With property staying on the market longer and prices falling, it has well and truly become a buyers’ market in Melbourne.
With more properties for sale than there are buyers, it becomes harder to get the highest possible price in a timely manner.
However, this doesn’t mean you can’t take actions toward improving your chances of selling in a buyers’ market.
With so much of buying and selling being about the psychology, it’s important to understand the current market conditions so that you can benefit the most.
1. Know your competition and your buyers
Knowing where you sit in your local market is incredibly important if you want your property to stand out against others.
Look into the properties that are for sale in your neighbourhood to see what they have to offer and for what price.
You might also want to check out the properties that have recently been sold to see what previous sellers have done correctly.
Not only is it crucial to understand your competition, you want to understand your buyers so that you have the best chance of selling your property.
For instance, if you know there is a first home buyer tossing up between your property and a couple others, it might be worthwhile to include appliances or even furniture to make your property more attractive.
2. Finish the repairs
Though you don’t want to fork out an unnecessary amount of money, it’s still important to fix up any odds and ends.
For example, the walls might need a fresh coat of paint, the door hinges replaced or the tiles regrouted.
It’s also important that your property meets any of Victoria’s regulations and codes.
Even though you want your property to be in the best shape with these repairs, any expensive fixes might not be worth it.
Instead, you might consider getting a quote for for the work and reduce the price of your property by this amount.
With the market the way it is, one of the key factors in selling your home in a timely manner is a low price.
3. Find the right real estate agent
When choosing a real estate agent, you want to look for someone who has strong customer service, local knowledge and a proven track record of sales that show they can get your property sold for the best possible price.
With over 14,532 real estate agents in Melbourne, using a real estate agent comparison tool is an option you might want to consider to make things easier for you.
This way, you can get a personalised list of suitable agents based on the requirements you deem most important.
To figure out the most honest estimate on your property value, you should get an appraisal from at least a couple agents.
4. Prepare for first impressions
The first thing that prospective buyers will look at is the front of your house, hence, you want to make your front yard appealing.
Once inside, your next priority is to make your property clean and decluttered.
In particular, the kitchen, bathroom and master bedroom are generally the most important rooms to look at.
Potential buyers want to see a space they can imagine themselves living in.
This means removing or putting away any personal items like shoes, clothes, photos and toys so that the buyer can create an emotional connection to your property.
5. Assess marketing proposals
There are a range of different options in terms of your marketing plan and which channels you decide to use.
Some options such as advertising on real estate websites generally end up cheaper than print advertising.
You’ll want to discuss your marketing strategy with your real estate agent to see what channel or combinations of channels will work best for your property.
Selling your property in a buyers’ market is definitely a daunting task but hopefully by taking these things into consideration, it doesn’t have to be impossible.
Guest author: James Pointon is a Commercial Manager at OpenAgent.com.au, an online agent comparison website helping Australians to sell, buy and own property.