What to do in a changing property market
After spending plenty of time focusing on the preparation to get your property up to scratch, the worst fear every vendor is not finding a purchaser for their property.
Every property has a sale price, so remember that.
If you are struggling to secure the right sale price, there are a number of factors to consider, if you haven’t yet managed to find the right buyer.
Have you presented your home to its best advantage?
You only get one chance to create a great first impression on prospective buyers, and most buyers will make their mind up on your home within the first minute of walking through the front door of the property.
I highly recommend engaging a professional property stylist to run their expert eye over your home, prior to listing.
Sometimes a stylist walks in and say the home is perfect just the way it is - and other times they will recommend adding a mirror here, some art over there or simply a few cushions to make your lounge room appear super luxurious, comfortable and complete.
Has your agent located the best buyers in the market?
If you are a listing agent, running sales advertisements on www.realestate.com.au and www.domain.com.au then standing at the front door to greet potential buyers just isn’t going to be enough in a challenging market.
If you are a property seller, ask your agent for the list of buyers they've called when listing your home for sale.
Ask whether they have canvassed any buyer’s agents because buyers agents are fantastic to deal with, as they represent qualified, motivated buyers wanting to purchase property.
There is a massive difference when it comes to real estate agents and how they look after and nurture buyers in comparison to buyers agents.
Does your agent think outside the box?
Social media has infiltrated most areas of our lives and has changed our approach to property marketing as a great way to get more relevant buyers through the door.
Has your agent previously sold in a challenging market?
Selling in a tough market requires a totally different approach to selling in a thriving market. If your current agent has been in the business for less than 5 years, they have never experienced working in a challenging environment.
A hardworking, strong communicating agent can add massive value and achieve sales, regardless of what the market may be doing.
Are you in regular contact with your agent?
In a difficult market you need to increase communication for both a vendor and a prospective buyer.
Staying in touch helps keep a vendor keep calm and it also allows them to make the right decisions.
It should be mandatory that a vendor have daily phone calls, weekly written reports and regular face-to-face progress meetings until a sale is across the line.