How to Maximize Your Profit When Selling

Everyone wants top dollar when selling a house. Nobody wants to leave money on the table but you also don't want to price it so high that no one walks through the door or even thinks about giving an offer. So how do you find that sweet spot but still maximize your profit?

We would love to talk to you today about getting top dollar for your Ellicott City home or really any property throughout Maryland. The recipe is essentially the same; find the secret ingredients, invest in strategic upgrades,  offer a compelling presentation, and negotiate the right price. While this seems simple, there are ways that you can maximize your profit when selling your Ellicott City home that goes beyond simple cost market analysis strategy.  Here are five simple ways to maximize your profit and get top dollar for your home when selling.

Maximize profit when selling

 #1. Consider strategic upgrades.

Before even listing your home think about the strategic upgrades and updates your home may need to appeal to a wide range of homebuyers. Are we still living in the 1970s or even the 1990s? Is your home updated to compare with today's new homes?  While you may not have a brand-new house, you can offer certain upgrades that will appeal to all types of homebuyers even those in the new construction market.

Simply swapping out light fixtures for modern styles, replacing outdated hardware, and a fresh coat of paint in neutral and modern colors can really be an inexpensive upgrade that can compete with new construction homes.  If you have the money, you can invest in bathroom or kitchen remodels which typically recoup about 73% of the return on investment.

How to Maximize Your Profit When Selling in Ellicott City

 #2. Start from the outside and work in.

Curb appeal is everything because most buyers will see the outside of the house before venturing inside, so curb appeal needs to be top-notch.  Make sure that the grass is mowed, use a good dose of nitrogen to make the lawn extremely green, refresh any mulch and  make sure trees, bushes, and shrubs are trimmed back and look presentable. You want that first impression to be amazing and it typically starts with curb appeal.

Don't forget the front porch and front door as well. A fresh coat of paint on the front door, new hardware, potted plants or decoration without being too messy can really be an inviting addition to the front door. However, remember to leave enough space for agents and multiple buyers to make their way into your home.  they will be stopping at the front door to get the key to get in so you don't want to be too crowded, otherwise that might be all they remember.

 #3. Don’t believe the lie that you can price high and then drop when needed.

This is probably one of the biggest myths out there on pricing your home. A lot of homeowners think that they can simply price the home wherever they want and if it doesn’t sell, then they can drop it. The problem with this strategy is that by the time you’ve dropped it to where it should be, buyers are already wary of the home or have seen it on the market too long, and you might end up getting lower than you ever wanted to go just to get the home sold. It’s better to price it correctly from the beginning rather than too high. However, pricing it too low might also backfire in that buyers may think there’s something wrong with the house. The goal is to price it slightly below market value, which creates a sense of urgency and can attract multiple buyers, which could lead to a bidding war, driving the actual selling price far over the original asking price.

How to Maximize Your Profit When Selling in Ellicott City

#4. Don’t miss the art of presentation.

Presentation is everything and getting that presentation in front of buyers is the goal of most buyers agents. Opting for professional photos, high-quality drone photography, presenting the home on flyers, on websites and in person all draws appeal and urgency to the listing. Don’t skimp on the professional photography. This truly can make or break a sale and really is what draws buyers in.

Our own Brian Alexander offers this advice to home sellers: "Don’t neglect professional staging as well. If you think you have a good eye, you might be able to handle your own staging. Remember the rule of three; three items per table or counter. Take things out of a room and then strategically put them back. Remember flow as people need to move in and out of each room. Set the stage for different scenarios so buyers can feel themselves in the room and can see themselves enjoying each room or area as it was designed to be."

According to home sales expert Bill Gassett of Maximum Real Estate Exposure there are several things sellers should consider before listing a home for sale. Bill should know as he has been a top producing agent for the last thirty eight years.

Here is the guidance Bill provided: 

Preparing to sell a house is worth the time, money and energy. It has been shown over and over again that turnkey homes sell quicker and for more money. 

The first thing I have my clients do is declutter and deep clean. It’s all about presentation. You want to make it easier for buyers to picture themselves living in the property. 

Once you’ve got these basics covered it’s essential to make repairs to blatantly obvious defects. You want buyers to love the place. What you don’t want them doing is making a mental checklist of all the additional money they will need to spend. This is a recipe for poor results."

Lastly, doing final touch ups like painting blemishes in high traffic areas or a room that desperately needs painting is worth doing.

All the work sellers put in pays in the long run. If you need help on what to do, reach out to your agent for advice. 

What can you do about factors you can't control?

Many homes have factors that can’t be changed or ignored but you can highlight the opposite. For instance, if the home has a room without a closet, instead of not categorizing it as a bedroom, set it up as a playroom or an office. If the home is next to a busy road, highlight more interior items rather than focusing on noise from the outside. Each home is unique so it’s important to talk to your real estate agent about any concerns you might have about factors that could deter buyers. There are definite strategic ways to compensate for those issues and focus on the positive rather than any negatives.

Ready to list your home? Or are you just getting started? Contact us below for a free listing presentation. We can show you how we would market and price your home and offer tips that you can do to get top dollar for your house. 

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