Ignore what you’ve been hearing about property in the Eastern states – right here in Perth, it’s a buyer’s market. That means sellers can have a property on the market for up to 2 or 3 months before closing any kind of deal.
How long is too long?
If your property has been on the market for a while, you’re probably concerned about how and when it will sell. But also, whether you will achieve a good price, or at the very least, market value.
It’s important to note that if your property did not receive substantial interest in the first month it was listed, it’s unlikely to receive a sudden wave of new interest in month 2.
If this has happened to your listing, now is the time to act.
Yes, you only need one buyer to make sale, but getting the right buyer is a numbers game. One solitary buyer is unlikely to pay top dollar for a property. A property that’s been sitting on the market for a long time doesn’t evoke urgency in buyers. And when there’s not urgency, there’s no real impetus for buyers to act. Good real estate agents know this.
Luckily there are strategies that will improve your chances of selling, even if your dwelling has been listed for a long period of time. Davey Real Estate General Manager Andrew Davey shared his tips for getting a dormant property sold in weeks.
1. Respond to buyer feedback
If your property has been on the market for a while, you’ve probably been privy to a fair share of opinions from people. Perhaps your agent has mentioned that prospective buyers aren’t taking to the colour scheme.
While it’s never nice to hear this kind of feedback, it’s important to remember that your ultimate goal is a successful sale. If a feature wall isn’t to everyone’s taste, then bite the bullet and grab a paintbrush (or hire a painter).
Choose a neutral colour that is unlikely to make a statement. If you can make a property appeal to a broader number of people, you will attract more prospective buyers. The same advice goes for untidy gardens, 70’s era carpets and smelly kitchens. (Most people only like the smell of curry when they’re eating it!)
2. Reduce price
Advertising a property as ‘price reduced’ has a number of benefits. The first is obvious – new people are likely to inquire, generating fresh selling opportunities. Your real estate agent can also contact everyone who has already shown interest in the property, and let them know about the reduced price.
Tapping into databases this way is a valuable tool. In most cases, it doesn’t matter how much the price reduction is, just that it’s been reduced in some way.
3. De-clutter and hire furniture
If prospective buyers haven’t commented on the colour scheme or design of your property, then it may be the décor that is putting them off. Once again, try to put your feelings aside on this and think about the end result – selling for more.
Store away personal photos and items that don’t have a broad appeal. This makes it easier for people to imagine themselves making a life in the home.
Hiring furniture is another great option. Yes, it can be expensive, but so is lowering your price by $10,000. The charm and style achieved by a good home stylist can make a big difference to your home’s appeal.
4. Fewer home opens
Now we’re back at the concept of ‘urgency’. If lots of people are viewing a home at once, they will notice. This creates an atmosphere of competition. When you re-launch the property, try to get everyone at the one home open at once.
If your property has been on the market for a while, contact Davey Real Estate for effective selling strategies.1