July 1, 2008
7 Biggest Buyer Turnoffs
We all know that home sellers have the same aim, and that is to sell their home quickly for the best possible price. And we know buyers are individual, all seeking to fulfil different needs and desires in a new home, but did you know that the majority of buyers all hate the same things?
Most real estate agents are either too polite or too embarrassed to tell you if your home suffers from any of the biggest buyer turnoffs.
When you are selling your property, the hardest thing to do is to take off your homeowner’s hat and to look through fresh eyes. You have to mentally let go and assess your property as though you’ve never been there before. It is no longer your home, but a product for sale. Take a walk though this list and see how your property measures up.
1. Smell
This is a hard one; no one is willing to tell you if your home smells bad! You have to find someone who does not live with you and who has nothing to lose if they offend you.
Top of the list is cigarette smoke, pet odours, damp mould and teenage runners. Close behind is over-the-top synthetic fragrance used to cover up bad smells.
You have to annihilate the odour at the source. Masking with a covering smell does not work, although naturally scented candles and burning essential oils can enhance the atmosphere, they are no substitute for clean fresh air. If you smoke indoors or keep indoor pets, the house will smell and you wont even notice it. Find someone who will be honest with you and do not be upset when they are.
2. Pets
This is another hard one. There is no greater commitment to selling your home than relocating your pets during the sales campaign. No matter how lovable, your pets are not their pets. Dogs frighten people, cats are allergens, and we wont even start with reptiles or llamas!
It is actually not enough to confine them in a yard, room or crate, as not only do you need to remove them, but also you need to remove all evidence that you ever had them. No food bowls, pet food in the pantry, doggy toys, cat trees or photos on the fridge.
If you have an exotic fish tank or a built-in aviary that is nigh on impossible to relocate, it must be impeccably clean and all possible objections minimised.
3. First Impressions
A poor first impression is a tough hurdle for a buyer to leap over. Do not underestimate the value of street appeal.
If the front yard is overgrown, the fence in dire need of repair, weeds hang out of the gutter and the windows look gloomy, you have sent the buyer the message that you do not care about your property. If the job is half done, the message is you half-care, and it will reflect in the price you are offered.
4. Yukky Bathrooms
Hair on the floor, ring around the bath, half-used soap on the basin. Ugh. The bathroom should look like nobody has ever used it. Replace anything worn and scruffy. Paint, polish, clean or shine every centimetre. Make it sparkle. Put all your personal items away in a neat storage box, out-of-sight somewhere like the linen cupboard. Leave only fresh new fluffy towels.
5. No-go areas
Attics, lofts, basements, sheds, back rooms… areas that you consider unimportant and have shut off from inspection just leaves buyers wondering what else you are hiding. Every part of your home needs to be accessible and presented to perfection.
6. Dark rooms
Home buyers do not like dark rooms. Do whatever you can to maximise the light available to every room, replace heavy curtains, clear shrubs outside of windows and repaint dark walls. Then turn on all available lighting during inspections, and add lamps wherever needed.
7. Busy, busy, busy
Themed rooms, overly ornate decor, cluttered shelves, and personal heirlooms. Most buyers cannot see past things that scream out your personality. The things that fill your rooms should not take the buyer’s attention away from what you are selling. Keep it light and bright, simple and neutral. You have to declutter and depersonalise the home without making it bland and forgettable.
Houses that sell the fastest for the best possible price are those homes that do not feel as though they belong to someone else. Your aim is to present such an attractive and inviting home that buyers begin to imagine moving straight in and living there happily ever after. You do not want them thinking about you at all. And on that note, you should definitely not be home during the inspection, or on the doorstep leaving as they arrive.
Preparing your home for sale, and maintaining a show home while you are still living in it, is no simple task. But if your home is correctly presented from the get-go, and you do go to the extra effort you will be well rewarded with a quicker sale at a higher price.
Selling in a Buyer’s Market
Selling in a buyer’s market is what every homeowner dreads, but it doesn’t have to be your worst nightmare. While getting a price above market value with a dozen buyers in a bidding war is not likely, you can still achieve a good price for your home by following a few simple rules.
First Things First
These days home shoppers do their research on the net, google-map the property and do a drive-by before even contacting an agent, so first impressions count now more than ever.
Your job is to make as many people as possible fall in love with your home. It is simply bad economics to accept poor photography for your web presence. Too few decent photos and you will not be on the shortlist, too many photos and the buyer thinks they have seen it all. You need to find a balance that entices.
Once an impression is made, it is hard to change even if you get the rare chance, so curb appeal is vital. An attractive welcoming home exterior is a must if you want buyers to get out of their car and come inside.
