There are three things you need to consider when selling. They are:
1. The right PRICE
2. Enough EXPOSURE
3. Good APPEAL
You can sell anything if any single one of those things is convincing enough for the buyer. But, you can sell it quickly and even get into a “bidding war” from the buyers if you get multiple of those items right.
For example, if you offer to sell a $300,000 house for $100,000, you’ll be able to sell it immediately. The price is so good that it can overcome the possible lack of exposure or appeal.
The opposite is true too. If you price a $300,000 home for $400,000, it doesn’t matter if you get a lot of interest in the house and it looks nice. If one thing sticks out too much (good or bad), it will help or hinder your ability to sell it accordingly.
That’s why you need to focus on moving any of these three items in your favor as much as possible. Even if the house is priced higher than it should be, if you get enough eyes on it, you still might sell it just due to sheer volume of people who see it. Or, from the appealing aspect of it, if a house is beautifully staged or you can help people envision living a happier/better life there, they will be more willing to buy it. If it is appealing enough, they may be willing to pay more than market value because it is promising them intrinsic value.
When listing a home, the sellers and I come up with the price together. Yes, they’ll mostly rely on my research and opinion for what the market value is, but ultimately they get to decide what we list the home for (the asking price).
The exposure is solely up to me. The sellers are paying me to sell their home, and with that comes the responsibility for me to get as many eyes on it as possible. The sellers can help by spreading word to their family/friends/co-workers and posting on social media, but really, it’s my job to get the word out to as many people as possible.
Lastly, the appeal is mostly up to the sellers. I can make suggestions on what to keep/remove from their home, how to stage the home, what needs more cleaning and what updates need to be done, but it’s up to them to actually do those things. If they have a messy house or if potential buyers leave feeling like they need to immediately wash their hands, the sellers just hurt their chances to sell.
These are the three basic items we need to factor in when thinking of selling anything. There are many other elements involved in selling, but if we get these three things right, we will have the best chance to sell that item quickly and profitably.