7 Mistakes To Avoid When Advertising Your Home OnlinMar 15, 2021 Home Rent
Need toilet paper, groceries, or art supplies? Order it from Amazon. It seems like anything and everything can be done online these days.
Even house shopping has become largely digitized. You can find online listings, go on virtual tours, and even forego using a real estate agent. But what about selling your home?
When advertising your home online without a realtor, can you expect to find genuinely interested buyers? Of course, you can.
However, there are a few mistakes you'll want to avoid in the process. Keep reading for the top seven errors to avoid when advertising your home for sale.
1. Relying on Only One Platform
No matter what digital marketing strategy you employ, you never want to put all of your eggs in one basket. Business owners from all industries will tell you that the art of redundancy is the key to success.
The same rule applies when advertising your home online. Use a shotgun blast approach to getting your home noticed by potential buyers in your area.
If you're asking "is selling my home on Craigslist a good idea?" the answer is yes! Craigslist is still a primary platform for private sellers looking for potential buyers.
However, feel free to use your personal Facebook page as well. You can even join community pages that exist to help members buy, sell, and trade goods. However, some of these pages don't allow the advertising of homes, cars, firearms, and other specific items - make sure you read the guidelines.
2. Not Doing Market Research
Another common mistake homeowners make when selling their home online or without a realtor is failing to conduct market research. You need to know whether it's a buyer's or seller's market.
In a buyer's market, there's a low demand for homes and plenty of homes for sale. This makes it harder for homeowners to sell and they often have to drop their asking price.
Alternatively, a seller's market means there aren't many homes for sale but plenty of buyers looking. This gives the seller the advantage as buyers have fewer options.
3. Setting Your Asking Price Too High
Doing market research also includes determining what your home is worth. Get a comparative market analysis to get a good idea of your home's value. A CMA looks at 10 or more homes that have sold recently in your immediate area to estimate a fair asking price.
However, there are several factors to consider while comparing and contrasting home values. This includes:
- Size of the home
- Extra features (pool, hot tub, fire pit, decks, etc.)
- Parking (garage vs. on-street, etc.)
- Number of rooms and bathrooms
- Age of the home
- And more
Setting your asking price too high will discourage some buyers from even considering your home.
Real estate agents are helpful in determining a fair house price. However, the buyer's lender will also have the home officially appraised. That number will have a significant effect on what you can expect to sell the home for.
4. Not Taking Quality Photos of Your Home
One of the first rules in retail is knowing how to make a product look enticing. Whether you're selling fast-food or real estate, you have to make it look good.
Do fast-food burgers ever look like they do in the pictures? No. But those pictures help convert millions of sales every day.
We're not saying the photos of your home should mislead buyers. This will only lead to false hope and disappointment. However, fuzzy, unfocused, and unprofessional photos will do nothing to help your house sell quickly.
High-quality photos can emphasize proper home maintenance, comfort, luxury, and more. They are vital for advertising your home online.
5. Not Responding to People Quickly
When advertising your home online, talking to buyers is key to getting your house sold. You must respond to any inquiries as soon as possible to hold their attention. Going a day or two without responding to someone could cost you a quick sale.
Set reminders on your phone if necessary to check the various platforms you're using to market your home. Turn on notifications for Facebook, email, etc. It may be annoying for a couple of weeks, but it's better than unintentionally turning away interested buyers.
6. Not Opening Up Your Home for Tours
Even though your goal is to sell your home online, you still need to schedule open houses. For most people, pretty pictures won't be enough to sell them on a big investment like buying a house. Use the weekends to host open houses to let interested buyers come to your home in-person to get a better idea.
You can also host private walk-throughs. We recommend putting up signs on the property to help direct people who saw your ad online find the right property. On-site for sale signs will also inspire interest from people driving or walking by.
7. Not Knowing How or Being Willing to Negotiate
Finally, remember that buyers and sellers essentially want the same thing. They want to walk away from a sale knowing they're getting a good deal. On your part, this means accepting that people will want to negotiate.
Depending on the market, you may or may not be in a position to hold firm to your original asking price. Just be sure you don't miss a good opportunity because you were unwilling to negotiate.
However, negotiation doesn't just mean haggling back and forth about the price of your house. Real estate negotiations can also include things like:
- Closing costs
- Realtor fees
- Inspection/appraisal fees
- Window treatments
- Cash offers
- And more
We understand that a lowball offer can be insulting. However, we urge you to take all offers seriously and at least humor every potential buyer. Learn essential negotiation tactics and approach each home buyer's offer with an open mind.