Selling real estate is a lot like selling goods and services. You need to have a good product, to begin with. You also need to identify your target customers, know what makes them tick, and find out how to attract and convince them to buy what you’re offering.
In writing, all these sound like a walk in the park. In truth, selling real estate takes more careful preparation than merely cleaning the garage and greeting open-house visitors with a plate of cookies. We should know; we’ve been buying and selling houses as-is for over ten years.
Allow us to share one important thing about real estate selling which we notice every time we buy houses in Minneapolis.
Take a leaf out of food manufacturers’ book: They have their target customers down to a T. They know the age range, general background, interests, even hobbies of the people most likely to buy their products. They use this information to design product packaging that will be most appealing to their ideal customers. It’s why snack foods have brightly-colored wrappers (appealing to mostly young people), and organic food is often in cardboard takeout boxes (appealing to the environmentally-conscious).
In selling a house, you also need to know to whom you should appeal. Are you selling to a parent looking for a family home or an investor who wants to earn a profit out of your property? The answer will guide how you prepare and present your property.
A buyer looking for a house to call home will look for qualities that will make that dream a reality. It could be a wide backyard where the children can play, and the dogs can run around to their heart’s content; a large living room where a real Christmas tree can fit comfortably; or a bright kitchen with restaurant-grade appliances and an island where they can sit, drink coffee, and read the newspaper.
Here’s where the freshly-baked cookies come in. You must paint homey images like these when selling to home seekers. As such, you’ll want to highlight the family-friendly aspects of the house. Can the staircases be easily baby-proofed? Show them off. Does the living room have bay windows and a fireplace? Highlight these areas with complementing curtains and pouf chairs by the grate.
Even if your property doesn’t have all the qualities the potential buyer likes, you might still hit a couple that will sway their decision towards buying your house.
Real estate investors will look for the potential to increase a house’s market value. It’s why they buy houses as-is: they pay less for a property that could net them a significant return even after spending on repairs. Appeal to this crowd by pointing out the features of the house that they can enhance or build on, like hardwood beneath shag carpets or beautiful brick overlay behind peeling wallpaper.
Seasoned real estate investors will see the potential of a property even if you don’t play up its features. It’s one of the reasons they’re ideal customers for as-is house sellers. They don’t need to see a house at its best, but they’ll appreciate an honest run-down of the areas that need repairs. You can be more candid with them about these matters than with home buyers.
You can expect some investors to nitpick and bargain, which isn’t ideal if your goal is to sell your house quickly and earn a profit. Consider talking to us instead.
Homestead Road has earned the trust of many as-is house sellers in Minneapolis. We’d love to hear all about your property and what you envision it to be. We’ll consider your input as we restore your house so that another family may soon call it home.
More importantly, we’ll give you an honest and fair offer. Meetings with us are obligation-free; we’ll let you decide what you think is best.
Call, fill out our contact form, or visit our office at 5402 Parkdale Drive #101, Minneapolis, MN.