Online videos, 3D virtual tours, and interactive maps are snazzy eye-catchers found in many home-for-sale listings today. But these high-tech tools still take a backseat to an old-school attribute valued more highly by home buyers: a floor plan.
Ponder that purchasers regard floor plans as one of the most desired features on a home listing, ranking behind only standard listing photos and property data, per the National Association of REALTORS® (NAR). NAR also found that two in three buyers discovered their residences with the aid of floor plans.
As further proof of their popularity, over four in five sellers believe that having a floor plan will help sell their homes faster, and one in 10 buyers admitted they would never arrange to view a property without first seeing a floor plan, based on Rightmove.com data.
Today, floor plans are standard inclusions in home listings in countries around the world. Yet, according to many estimates, only 10% to 15% of American online listings currently provide floor plans. With increased demand for floor plans by prospective buyers, this serves as a call to action for sellers and their agents who are looking to make their listings stand out.
If you are preparing to sell your home, including a floor plan is a must. That’s because market dynamics are shifting, with buyers having greater leverage lately as prices and demand cool from the peaks of recent years. Sellers can no longer count on bidding wars and quick sales at top prices. They and their representatives will likely have to work harder to attract interest from home shoppers, which means they’ll need to market their residences better. The good news is that a floor plan in a listing can help with this heavier lifting and provide the instant visual information that buyers appreciate.
Consider the value that newly created floor plan illustrations based on precise measurements add to a listing. As a digital asset, they provide an indispensable visual representation of the property, helping buyers and sellers better comprehend a home’s true layout and actual square footage, as opposed to trusting in imprecise manual measurements and possibly erroneous information derived from public records. Your agent can suggest a list price that’s more market appropriate when you have accurate square footage details and property data to rely on. Having more precise information can help all parties involved in the transaction make more informed decisions.
A reliable and cleanly drawn floor plan can also make your listed property more appealing, resulting in increased online views. The more eyeballs a listing gets, the more interest is generated. Greater interest drives a speedier closing time and a higher sales price. And that also equates to a higher home valuation.
Thanks to recent technological advances, free floor plan tools are now available that can create an accurate plan within minutes, ultimately producing a 2D layout that can quickly and easily be added to a property listing. Gone are the days when real estate agents and their clients had to rely on old-fashioned methods like manual tape measuring or expensive software to get the job done. The process has been streamlined and can be completed on a smartphone, making a realtor’s job easier.
Agents and sellers aren’t the only ones who stand to benefit here, either. Accurate floor plans can help mortgage lenders, appraisers, homeowners, insurance companies, and even real estate photographers in their jobs, too. With no cost and only a tiny time investment involved, there’s no longer an excuse not to provide a floor plan.
The challenge is, most real estate professionals likely won’t think to add a floor plan to their clients’ listings unless it is requested. As a seller, you can ensure that this opportunity to better promote your for-sale property doesn’t slip through the cracks by simply asking your agent to have a floor plan created and bundled into your listing.
It’s been said that the best-laid plans of mice and men often go awry. But the best-laid floor plans can make a listing—and ultimately the sale—go right.