10 Ways to Increase Your Profit Margin When Selling a Home

by Zumin Real Estate Centre

The process of selling a home is more complicated than you may think. Some homeowners expect that they can simply put their house on a listing site and that will give them the best deal. In reality, however, there’s a lot more to it than that.

With that said, here are ten tips you need to keep in mind when selling a house:

1. Don’t expect to get a 100% return on renovation

Despite how much money you’ve put into the renovation, there isn’t a guarantee that you will get all of it back. There are so many other factors that you will have to consider, so make sure that you understand how much you can realistically get back from the deal before making the decision to renovate your home.

2. Cater to the buyers’ needs

When you’re looking to sell your home, the most important thing you need to do is to cater to the needs of the buyers. Therefore, you need to make sure that you host house tours when they are available.

3. Choose the right realtor

Your realtor will be the person representing your best interests, so it’s imperative that you work with the one that’s most qualified. You need to make sure that they are well-suited for the task, so avoid picking them just because you know them well.

4. Don’t get complacent

As mentioned earlier, you can’t just post your ad listing and hope that it will sell. You need to be the one managing it and answering the inquiries of potential buyers. This will drastically improve the chances of you selling the house.

5. Use high-resolution and professionally-taken photos

Using high-quality photos to promote your property will ensure that your listing page gets more traffic. This will also make you seem more like a professional seller. Credibility goes a long way in the real estate business.

6. Schedule a cleaning service to come in before the inspection

This should be the most obvious thing that doesn’t need to be pointed out, but you will be surprised how many people just host an open house while their home is still dirty. If you don’t have the time to clean your house, just call in a professional service. They can help you get the job done in no time and won’t charge that much for their services.

7. Don’t overprice your home and hope that people will negotiate

If you set the initial price of your property too high, most people won’t even try to negotiate, as they will simply think that the house is too expensive. Therefore, you need to understand the average market value of the property and set it slightly above that, as doing so will entice more people to negotiate. It’s a lot easier to get a better price for your house this way than if you were to the property sound like it is an absurd deal.

8. Make it a blank slate

Another important thing you need to keep in mind is to optimize your home to look as blank as possible so that people can imagine what they want to do with the property. While it’s true that some people want to buy a unique house from the get-go, many usually prefer to build something of their own. When you make your house appear like an empty slate, they can easily imagine themselves in the house. This will make them feel like it’s actually their home. Feelings are a powerful tool for a salesperson, so you need to use it to your advantage as much as possible.

9. Use bold colors to emphasize the focal points

Colors are a great way to capture the attention of the audience, so it’s best that you use bright tones to highlight the focal points of each room. This will help to make your house look more distinct and more memorable as a whole.

10. Always be critical about your property

When you think you’ve got the perfect property, it’s easy to get lost in your own illusion and stop looking for ways to improve it. Therefore, you need to look at your house critically and always find a way to make it better so that you can sell it for a higher price.

If you’re looking to buy real estate in Toronto, get in touch with us today – we’re happy to help. We have a wide range of properties available.