1. Pricing
Setting the right price for your property can be challenging, as there are several strategies to consider. Should you price it at market value or go lower to encourage competition? And should you schedule an offer day or accept offers anytime? Each approach has its pros and cons.
According to expert advice, it’s essential to first understand the pricing trends in your neighborhood. If local listings are priced low with set offer dates, it’s best to follow that strategy. Pricing at market value, when everyone else is listing lower, may deter potential buyers, as they might assume your property is out of their price range.
However, if most listings in your area are priced at market value, it’s wise to align with that approach. If there’s a mix of strategies being used, trust your agent’s expertise to guide your decision. Always remember, that underpricing doesn’t guarantee a bidding war, and it could lead to offers that are much lower than expected.
Additionally, never price your property above market value, hoping buyers will negotiate down. Buyers are unlikely to make lower offers unless the property has been on the market for a long time, as most are reluctant to engage with overpriced listings.
Lastly, consider how buyers search for properties online. If your desired price is $950K but you list it above $1M, your listing may not appear in searches for buyers filtering for homes below a million, causing you to miss potential buyers altogether.
2. Presentation
To succeed in today’s competitive market, your property needs to be in top condition, according to Josh. With more listings expected this fall, buyers will have plenty of options and will naturally gravitate toward homes that are move-in ready and flawless.
It’s crucial to fix any visible imperfections, as buyers will immediately notice even the smallest issues. Tasks like re-caulking, fixing broken tiles, and patching cracks in the driveway should be done before showing the property. If minor issues are ignored, buyers might assume larger problems have also been neglected, which could either lower their offer or deter them from making one at all.
First impressions are key. Buyers often make up their minds within moments of entering the home, so it’s essential to make the entryway appealing. For houses, clean the porch, remove old leaves, and add planters, while condos should focus on brightening up the front hall with lighting and artwork. A welcoming entrance sets the tone for a positive viewing experience.
Lighting is also important. Homes should feel bright and inviting, so replace dim or mismatched bulbs with uniform lighting throughout. Warm, cozy lighting works well, but avoid harsh blue or fluorescent lights that can make a space feel cold.
Lastly, if possible, consider staging the home. While it can be an expense, Todd notes that every dollar spent on staging usually results in a return of three dollars. Staging helps potential buyers envision themselves in the space, giving them a neutral, clean canvas to picture their future home.
3: Promotion
To maximize the exposure of your listing, it’s crucial to work with an agent who can get it in front of as many potential buyers as possible. Todd recommends choosing a Property.ca Inc. agent, as your listing will be automatically featured on high-traffic sites like condos.ca and property.ca, which can help increase visibility and attract more interest.
When selecting an agent, opt for someone with a strong online presence and a solid social media following. A great agent will promote your listing through their own channels, create video walkthroughs, and highlight the property’s best features to generate excitement and buzz.
For condo listings, ensure that the marketing showcases not only the unit but also the building’s amenities, lobby, and location. Buyers want to see the full experience of living in the building, so high-quality images and videos are essential for drawing attention.
Professional photos are a key part of the marketing process, and it’s important to avoid agents who take subpar images on their phones. A good agent will hire a professional photographer to capture the best shots, particularly during optimal times like sunset if the property offers a beautiful view.
In summary, a well-marketed listing with great visuals and broad online exposure is essential for attracting buyers and ensuring your property stands out in a competitive market.