exposure for your listing without sacrificing your privacy or peace of mind.
What Type of Property Are You Selling?
The process for selling a $5 million home is naturally different than the approach we’d take for a $500,000 listing. Generally speaking, the more expensive the property, the fewer people have the ability to buy it. Thus, we want fewer but more qualified potential buyers to walk through.
A less expensive property typically sells faster when it receives more exposure. You will have more people visiting; however, your listing will probably not be on the market for as long. Analyzing the value of your home and measuring the demand from potential buyers allows us to formulate the rest of our strategy.
Selling a luxury home is similar in some ways, but still very different compared to other property types. Learn more in the resources below:
- 3 Tips For Selling Luxury In The Current Real Estate Market
- What Is A Real Estate Exclusive?
- Luxury Lingo: Elevated Real Estate Terms And What They Mean
Define Your Target Market
Now that we know what type of property you are selling, we can think about who might be most interested in purchasing it. Real estate buyers come from all walks of life and financial backgrounds, including first-time buyers, families upgrading, investors looking to add to their portfolios, lateral movers, and downsizers. For example:
- A first-time buyer or investor who rents to students is likely not searching for a $5 million estate.
- Many young couples would prefer to avoid a property that requires a lot of work in favour of something that is move-in ready.
- A teardown property might be perfect for investors or an affluent buyer who wants to build a custom home.
Preparing Your Home for the Market
The next step is to prepare and market your home in a way that attracts the highest-quality buyers. Before the “For Sale” sign goes on your lawn, it’s important to ensure your house is ready to present. If we’ve determined that your likely buyer is looking for something move-in ready, you want to pull out all the stops to make your house clean, modern, and beautiful.
What if your buyer is more interested in a teardown property? In this case, we will spend less time on the interior, but highlight the gorgeous curb appeal and superb location.
Your home preparations could fall somewhere between these two extremes. Though we don’t always go all out, you still want to do everything you can to help buyers fall in love with your home at first sight.
- Clean and declutter throughout so that there are no distractions and buyers can imagine themselves living there.
- A fresh coat of neutral-coloured or white paint enhances the living space, making it appear brighter and more spacious.
- A few minor repairs and modern updates will make for a memorable buyer experience and help your listing stand out from any competing homes.
Pricing Effectively
When it comes to attracting the attention of the most likely buyers, nothing, absolutely nothing, matters more than getting the price right. Common wisdom is that your house will earn more money the faster it sells.
If you set the price too high, you will get less attention from buyers, and your house could stay on the market longer. On the other hand, we want to make sure you are also not devaluing your house. A fast sale is no advantage if you’re not maximizing your results.
Before deciding on a value, ask a local real estate expert to perform a CMA (Comparative Market analysis) to ensure a competitive listing price right out of the gate. They will consider objective factors like the size of the home, recent updates, and location, as well as how it compares with properties that have recently sold.
What Type of Listing Is Best?
Exclusive or off-market listing: Though there is currently some controversy around the idea of keeping your listing off the MLS® and away from public eyes, it is one way to ensure the utmost privacy when selling your home. Public figures such as celebrities and anyone going through highly personal issues often choose this route. Under an exclusive listing, you rely on your real estate agent and brokerage to network and market to find a buyer. It is most common for luxury properties, but can be used anytime the owner wants to maintain strict privacy.
Open listing: Most listings become available to the public through the MLS®. Unless you have special circumstances, an open listing typically garners the most exposure for your home, causing it to sell faster and usually earn more.
Regardless of what type of property you are selling, making it look its best will help maximize your results. Here are a few tips that will help:
- Can You Elevate Your Bathroom Decor In An Afternoon?
- Lighting Techniques That Give Your Home an Instant Facelift
- Redesign Your Home Decor With One Trip to Your Local Hardware Store
Work With a Well-Connected Real Estate Agent
A strategic and targeted marketing plan is an essential component of the successful sale of your house. By understanding who is most likely to buy your home, we can make a plan to reach them at every stage in their search, from their first online browsings to their in-person visits.
However, finding a buyer and earning top dollar while respecting your privacy isn’t always the product of extensive marketing. Often, the buyer comes directly from your real estate agent and their network of clients and professionals. Working with the right partner removes much of the stress and hard work associated with the sale, allowing you to move on seamlessly to your next step in life.
Do you have questions about listing your Toronto home in the current market? We are here to help at every stage in the process! Reach out to 647.232.7317 or ana@asantos.ca today for more information or to start the conversation.