Reality Check
You are selling today, not yesterday. Don’t live in the disappointment of what you could have sold for “if only” but price your home realistically for what a buyer will pay today. Don’t let your ego get in the way of making a good quick sale. Remember every month you stay on the market will cost you another mortgage repayment.
Buyers can use products like Home Price Guide, Last Sold Prices by SMS, and Postcode Report to get an accurate estimate of your property’s value, so it is imperative that you understand the dynamics of property pricing to back-up your asking price. It takes research to determine a realistic asking price, and humility and discipline to stick by it.
In a seller’s market, asking prices are typically set up to 15% more than expected sale prices, but in a buyer’s market, setting a price around 5% more is considered an aggressive tactic. To attract more potential buyers, consider setting a price 5% under your desired price with an ‘offers over’ tag. Work with your agent honestly to set a realistic price.
Offer the Best
When buyers are few and properties are many, you have to eliminate all their options of saying ‘no’. Go and investigate your competition from a buyer’s point of view. You can even pick up pointers about what buyers are looking for in your area by listening to interactions with agents at open inspections.
Visit display homes and find out what buyers are being enticed with, and apply what you learn to make your own home more presentable. Unless your place is an absolute bargain, buyers are extremely critical and not interested in doing work.
If you feel like you don’t know where to start, call in professionals like Home Presentation. A consultation with Home Presentation will determine what you need to do to give your home the competitive edge.
Fear Not
Although property appreciation has levelled off, correctly priced homes that stand out from the competition are still in demand, and with a little creativity sellers are still achieving good prices for their homes.
August 1, 2007
How to be a Purple Cow
I am constantly asked ‘When is a good time to sell?’
It is the million dollar question, but I always smile and say: ‘When someone wants to buy.’ The secret is how to make your property THE ONE that someone desperately wants.
If you have read Purple Cow by marketing guru Seth Godin, then you’ll understand what it means to stand out in the crowd. The premise is that just being a good cow in a field of cows is not enough anymore, you need to be extraordinary to stand out. A purple cow out in the field will get your attention. The home that stands out amongst its peers will be the home that everyone wants to buy.
And that does not happen by chance. It takes deliberate planning and effort. Currently there is a property shortage, created by suppliers going awol in last season’s sleepy market. The REINSW says the ‘market is not keeping up with the demand’ and thus rents and prices are rising again. The agents simply don’t have quality properties to meet the buyers’ demands. The million dollar word here is QUALITY. How you present your property to the market directly reflects the $ in your result.
Put yourself in buyers’ shoes
Go house-hunting. It is the best way I know to help a client understand the value of first impressions and where their home sits in the marketplace. It will amaze you how quickly you will learn what not to do. Now go and inspect a Display Home. What do you notice? Most likely it will feel as if anyone could move straight in. That is your aim: a house that anyone could make his or her home. And now, can you see your home in the eyes of a buyer? If you are in doubt about what you need to do to maximise your home’s influence on potential buyers, call in help from a professional. Their advice is gold in your pocket.
Do not choose a good agent
Choose a great agent. Most agents worth their salt will do a walk-through the home with you, pointing out things that need attention. Beware of agents who tell you horror stories of properties they have shown – it just proves they have not excelled at their job of properly preparing their client for selling. A good agent will get the job done, a great agent will give you the extra mile in customer service and guide you to success. The same advice applies to choosing your stylist. Do you want a neat and tidy, clean home? Or one that sets a buyer’s heart on fire?
The room that makes the sale
We’ve changed the way we live in our houses. Did you know that in an older home 17% of living space is unused? We’re swapping dining rooms for media rooms, smart technology is becoming standard, and informal comfort rules. A fully functional efficient home designed to make today’s busy lifestyle run smoother is on top of everyone’s list, even if they don’t know how to express it!
Today people want homes that are sanctuaries from the world’s stresses. Take a good critical look at the way your home is presented. While it suits you to keep the treadmill in front of the TV and an overstocked bookcase in the loo, it probably does not whisper “relaxing retreat” to potential new owners.
The kitchen has long been the centre of our new open-plan lifestyles. It is also where the sales are made. Generally, women buy homes, and if she can’t see herself happy in the kitchen, you most likely don’t have a sale. First rule: declutter. Get everything off the counters. If you find there is not enough space in the cupboards for everything, then clear them out. Second rule: storage. The first impression your drawers, pantry and cupboards must give is that there is plenty of space for your buyer to store her “stuff”. Buyers will even judge how a house is kept by how the ovens and dishwasher is kept. Make them spotless and remember under the sink too.
