One of the most common questions I get when someone has just listed their home is, “Desty, how can we get more showings now that our home is on the market.” The answer is simple: PRICE.
Changing the asking price is the simplest way of drawing attention to your home. Perhaps someone who has already seen the house and thought it was out of their budget will come through for a second visit. Or, another Realtor working with a client will see the change in price as an opportunity and a reason for a showing.
However, lowering the price isn’t always feasible right out of the gate. Instead, I’ve started working with sellers on showing value rather than just lowering price. Here are a few of the tactics we consider.
The “Maxx-inista” technique
Buyers love feeling like they’ve scored a great deal. Look at the success of stores like T.J. Maxx and Marshalls; people feel like they’ve gotten a deal because they see the original price on the tag, and the discounted price they get because they’re not shopping at a higher-priced store. Similarly, we can be honest with the pricing and allow your Realtor to write ad copy with the “original recommended list price,” and the “bottom line price” you are willing to take. This can help speed up the offer process and give the buyer a sense that they are getting a deal.
Throw a “just listed” party
Invite all of your friends, colleagues, family and neighbors to stop over for a preview or sneak peek of the property. Get creative and draw people in by having a wine or beer tasting hosted by a local brewery or grocery store. If your home is vacant, host a gallery party and display a local artist’s work on the walls or invite a local musician to play while people tour. This will help potential buyers tour the property and get a sense of what it would be like if they were hosting their own party in the home. We are able to show off the value of the home as a fun, unique property that a potential buyer could call their own.
Host a Moving Sale
Hosting a sale like this lets neighbors know in advance that the property is coming up for sale. And who knows, one of those bargain hunters may just have a friend or family member who is looking to buy. See if anyone else on your block would also like to have a joint sale; more sales mean more traffic. Post the sale on Craigslist and in the paper. Your value-conscious consumers will feel like they are getting an inside peek at the property when they are attending the sale, and being “bargain minded,” won’t want to let a deal like your home slip through their hands.
A “credit” as a “discount”
A closing cost credit is a great way of establishing value in a home, even when discounting the price is not an immediate part of the equation. Home warranties or bonus commissions to selling agents are other incentives to drive more buyers (and more Realtors who have clients) to your home. Putting an expiration date on an offer like that is another way to call to action now rather than later.
Social media is also key in today’s home search market. A simple “LIKE” or a “SHARE” to a prospective buyer is a great way to attract business. Advertising some of the value-based ideas we discussed above is another way to attract customers quicker.
These are just a few techniques we can use to help sell a house quicker and establish a better sense of value to a buyer without having to change price. As always, I’m open to hearing your ideas too – and helping you make a smooth transition when selling your home. Feel free to comment below or share other ideas as well.