Written by Mark Thomas
25 July, 2019
“Success isn’t permanent and failure isn’t fatal.” Mike Ditka
But is helps to have a great plan
If you are selling your property it’s obvious that you want to maximise price. It’s also obvious to state that you need a plan… But do you have a winning plan?
A lot of people rely on their real estate agent to make these marketing decisions. Often the agent will post all the information about your property online thinking that buyers who are interested will turn up to the auction and buy. This may have worked in the bull market of 2015 and 2016, but things have changed.
We are currently in a buyers market (or bear market) where the power is with buyers not sellers.
As such you need to change your approach to selling and create interest. In fact this approach will work in all market conditions not just weak property markets. In these conditions you need to generate maximum interest in your property to create a market for your property, one that you can communicate with.
By creating the maximum registered interest in your property, you are creating a market in your property
CREATING INTEREST IN THE PROPERTY
Many sellers think that providing all the information about their property to buyers is a sure-fire way to get the punters to inspections and to an auction.
Just the opposite is true. If you give all the information to the market up front, in the comfort of their living room, they’re more likely to form an opinion without even looking at your property.
That opinion could be based on false impressions and incorrect data from other websites outside your control.
This same theory works for qualifying buyers and ensuring they turn up for the open home or auction.
There is no other way to sort the tyre-kickers….. other than their appetite for more information about your property.
TO REGISTER OR NOT TO REGISTER?
Some may think that interested buyers would be put off if they have to register their details to get more information. However, there is no other way to sort the tyre-kickers from the genuinely interested buyers other than their appetite for more information about your property.
Building qualified enquiries can be achieved through a process. A qualified enquiry is one where the potential buyer has progressed through steps to ensure they are definitely interested in a property like yours.
By advertising with only a few key pieces of information, such as price, suburb and property features, you’ll encourage the prospect to enquire about the property if they want more information. You need to ensure they’re answered promptly and provided with the information they need, but only after they have also shared their information.
Now you have a phone number and email address which enables you to talk to your market and educate them about your property. They will think they know all about it but now that you can talk to them directly you can manage their expectations around price, value, location and any other concerns they might have.
Advertising is an important part of your property sales campaign and listing on domain.com.au and realestate.com.au is a no brainer. The internet is where the search starts for most buyers – up to 90% of property market searches begin there.
Before they even consider picking up the phone to call an agent, buyers already have an idea of what they are looking for in a home. They have access to loads of online material to gauge prices and features of properties they’re looking to buy.
They have set up watchlists to alert them of when new stock hits the market and they have friends, family and many agents they talk to on a regular basis to keep up with the market..
Most agents will want you to spend money on advertising in newspapers.
Ask yourself, are you advertising in the paper to market the property or is it for the agent’s benefit.
The reality is that the agent wants you to advertise so they can also advertise their business. A quarter page ad in the local paper for four weeks can cost thousands of dollars – all with their own logo and contact details emblazoned over it. There is even an industry term used for this – VPA (vendor paid advertising).
Ask yourself, are you advertising in the paper to market the property or is it for the agent’s benefit. Is it reasonable? After all 90% of buyer research is now done online implying that your property will be seen regardless of whether it is in the paper or not. Some spend on print advertising makes sense in the local paper if there are a number of local buyers who missed a recent auction. But always run the rule of reason over it before you commit to spending big on print advertising.
When you control the things you can control, you will start to create interest in your property and control the information flow. This is the greatest plan you can ever hope for when trying to sell your property for the greatest price.