Nowadays, it’s becoming increasingly common to see new investors fail while staging a home for their targeted audiences. So what are they missing?
New investors make the mistake of thinking that what they have is unique; when in reality,the features and appearance of their real estate property is similar to that of other properties available in the market. What you need to do is set your property apart from the masses, providing something unique, something extra attractive, so that buyers value yours above the rest.
You cannot expect crazy money to be thrown at your property if it’s just another cookie in the jar. If you’ve decided that your niche is to compete with all the similar properties, that’s fine. In that case, you are selling a commodity, and you you can remodel your property pretty much like everyone else does, and just try to beat their prices. When you’re selling a property as a commodity, the key is the price.
So if you’re going to sell at a slight discount against the competing properties, you cannot simply dive into the market and start investing in properties without a careful analysis. You have to make sure that all the costs related to making the property sellable are accounted for in advance of nailing down your purchase offer. These expenses include your acquisition costs and the projected remodeling costs. It’s very easy to lose money in this kind of a business as the stakes are usually very high and the market is volatile.
But once you’ve done your homework, and landed the property, how do you make yours stand out among the crowd? To stand out in the crowd, you will need to create value for customers so that you can turn their search into an experience rather than a commodity purchase. The deal is more likely to close if your property can appeal to their senses, helping them envision living comfortably in that home. So make sure when you start showing, it’s clean and has a pleasant fragrance. You can be a bit innovative by putting out some candles and fresh flowers to create appeal. Your properties will definitely stand out from the lot if you put in some extra effort intominor upgrades in the kitchen and bathrooms. Adding new appliances is like icing on the cake! Now you’re creating an EXPERIENCE, and not just selling a commodity. If you’ve done it right, they’ll walk away with a smile,a sure sign that they’ve had a good experience. Make it your aim to bring about that smiling face; do whatever you canto deliver a good experience to the shopper’s senses, and you’ll have created the important distinction between you and your competitors.
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