Like many other industries, real estate is driven by the cardinal rule of the market: Buy low, sell high. We all know this. And lately there are a few ways to give your sales an extra edge that stands out and helps you sell homes faster.
The first method involves advertising the smart features of your property, which clearly requires that properties are equipped with smart tech in the first place. If any of your properties aren’t smart tech-equipped, then upgrades to some of the features will most likely help it sell faster and for a higher profit.
The second method is to advertise the kind of savings buyers can expect if they purchase your home. You want to include facts and statistics on your furnace efficiency ratings, MERV ratings, low-flow faucets and even energy-efficient appliances.
1. Upgrade the home’s technology.
Research suggests that homes sell more quickly when they are equipped with the right technology that homebuyers seek. Many buyers are looking for the newest gadgets so that they won’t have to pay to have them installed later. They prefer that their new homes come equipped with the technology that they see in other new homes right now.
The National Association of Realtors (NAR) “Smart Homes and Realtors” research indicated that although most consumers (82 percent) don’t ask their real estate agent about smart home devices, they’re still interested and paying attention.
Over half considered smart home security functions to be “very important,” while 42 percent of agents are interested in smart home certification.
When someone uses the idea of smart technology in a home, they are usually focusing on a few key elements. Smart-home shoppers are looking for automated thermostats for temperature control, along with smart locks and lighting. They want to know that their home’s climate will be regulated automatically for the most efficient settings. Most shoppers are also looking for automatic smoke alarms. Smart alarms keep their families safe and are easier to maintain.
2. Assess real value versus perceived value.
Do these new gadgets actually make a home worth more money on the market?
They do. But this is only because buyers are willing to pay more for a home that has these smart features. In actual monetary terms, these items offer marginal upgrades in the price of a home. But people are buying more than the gadgets.
When they buy an upgraded home, they are buying a modern, convenient and safe home. They are buying the labor that went into the upgrades, and they are thinking of the big picture. For many buyers, thinking about the big picture helps them see value beyond the actual retail prices.
3. Advertise the energy savings to homebuyers.
Another way to increase the speed and profit of home sales is to advertise the savings a buyer would enjoy. A furnace with high MERV ratings keeps more dust and other particles from polluting the air inside a home. And this saves money because your buyers wouldn’t have to spend money on other air purifiers. People with allergies and asthma will appreciate upgrades such as these. They’ll know they can move into the home, breathe clean air and save money all at the same time.
Furnaces also come with AFUE ratings that certify their fuel efficiency. Good AFUE ratings reduce costs on energy and heating, which is especially beneficial in the winter when the temperatures dip below freezing across most of the country. So, if you’re selling a home equipped with a furnace with a good AFUE rating, you’ll want to make sure to advertise that.
Homes with solar panels also warrant some extra advertising. It can cost tens of thousands of dollars to have solar panels professionally installed, and the energy savings add up quickly for homeowners. Although a home equipped with solar panels should sell quickly, you’ll still want to market the home with the right enthusiasm and the right approach to make sure you get your asking price.
Many homes have more value than average homebuyers realize. You just have to be upfront and confident about the strengths of the home. Modern homes with automated thermostats, smoke alarms, energy-efficient appliances, solar panels and other gadgets will surely command much higher prices from interested buyers than those that are less connected to the Internet of things.
We all understand that properties that have been invested in sell faster — and for higher prices. These days smart tech controls are the most attractive and simple investments to make in a property and so are energy-efficient appliances.
Clint Stevens has worked in construction for over 20 years. He is now pursuing his passion of writing and putting his experience to good use in order to benefit others. He enjoys fishing, remodeling his home, and tinkering with his home automation gadgets.
Editor’s note: This story has been updated.