When you are selling your home, you want to make it stand out from the crowd as much as possible. Excellent pricing, cleaning, updating outdated features, staging and a solid marketing plan all help, but sometimes you might need an extra push. Seller incentives can help by either making up for something that is lacking, such as new carpeting, or be an add on that gets more viewings and therefore a quicker offer.
Seller incentives can range from an allowance for decorating or replacing something like carpet, a home warranty to help first time buyers, a boat for a lake house, or even a bonus for an agent that brings a buyer before a certain deadline. So here are some ways to use a seller incentive.
Offer Something Out of the Ordinary
This winter has been quite snowy and cold on the East coast, so a home seller offering to send the buyers on a cruise or all inclusive resort somewhere warm would certainly get some attention. I have seen owners offer vintage cars, vacations, piano’s, even patio furniture to enjoy a spectacular view. The ones that are most successful are the incentives that pull at something a lot of buyers are feeling right now, or that enhance part of the home.
Compensate for Flaws
This is one of the most popular seller incentives, especially when a seller doesn’t have the time or cash to fix something in the home. Old carpeting, wall paper, outdated paneling, older appliances, all of these things can make a home less attractive, but a buyer that knows there is an allowance to help replace or repair these things can make all the difference.
Get Agents Excited
Let’s face it, after selling 1000’s of homes, agents really have no thoughts about your home. They are looking at it from the buyers perspective and needs. While that is just good business, offering agents a bonus can help motivate them to find that buyer that would be perfect for YOUR house, rather than just any house. This works well when sellers are on a timeline to move. Offering a bonus for a contract that is signed by a certain date can help motivate agents, and the buyers as well if the agent offers a rebate to them which could help close the sale.
Don’t Try to Mask an Unreasonable Sales Price
Some buyers may see your incentive as desperation, or an attempt to get an inflated price. Make sure you work with your agent to set a realistic sales price so other agents and buyers see the true value in the incentive. Otherwise you might end up fielding lots of lowball offers or see your home sit on the market.