Selling in a Downturn
Selling a property in a “downturn” or slower real estate market requires creative planning, effort and execution. This guide provides strategies and tactics to maximize your chances of success, even in a downturn. We’ll uncover the 9 best ways to sell your property in a not-so-hot market.
1. Market Research (Price)
It’s crucial that you understand the market conditions and pricing trends in your area, especially if you bought in order to do a fix and flip, but now the market has changed. Check out local online forums, seek advice from real estate professionals and mortgage brokers. Analyze recent sales data with these professionals to come up with an attractive listing price.
2. Pre-listing Inspection
Conduct a thorough inspection (and/or hire an inspector) to identify any potential issues that might discourage potential buyers. Resolving these concerns upfront can streamline the sales process and build confidence with potential buyers.
3. Marketing
Develop a marketing plan that highlights the property’s qualities and unique features. In a downturn you need to engage all the good angles you can. Use professional photography, virtual tours, and targeted online advertising like Facebook and Instagram Ads to reach a wider audience faster and more effectively.
4. Staging and Photography
Present the property in its best light by staging each room to highlight its potential. High-quality photography is essential for showcasing online listings and can greatly influence a buyer’s first impression whether it be good or bad.
5. Curb Appeal and Cleanliness
Improve the property’s curb appeal with a massive up-front clean up, simple, elegant landscaping, a fresh coat of paint, and a well-maintained exterior. Inside, ensure your place is clean, decluttered and depersonalized to create a tidy, welcoming atmosphere that potential buyers can see themselves living in. Keep your home show ready outside and in.
6. Market Timing in a Downturn
Being aware of market conditions, especially during a downturn is crucial. Monitor market trends and consider seasonal fluctuations to determine the best time to list your property for maximum visibility and exposure. Typically listing in spring to early summer will give you the best chance at selling for top dollar.
7. Know Your Competition
Research similar properties nearby to understand the competition including your advantages and disadvantages. Highlight the unique selling points of your property and leverage them in your marketing efforts to stand out from the crowd.
8. Hire a Great Agent Who Is Communicative
Teaming up with a knowledgeable and communicative real estate agent is essential. Choose an agent with a proven track record in your local market and prioritize clear, effective communication from both sides throughout the selling process.
9. Making Concessions
Think about providing incentives like covering closing costs, cleaning or including a other incentives to make your property more appealing to buyers.
Summing Up
Although selling real estate in a down market comes with its challenges, using these strategies can improve your chances of selling your property quickly and, at the price you want. By implementing these techniques, you’ll increase your chances of selling your property faster and for more money. For more tips and tricks you can check out my article on the Top Staging Strategies for Selling Your Home Fast.
