There’s lots of advice and opinions out there in the market. Many agents will give different advice and have different opinions on what gets a property sold. There are also differences in what an owner will determine as a successful sale. Some will gage the level of success on profit, others may look at just moving the property on etc. Whatever the rhyme or reason, market or conditions, there is a set and simple recipe to getting the best outcome available at the time an owner chooses to sell.
Seems like a simple task, so why do so many get it wrong.
Like it or not, when a home owner makes the decision to put their property on the market, it becomes a product. Like any product it needs to be packaged and presented in the right way.
Big business understands the importance of presentation, just look what happened to cigarette sales in Australian when the Government introduced plain packaging. The romance of tearing off the paper top of the favourite packet of Stuyvesant’s was replaced by olive-green packaging with pictures of cancerous tumours. This is attributed to a significant decrease in the number of Australians that smoked.
The reason behind this is that the change in presentation changed the perception that people held of cigarettes and highlighted the health risks instead of them just being attractively packaged.
In addition to ensuring the property is show ready, owners should focus heavily on fixing the general maintenance and ensuring that these are tended to before they become an issue for potential purchasers. Poor maintenance is one of the biggest deterrents for prospective buyers and can have the effect of raising further questions or concerns about the home. I have seen first hand a scratched floor cause a buyer to back out of a contract when a $400 repair would have held it all together…
The little things matter. Check out the top 10 presentation mistakes here.
- Seek the advice of a professional stylist (quotes are complimentary in many cases). This can dramatically lift the appeal of any tome.
- Prior to going to the market, order your own building and pest inspection. For a few hundred dollars this could save you thousands in lost digits when the property finally sells by allowing you to identify issues and asses/repair them ahead of going to market.
You cannot sell a secret…..
This is extremely important and quite simply, the investment a home seller makes in marketing their property will protect the value.
Many people would expect that an agent would have buyers for their home already…. True, but ask yourself this. If you were a buyer and an Agent came to you with an off market opportunity would you be willing to pay a premium or want a deal based on the fact that there is no other competition… You expect to get it cheap.
Marketing creates competition and gives seller the opportunity to entertain a high price. The true premium price is only achievable if a seller attracts 100% of their available market.
- Invest in marketing based on where the likely buyer for the property is going to be looking. For example if your pitching to the 25-35 year old bracket they are likely looking online so focus your spend here.
- Photo underpin everything. If the photos are terrible expect a low response.
Even the most basic of properties can be enhanced by professional photography coupled with great presentation.
The best homes on the planet can remain unsold due to price…..
It doesn’t matter if your pitching to the $450,000 market or the $45,000,000 market, price is always relevant.
Buyers are more educated and savvy than ever, having access to a wealth of information. You can simply Google a property address and find out what its last sale price was or what similar properties are selling for.
Pitching the property high in the home that you will get offers simply doesn’t work and is a terrible strategy.
Whatever strategy you choose, ensure the pricing around it is competitive to attract the market as opposed to deter it.
- Do research on prices in your area, Check the sold section of realestate.com.au and see what homes in the same range and area as yours are selling for and what level of presentation they have gone to.
If you are considering selling your property and would like some advice on how to get top dollar and present for profit, feel free to contact me anytime wither via facebook @mrdanricho or email firstname.lastname@example.org