A Real Estate Agent’s Guide on How to Sell in a Buyer’s Market
As a Realtor® or real estate agent, you want to get your listings off the market quickly and at a fair price while satisfying both your buyers and sellers. Unfortunately, doing so isn’t always easy. The real estate market is all about supply and demand, and when there is an uneven balance between the two, it can be harder to be successful. Fortunately, there may be a few ways to help tip the scales and increase one or the other back in your favor.
How to Sell a Home in a Buyer’s Market: 5 Simple Steps for Realtors®
A buyer’s market can make selling properties more time-consuming and challenging for real estate agents. This type of market can also leave sellers unhappy when their house stays on the market too long and buyers hesitant to commit to a listing because of the abundance of choices. Both are bad for business. As part of our real estate agent resources, we are sharing some tips for real estate agents on how to sell in a buyer’s market as well as simple steps to increase demand.
1. Know Your Audience
When selling any product, it is important to know who you are selling to. When it comes to houses, this idea may be even more imperative because property is such a big investment. The first step for real estate agents to sell a house in a buyer’s market is to understand their audience. Knowing a buyer’s requirements and desires can help you highlight how a property fits their specific needs. Do your research on demographic and generational differences as well to better understand what your audience may be looking for and how to put the house in the best light.
2. Scope Out the Competition
Along with understanding who your target audience is, another important step to selling in a buyer’s market for real estate agents is to research the competition. Looking at similar listings in the area can help you determine what aspects of the house can make your listing unique or pull out a selling point you may have otherwise overlooked. Scoping out the competition can also help you better determine the best asking price as well as what to expect in terms of the average time on the market for houses in the same neighborhood.
3. Stage the House
While people are often told not to judge a book by its cover, the reality is that looks are important, especially when it comes to someone choosing their future living space. To put the house’s best foot forward and get it sold quickly in a buyer’s market, make sure it is appropriately staged. This step may mean working with the homeowner to put away personal photos and declutter their home or hiring an Accredited Staging Professional to uplift and modernize the living space. Especially when trying to sell in a buyer’s market with plenty of houses available, good staging can help your listings stand out and get sold faster.
4. Do Some Marketing
One of the most important aspects of selling a home in a buyer’s market for real estate agents is marketing. If you have a house that isn’t selling, it may be time to increase your efforts and diversify your tactics. With so many houses for sale in a buyer’s market, your listings may be getting overlooked with your usual marketing strategies. Post on social media, hold open houses, get professional photos taken, increase visibility online, and launch email campaigns. These extra marketing efforts can help your listing be found by the appropriate audience faster.
5. Encourage Home Upgrades
According to one source, 80% of Americans want a move-in ready home.1 How close are your listings to being move-in ready? The best way to entice prospective buyers in a buyer’s market is to give them what they are looking for. If you really want to sell a house quickly in a buyer’s market, encourage your seller to make some updates to their home before putting it on the market. These could be simple touch-ups or complete pre-listing remodels. At Curbio, we can help you and your clients determine what upgrades can give them the most bang for their buck while also managing the entire project for you.
6. Adjust the Price
Another tip for selling in a buyer’s market for real estate agents is to make sure the price is right. While the homeowner has the final say, you can make recommendations and educate your sellers on what price is appropriate. Encourage homeowners to make adjustments as needed, especially if a house is sitting on the market for too long. Give them comparable property prices in the area for reference as well as information about the general state of the market to help them find the right price for their home.
Ready to sell homes faster and get your clients more money? Stop waiting to put your career on the fast track. Whether you have more questions about how to sell in a buyer’s market or are looking for help with repairs from an inspection, Curbio is your turnkey solution for pre-sale house updates and project management. Contact us today to learn more about how we can help you.
- Coldwell Banker Real Estate LLC (2020). “Guiding You Home” Survey