by blake gray, principal at apex estate agents
The good news is that this adjustment was anticipated and by no means should it be a major cause for concern if you’re thinking of selling. In this article I shall address the five most pressing questions coming from potential property sellers as we enter this new market.
Can I still achieve a premium sale price?
Yes. Premium prices are absolutely still possible, however, this requires a shift in perspective and a stronger focus on process and service on the part of Agents. In an adjusting market of peaks and valleys it becomes even more crucial to establish a pricing strategy with your selling Agent.
As a seller you must shift your approach to, ‘The most effective way to achieve my expectations is to appeal to the wider market, by showing that my property most surely and confidently represents the pinnacle of where price and value meet’. Remember, you’re in a working relationship with the market, not competing against it. This shift should inform subsequent actions with respect to your campaign. When price and value meet more buyers will respond to your property, thus the likelihood of speedier deals and greater prices increases.
Are there still enough buyers in the market?
Yes. It only takes one buyer to move your property from ‘For Sale’ to ‘Sold’. A consequence of an adjusting market is that it filters out the less motivated buyers and reveals the serious ones. If a buyer invests their time in viewing property in this market – especially via a Private Viewing – then rest assured they intend to buy.
Why is the first Open Home so important?
Your first Open Home viewing is vitally important because it is a direct reflection of the market’s first impressions of your property’s campaign. If the enquiry volume over the first 5–7 days of your campaign is poor and the first Open Home yields no attendees then this an indication that your property is not reflecting value in the eyes of the market and/or lacks the ‘wow’ factor. If this is the case then your first port of call with your Agent should be to review message and pricing, along with all marketing materials. Getting these right can significantly improve enquiry volume and buyer turnout.
Do I still need to spend good money on property marketing if there’s fewer buyers about?
It’s less about how much you invest in marketing and more so about where you invest. Property videos and social media marketing are invaluable here. The power of social media marketing in this instance is its apparent ubiquity. Engagement begets engagement – in essence the online audience proliferates, thus the reach of your marketing investment is seemingly limitless. Placing your property on the market ‘For Sale’ without utilising video or social media is comparable to producing a great film and screening it in a randomly selected, near empty cinema.
Why is representation even more consequential now?
In hot markets, property sells. Agents list properties ‘For Sale’ and buyers purchase them. In adjusting markets, service sells. This is why your representation matters even more now. The Agent who can provide superior, consistent, elite, 24/7 service and facilitate an overwhelmingly positive, personable experience for buyers will simply sell more property. If the Agent you’re in dialogue with doesn’t possess the highest level of business acumen and leave you feeling exalted and assured after every interaction, then how are they going to make your potential buyers feel?
key takeaway
It is still possible to achieve a premium price in an adjusting market. This largely relies upon three things. The first, is to remember that you’re in a working relationship with the market, not competing against it. The second, properties that represent the best value often achieve the most favourable result for the seller. The third, is that strong representation is paramount.
APEX Estate Agents are a team of avant–garde real estate specialists, marketing experts, and consummate professionals absolutely obsessed with challenging the status quo. We exist to be the ultimate custodians for our clients, thus improving their quality of life through property – that’s our raison d’être.