Shelter is one of the basic human needs. A house is the foundation of our lives, holds many memories, and in short, can be a saleable commodity with a lot of emotion attached. Especially in a contentious transaction, there is frequently an enormous amount of emotion involved. Experts estimate that seller emotion can get up to 90% in the way of making or breaking a deal. As a seller, you must understand that the sale of a home is a business transaction. Although it’s difficult, you can’t take it personally. Here is a critical selling tip — don’t make decisions when you are angry, upset, or fearful. That’s why it’s so important to have a real estate professional involved to serve as a mediator between buyers and sellers, and take the emotion out of the transaction.
That being said, frustrated sellers do have options to market their properties creatively and vie with the competition to a much greater degree. Here are a few thoughts…
If your home is paid for, you might want to consider offering “seller financing” to the buyer. It’s critically important to get your agent and other necessary experts involved with the paperwork, but if you hold the mortgage for your buyer, you might offer them 5% as opposed to the 7% we’re seeing on standard loans today. There are advantages for both buyers and sellers if this is done. For sellers: That’s a pretty nice return on your money! For buyers: it’s tough to get financing from the traditional lenders these days, not to mention 5% is considerably less than 7%.
Incentives work wonders. If you offer to pay for the buyer’s closing costs, for instance, or purchase a home warranty policy for your buyer, that’s a definite edge. If you want to separate yourself from the competition, work with your agent to start thinking outside the box. And increase your profit margin!
Work closely and agreeably with your Realtor. Understand that any suggestions made to renovate or beautify are not aimed at undermining your profitability. To the contrary, agents know that once you crunch the numbers, the expenditures increase the worth of the house to such a degree that you come out much better on your sale price in the long run. The overall selling strategy should also include a highly competitive marketing campaign. Again, your representative knows how to properly position your property to optimize its visibility in the market. Spend the money. It’s more than worth it.
All in all, the bottom line is to try very hard to extract your emotion from your business deal, and always work with a reputable experienced agent. You are a team. He or she genuinely has your best interests at heart.