When it comes to selling your home, following 3 simple rules will make all the difference - ensuring that your property is correctly priced, presented and promoted!
Perth properties that meet the 'three P's' marketing benchmark generally sell within a relatively short period of time after being listed for sale. If the home is well presented, priced and promoted, it should generate a high initial level of interest from homebuyers, resulting in a faster sale. The longer the property is on the market, the fewer home buyers it will attract over the longer term and this will compromise the eventual selling price. So getting it right from the get-go is crucial.
So, let’s take a look at the “3- P’s” of selling:
One of the biggest reasons for why a property doesn’t sell (in any market) is because it hasn’t been priced correctly, usually being too high. An average home that is overpriced by a mere 5% of its true market value will receive no interest. A high level of buyer interest, particularly in the first week is absolutely crucial.
When appointing a real estate agent to sell your property, ask for independent information on the most recent property sales in your area (within a month) for similar homes. This will give you a good indication of the true market value of your property. Once you have determined a price for your home, you could include the word negotiable which will give you some flexibility with homebuyers.
Buyers will form a first impression of your home from the street and this “street appeal” will largely determine if the buyer even inspects your home’s inside. As a result, you should ensure that the gardens are well presented and the exterior of the home is well maintained for the duration of the selling campaign.
Inside the home, areas such as the kitchen and bathroom will be key selling points and should be always kept clean and tidy. Simple tips for improving the interior presentation of the home is to give the place a paint job, using light tones and to the maximum use of external light by ensuring windows are always clean and curtains drawn.
You should also remove and store non- essential furniture and items that might clutter the home. It is crucial to allow a buyer to picture themselves, and their furniture, in the home.
Promotion is critical to informing potential homebuyers about your property. In the current market, the property has to be promoted to the widest number of potential buyers and that means aggressively using print and online marketing, particularly social media.
When selecting a real estate agent, you should ask them to present a marketing strategy for your property that is properly targeted to potential home buyers. For example, the property might appeal to investors and as a result, the advertising should promote issues such as rental return and potential capital growth for investors.