5 Buyer Incentives That Can Help You Close Faster
Your home is finally on the market and its time to begin the selling process. Now thats its listed, attracting the attention of genuine buyers should be your next important focus. Closing this deal in the least amount of time possible will give you a greater ability to coordinate the purchase of a new home. Allowing you to consider optimal tax benefits or make other important financial decisions. Fortunately, there are a number of buyer incentives that you can supply to help make buyers take immediate action.
Tack On A Few Extras
Sellers are commonly advised to depersonalize their spaces as much as possible before showing them. Staging a home correctly however, requires a few decorative elements. Take note when prospective buyers show a special interest in any window treatments, furnishings or outdoor features that you have no intention of taking with you. Add-ons like these will “sweeten the deal”, irrespective of their actual value. People like feeling as though they’re getting something of value for free.
Offer An Incentive For Closing Quickly
In a buyer’s market, consider offering your prospects an incentive, such as a closing credit for meeting your expected “close by date” along with an additional commission to the buyer’s agent. The costs of these incentives are often far lower than the losses that might occur if the sales process lags. In a seller’s market, let people know what your goals are upfront so that the offers you receive all come from people who are willing to be flexible with their closing dates.
Credits Towards Upgrades
If you have a home that lacks the cutting edge-features that are found in surrounding homes, consider setting yourself apart from the competition by offering credits towards upgrades. This will capture the attention of buyers who are shopping at your price point, but who are also looking for the latest features and amenities. Best of all, when investors get ready to make these upgrades, they can make them according to their own needs and preferences rather than having to make do with what’s already in place. This makes these credits infinitely more appealing.
Boost The Commission For The Buyer’s Broker
It is important to consider all angles of the equation when attempting to attract attention to your home. Not only do you want to appeal to the buyer, but you also want to give his or her agent a good reason to promote your property. Although the best agents advocate equally for all the homes in accordance with their clients’ purchasing goals, a heftier commission could significantly improve the awareness for your listing.
Offer A Credit For Home Repairs
In addition to or as an alternative to credits for property upgrades, you can offer a credit for home repairs. This credit can be used to address any minor issues that are recorded in the inspection report and to give investors a greater sense of assurance. Opting to handle repairs on your own can hold things up and could lead to problems further down the road if the buyer is dissatisfied with the results. Choosing to offer a credit instead will give buyers cash in hand at closing that they can use how and when they see fit. It will also relieve you of the responsibility of ensuring that buyers are happy with the quality of the repairs performed.
Choosing The Right Incentives
Choosing the best incentives for expediting your sale can be challenging. You shouldn’t run out and invest in high-end window treatments just for the sake of having something extra special to offer. Throwing in some of the decorative items that you’ve used to stage your home is best done when buyers are already showing an interest in these things. More commonly, you’ll find that credits towards closing costs are capable of generating the greatest amount of interest. This is due in part to the fact that they represent something that you can easily offer upfront, without buyers first having to outright express a desire for them. It also limits the amount of money that people have to bring to the closing table, which can be a huge relief for those who are finding themselves increasingly cash-strapped as new purchasing costs get factored in. These are direct savings that people like knowing exist. The right credits can actually reduce closing costs by as much as three to six percent, which can be very enticing to even the most comfortable buyer.