How to sell your House for More

In our last article, we discussed how to sell a house fast and the advantages that come with it. But today, we’re going to address what most of us consider the million-dollar question when it comes to selling property: How to sell a house for the best possible price. Unsurprisingly, money is the primary goal when buying and selling properties, and in this article, we’ll look at some tips to sell your house, maximising its potential profit.

Your House is Your Greatest Asset

If you were thinking about selling your car, would it be happy with just taking a few photos with your mobile and uploading them to a site like Gumtree? Or would you make sure to give it a good clean, fix any minor issues, and take photos from the most flattering angles to secure a good sale? A car is usually worth about 10% the cost of a house (and even less if it’s second-hand). We don’t find it strange to make a small effort to improve our chances of selling our car. Doesn’t it make sense to put in the same effort, or more, to sell a house?

Let’s look at it another way. McDonald’s is one of the most recognised companies in the world. We’ve all eaten at McDonald’s and know what to expect. However, when you see an advert for a Big Mac, does it look the same as the one you eat on a Friday night when you don’t feel like cooking? Of course not. It’s an idealised version of our favourite burger, with every detail meticulously presented to make it look as appetising as possible. McDonald’s doesn’t need to advertise to show us what their food looks like. But they still spend millions of dollars a year convincing us that their burgers are the best. Because it works.

Your house is your greatest financial asset. Let’s look at how to prepare it for sale to ensure the maximum profit.

No Investment, No Return

There are many tips for selling a house for the best price, but the one that offers the most value relative to its initial cost is undoubtedly home staging. Your house is your biggest asset, and home staging is the technique of marketing it to achieve the highest possible return.

Hiring a home staging professional means having a real estate marketing expert on your side. Using the psychology of aspirational marketing, a home staging service includes advice on cleaning and touch-ups the property needs, followed by an intervention to depersonalise and style the flat to suit potential buyers’ tastes. A professional real estate photography session completes the process, and it’s ready to be listed. Your flat will stand out on property portals above a sea of others vying for attention. It will generate more interest and, consequently, more chances of selling for the best price.

Many homeowners, when selling their house, don’t want to invest money in what they consider interior decoration. “I want to sell my house. If I’m not going to live there anymore, why should I spend money on it?” The answer is twofold. As we’ve explained, home staging is NOT a renovation, nor is it interior design. It’s “setting the stage” for a property to sell faster and for more.

Moreover, you need to invest if you want to get a good return. These days, we’re happy if a bank offers us a 3% APR, even with savings plans that lock up our money for a year or two. A small investment in home staging (around 1% of the property’s value) can help achieve a sale price increase of up to 25%. This means the original investment can yield a return of up to 250%. If we were talking about investing some money in a savings account with a similar potential return, you wouldn’t hesitate. Selling your house is a significant investment worthy of your effort!

Keep Up with the Times

The real estate market is constantly changing. If you want to be among the top earners in this fickle market, it’s important to work with an innovative estate agency that knows how to leverage new technologies and techniques available. Posting ads on property portals and social media is already the bare minimum for any respectable estate agency. To stand out, ask your estate agency if they offer any extra services: here are a few examples.

Virtual tours can be a great selling tool, as they can open the market to many more potential buyers. Instead of having to travel to another city (or even country) to view a house in person, your estate agency can invite interested parties to visit the house virtually, personally guiding them through the rooms via a platform like Zoom. Your house is unique in the market with its specific features; it should be treated like a scarce commodity. The more people interested in the house, the more likely you are to receive an offer above the asking price.

Another effective technique to create interest, commonly practiced in the US, is organising an open house. This involves scheduling a day when the estate agent presents the house to interested parties without the need for advanced appointments. Done well, and with good marketing prior, these events can gather a large number of potential buyers in a short period. Additionally, it shows that there’s a lot of interest in the property, so interested parties feel they need to make a strong offer for fear of missing out. To achieve a price increase, we need to create demand.

Open house days are among the most effective techniques in achieving this goal, but if it’s not possible, another option is to delay the decision to accept an offer for a certain period. Similarly, this creates urgency, and interested parties will want to make sure they don’t miss the opportunity. Since there’s no possibility of being the first (all offers are considered at the same time), they’ll have to try to be the ones who make the best offer.

Having multiple offers is the ideal situation for anyone looking to sell their house. You can choose the one that suits you best, whether it’s the highest price or more favourable conditions (for example, dealing with a cash buyer removes the worry of their mortgage not being approved). If you combine effective home staging that manages to captivate several interested parties with these sales techniques that create urgency, you could even get buyers into a bidding war.

With a minimal investment and a good team of professionals behind you, you too can achieve a price above the market rate. Selling a house is a great opportunity. You just need to know how to take advantage of it.