4 Outside-the-Box Ways to Sell Your Home

Posted under: Home Selling | October 15, 2013 12:43 PM | 47,514 views | 51 comments

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Real
estate people often say that this business is “hyperlocal.”  That’s just another
way of saying that whether your market is a buyer’s market, a seller’s market or
otherwise can vary state to state, county to county, town to town and even in
various neighborhoods in the same town.

But
when it’s your own home for sale, “hyperlocal” takes on an all new meaning. 
Your perspective on the market zooms all the way in and it can suddenly seem
like nothing matters except how many buyers show up to your open house, how long
your home has been on the market, whether any offers have come in on your house
and, if so, precisely which numbers appear on those digital sheets of
paper.
Bottom
line: it doesn’t matter how hot the market is or how many multiple offers your
neighbor’s house got, unless and until yours
sells.  Times might not be desperate overall, but if it’s your house lagging on
the market you might need to do something more than just hang a sign in the yard
to get your home sold. And the only thing you can control in that process is
YOUR actions: your choice of agent, your pricing, your property preparation and
your marketing. 
If
you’re a seller committed to doing everything within your power to sell your
home and it’s not coming as easily or instantly as you’d hoped, here are a few
outside-the-box strategies for getting your home sold:

1. 
Put your network to work.  Anywhere there are people who know you or
know your neighborhood, there might be the ultimate buyer for your home - or
someone who knows them.  In particular, social networks like neighborhood email
lists, NextDoor.com
and even your personal Facebook feed are great places to make sure you are
publicizing your home’s listing. 

If
your home is well-located vis-a-vis your workplace, don’t hesitate to also make
your colleagues aware of the listing. If you work for a very large organization
or institution, you might even go so far as to let your Human Resources team
know of the listing: many HR departments actively help new hires relocate and
find housing as part of their services.
2. 
Offer incentives or inclusions. If you want to distinguish your home
above the rest of the homes for sale, you must do what other sellers won’t. On
today’s market that might simply mean offering even a modest incentive, which
can get your home noticed and turn a looky-loo serious, in short order. Offering
a year’s prepaid HOA dues or closing costs when your competition is not making
such offers can be magnetic to the buyer who is frugal or tight on cash. 
Similarly,
you’d be surprised at how the prospect of including customized furnishings, home
electronics, or other high-value items that homes are usually sold without can
sweeten the whole package your home presents to buyers. This is highly
situationally-specific, though, as it tends to be the most appealing to entry
level buyers who otherwise might not be able to afford the included items or
very high-end buyers who simply don’t want to be bothered with furnishing a
house.  Discuss whether this strategy makes sense for your home with your
listing agent.
3.
Make a reverse offer.  A lot of what is outside-the-box for today’s
market are strategies that get put to use in slower market climates. Speaking of
having lots of viewings, but no offers - in a reverse offer, the listing agent
calls up the agent from a buyer who has expressed an interest in the home and
makes an offer from the seller to the buyer.

If you’ve had a particular buyer who has been to your home more than once but
has given the feedback that the price is too high, HOA dues too steep or the
necessary repairs too extensive, talk with your agent about making a reverse
offer directly to that buyer to sell your home to them at:

• a lower list price
  
• with an HOA dues credit
  
• with the agreement to conduct repairs before closing or provide a repair
  credit.

4. 
Write a love letter about your home.  When bidding wars
abound, it becomes common for buyers to write what I like to call “love letters”
to sellers, counting the ways they love the home (Shakespeare-style) and trying
to woo them into letting the buyer become its next owner. But sellers whose
homes aren’t moving would do well to channel the Bard themselves.  Buyers
appreciate a home that has been cherished, and like to hear the lore of lovely
family memories a seller had in the place. I’ve actually witnessed firsthand a
buyer walk through a home, deem it “cute” with nonchalance, then warm to the
property as they come across a binder full of a seller’s notes about the place,
the neighborhood and even local vendors and parks, from the rosy viewpoint of
someone who loves them.

In this post, I went into greater detail about how to pen
a seller love letter about your home. Make sure you also connect with your agent
to gather their experienced input on what matters the most to local buyers,
before you write a love letter about your home.

ALL: What
outside-the-box home selling strategies have you seen in your area?  Did they
work?

PS: You should follow Trulia and Tara on
Facebook!

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