Choosing the right agent – and doing it early on
When working out how to sell in a buyer’s market, it’s crucial to find the right agent to represent you. A good agent will have a sound knowledge of the market and an understanding of the buying-and-selling behaviours of your target demographic. In turn, this will inform their marketing strategy down to factors such as how you style or stage your property for photographs. They’ll also be able to provide insight into where you are best placed to spend money on your home during preparations for sale, to ensure maximum return on investment.
The best way to find the perfect match is to invite two to three agents to visit your home to perform a valuation on your property. This will give you the opportunity to speak with them about their sales practices, gauge their understanding and connection to the market, and also give you a point of comparison for negotiation on their seller’s agent fee and real estate fees for selling a house.
As soon as you’ve found an agent you’re comfortable working with, lock them in. A seasoned real estate agent will often already have a potential buyer in mind – someone they've seen at other similar properties in the past. In addition to this, they will have an extensive database to which your property will be directly promoted, which is crucial for generating interest quickly.
Investing in marketing
One thing is clear when navigating how to sell in a buyer’s market: you need to make your property stand out from the competition. Making a sound investment in marketing when selling your property is one of the most important things you can do.
How, where, and when you list your house for sale can have a huge impact on the interest generated in your home. In managing the process of how to sell in a buyer’s market, an agent will strategise when to launch the property listing online and when to have the first open home, so you can maximise your reach in your target demographic.
They’ll utilise a number of mixed mediums in the sales campaign such as:
- Professional photography;
- Brochures with select photography highlights and floor plans to be handed out at open homes;
- Online listings through real estate portals, agency websites, and social media;
- Signboards – either personalised to the property or a simple ‘for sale’ sign with the agent’s contact details; and
- Styling of the property using existing or hired furniture and decorations to maximise its appeal in photographs.
Ensure that formal, verified documentation about your home is made as available as possible, as this can go a long way to making buyers look more favourably upon your property, plus it reflects well on you as a vendor. Even if the documentation outlines flaws in the property, the less formal checks a prospective buyer has to pay for, the more amenable they are likely to be. While each state has its own minimum documentation requirements, you might consider collecting a combination of the following to entice your buyers:
- The property title (listed registered owners and disclosure of any encumbrances such as leases, caveats, and easements)
- Certificate of Occupancy
- Land Tax Authority
- Property Survey Plan
- Body Corporate Records
- Section 32 Vendor’s Statement
- Agent’s Authority
- Contract of Sale
- Bushfire Attack Level Reports
- Flood Report
- Energy Efficiency Report
While we all want to know how to get the most money when selling your house and hope for a quick and profitable sale, circumstances may mean that you have to approach the sale of your property with a more open mind. Being open to negotiation on things like price, settlement date, or inclusions, can all help with how to sell in a buyer’s market.
ListReady can help cover your expenses so that you can focus on what matters most. Enquire now.