Homeowners are looking to partner with a real estate agent because they need guidance. It may be their first time selling a home, or they may want to sell differently than before. As a real estate agent, it’s your job to make selling a home as easy as possible. That means having the answers your customers need no matter what they ask. While you may have spent your entire career developing your real estate skills, it’s always good to learn new things about selling a home.
Discover six of the best ways to maximize your return on investment (ROI) on a property. Investing your time in clients should end up in a comparable paycheck in the end. Try these tips on the houses you’re trying to sell to see how much you and the owners stand to make once it’s sold.
1. Tear down some walls
Most people buy a new house because they look for a larger living space. Talk to a contractor to decide if knocking down some walls in one of your current homes is the right move for the property. Open floor plans for living rooms, dining rooms, and kitchens appeal to modern buyers and incorporate natural light to brighten the home. As long as the house maintains its integral structural support, tearing down a wall will open it up and encourage potential buyers to offer more for the price.
2. Replace the garage door
People often take garage doors for granted and think of them only if they stick or break. Even if a home’s garage door is in perfect working order, replacing it will maximize your ROI. A 2019 study found that garage door replacement brought a 97.5% ROI increase, more than most projects. It only takes a few hours to install a replacement and increase the value of a home.
3. Upgraded Bathroom Features
Although people often request touring homes with large patios or two-car garages, they also prioritize upgraded bathroom features. The quality of a bathroom is one element that can make people feel like they have left their apartment life behind. Home bathrooms are often nicer and easier to customize. Perfect this factor by upgrading to a glass shower to see a 67.2% ROI increase no matter which bathroom you choose to remodel.
4. Refinish or replace hardwood floors
A home with quality carpet doesn’t need to worry about replacing anything, but if hardwood floors have seen better days, it’s time to think about starting a new project. Refinishing or replacing hardwood floors to make them new recovers 91% of costs, so everyone gets their money back for their time and effort. Floors are an especially important factor in older homes with hardwood floors.
5. Replace the roof
Homeowners generally don’t need to worry about their roofs unless they’ve experienced a major storm. Still, it’s good to inspect it and consider replacing it for higher profits. Replacing the entire roof recovers 105% of the project price and attracts more potential buyers. People will want to invest their money in a house when the job is done; it gives them less work to worry about later.
6. Install a new HVAC unit
Most homeowners have experienced the stress of replacing a broken HVAC unit. Wait a week or two on the hottest days of summer or the coldest winter days before your new unit arrives and is installed.
The uncomfortable waiting conditions are miserable enough, but they add to the shocking price of a new unit. People will consider a house more seriously if they know the HVAC unit is new. It’s a big project for the owners, but 71% of the investment is recovered after the house is sold, so it pays.