Why the first week on market is the most important
The first week on the market is going to be one of the most critical weeks to get right. This isn’t to say that you’ll necessarily want to look to sell within the first week. Yet, the launch of your home onto the listings portals can speak volumes about your future success. It’s worth remembering that the average time on market varies from area to area. However, for many it sits at around a month’s duration. When you are selling by private treaty, there is much to be said for generating interest and excitement early in the campaign. You can then use this momentum to secure the best possible sale.
Consider this initial period to be about the first impression. You want all your paperwork in order and your home in its best condition to start getting buyers interested.
Speak to your real estate agent about their initial marketing plan. Your property should be put on all the right online listings portals and it should be in prime condition.
You want your listing to have the following attributes as a bare minimum:
- Good grammar
- Detail and, potentially, atmosphere
- Accurate details around the size of the land, number of bedrooms, number of bathrooms and other features
- Professional photographs (taken in your home’s best light, with a well presented home. See below)
- The full contact details of your agent
You may also want to consider providing the following extra details:
- A floorplan
- A website or property landing page
- Aerial or drone photographs
Have a close look at what other properties are doing locally with their listings. Remember that your aim is to stand out from the crowd from the second your property is available. Work closely with your real estate agent about what has and has not been working for them with other homes – their advice will be invaluable.
Remember to be listed on www.realestateview.com.au as soon as possible and provide as much information as you can to entice buyers to call and ask for an inspection. You may want to also consider launching the sales campaign with some parallel print media coverage to assist with your sale, as well as a signboard to entice hyperlocal viewers.
For prestige property and increasingly for other types, videos and even entire websites for the home are becoming the new sales trend and it’s worth knowing what suits the prospective demographic and price range. Decide with your agent what you think works best for your property and ensure it’s all prepared for the launch day of the campaign.
You may also want to consider some international marketing, or advertisements in different languages, if this will be your target market.
Must know: Co-branding: Co-branding with www.realestateview.com.au is an initiative that will help vendors increase the exposure of their home on the market. It’s worth discussing this with your real estate agent, who may want to consider the opportunity to drive more traffic to your listing details. Co-branding is already an option in some agencies, and effectively ensures that the URL to your property listing is seen on signboards and other marketing collateral, but also drives local buyers to the website generally. This is done through displays in real estate windows and logos on email signatures.
If your property is on the market then you need to make sure that your paperwork is ready to go. Have that contract of sale ready for any early offers as well as all the mandatory administrative information, including any council documents for approved structures.
Consider going above and beyond at this point to really encourage the buyers. For instance, lists of recently renovated aspects or special features of the home can be particularly enticing, as can any new information about local zoning or plans for extensions that you didn’t end up completing.
Above and beyond
You may also want to consider having a building and pest inspection on the property to provide to the prospective buyers to show that your home is issue-free. Do this earlier than your launch week, as if it pulls up issues, you may want to ensure you rectify them first. Consider providing any other positive information about the home or neighbourhood for interested buyers. Provide a list of upcoming local facilities that are planned, such as schools and employment hubs, that may be attractive to buyers.
If your property has been rented, or is likely to attract investors, then including some rental appraisals can work wonders for your home and allow you to present a rental yield figure if it is attractive.
Your real estate agent will often present details to the buyers at your open homes, so be sure to speak to them about the best way to present this sort of information.
Depending on how hot the market is, you may see yourself starting open homes within the first week or so, or at least having a few viewers show their interest.
Not only do you need to be personally prepared to have strangers through your home, but you also need to make sure that the property itself is ready for presentation.
Mentally prepare yourself for any offers that may be made straight away, and be ready to act as appropriate. Ensure you have plans for future accommodation if necessary so that you don’t need to let a good offer go.
Stale listings achieve little to no buyer enquiries. And sadly, this may be a self-fulfilling prophecy. Pricing the property too high to begin with can leave your home permanently on the ‘stale’ list. Often buyers believe that there is something wrong with the homes that are on the market for lengthy periods. They may question whether other people are not buying because there’s something other purchasers know that they don’t.
Don’t allow your property to be one of these. Focus on your first week on the market or look to take your property off the market for a campaign refresh.
Points to remember:
- New properties elicit a certain level of excitement for buyers
- Properties do not often sell within a week of being on the market
- Ensure you have prepared a strong campaign with your agent
- Consider how other local properties market themselves
- Co-branding can assist in driving traffic
- Have your contracts and other paperwork prepared
- Consider ‘extra’ information, such as building and pest inspection reports and rental appraisals
- Prepare in advance for the open home