Related: 15 Tips for Selling Your Home in 2021
Signs That a Buyer Isn’t Interested in Your Property
So, how can you tell that a potential buyer is not ready to make a serious offer?
- The buyer is not pre-approved for a loan: If a potential buyer does not have a pre-approval letter from a lender, that should be a major red flag. The pre-approval letter is proof that the buyer has the financing to pay for the property
- The buyer is hesitant: Another red flag is when a buyer seems to hesitate or isn’t very transparent when answering your questions. If the buyer keeps dodging questions about what they are looking for in a home or about their finances, be wary. On the other hand, if a buyer is involved, open, and asking many questions about the property, schools, and neighborhood, it shows that they are genuinely interested
- The home tour is rushed: A buyer that isn’t interested will tour your home at record speed. They will not be very enthusiastic and might not ask many questions about the property. If a buyer is truly interested, they will take their time to look around
- The buyer is going solo: Another major warning sign to look out for is a potential buyer that isn’t working with a buyer’s agent. The absence of an agent shows that a buyer is probably not that serious
How to Attract Serious Buyers Only
Here are some strategies you can use to attract serious offers only:
Prepare Your Home for Sale
The appearance of your home will play a major role in attracting serious buyers only. In preparing your home for sale, start by making necessary updates and repairs to your property. For instance, you could update your bathroom or kitchen with custom cabinetry, new tile, new countertops, refinished floors, and even new appliances. You could also consider making energy-efficient upgrades such as adding insulation inside the walls or adding solar panels to the roof. Other important areas to look at include plumbing, roof, heating and cooling, automation, ventilation, and foundation upgrades.
Since potential buyers will see the exterior of your home first, be sure to improve your curb appeal as well. You could plant new flowers, mow the lawn, clean the siding or repaint the exterior.
Create an Impressive Listing
According to a 2019 survey, 93% of homebuyers go online when searching for properties. This is why having a proper listing is important for anyone that wants to attract serious buyers only. In your listing description, be sure to mention your home’s major selling points. This could be the eco-friendly features of the property, the school district, or local amenities like restaurants and parks. Use advertising terminology like ‘well maintained’, ‘open’, or ‘impeccable’.
The listing should be accompanied by professional photographs of your home. You could even consider including a virtual tour of the property and the surrounding neighborhood.
Related: Listing Your Home for Sale: A Complete How-to Guide
Promote Your Listing Effectively
To get the eyeballs of serious buyers only on your listing, you need to promote it effectively. Real estate sites to consider include Zillow, Trulia, Realtor.com, Redfin, Re/Max, HomeFinder, Homes.com, and Foreclosure.com.
To reach thousands of agents, real estate investors, and other serious buyers, you should also get listed on the Mashvisor Property Marketplace. Whether you are selling tenant occupied rentals, foreclosures, short sales, or bank-owned homes, you can list your property on this marketplace for free. You can communicate with buyers directly on the platform and quickly begin negotiations.
Choose the Right Time to Sell
- Time of the year: The traditional homebuying season in the US in spring and summer. Though you are likely to face a lot of competition from other home sellers, there will also be a higher chance of attracting serious buyers only. However, this doesn’t mean that you can’t find buyers during off-seasons
- It is a seller’s market: A seller’s market is a situation where the number of buyers exceeds the homes available for sale. The intense bidding for the homes available results in higher prices
- Mortgage rates: Low mortgage rates make it easier for people to buy homes. As a seller, low rates make it easier to attract a larger pool of potential buyers interested in your property. If you are thinking of purchasing another property, low mortgage rates offer you more buying power
Related: When Is the Best Time to Sell a House?
Ask For Proof of Funds or a Pre-approval Letter
As mentioned earlier, requiring proof of funds or a preapproval letter from a lender is a great way to draw serious buyers only. Make sure the buyer is actually pre-approved, not just pre-qualified. In addition, the preapproval letter should be fairly recent (preferably not more than 2 months old). However, you need to keep in mind that a preapproval letter is not a full guarantee that the lender will provide financing. If the potential buyer becomes unemployed before closing, the mortgage is likely to fall through.
If the buyer wants to pay for the property in cash, ask them to bring a bank-issued proof of funds letter before allowing them to tour the home.
Work With a Qualified Listing Agent
The importance of working with a qualified and licensed real estate agent cannot be overemphasized. Here are the main benefits of working with a listing agent:
- Expertise and experience: Hiring a professional real estate agent that specializes in your property type or neighborhood is crucial. From legal issues to marketing and promotion, the agent will guide you through the home selling process and save you lots of money and time
- Familiarity with the neighborhood: Realtors have key information and knowledge about your area. Through their networks, they can help you identify serious buyers only, key selling points, demographics, and price points in the area. The agent will also advise you on what improvements could make your property more attractive to serious buyers only compared to similar homes in the area
- Networks: An agent who’s been in business for a while probably has a huge database of contractors, home inspectors, stagers, attorneys, lenders, and property managers. This means that the agent can easily find serious buyers only by asking for referrals from their networks
- Negotiation knowledge: When a buyer shows interest in your home, an agent will negotiate on your behalf and help you get the best price – no matter the market conditions
- Assistance with paperwork: The legalese in real estate contracts can be very confusing for the average home seller. An agent with experience in home selling will help you prepare and review documents like inspection reports, property disclosure forms, appraisal reports, and real estate offer contracts. This way, you will have a good idea of what the terms in a contract mean
You can find a good agent by getting referrals from family and friends, searching online, attending open houses, or using NAR’s Find a Realtor form. Here are some questions you should ask before working with an agent:
- Are you a full-time agent?
- How long have you been a residential real estate agent?
- Do you have a website?
- Have you sold houses in this neighborhood before?
- What is your plan for marketing my home?
- Will you also represent the buyer?
- Is your listing agreement exclusive or non-exclusive?
- On average, how many days does it take you to sell a house?
- What channels will you use to communicate with me? And how often?
- Can you provide me with at least 3 references?
- How much do you charge?
Conclusion
Preparing your home for sale, creating a great listing, working with a listing agent, asking for a preapproval letter, and selling at the right time are all great strategies for attracting serious buyers only. Remember that the cheapest way to sell a house is to get it listed in the Mashvisor Property Marketplace. It is not only free but an avenue for reaching numerous potential buyers.
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