Are you ready to unlock the secrets to selling homes faster in the dynamic London, Ontario real estate market? As a seasoned real estate agent with over 40 years of experience in sales and marketing, I’m here to share the strategies that will help you achieve quick and successful home sales in this bustling city.
1. Know the Local Market Inside Out
Understanding the intricacies of London’s real estate market is your first step to success. Dive deep into the local market trends, neighborhood dynamics, and property types. Armed with this knowledge, you can tailor your marketing efforts to match the specific needs and preferences of buyers in different areas of the city.
It is important for your realtor to understand the market and the forces guiding it. For example, as I write this article, many people think the market has flipped from a sellers’ market to a buyers’ market. While the stats certainly indicate that we are trending in that direction we are not there yet. It also depends on the type of property you are looking for. At this moment the London housing market overall is balanced (meaning no advantage to either the buyer or the seller.) The same is true if you are looking for a condo however, if you are looking for a townhouse then it is still a seller’s market. This of course, varies by neighbourhood and is an overall trend for London in early October 2023 but keep this in mind as you look to sell your home. Housing prices have dropped for some neighbourhoods and styles and not for others.
If you want to know more about your home’s value or selling your home contact me at (519) 870-9824 or email me at realtorchrisrussell@gmail.com
2. Invest in Stunning Visuals
In today’s digital age, visual appeal is paramount. Invest in professional photography and consider immersive virtual tours to showcase your listings. High-quality images and videos create an emotional connection with potential buyers, enticing them to explore the property further. Studies have shown that houses with high quality photos end up selling for more than houses that do not have high quality photos. Think about houses you have looked at: If there are no photos or just a few of the outside, have you gone to look at those houses? Likely when your realtor looks for houses for a buyer, they eliminate the houses with few or poor photos. Photos tell people that they want to see your house!
3. Craft Irresistible Listing Descriptions
Crafting compelling listing descriptions is an art form. Use persuasive language to highlight the property’s unique features and benefits. Mention nearby amenities, schools, and transportation options to paint a complete picture for potential buyers.
It is important to also paint a picture of a house through language. Letting prospective buyers know that a property is minutes away from the beach, a local amenity, or is in a desired location are key to letting buyers know why they want to buy your house.
4. Harness the Power of Social Media
Leverage the immense reach of social media platforms to showcase your listings. Create visually appealing posts, share success stories, and actively engage with your followers. Consider using targeted paid advertising on platforms like Facebook and Instagram to reach specific demographics effectively. Likely you have a Facebook, Instagram, Tik-Tok or other social media account or a combination of them. Because so much time is spent on social media any good realtor will utilize this to maximum effectiveness. Not only creating posts that engage buyers but ones that make them want to see the property themselves. One of the keys to this is by utilizing virtual staging. With virtual staging, the house is set up to look like a staged home on social media but without the cost of an actual stager. This again drives potential buyers to posts about your home and gets them interested and excited to see your home.
5. Build Strong Networks and Partnerships
Forge valuable relationships within the real estate community. Collaborate with local businesses and fellow agents to expand your reach. Joint events or promotions can generate buzz and attract potential buyers.
I have a very close friendship with another local realtor. Because of this friendship, when the local realtor was unable to assist a buyer she referred them to me and I was able to successfully advise them on buying a home they desperately wanted. These connections are valuable in helping sell your home.
6. Master the Art of Pricing Strategy
Pricing a property correctly is crucial for a quick sale. Analyze market trends and set competitive prices. Consider pricing just below a round number (e.g., $499,000 instead of $500,000) to attract budget-conscious buyers. Pricing is also important because whatever price is set will include a group of buyers and exclude another group.
It is important to know how to price a home in this market. Pricing a home too high may mean the home will sit on the market with little activity. Often this means a seller will have to lower their asking price to generate more foot traffic. Pricing a house for exactly what its worth based on other sales in the neighbourhood may work in one neighbourhood but may generate offers that are several thousands of dollars below the list price. In some neighbourhoods, listing the price low to generate a lot of foot traffic and interest has been a great strategy and because it results in many competitive offers, the house ends up selling for higher than it would have if the house were listed at the asking price that was on par with other comparable sales in the neighbourhood. However this may not be a good strategy in a neighbourhood where houses are listing at or near $1 million. In this case, pricing low to get competitive offers may backfire, as buyers see the lower price as a chance to buy a house in a neighbourhood they either couldn’t afford before or to save money. This is where it is important to have an experienced realtor!
7. Provide Exceptional Customer Service
Responsive and effective communication is non-negotiable. Be readily available to answer inquiries, schedule showings, and negotiate offers. A prompt response can be the difference between closing a deal and losing a potential buyer.
I once represented a buyer who made an offer on a house. The offer was 1 of 21 offers! I was able to discern that my buyers’ offer was close, but not the highest offer and we only had about an hour to do anything. Because my buyers were firm buyers (no conditions), and they were paying cash (no financing), I let them know the situation and advised them to come up just a little if they were comfortable doing so. In the end, we were outbid but my buyers still got the house! This is because by coming up a little, they put themselves only a few thousand below the highest offer which had a condition (likely for financing.) Knowing my buyers were more attractive because they didn’t require financing meant we didn’t have to beat them, only be close. This is where a skilled agent can “read the terrain” and advise you properly.
By implementing these marketing secrets, you’ll not only sell your home faster, but also maximize its market potential. Remember, it’s about creating a lasting impression and attracting motivated buyers. Embrace these strategies, work closely with your real estate agent (me), and watch your property shine in London’s competitive real estate market. Your successful sale story awaits!
