What to expect when your home hits the property market
By the time your property is officially on the property market, you will already have a Contract of Sale and a Vendor Statement prepared and have talked through the marketing process and your desired price with your real estate agent.
At the beginning of the campaign you have most of the advantages. You have the capacity to take your time. This is because it is a fresh listing with more potential buyers yet to see it.
Open homes and visitors
When your home hits the property market you want to immediately be ready for viewers to come and see the home. This is where you should be looking to give the best first impression possible. Consider staging and ensure that you keep it clutter free.
Be flexible with your real estate agent when organising times for second, or even first, showings. Remember that these are prospective purchasers and that it is worth allowing them around the home.
Neighbours are also likely to find out about your home being on the property market. This is usually through a signboard or advertisements. It’s surprising how many people keep an eye on local property listings. It may be a good idea to speak to them and let them know that you are up for sale. They may end up as possible buyers.
If your property is a tenanted investment then ensure your property manager is well prepared to deal with the viewings, liaise with the tenant and to ensure that they know what is occurring.
Early offers and negotiations
With a price in mind, you should be ready to look carefully at any early offers. Often, these are actually decent offers that you may want to consider taking. Sometimes they can be low ball offers that later buyers will outstrip. Take every offer on its own merit regardless of when it occurs. Do be aware that some investors and savvy home buyers will look for new listings to put a quick, slightly below market offer on to see if they can achieve a deal.
All situations considered, you may also be up for some early negotiating.
You are also in less of a hurry at this point, being relatively new to the property market, so can decline offers that do not suit you if you believe that better prices are likely to be achieved.
Feedback from your real estate agent
Your real estate agent should be providing you feedback and information about the success of your open homes. They should be able to tell you qualitative information. This includes any common complaints or comments about the home, the areas that seem to be most liked and their thoughts on the campaign’s success so far. If there have been any common complaints made, such as about the traffic noise or neighbours’ scruffy homes then you can try to have different open homes at different times and speak to those neighbours. Look to rectify any of these overlooked issues early on in the process.
Your real estate agent should also be able to provide details of the number of people that have been through the home or have called them about it, often called the level of enquiry. If there has been fairly little in the early days or weeks of the campaign, then it may be time to discuss ramping it up with some different advertising, changes in the strategy or some other option.
Price and marketing re-adjustments
If you price your property too highly, or it just isn’t achieving much traction, now is the time to make any necessary adjustments. Speak to your real estate agent about what the problem is and any alternatives to altering the price. Don’t do this in a hurry but be realistic about whether your asking price is likely. Ensure you look thoroughly at the comparables provided to you to make sure you price your home correctly.
You may also find that offers are coming in higher than expected. In this case it’s time to ramp up your asking price to a new bracket. You will need to then show this in your marketing collateral to avoid underquoting.
If you haven’t seen much interest in the home then it’s time to speak to your real estate agent again about ramping up the advertising and going through each element of the campaign to find out what might not be working. They should be able to give you an honest appraisal of the property market itself, to help you decide on the best timing to sell. This early on in the process you have the ability to change any problem areas to ensure a successful result.
- Prepare your home for inspections
- Speak to your neighbours if necessary
- Have a price in mind
- Be open to offers but aware that others may come
- Ask for feedback from your agent
- You can alter the course of the rest of the campaign by learning from the first week