As a property investor, you’ve likely come across scenarios where it’s time to sell a home or property and you just can’t close a deal. Regardless of whether the market is up or down, there are always methods for selling a property. You simply need to know how to incentivize buyers and ensure the only choice is signing that dotted line.
Best Methods for Incentivizing Buyers
There are hundreds of ways to close a deal, but these incentives are some of the most cost-effective. Try giving some of these a shot next time you’re having trouble unloading one of your property investments.
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- Pay the buyer’s closing costs. Real estate broker George Devine scratches his head when he hears about people offering televisions, cars, or vacations as bonuses for buying a house. “If they’re going to pay for those things, why don’t they just lower the list price?” he says. Short of lowering the listing price, offering to pay closing costs is the best thing you can do – and you don’t even have to pay for all of them. Even paying for one of the following: escrow fees, inspection fees, title insurance, first year’s property taxes, home warranty insurance, or PMI can save the buyer hundreds or thousands of dollars.
- Professionally stage the home. A professional home stager not only makes your home more appealing, but can also allow you to increase the sale price (which can offset the cost of the staging in some cases). At the very least, consider staging the kitchen, living room, front entrance, and master bedroom.
- Offer to pay for moving. Regardless of whether the prospective buyer is local or out of town, moving can be stressful and costly. By offering to pay for a professional relocation company, you can remove some of their inhibitions regarding the move. In the grand scheme of things, the cost on your end will be minimal and the gesture will be much appreciated.
- Address the buyer’s biggest concern. What is the potential buyer’s biggest concern regarding the purchase? Maybe it’s the fact that the master bathroom needs to be remodeled. Or it could be the fact that the appliances in the kitchen are outdated. Whatever their biggest concern is – and you likely know about it already – find a way to take care of it and remove that purchasing barrier.
- Focus on curb appeal. A home’s curb appeal is incredibly important. The good news for a seller is that fixing up the front yard and investing in landscaping doesn’t cost much at all. Focus on cutting the grass, trimming the shrubs, pressure washing the driveway, and planting some fresh flowers. In many cases, that’s enough to sway a decision. After all, the front yard is the first thing they see when arriving and the last thing the see on the way out.
Closing the Deal
How do you prefer to close a deal? While you can’t sell a property if it doesn’t meet a buyer’s criteria, there are always ways to nudge homebuyers in the right direction. These incentives can be awfully compelling when everything else is properly aligned.