Are you looking to sell your home quickly in Orlando while still getting top dollar for it? In this video, I’m going to show you the number one tip that can help you do just that. We’ll look at whether testing the market is the right strategy and learn about the importance of marketing and positioning.
Testing the Market
If you’re like most people, you want to sell your house as quickly as possible for the best price. While everyone wants to sell their house for top dollar, you don’t want to do it by pricing it too high. Rather, you do it by marketing and positioning your house for sale correctly.
One of the most common questions I get when listing a property is about testing the market at a higher price. However, pricing above market value can actually hurt you. If you want to get the most money on your sale, you do this by positioning it strategically.
What is Positioning?
What exactly is positioning? When we sell a house, we need to properly position it to the most ideal buyer for the home. There are several ways to do this. For example, when you go off to a store and buy something off the shelf, you take into account its packaging, pricing, and its current offer, or whether it’s on sale.
It’s no different in real estate. People who are shopping for a home are going to do the same thing. You want to market your home to its most ideal buyer. The key is emotionally connecting your home to an ideal buyer and then simultaneously creating urgency around it. The most important part of marketing your home for sale is the way to price it, and we call this price positioning.
Your pricing is very strategic and is part of your marketing plan. You’ll be way more attractive to buyers if you price your home correctly. You’ll also save time yourself by not wasting it on the market or getting more lowball offers.
Creating a Buzz
When a new home comes on the market, it’s going to get a ton of interest. Your best chance of selling it is going to be in those first two weeks because many buyers don’t want to miss out on the opportunity. It’s this buzz that creates urgency amongst the buyers because they know that new listings get a lot of traction. If it’s that good of a deal, it’s going to go fast.
This is why it’s important to price your home correctly from the very beginning. You want to take advantage of the early buzz a new listing always generates. People tend to want things they can’t have, and it’s no different in real estate. Have you ever wanted something more because it was no longer available?
Of course, as your listing sits on the market, buyers begin to assume they have more negotiation room. After 30 days of being on the market, they will try to actually negotiate with you. Which house would you be more likely to negotiate on, the one listed for six months or the one that just hit the market? It’s for reasons like this that pricing your house too high at the beginning can hurt you catastrophically in the long run.
Price Positioning
My best advice is to price your home accordingly from the very beginning. Remember, we don’t predict the market, but we can definitely adjust to it. Another thing you need to know about pricing is how people actually search for properties online. This is what we call price positioning.
Price is the number one criteria buyers search online, and prices tend to be grouped in about $25,000 to $50,000 increments. For example, people search up to $300,000, $325,000, and $350,000. You’ll want to take this into consideration when determining your first initial list price. Is it worth listing a house at $304,900 or $299,900? Probably $299,900 Because there will be more buyers searching up to $300,000 and thus, more attention on that actual price.
Every time a price change occurs and your list price changes in a $25,000 increment, you will actually target a new pool of potential buyers who previously weren’t even seeing your property online.
The Right Description
The second way to position your house for sale is in its description. Who does your home appeal to, and who is the most ideal buyer for it? The words you use to market a property are essential. It’s important that you speak directly to its most ideal buyer.
For example, if you’re selling an investment property, the remarks should be focused on numbers, cash on cash return, net operating income, gross operating income, and more. However, if you’re selling a single-family home, your remarks will be focused on school districts, granite countertops, local parks, and the lifestyle.
Marketing
The third way to position your house for sale is in its actual marketing. You want to advertise your home in places where your ideal buyer is going to hang out. An aggressive agent will chase your buyer versus just placing a sign in the yard and listing it on the MLS.
With websites, social media, and high-quality listing videos, you can zero in and market to the people who are really interested in buying your home. Your agent should actively be promoting your property on social media and going directly after your ideal buyer verse waiting around for them to come to you.
I’m Here to Help
I hope this gave you an idea of how to get top dollar on your home sale through positioning. If you have additional questions or want to know something specific, please feel free to comment below, give us a call, or fill out our form and one of our agents will reach out to you.
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