Selling Real Estate - Give the Buyers Information
By Steve Gillman - 2008
When selling real estate, what should you say in flyers, advertisements
and listings? Just about everything. Well, maybe you shouldn't
reveal your motivations, how low you will go on the price, or
anything else that will hurt your negotiating position - but
everything else.
Consider this for a moment. Do you want to shop where there
are no prices on the products? Suppose you saw a brochure full
of vacation packages, and some neglected to name the destination.
You might pass over those ones, right? It really is no different
in selling real estate.
You may wonder why real estate agents advertise homes with
no price, and sometimes trick people into assuming a home is
in a town, by failing to say where it is. Could these be good
techniques for selling real estate? Maybe for the agent, but
not for the owners of the properties advertised.
Curious people call on these ads, but the agent doesn't care
if a $120,000-buyer is calling on a $250,000 home that listed
no price. Once he has the potential buyer on the phone, the agent
hopes to sell him any house he can. So what if a buyer calls
on an ad, thinking a home is in town? He can be steered to one
that is in town.
Of course, the poor sellers have the more qualified buyers
skipping over the ads for their homes. Many people - myself included
- won't waste time on misleading ads, or those with no price.
There are enough other properties with prices and decent information
to look at.
You can see why more information may be better for selling
real estate. Buyers either know that you have something they
might want, or they don't waste your time by calling. They essentially
prequalify themselves. What information should you give them
then?
Information for Selling Real Estate
Always mention the price and terms in any written information,
as well as the location, style, square footage, number of bedrooms
and bathrooms and school district. See what others are advertising,
and opt for as much information as you can fit in a given ad
or listing.
Have more information ready for interested buyers. You want
to take away as much uncertainty as possible. For example, suppose
the buyer will have to replace the roofing in a year or two.
Get a quote, and have a copy for the buyer. He may be okay with
buying a home with a poor roof, but he may walk away if the cost
of this is unknown. Uncertainty kills buyer interest.
I once bought a couple acres of land, and then sold it for
25% more a month later. I'm convinced that what helped sell it
was marking the property lines and raking the area where a driveway
could go. It cost a dollar for spray paint for this project.
When I bought the land, it was difficult to see where the property
lines were - and people like to know what they are getting.
Selling real estate that has problems? Trying to hide problems
can be illegal as well as unethical. A better idea? Resolve them,
or get quotes on what it will cost to resolve them. Buyers are
usually less frightened by the prospect of paying $2,300 for
new carpet than by the prospect of paying an unknown amount for
it.
Doesn't this fit your own experience? You not only want information
when you buy anything, but you will pay something more for less
uncertainty. We all feel the same in this respect, so have that
information ready when selling real estate.
Another page to check out:
How to Sell a House -
Free e-book now on the pages of this site!
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