If your property is not marketed correctly you could be wasting your time and money - and worse, sell your property at the end of the day for much less than you anticipated. If it's the first time you're selling your property we recommend reading this blog as it provides some great background information on what really goes on behind the scenes while your property is in the market.
Facts & Figures
Let's start off with some facts and figures. Statistics show that:
- A property sold within 4 weeks of entering the market is the only period of time where you'll get your asking price.
- Properties that lingers on the market for 5 to 12 weeks is worth about 3% less
- Properties that linger 13 to 24 weeks sells for 6% less
- Anything above 24 weeks - you can prepare yourself for selling your property at 10% less your asking price.
Bluntly put the longer your property is on the market, the less your selling price will be. Most sellers enter the market with high expectations and anticipate getting exactly what they originally paid to purchase the property plus a little extra. Usually this idea is quickly shattered when the fact hits you; right now it's a buyer's market. Buyers have nearly unlimited choices when it comes to what they want. They don't have to compromise or settle for something less than exactly what they are in the market for. If you're property isn't what they had in mind, you're out of luck!
Eventually you end up selling your property for 10% less than it's worth, this doesn't affect your estate agent either, he gets his fee which was calculated and added on to your asking price before you sold. You're the one who feels this loss. These are the cold hard facts and they aren't nice to hear but what can you do to increase your chances? Keep reading!
Comparative Market Analysis (CMA)
This is a method estate agents use to calculate the market value of your property. It takes into consideration the local markets, supply and demand, statistics and relevant pricing of properties similar to yours in the same area. Plainly put using the CMA method ensures you don't start off with your property under-priced or even overpriced. It has happened!
Many people believe their property is worth a lot more than it actually is. This results in the property not attracting serious interest for months on end. If it's overpriced your potential buyer will know! Make sure your estate agent perform the CMA method for your property.
You went through the CMA method and now you have the right price for your property. It's been 2 weeks and you haven't gotten a single bite. What's going on!? Don't panic. Even if your price is perfect the average (perfectly priced) property spends 30 to 60 days on the market before it gets scooped up by a buyer.
Be patient, wait at least 60 days before wondering why your property isn't selling. If that 60 day deadline rolls around you have to begin considering the possibility that even though the price is right, there might be other elements scaring off your buyers.
Appearance & Condition
This simply boils down to first impressions. When you're interested buyer comes to view the property the last thing he wants to see is an untidy house with kids running around and screaming all over the place with a dog covered in mud chasing them. Making no preparations and not bothering tidying up your property is more often to blame for a property not selling than you think.
You like to look good for pictures don't you? Stores you go to make effort to sell their merchandise to you in the best quality don't they? Why should you do anything less with your property? Here's a little checklist to go through to help prepare your property for a buyer:
Fix that hole in the wall, get rid of that burnt spot on the carpet, take care of that cupboard that doesn't close. You think hiding your properties faults and problems keeps everything out of sight and out of mind, right? Wrong. Buyers are often so in depth that they actually pay great attention to detail and if they spot that hole in the wall while you're going on about what great condition your property is in, you look like a swindler don't you? A buyer immediately thinks about all the other things you haven't told him and high tails it out of there. Make sure to fix up your property before presenting it to the buyer's market.
Tidy up your property (get your property ready for show day) . Make sure your lawn is neat, clean your kitchen and bathroom and present the property in as much of a tidy and orderly manner as you possibly can. If you have kids and pets make sure your kids either behave while you're interested buyer is there or send them to a friend's house, put your pets out of the buyers way and try to get them to be quiet ... a good way of doing this is to give them an early lunch or dinner!
Remember the last thing your buyer wants to see is a dog laying on the sofa and a baby screaming its lungs out the entire time he's there. What if he doesn't like animals or doesn't allow them in his house like you do? What if he can't ask you questions because you can't hear each other above the sound of the screaming baby?
All these things can contribute to your property not selling. Make a little extra effort, for instance you can set your dining room table as you would for a fancy dinner, you can make a fresh pot of coffee right before the buyer arrives so the house smells inviting. Be creative, there are many things you can do to entice buyers that have absolutely nothing to do with the price of the property or its current owners!
It all boils down to simple psychology, if you're property looked inviting and smelled of delicious coffee your buyer will remember it as 'that place that smelled like coffee with that nice guy that offered me cookies'. Sounds silly to you? Maybe that's why your property hasn't sold yet.
This is relatively easy. When your buyer comes around he's going to ask questions. You should prepare yourself to answer the questions he might have, try to think what you'd want to know when buying a property. Take a look around and try spot things on your property your buyer might want to ask about. When your buyer asks a question and you begin your answer with 'uhm well' he can already see you're about to tell him something you don't really know anything about.
The Part You Didn't Think About
The internet to many is a great mystery and can be very complicated but the hard fact is we are entering a digital age in a digital world, many people don't want to bother with going places anymore and prefer seeing things from behind a computer while having food delivered right to their front door. A great number of people don't even read newspapers or magazines anymore, this is all done via the internet.
The same goes with property, the time where buyers physically go to properties while in the market is drawing to an end. Enter the digital world; now buyers expect to view your entire property on a computer, see a video of it and walk through it without ever physically having to go there. While this sounds both amazing and complicated at the same time it really isn't.
Take a look at our properties for sale on the website. You'll notice all the properties have a video and virtual tour and high quality images of the properties available. This is the sort of digital simplification I'm talking about and it has several advantages, one of which for you as a seller being that you don't have to entertain constant visitors looking to buy! Only the truly interested buyer will come view your property.
In the end it really is up to you how quick your property sells. Everything from the price you set to the effort you make when a buyer comes to view contributes to your property being a quick seller or a dud vanishing into property listings without a trace. If you would like to sell your property quicker online, complete the SELL MY PROPERTY and see how quick you can sell your property.