THE "FIXER-UPPER": HOW TO SELL HOMES THAT NEED SOME WORK
Every agent has been there: that property that needs to be sold but also needs a ton of work. Selling these properties can be challenging no one wants to pay a large amount of money for something that's going to cost a lot more down the line. So, how do you sell a property like this? We've put together a list of our top six tips to help you get the best price for your fixer upper.
A clean slate
Don't underestimate the power of a deep clean. People find it difficult to look past dirt marks on the walls and dirty drains, and it's a lot easier to imagine a life in a home that looks clean and smells good. Picking up the tab for a deep clean and encouraging the sellers to maintain it will go a long way to selling the home and getting the best price for it.
Set the stage
Think carefully about the staging of a home that needs a lot of repairs. A home full of broken and stained furniture will be difficult for potential buyers to look past, and you may be better served by showing the house unfurnished, if it's possible. On the other hand, overly new furniture will only highlight the flaws in the property itself, so avoid over-staging the home. If the furniture is in reasonable condition, the house is not too cluttered, and the furniture is laid out well, then you can use the furniture to create a vision of what the house could be and how a family can live there.
Create a vision
The most important part of selling an old home, or one that needs some work, is to build a vision around the home and what it could be. Spend extra effort in writing your adverts and taking photos to ensure that potential buyers can imagine a life in the home.
Be upfront about the work that needs to be done
There's no use in trying to hide the effort that will need to go into fixing up a property. Be upfront with potential buyers about the pitfalls of the property and make sure that these are stated in any advertising. Avoid making the renovation a selling point of the house - while there are plenty of people who would enjoy doing renovations, it's better to be short and straightforward in your description of the state of the house and focus the positive descriptions on the characteristics of the property that are truly valuable.
Focus on lifestyle
When advertising and showing the property, make sure to focus on the lifestyle features that will draw the right buyers to the property. Emphasize aspects like size, neighbourhood, and amenities over the property itself and make sure to include features that are likely to be important to your target market.
Know your target group
A renovation project is not for everyone, and your sales strategy should be informed by the type of buyer that would be interested in the property in question. Give some thought as to who a good buyer would be and adjust your sales strategy for that demographic. If the property is in a good area, with good schools and space for pets, then you're likely looking at a young couple who can't afford a property of this size without putting in some work. If it's in a more remote area, or requires significant development, then your buyer will likely be someone who already has cash on hand to complete the renovations and will likely be slightly older and purchasing the property with the intention to develop and resell it.
Selling older properties that require additional work and effort may not be the easiest property to sell, but with a little effort and some clever marketing, you should find the right buyer in no time at all!
