Outdated Real Estate Advice You Should Know About
As the real estate industry evolves and thrives, change happens. Things you may believe to be true could in fact be outdated! Below are some examples of outdated real estate advice and how it can be updated to reflect the current times!
Today most people are looking to save a few bucks. As a home seller some very well-meaning people may suggest a “For Sale By Owner” approach. It is true you may save on commission pricing but you will also lose out on all the professional services that a realtor can provide for you.
Hiring a good realtor will provide you with valuable skills in analyzing competition, marketing, photography and networking to sell a home.
Make Pricey Renovations
Home buyers will all have their own set of wants and needs as they enter the housing market. Bathrooms and kitchens are two areas many buyers focus on. Does that mean sellers need to renovate these areas extensively and spend large amounts of money? Not necessarily, even just a minor face lift can appeal to buyers. New appliances, hardware and perhaps a fresh coat of paint can be enough to change the entire feel of a room. Doing a massive renovation on rooms may not necessarily yield a good return.
Price High, Then Negotiate
A common outdated strategy in real estate is to price a home higher than it should be. The thought process is that this would leave the seller more room for negotiation with a buyer. Sounds good right? Wrong. Pricing a home too high can deter buyers completely. There are many consequences of pricing your home too high, including being on the market longer than it would have and costing you more money in the long run. Pricing a home accurately from the start is the way to go!
After looking at comparable houses in the area, a home’s features and the current market conditions, a more accurate price can be determined. Granted there may be certain circumstances where this strategy may work but in most cases it is not a good route to take.
Focus Only On The Interior
Assuming home buyers care only about what the interior of a home looks like is a poor theory. Curb appeal can make or break a first impression! If the first thing a potential buyer sees is an unkempt yard and a poorly maintained home their perception will be less than stellar. Apply a fresh coat of paint, pressure washing, sprucing up the landscaping and adding a new front door are all good ways to boost curb appeal!
Online Listings Are Just A Bonus
In the past (it seems like forever ago,) online real estate listings were often seen as a bonus strategy when listing a home. Today, online is the first place buyers start house hunting! For that reason, real estate agents need to create a compelling listing description and make exceptional use of all things tech!
It is crucial today to have a very good online real estate presence as well a social media strategy. Ignoring these areas, and making these social media mistakes are grounds for a bumpy road in your real estate career.
Ignore DOM (Days On Market)
The Days on Market statistic is a in important tool in gauging how well received a house is to buyers. It measures how many days a house is on the market before it goes to contract. Why is this important? A good DOM is 2-3 weeks but if a property has been on the market for much longer than that, it may be time to go back to the drawing board. Pricing, staging and marketing are all things to look at when changing strategies.
More Helpful Real Estate Information
- Why Sellers Need to Hire a Real Estate Agent – Anita Clark
- How Does Days on Market (DOM) Affect My Home Sale – Paul Sian
- How Has the Internet Changed the Real Estate Industry – Andrew Fortune
- Top 10 Reasons Why For Sale By Owners Fail in Real Estate – Kyle Hiscock
- Top 6 Myths About Pricing a Home for Sale – Bill Gassett
Thanks for reading my blog! It is my goal as your full service real estate Realtor specializing in the Richmond Hill, Savannah, Pooler, and Hinesville – Georgia areas, to provide you with exceptional service at all times. My promise to you is to openly and honestly answer all your questions, help you navigate through the process and to make myself available to you day and night. I work for you and you are my priority. My local expertise and extensive real estate training and experience will benefit you whether you are serious about buying or selling a home at this time, or are a returning client checking out the many homeowner resources I offer. I am a “real” person and my reputation depends on every client, every deal, every day. I LOVE my job and it shows! You can also connect with me on my Facebook Page and/or Google Plus for area info and events, things to do, real estate news, home ownership tips, tips for both buyers and sellers, and so much more! I’m also on Pinterest!