To survive and succeed in the real estate industry, having the ability to discern what property feature sells is a must. Some of these features are inherent in the property itself and other cases, it can be worked on by the sellers or real estate agents. With a bit of remodeling and repair, a property can go up the market.
Moreover, how salable a property largely depends on the needs of the buyers. Millennial homebuyers prefer open-space, convenient, suburban-type dwellings, while affluent buyers are more eager to purchase country homes and vacation dwellings for recreational purposes.
According to research by the National Association of Realtors, 44 percent of most recent home buyers avoid homes that need renovations and repairs concerning electricity and plumbing. About 83 percent of home buyers agree that heating and cooling costs are the most crucial features.
5 Factors That Makes Your Real Estate Property Sellable
Before skipping into the curb appeal, renovation, and repairs, let us talk about paperwork first. Working on legal documents is part and parcel of any real estate deal. In most cases, it can make or break a potential buyer’s plan to push through with the purchase.
The long paperwork involved, or even the lack of it, can make a property more difficult to sell. Before advertising your property in any listing, ensure you have a verified copy of the property’s title, mortgage, assessments, and other related documents.
Equip yourself as well with a working knowledge regarding residence permits, stamp duties, and other matters as buyers are more likely to ask about those. Having a contract drafted already makes the purchase process a whole lot easier while avoiding any legal troubles.
#2 Location Is the Key
Another factor that makes a property more saleable is its location. We may have often heard the phrase “location, location, location.” Purchasing a house is much more than selecting a place to live. We also have to think about its potential investment value.
Real properties in the city are much more expensive than those in the suburbs as the former are much closer to commercial establishments, offices, and other infrastructures. Although you cannot change your property’s location, you can leverage how it serves the needs of your intended market.
A house located in the suburbs would appeal more to young millennial couples wanting to start a family. Suburban homes prices are cheaper plus it is closer to schools and most homes have a wide yard fit for a growing family. On the other hand, for someone just starting a career, city apartments are more enticing.
#3 Good Listing Strategy
Having maximum exposure to your home in the real estate market increases the chances of it selling much faster. Create a listing description that would help your property stand out in the sea of available real estate properties. Highlight the best features to match your property to the right buyer.
Though you may be working with an agent who can write a description for you, it is still good to be familiar with the property like the back of your hands. Invest in a professional photographer as you want to make your property enticing for buyers who are looking for available houses online.
#4 Invest in Minor Repairs
Staging your property in the best possible light boosts its value while increasing the chance of it being sold much faster in the market. It does not mean though that you have to spend a lot of money on making major overhauls. Any easy fixes by your go-to home repair specialist could make your home appear more appealing to homebuyers.
Simple and easy renovations such as applying a fresh coat of paint, installing a new kitchen and bathroom hardware, and swapping out old lighting fixtures can do the trick. Do not forget to invest as well in making your home’s exterior lovely. The first impression lasts, so having a great curb appeal is crucial.
Deep home cleaning could also make a huge difference. It makes your indoor space light and fresh. Throw out unnecessary knick-knacks and trinkets. Minimalism is fashionable right now. Modern home buyers lean towards purchasing homes that require less maintenance.
#5 Experienced Real Estate Agent
Working alongside a good and experienced real estate agent helps sell your property fast without compromising its price. Scout for an agent that has a good track record in the area, verifiable credentials, and who understands what you want and need.
Though it might be tempting to save money by selling your home yourself, an agent knows the ins and outs of the real estate market more than you do. Plus, an agent who is familiar with the local market could potentially help you earn and save more money in selling your property.
Investing in the real estate market is tough, especially for someone unfamiliar with the market landscape. But if you are willing to give more time and effort to learn about this trade, you can be successful in this lucrative industry. You might end up considering going full-time in the real estate business.