Try these 5 tips before you price drop!
The Brisbane property market has been a sellers market for some time due to both high demand and a relatively low supply, but these factors are beginning to change. As a growing number of new apartments and developments come onto the market, the traditional story of buyers driving price growth as they battling it out to secure a property is starting to change.
While the demand for houses in certain markets remains steady, buyers are beginning to gain the upper hand in the apartment market, which means sellers need to change their approach or risk losing out. But before you think about dropping the price for a quick sale, here’s five tips that might make all of the difference to the right buyer.
Improve your property’s presentation
Thanks to instagram, pinterest and the myriad of renovation television shows, the expectations buyers have around a property’s presentation and styling are extremely high. Needless to say, leaving dishes in the sink or soap scum on shower screens just won’t cut it, and could severely negatively impact an agent’s ability to sell your home. Establishing an emotional connection between a buyer and your property is also a must, and having a poorly presented home will be a barrier to making this happen.
Once you’ve decided to sell and you’ve engaged an Agent, you’re main job is to present your property well. This means keeping the place clean and tidy at a minimum – inside and out! If your property is rented this can be tough, so think about employing a regular cleaner or discussing a short-term rent drop with your tenants as a way to get them on board.
If you want to go the whole nine yards, professional styling and staging is something to consider. While you may think you know what buyers are looking for, it’s sometimes worth leaving it to the professionals as they understand what’s on trend and what buyers are looking for.
Remember, presentation matters!
Make those minor repairs happen
While replacing kitchens and renovating bathrooms can move your property price point significantly higher, they can be a huge capital investment which might be just out of reach. But there are cheap and easy repairs that can make all of the difference to buyers as they inspect your property.
Painting front doors, fixing bumped or chipped plasterboards, re-grouting the shower tiles or even replacing worn out carpet can be a relatively cheap and easy way to bring new life to a tired property.
Looking at your property through the eyes of a buyer, and addressing the points that they will undoubtedly pick up on can have a huge effect on the price when it comes time to sell.
Promote, Promote and Promote!
While a standard listing on the major property website’s will get you SOME eyeballs on your property, it won’t necessarily build the momentum required for a great sale. You can take up the option to upgrade your online ads, but without the right ‘hero’ photography shots then you might be wasting your money. Remember, it’s the emotional connections to a property that makes buyers get interested, so forking out a little extra cash for the right photo’s and an upgraded ad might be money well spent.
Digital marketing is a must on 2018, and most Agencies will have packages available to improve and expand the reach of your campaign.
Think about who your ideal buyer might be, why your property is suited to them and focus your agent on selling those specific points. Target your marketing and promotion to the buyers that matter, and watch your enquiries roll in.
Find your niche target market
Targeting the right buyers is one of the hardest jobs your agent does, and getting the right feedback is a key part of this process. Good or bad, you need to hear what attracts buyers and what they’re disappointed by. Great agents should understand the likely market for your property before the campaign starts, and can give you advice on what you can do to make the property more desirable to this specific group.A frank and open discussion of its strengths and weaknesses should allow the best planning and ads that speak to the right audience.
Consider a vacant property
Consider having the property vacant or, if it’s rented, with only a short lease in place. The latest census tells us 61% of dwellings in inner-Brisbane are rented, but right now investor buyers are thin on the ground so a long lease often won’t add value. This will change again as the market turns so please don’t lose a great tenant. But it’s important to consider your buyers’ needs as owner-occupiers.
DISCLAIMER: The information contained in this article is provided for general information purposes only. The information should not be used or relied on as a substitute for legal advice. If you require legal advice concerning a specific fact or situation, you should seek independent legal advice. Metrocity Realty accepts no liability or responsibility for any loss occurring as a result of anyone acting or refraining from acting on the basis of the information contained herein. Whilst Metrocity has taken all reasonable measures to ensure that the information contained in this fact sheet is correct, metrocity gives no warranty and accepts no responsibility for the accuracy or the completeness of the information.