Have a property on the market that just won’t budge? There are several reasons for this, but by focusing more on solutions than fixating on the problem, you can chuck this boulder off your shoulders quicker than you ever thought possible.
Below, we’ll go over five ways that can help you sell your real estate faster.
1) Sell it to a charity
These days, there are many non-profits out there that are looking to buy property to help up them run their organizations.
Not only will selling your property help a non-profit in need, but it will also confer benefits that will allow you to save tons of money on your taxes.
Better known as a 170 Exchange, this century-old portion of the United States tax code allows you to write off the portion that you don’t take in cash as a deduction on your taxable income.
So long as this amount doesn’t exceed your taxable income, you can use it to enjoy considerable relief, if only for one year.
2) Improve your listing
A poorly worded, unprofessional real-estate listing will turn potential buyers off before they have even gotten a couple sentences deep into your ad.
Spelling mistakes, transgressions of grammar, and cringe-worthy pictures all give the impression of someone who is not taking the process seriously, leading potential suitors to move on to more clearly written listings.
Take the time to get things right, and you’ll communicate that you care about what buyers are looking for.
3) Drop your price
A common tactic of sellers is to float a high opening price in the hopes of landing a buyer willing to drop that kind of money on a piece of real estate.
However, when things don’t go well, sellers may have a hard time letting go of that number, as they unconsciously built their future plans around that price.
If you are six months in and you have gotten no nibbles, it’s time to listen to what the market is telling you: there is no demand for your real estate at the price you have quoted.
Drop down in the ranks, and re-evaluate based on the response that you get.
4) Make improvements to the property
If you have your heart set on selling your home or commercial suite at a specific price, then you may have to make upgrades to get buyers interested in forking over that amount of cash.
From adding a fresh coat of paint to renovating the bathrooms, there are numerous ways you can make enhancements that will make your property worth the price that you are asking,
5) Offer seller financing
Sometimes, you’ll need to put some of your own skin in the game to convince buyers to get off the fence.
While it can be challenging taking on the risks that banks normally bear, it also means you get to charge interest when you set up an installment loan with a buyer.
Offering better terms than financial institutions, you can convince them to commit their capital, all while getting paid more than original asking price over the full life of the repayment period.