Getting your sales campaign right from the start is important in the current market to ensure your property stands out amongst the crowd. To achieve a positive outcome, sellers need to ensure that their property is correctly priced, presented and marketed to potential buyers. In the current market, buyers are spoilt for choice and they will quickly overlook overpriced and poorly presented homes.
So, how do you make sure that you get the most out of your sales campaign?
· Choosing the right agent
When appointing a selling agent, it is important to spend time researching their background and experience, level of local knowledge and previous success in your area. A good selling agent can provide you with up-to-date evidence of their experience in the local area, and will have a solid client database to tap into, to give you the best chance to sell.
You should also ask them to present a marketing strategy for your property that is properly targeted to potential homebuyers. For example, the property might appeal to investors. As a result, the advertising should promote issues such as rental return and potential capital growth for investors.
· Get smart about price
Even prior to signing up with your selling agent, you should have already done your own research on the market and the potential figure your property might reach. We recommend researching recent sales of comparable properties in your area, to identify the possible selling price of your property. Remember that it is important to be realistic about pricing and to base your expectations on the current market and recent sales data, and not emotions or sentimental attachment.
The most important reason why properties are not selling in the current market is that they are overpriced. In a falling market, an overpriced home, will simply sit on the market attracting no attention. To put into perspective, an average home that is overpriced by a mere 5% of its true market value will receive no interest.
When appointing an agent to sell your property, ask for independent information on the most recent property sales in your area (within a month) for similar homes. This will give you a good indication of the true market value of your property. Once you have determined a price for your home, you could include the word negotiable which will give you some flexibility with homebuyers.
Once you have chosen your selling agent, it is important to discuss any buyer feedback with your agent in case you need to amend any issues to give yourself the best chance to reach a good price. Also, it’s important to remember to carefully assess all offers that are presented to you, and avoid turning offers down simply because they come in the early stages. If you pass on some decent offers that reflect the market it may mean missing out.
· Home Open Inspections
Home open inspections are still a mainstay of a good marketing campaign, as it gives potential buyers an excellent opportunity to view the property in its entirety, and to experience the local area and the lifestyle that comes with it. Therefore, your selling agent should be conducting open house inspections on a regular basis, if you are selling by private treaty. On that note, if you are selling your home via the Auction method, a common practice used by selling agents is to build interest by holding an open house inspection on the day of the Auction.
Once your home hits the market, it should be all systems go! Buyers will form a first impression of your home from the street and this “street appeal” will largely determine if the homebuyer even inspects your home inside. As a result, you should ensure that the gardens are well presented and the exterior of the home is well maintained.
To make things run smoothly, we recommend establishing a system so your property is kept clean and ready for any surprise home inspection requests. It might mean starting your packing early and putting boxes and unnecessary furniture in storage.
Be sure to work with your selling agent to figure out the best days and times to show your property, and remember that it pays to be flexible – some potential buyers may request a private viewing outside of scheduled home opens on the weekend, so try your best to accommodate them at late notice. Remember, the more people you can show through your property, the greater the chance that one is going to put in an offer.
· Quality photography
Technology has made it so much easier for buyers to click through a range of different properties quickly and easily, so it is important to do your best to capture their interest. Professional property photographers know the right angles and areas to highlight the great aspects of a home, and reputable photographers will know how to deliver quality images with proper lighting.
Promotion is critical to informing potential homebuyers about your property. In the current market, the property has to be promoted to the widest number of potential buyers and that means aggressively using print and electronic marketing.
Advertising your property for sale online is crucial in this day and age, otherwise you will simply not get the same amount of buyers. A reputable selling agent will understand the importance of advertising online and will make this a priority. Photography and good copywriting will go hand in hand when advertising online. Make sure the description online does your property justice and all selling points are addressed.
Finally, most Perth properties that meet this marketing benchmark generally sell within a relatively short period of time after being listed for sale. If the home is well presented, priced and promoted it should generate a high initial level of interest from homebuyers, resulting in a faster sale. The longer the property is on the market, the fewer homebuyers it will attract over the longer term and this will compromise the eventual selling price.