When selling a property, it is important to position yourself in the best possible way to optimize the sale, especially during challenging times. Even if it may not be the ideal moment to sell, there are strategies that can help you turn a profit or recoup as much equity as possible. Working with a great team, such as a broker, can help you properly present the property to the market and get the maximum exposure, ultimately leading to a higher selling price.
Having multiple offers on the table can be effective in the sales process as it increases the chances of getting the best price and terms. In a competitive bidding environment, having multiple bidders in line can also serve as a backup in case one of the deals falls through. Ensuring that your broker knows how to manage the process and attract multiple offers is key to outperforming the market when selling a property.
Timing is crucial when selling a property as waiting for a better offer can sometimes backfire, especially if there are financial deadlines or defaults with lenders involved. A typical timeframe for a marketing campaign in a primary market may range from six months from start to finish, including preparing marketing materials, exposing the property, calling for bids, negotiating, and closing the deal. In more efficient markets like New York City, sellers can usually command non-refundable deposits without due diligence, while in secondary markets, buyers may require more time for due diligence and the sales process may take longer.
Having a strategic approach to selling a property can help you achieve both the optimal price and terms, regardless of market conditions. By working with the right team, such as a broker, you can ensure that the property receives maximum exposure and attracts multiple offers. Finding a broker who can manage the timing of the process effectively is also important in order to achieve a sale that outperforms the market.
In summary, selling a property can be a complex process with many factors that may be out of your control. However, by following these guidelines such as working with a great team, seeking multiple offers, and managing the timing effectively, you can increase your chances of optimizing the sale and getting the best price and terms possible. It is important to be strategic in your approach and to work with professionals who can help you navigate the market and achieve your goals in selling a property.