Last week we talked about the Miami real estate market as of May 2017 and how were really in kind of a cool market meaning that it is shifted towards the buyers rather than the sellers. The Miami market is still doing very well but sellers might be finding it hard to compete with so many other properties on the market. You can't just throw a sign up in your front yard or on the MLS and naturally get buyers flocking to the property and offers on the table. There has to be some incentive and the home needs to be priced right. We always say that that is one of the key components to getting a home sold quickly, but there are many other incentives and ways that you can appeal to buyers in today's Miami real estate market. Here are some secrets and some tactics that a lot of sellers are using in order to get buyers interested in their home and an offer on the table.
#1. Find the closest property to yours and then price it just under their price.
You have to do a little bit of market research in order to price the home. As your real estate agent, it is my job to look through all of the most recent sales and similar properties that are currently on the market to find the best price range for your home. When we do that we will find similar properties with the same square footage, the same number of bedrooms and bathrooms, the same features if possible and then price that home just under the closest price. If a buyer were to look at two properties that were very similar, they may naturally go for the one that is less expensive. This isn't always the case and it will depend on the condition of your property and any additional features. Of course, no two homes are the same and buyers understand that so it's important to offer something more than your competitors for a lower price.
#2. Advertise the home yourself.
I'm not saying that you are the only one advertising your home, but it helps to expand the exposure of your listing by posting it on all your social media accounts at least once a week if not more and asking friends to do the same. As a real estate agent, my book of business and sphere of influence is pretty expensive but I will never have all the people that you have in my sphere. You never know when you're cross-country friend will decide to move to Miami and your place might be perfect.
#3. Stage it professionally.
I can totally 100% attest to this working. If you get a professional stager and you look at their results, you have a higher chance of selling your home faster and for more money. Make sure that you talk to your real estate agent about the best home stager to choose and look through their portfolio. Also, ask how quickly homes they have staged have sold. It might be more expensive to stage your home but you might be able to get a higher return when you sell.
#4. Consider helping buyers with financing.
This all depends on the price point of your property. Most people that are buying multimillion-dollar homes are not going to have a huge problem with financing but for those that may be under the $600,000 mark, you might consider helping with closing costs or other financing incentives. Your real estate agent can mention this in the private agent remarks location of the listing.
#5. Consider high-tech advertising.
There are a lot of unique and unusual ways to market your home from a drone photography to talking for sale signs in the front yard. You can create a customized message about the different features of your home that maybe someone would be able to see by simply passing by. Potential buyers can tune into a radio station to hear a customized message and your real estate agent can do a little research on social media, online marketing, and unique ways to add technology into promoting your home.
Each home is unique and your home may have different features that require different incentives for potential buyers. I'd love to specifically talk to you about your home and how we can market it, price it correctly, and advertise it to all possible buyers out there. Give me a call today.