How Many Buyers Does it Take to Sell a House
How many buyers will I have to show in order to sell a house? This is a question that a lot of property sellers ask when they set out to sell their property. This is definitely not a trick or a joke question like say – How many people does it take to change a light bulb? 🙂 It’s a very valid question and the answer to it is obviously – One. There will only be one buyer for your house. As a property seller you will have ask yourself this question especially in a slow market such as the one we are seeing right now. In a slow real estate market the numbers are not favourable to property sellers but it is a good idea to consider the number of prospective home buyers you will need to show to sell your house. We are talking about the number of people you will need to show your house to and not the market numbers in general.
Generally in the business of real estate, the number of prospective buyers required to sell a house is usually in the ratio of 100 : 10 : 1. This means that you will need 100 people considering your property to get 10 qualified buyers and have 1 solid offer in hand. So if you have been worried about why your property is not selling for the longest time doe remember that it’s a numbers game and you probably haven’t got enough buyers walking in through your door. Maybe its time to change your marketing strategy because selling your house is after a numbers game.
You will need to do whatever it takes to get those numbers working in your favour if you want to get your house sold at all. If you get tired after 3 or 10 prospective buyers you will not end up with the best possible offer price for your house. Of course you could get lucky and sell your house by showing it to just 10 prospective clients. But generally if you are asking for market price then you have to remember the 100 : 10 : 1 rule and work with it in order to sell your house.
Have a Positive Attitude While Assuming a Negative Result
In the landmark book “Winning through Intimidation” the author Robert Ringer speaks about the value of keeping a positive attitude while assuming a negative result. As a seller of property you can adopt the same attitude when it comes to selling your house. You should be prepared for the worst case scenario and at the same time put your best foot forward to get the best result possible. With this strategy you are able to take off the mental pressure of selling the house and help you focus on getting the job done. By balancing optimism and pessimism helps you remain realistic in your mental assessment of selling your house. As they say, “When you desperately chase something it runs away from you!” By assuming that your house may or may not sell you become cool, calm and confident and that indirectly helps you get the much desired sale!
Do Not Rely on Biased Media Reporting
There is an old proverb that applies to the media industry, “If it bleeds it leads!”. Basically the media loves to cover negative news more than positive ones because it helps them to sell better. When the real estate market is in a state of flux, the media loves to run negative headlines to keep reminding people how bad things are. When property buyers read, hear and watch the negative news of doom and gloom in the newspapers, television news channels and in the online media it affects demand because negative news of any kind instils fear in the hearts of people which in turn makes them worry about whether now is the right time to buy a new house.
Is the media simply reporting the news as it is or is the media industry actually affecting the news in this regard. The answer is obviously both. The negative reporting of the media single-handedly cannot shape a real estate market. However since perceiving the news is close to reality, large groups of buyers become scared and may defer their decision to purchase a home and delay it for later. This in turn affects financiers, builders, real estate agents and other professionals who depend on the real estate industry for their bread and butter. Negative coverage becomes a self-fulfilling prophecy cycle whereby because of negative news reporting things actually get worse and the media again reminds us of how bad things are.
But are things really as bad as the media paints it to be? At the time of writing this article (November 2020) the numbers do reflect falling home prices but at the same time due to Government initiatives such as reduction of stamp duty and reduction of prices, sales figures have actually gone up. Despite the picture of gloom and doom painted by the media as the Coronavirus rages across the world, there is always a buyer out there for a nice home in a nice locality offered at the right price and terms. In short, do not read too many newspapers and watch too much of television news if you want to have a positive attitude and sell your house fast!
Ready Aim & Fire
Once you have decided to sell your property you will need to take a number of actions in order to get your house sold. In a good real estate market you can be sure that your house will sell fast but when things slow down a lot of property sellers throw up their hands and say, “Oh there is nothing that I can do right now with the economy the way it is.” Actually nothing is further from the truth. An attitude such as this is self-defeating. Not only is there something that you can do but there are a lot of things that you must do to get your house sold. Having said that its not all about working hard but working smart. You should be doing things in the right manner, in the right order and in the right way to get the right results. Whatever be the case do not focus too much on being perfect before you take actions.
