Luring the Right Buyers

Whether you are a real estate investor and you want to use a ‘flip’ strategy or you are a homeowner ready to sell your home fast so you can take advantage of the current market to upgrade. Luring the right buyers is critical in this type of real estate environment.

With the federal tax credit of up to $8,000 and now with HUD allowing for the issuance of short-term ‘down-payment’ loans for those that qualify for the credit, a bevy of new buyers are hitting the streets. You can sell a home and in some areas you can sell it fast if you do the right things and deploy the correct strategies.

The Finer Points of Selling

As a seller there are some critical mistakes that you don’t want to make and there are some important things you can do to make sure that your home is above the rest. Learn the psychology of today’s buyer and you’ll achieve success.

Remember that people are nervous right now. They are willing, but reluctant, players in the real estate game. Most buyers understand that they can get a great deal but are still nervous about the economy. They also are ‘novice’ buyers and many don’t want to buy a home that needs a lot of work.

Understanding how to overcome these buyer’s objections and knowing how to create excitement and buzz is critical to getting offers and receiving a contract that is close to your original asking price.

Point 1: Create an Emotional Connection
It is all about that first impression. One thing that many people forget is that the front of the house is the first thing a buyer sees. Make sure you spend a little extra time creating some flair and excitement there.

It’s kind of like staging the inside of a vacant home (which we’ll get to in a moment). You want to focus on some key areas. Take care of the simple stuff. Edge the driveway and curb, Paint the front door and shutters, cut large shrubs back and replace dead shrubs. Add some color by planting seasonal flowers and ‘limb up’ trees with low hanging limbs so the house is visible from the street.

You can even move to the backyard and create a little outdoor living space by adding some lawn furniture. Kick it up a notch by having a pitcher of lemonade and some to-go cups when ready when you know the showing is going to happen. Just before you leave, place the lemonade on a table outside and put a note on the back door inviting them out for a cup! Be creative and create an emotional tie!

Point 2: Stage and Declutter
I cannot emphasize this enough. Even if you do a great job of making a beautiful connection outside, it can all be lost once the prospect walks through the door. That is why it is critical for vacant homes to be staged and for occupied homes to be decluttered.

Staging is about making a connection with potential buyers. They want to know that they can truly ‘live’ in the home. You don’t have to stage every room and you don’t have to set up a complete room of furnishings, however, making sure that you have some nice pieces of furniture, fresh flowers and colorful vases and lots of lamps and light are a must.

Decluttering is also important. The trick is to create a showroom appeal. You want a modern, clean feel and you don’t want to make the family feel like they are living in ‘your’ home. Some experts even suggest removing all pictures of family and replacing them with pictures of scenery, flowers and other serene settings.

Lastly, staging is not only about the look of the place. Staging can include sights, sounds and smells. Pleasant music on in certain rooms can evoke a since of calmness and fresh baked chocolate chip cookies never displeases. Again be creative and get potential buyers thinking about where the furniture goes instead of looking for problems with the home.

Point 3: Don’t Be Cheap
Remember, this is a buyer’s market and buyers know it! Don’t be cheap, offer right out of the gate that you are willing to pay closing costs. This may help you get an offer that is higher right from the start.

Also make sure that you don’t snub lower offers. Remember that people are trying to find a deal and these days they can. If they make an offer on your house then that means they are probably truly interested. Every offer deserves a counter offer; it’s basically a conversation starter that could lead to a sale!

Point 4: Warranties & Protections
Some creative strategies that could get your house sale moving and attract more quality buyers to the table are the exact right incentives for today’s market place! First, offer a home warranty, even an extended home warranty. This can be a great way to get people in the door.

But don’t stop there, some lenders and many real estate firms offer policies from affiliated insurers that protect the buyer in case of job loss. Offer to pay for insurance that will make payments for the buyer if they lose their job. Many times this can get a buyer over the hump and help them make an affirmative decision to buy!

In Conclusion; Be Creative

There are many other creative ways to get your home sold. Everything is on the table these days from Life Insurance that pays off the mortgage if someone should die to paying the first year of utility bills for a full price offer.

If you are a real estate investor attempting a quick-turn strategy you should employ all of these strategies to create a sale in a short period of time for top dollar. If you are a homeowner attempting to sell, these strategies should make your home stand heads and tales above the rest!

Remember that an emotional connection, imagination and strategies to overcome buyer’s fears and concerns is the way to a successful transaction in a shorter period of time. Good luck and happy selling!

For more information and to read the article that inspired this one go to http://www.marketwatch.com/story/story/print?guid=05010834-B368-4E28-A473-A3E147D3D657