While there has been a lot more movement in the property market lately, especially up here in Brisbane, there are still markets that are slow to move and properties are taking a lot longer to sell. This can put a lot of strain on property owners who are needing to sell their property in these areas. Trying to sell a property in a slow market can be challenging but not impossible. There are some elements that you can control to help you property sell faster in a slow market.
Here are 7 ways you can help to sell your property in a slow market:
1. Buyer Psychology
Most buyers buy on emotion. Sure they will usually have a checklist in hand of what they are looking for (4 bedrooms, 2 bathrooms, 2 car garage etc) but more often than not, they are willing to forgo something on their list if they find a property that they absolutely fall in love with. Even if a property has every item on their list that they are after, if there is nothing in that property that they can get attached to, then they will find a reason not to buy it. The buyer wants to visualise themselves living in the house, it is all about how they will feel living there.
2. Scope out the competition
If your property is one of many houses on the market in your area, then you want to have something special that makes your property unique. But before you can work this out, you need to check out the competition. Drive past, take a sticky during an open home. What does your own instinct say about these properties, do you like them? Do you not like them? and why do you have these feelings. Once you have worked out what you like and don’t like you can then work on making slight tweaks to your own property to evoke the same positive feelings.
3. Appeal to the masses
There is a major element missing in a slow market – and that is people. There are less people looking and there are less people buying. So to have the best possible chance of selling in a slow market you need to do your best to appeal to everyone. Now is not the time to be specialising in ‘out there’ design styles and waiting for that one of a kind buyer who shares your unique passion for mosaic bench tops and greek columns. You need to be aiming for neutral colours and textures that appeals to everyone. Even if neutral is not for everyone, it is a good base that anyone can imagine and/or plan for what they are going to do with the home when they buy.
4. Understand the demographic
Do your research and get to know what the demographic is for the area. What type of people are buying and living in your area? is it families, professional couples, singles? Once you realise what type of person you are selling to, you can then present your property to appeal to that person. For example. If the demographic is predominantly families with young children, then make sure all rooms are styled as bedrooms, you may even make one of the rooms a nursery so the buyer can imagine their baby there. If the buyer is likely to be a professional couple, then make sure the property includes a home office or work space.
5. Imagine yourself as the buyer
What are the things you look for as a buyer, Take off your home owner hat and put on your home buyer glasses. What are the things that you look for in a property. These are the things that nearly everyone looks for in a property. Lots of space, lots of storage, lots of light, low maintenance, clean and fresh, new (and if not new, at least modern, and if not modern at least well maintained).
6. Put your best foot forward
Make a list of all the unique, special, and positive things that you property has and will be an asset when selling. Now showcase these assets, especially at inspection times. If you property has timber floors, then make sure they are clean shiny and presented at their best. If you have beautiful high ceilings, then have a fan slowing turning so people are encourage to look up and notice the height.
7. Hidden in plain site
Now make a list of all the faults and flaws that may put people off buying the property. This is now your task list. Fix what can be fixed, and minimise the unfixable flaws. By this I don’t mean trying to hide any flaws to the property, you don’t want to be deceptive. To minimise the downside to a property is by making sure all the positives are shining brighter than the negatives. Your property may be lacking when it comes to storage, but by removing a lot of your personal clutter, this will likely be overlooked.
Implement these seven strategies to give your property the best chance of selling in a slow market.
Have you or are you selling a property in a slow market? Share your story in the comments below.
Until next time…
Chicks and Mortar – Women in Property