Wednesday, July 19, 2017

The 3% Rule: How to potentially make 3% more profit on the sale of your home (Part 2)

After decades in real estate and selling hundreds of homes, I truly believe that the average homeowner can do certain things to positively influence their sale. I call it the “3% Rule,” and it means that the average homeowner can potentially make up to about 3% more on their home sale. 

Of course, this isn’t an exact science. But even a 1% increase in a $300,000 home sale would equal an additional $3,000 in a home seller’s pocket. And 3% would equal a whopping $9,000! 

In part one of this blog, I covered my first seven points of my 3% Rule and today I'll delve into the remaining eight.

So how can you potentially make up to 3% more on the sale of your home?

8. Have professional photos taken
If an image is worth a thousand words, the images home shoppers first see of your home could possibly make you tens of thousands of dollars. For that reason, we suggest using a professional photographer for your listing photos, who will employ perfect lighting, and lenses with pinpoint clarity. With most buyers thumbing through hundreds of listings on the internet, the first impression those photos will make can result in more looks, interest, and ultimately, a better opportunity to sell your home for top dollar. 

9. Price your home right the first time
You may think that the easiest way to net more money on your home sale – or even 3% more – is to price your home higher. But overpricing your home compared to the competition will only ensure that you get fewer online views, fewer walk-throughs, fewer offers, and, probably, not sell it for that higher price at all.

Instead, think of selling your home as a balancing act between getting the highest possible price and also selling it as quickly and efficiently as possible. In fact, research shows that the longer a home is listed without selling, the less it will ultimately get. And you’ll probably have to pay your mortgage payment if it doesn’t sell quickly, or even two or three payments (or more!)

So we’ll sit down together and look at a comprehensive market analysis, revealing the hard data about what similar homes in the same area are selling for, as well as what other competition is on the market. 

10. Give the dog (or pet) a vacation away from home
Surveys show that if you really want to sell your home for top dollar, it's best to relocate pets off of the property during the listing and showing process. Not everyone is a dog/cat/or pet person, and some people have allergies or serious reservations about animals. Even if you put them in a side room, the fact that they are there and the buyer can't openly explore the home will leave them with a less than a positive feeling.  

11. Maximize light 
One of the easiest ways to make a house look larger, nicer, and more inviting is to brighten it up, especially with natural light. So remove those heavy, dreary shades and curtains for lighter translucent materials, change outdated or inadequate fixtures, and consider new bulbs with soft white light. Research shows that just by doing these things you'll get a 300% Return On Investment when selling – which is a super simple way to try and reach that goal of a +3% sale price.

12. Take an honest look at your competition
Before we ever put a sign in your front yard and list your home for sale, together, we’ll look closely at the other homes that are active, pending and sold in your neighborhood. Not only will this give us an idea of where to price your home accurately, but we'll also understand what other options buyers are seeing when they go house hunting.  

Ultimately, we’ll present you with a detailed market analysis with every home that is currently for sale within your greater geographic area and with similar dimensions and features (for instance, homes with 3 or more bedrooms in Folsom). Armed with this knowledge, we’ll be able to strategically price and position your listing against the competition.

13. Start a bidding war with an attractive price
One of the best ways to get the MOST net proceeds for your home is to price it extremely aggressively from the start. This may feel counterintuitive, but by pricing it favorably, you'll create a huge buzz of agents and buyers who rush to see your home as soon as it hits the market. They'll feel the sense of urgency and quickly submit full price and higher offers, and most often even engage in a bidding war that drives your price up.

14. Make it easy to show – and show well!
How easy will it be for other real estate agents to show their eager buyers your home? You’ll be doing yourself a great service if you make it easy and accessible to show for other agents (and their buyers!)

It’s also wise to prepare ahead of your listing by starting to pack, organize all of your possessions, and move furniture and boxes to a storage unit ahead of time. That way, the home will be less cluttered, look bigger, and buyers will be able to envision living there as they walk through.

15. Don’t ever hold back when it comes to disclosures
If you really want to see your home sale go smoothly – including netting the highest possible profit - make sure to honestly and accurately fill out your disclosures. Not being forthright about any material defects, problems, and issues with the property – or even the neighborhood – will throw a monkey wrench in the transaction, jeopardizing the sale, costing you more money, and possibly even landing you in court. 

The good news is that we can usually solve many of these concerns before the home is even listed by ordering the appropriate reports and making necessary repairs, which will give the buyer a green light to offer a great price.

How else can you sell your home for more? Use the Alfano Group Real Estate Agency!

Too often, homeowners choose a Realtor just because they know the person socially or they bump into them at an open house, but smart sellers enlist the help of the best real estate professional possible.

The Alfano Real Estate Group would love the chance to compete for your business and earn your trust. When you’re ready to sell your home, so feel free to contact us any time with questions. 

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