Don’t Sell Slow

ByRick Schafer

Jul 17, 2013 | REIQ Blog

Did you know that you have a much better chance of selling your property quickly if you price it to meet the market in the first four weeks of the marketing campaign? This strategy is much more successful than pricing it at a slightly higher price to see if “someone might pay me a premium“ then having to reduce the price in a few weeks’ time because no one is interested.

Most buyers are very well informed through the Internet these days so the most important time in any marketing program is day one. And it is critical that you present your property to buyers at the right price from the very start.

Professional photography was seen as a luxury only the rich could afford in days gone by but today professional photographers are very reasonably priced and do an amazing job.

This is a very important point because more than 80 per cent of buyers searching websites for property are deciding whether they will physically inspect a home from the photos provided online. If your property does not capture the buyers’ interest in the first few seconds then you may have missed out on a sale.

In the past, some sellers didn’t want their neighbours to know their home was on the market and therefore wouldn’t let agents put a For Sale sign in front of the property. But one of the most important segments of any marketing program is to inform neighbours that a property is available in their area given most buyers buy within 4 to 5kms of where they are currently living.

Picture signboards are also becoming very popular and can act as your 24-hour salesperson sitting right in front of your property. They are very affordable and offer buyers a snapshot of your home while they are sitting in their car or walking their dog. You just never know where the next buyer is coming from.

But all of these marketing options are no good if you don’t price your property to suit market conditions. Remember if you are selling at the “bottom of the market” you are also “buying at the bottom of the market”. Most people are generally not in a position to sell at the top of the market and buy at the bottom. So it makes sense to accept the current market conditions whatever they may be and listen to the professional advice of your agent to help price your property “to sell”.

Agents are often asked why a property has been on the market for such a long time. The answer is generally because it was priced incorrectly. There are many ways, including online, that you can research the prices properties are selling for in your area. You can also request a comparative sales analysis from your local REIQ accredited agency.

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