Barbara Corcoran is best known today as a wealthy investor on the hit ABC television show Shark Tank, but before she was listening to pitches from budding entrepreneurs Corcoran was dominating the New York City real estate scene. In 1973 she founded her company, the Corcoran Group, with a $1,000 loan from her ex-boyfriend and sold it nearly 30 years later for $66 million.
What made Barbara Corcoran so successful? Her aggression, unwavering ability to move forward, and belief in herself through hard times. Through a strong dedication to her goals and growing her business, Corcoran was able to prove the market wrong and achieve greatness in the real estate world. By adopting the important elements of her business philosophy, you can find creative, yet effective ways to sell your house. But more importantly, you can sell your house like a true real estate expert.
Take the Initiative: Get a Home Inspection Before You Sell
If you want to stay one step ahead of the competition, get a home inspection before you list your home for sale. A lot of times homeowners go into the selling process thinking their home is in tip top shape, and don't bother to get it inspected before a buyer is interested. When the time comes for the buyer to hire a home inspector during the closing stages, sometimes the results aren't what you want to hear. Finding issues during a home inspection could spell death for your real estate deal. The buyer could withdraw their offer or they could offer you a significant less amount of money for the property. For you, that could turn everything sour.
Let's consider the math. If a buyer still wants to buy the house, but at a less value, they typically offer you $3 less for every $1 of estimated fixes. That could easily rack up to several thousand dollars. It would be better to hire an inspector for a couple hundred dollars and make sure everything is fine from the get go. That way, you can use it as a selling technique and allure buyers with the documentation. Everyone gravitates towards homes in good shape.
Show Strength: Update Your Home
Not many people like stepping into a home with dilapidated appliances or old light fixtures. They want something that is considered new and resourceful -- and the biggest areas these show in your home are the kitchen and bathroom. They are the rooms that will showcase the age and condition of your property the fastest. If you want to sell quickly and for top dollar, we recommend you updating these areas of your home. They don't have to be full remodels. They can be quick touch-ups with paint and cheap installations with new fixtures. A strong appearance will go a long way in convincing a buyer that your home is worth the money.
Be Smart: Use Emotions to Your Advantage
Selling a home can be difficult for some owners. Your home is a place that has carried many memories, and those can be hard to let go of. If you're having trouble selling your home, use your own emotions to your advantage. Buy new, fresh linens for all the bedrooms. By laying out new linens in your bedroom, it makes it easier for you to move on psychologically. And on the flip side, buyers might take interest in the new linens and place a higher value on your property (subconsciously).
Use the Data: Price Your Home Right
If you want to encourage buyers to look at your house (at the least), you need to price your house at a level that will attract attention. People are constantly looking at properties online, and they usually search within their price range. If you're home is comparable and estimated to be worth $300,000 and you decide to price your house at $500,000, you probably won't generate much interest from buyers. Today's buyer has several tools to gauge if your home is worth it or not.
Our tip: Utilize your agent. See what market statistics he provides and look at comparable properties.for sale. Look online for yourself and see what similar homes are selling for right now. They can give you a ballpark estimate on what to expect. Again, your agent will be able to decipher what you should sell for.
Sell Like Barbara Corcoran. Sell Like an Expert.
Barbara Corcoran is a great example of what can be accomplished if you never give up and constantly come up with ways be more successful. Model your own real estate business after the key principles that Corcoran embodied in her career and you will be much more likely to find the type of success that she did.