- July 9, 2024
- Reading time about 6 minutes
In the seller’s universe, a few properties remain hard-to-sell. There are properties in every market that are hard to sell because they do not meet location, price, size, or condition expectations. Knowing how to make such properties attractive requires an understanding of what the more affluent buyers desire.
Today’s more affluent buyers seek privacy, wellness amenities, lifestyle experiences, the latest technology, and turnkey conditions. If their expectations have fallen slightly in the face of rising interest rates and fewer available properties, they remain intransigent and selective.
This blog will discuss the top considerations for sellers while selling tough properties and the top strategies to market such properties effectively.
Before we discuss the strategies and role of property management software, let’s understand what buyers want.
What Do Buyers Want?
To answer why some properties are hard to sell, realtors must check if they understand the buyers’ preferences and expectations. Knowing what buyers want can help you market your properties better. The price point is not the only parameter that contributes to the salability of a property. Customers want more to seal their decision to buy. Let’s find out what drives buyers and why it’s important to be on par with real estate trends.
Location and Neighborhood
Where the property is located matters in deciding how easily an agent will find customers for it. Real estate property sales must take the location of the property into consideration. Here’s what makes a property attractive to buyers:
- Proximity to Good Schools
- Proximity to the Workplace
- Public Transportation
- Amenities like Parks, Shopping Centers, and Healthcare Facilities
Apart from these amenities, buyers also consider safety, ambience, and overall quality of life.
Type and Size of Property
Buyers can be very particular about the type and size of property. Different buyers can have different expectations. Young professionals might be in search of modern properties in urban areas. While retired, people might want to invest in a smaller home or condo around relaxed communities.
Modern Amenities and Features
Today’s buyers are attracted to homes that have modern amenities and features, including updated kitchens that house top-of-the-line appliances, open-concept floor plans, energy-efficient systems, smart home technology, and plenty of storage for outdoor living areas in gardens, patios, or decks.
Move-in Ready Condition
Buyers prefer homes ready to move in, meaning they do not require many repairs or renovations. Homes that are well taken care of and recently updated tend to attract serious offers.
Future Growth Potential
An astute buyer is also going to factor in the potential that is there for the property to increase in value over time. That would include things like local development plans, regional or city economic signs of growth, or any other factors that might change the desirability and value of the property moving forward.
Strategies to Sell Tough Properties
Selling complex properties requires a strategic approach beyond traditional real estate tactics. What is needed to be effective in marketing and selling such houses is an understanding of what the buyer wants and then playing with the property features to create attraction using these features. Below are some of the top strategies to help you sell challenging properties:
Analyze Market Trends and Buyer Preferences
The first step to selling a challenging property is to know current market trends and buyer preferences. Dive deep into the attributes of what’s selling and identify the features, amenities, and characteristics buyers value most. This kind of knowledge is very important because it can guide your sellers on how to best present their property. Show your sellers facts about what buyers are looking for and what features they’ll pay a premium for.
Work with Industry Professionals
To prepare a strict property for sale, collaborate with local contractors, renovation specialists, home staging professionals, and interior designers. Together, they will be able to help turn around the property to make it look great to potential buyers. By packaging all these needs into one, which is essential—repairs, upgrades, and staging—you make it less challenging for the sellers. This approach also assures that the competition will not swallow up the market-ready property.
Develop a Targeted Marketing Strategy
Now, with in-depth knowledge of buyer preferences and an aggressively prepared property, the marketing strategy should pull out all the stops and emphasize the property’s unique features and amenities. High-quality photos, virtual tours, and compelling descriptions go a long way toward maximizing a home’s best features. Advertise where it’s likely to hit the buyers looking for what the property has to offer. For example, if the property is in a great location with an attractive view but has a steep driveway, target those buyers who are looking for the views and willing to compromise accessibility.
Embrace the Principle of Sacrifice
The Principle of Sacrifice is a fantastic marketing idea for selling complex properties. Instead of trying to hide or diminish their negativity, emphasize it right away and convert it into a selling point. Just be honest about any drawbacks and recast them as opportunities. For example: if the property is in an excellent location and has a steep driveway, highlight the panoramic views that you get with no obstructions. You can sell the property to buyers by pointing out the negatives and putting them in a positive light by saying how the property’s unique character brings value.
Leverage Unique Property Features
Every property has a unique set of features that can be worked on to attract buyers. Price is not everything, and reducing the price can work as a last resort. Focus on aspects of the property that are unchanging: location, views, or architectural features. Make a story out of those aspects that would appeal to the buyer. Highlight precisely why these features make this property stand out from the rest and how it can address the needs and desires of your market.
Property Management Software Can Simplify Things.
Real estate property selling can become a matter of easy expertise when realtors invest in property management software. Specifically, auctions are a great way to sell tough properties. BidHom is a leading real estate auction software that allows agents and brokers to easily manage their listings. Realtors can set up an auction in some simple steps and manage bids and offers like professionals. There’s no need to have technical prowess to work with BidHom. Its intuitive dashboard navigates realtors through offer and auction management. Moreover, you can customize your website per your needs and excel in the seller’s market.