In real life it is not always the A students who become successful. Sometimes the C students and the back-benchers are the ones who are truly successful. It all boils down to taking action and getting the work started which the C students might have done because they may not care about the quality of the initial steps taken. The A student mentality often leads to paralysis of analysis and inaction happens. In the context of real estate this means that you should immediately start getting your house exposed to as many buyers as possible and not necessarily showcase it in the perfect manner.
I know sellers who will spend 6 months getting a professional photographer to shoot photos of their mansion and then shoot aerial videos with a drone and create a stunning video of their property by hiring a director, cinematographer, background music creator, professional editor and what not! A lot of precious time is lost during this process. Similarly some sellers want to showcase their house only when they are happy with the look of their house and will spend big sums of money decorating the house and trying to get it in perfect shape before showing it to prospective buyers. While I do agree professionalism always counts and showing a house in it’s best condition is a must, it doesn’t make sense to put off a ready and willing buyer for too long just so that you feel that you must wait before you put your house on the market.
Don’t be Cheap
Just as it it not prudent to wait indefinitely while you get your house in perfect condition before selling it – it is also unwise to not spend on basic repairs and renovations before you sell the property. Depending on the condition of your house and the list of things that require repair and renovation, you should be willing to make the initial investment required to start the sale process of your house. This investment whether big or small will be returned back many times over once you sell the property. If you have already maintained your house well over the years then you may need to put in only a few thousands. Obviously if you have never put any money into the house in terms of maintenance over the years then you will have to invest more before the sale. This process is similar to a burn.
A third-degree burn is way more serious than a first-degree burn and the former will require more attention and expense.
If you are reading this and thinking, “I cant afford to spend ₹ twenty lakhs to do the things I need to do,” I would urge you to change your thinking at this very moment. You may say that you cannot afford it right now but the truth is that you cant afford not to do it!
Beg and borrow if you have to but you must not neglect this aspect because these expenses for much needed repair and renovation of your property will help you to sell your property quickly and for more money. So you must have the attitude and full confidence that whatever money you are putting in right now for your property’s upkeep will be paid back in full in a very short span of time. If you have to borrow ₹ 5 lakhs to fix a property that has serious problems then do it. If you have done your homework right and you know that a ₹ five lakh investment in your house right now will help you sell your house quickly for a ₹ 25 lakh profit or more then it’s a no-brainer. Sometimes you have to take one step backwards in order to take two steps forward. This is one of those times when this applies!
Use the Services of a Top Real Estate Consultant
Let us assume that there is one more property seller who has an apartment with similar views like yours and the same area and configuration and is practically similar to your house. What is the single biggest disadvantage that your competition has when it comes to selling his / her house? The answer is simple – lack of knowledge! That is why it is critical to use the services of a top notch real estate consultant to sell your property. Most home owners will only have the opportunity to sell a handful of houses in their lifetime and therefore they will never ever have the rich variety and years of an experience that an experienced real estate agent will have to sell a property. The average home seller does not have enough practice to get really good at selling houses. Therefore only the property seller who has engaged a top real estate consultant for the job of selling his house will experience quicker success.
If you are trying to lose weight there are a number of things that you can do – you can eat less, exercise more, take fat burning supplements, drink plenty of water, get enough sleep etc. etc. The more you do these, the faster you will reach your goal. Similarly there are dozens of effective strategies, tools and hacks that experienced real estate consultants like us employ to sell a property. By using our experience and proven methods developed over years of experience in selling properties we can turbo-charge the marketing of a property and deliver the best results in the shortest span of time.
In the end I will leave you with one important message – Excuses will not sell your house but being prepared and persistent and relentless action will!
Learn more about selling your property with us here – Sell Your Property With Us