Alastair has over 15 years academic and professional experience in international and local property markets. He began his career in Belfast as an investment property buyer and development manager after completing a BSc Hons degree in Estate Management at Heriot-Watt University in Edinburgh.
Smart Seller Tips for a Buyers Market
Its no secret that the Melbourne property market has dropped off in 2018 with clearance rates now in the 50% range. Therefore, It is imperative that if you are planning to sell your property that you adhere to the processes and do everything in your power to ensure the best price is achieved. This needn’t be a stressful time full of angst so long as you are prepared to put in the work and have a well-executed strategy
Here are our top tips for sellers:
Trust your agent: You will hopefully have done your due diligence on which real estate agency and agent to appoint and entrust with the sale of your property. Therefore, without giving them complete free reign, heed their advice. They are on your side and should be working towards the same goal. Charlie Barham from Nelson Alexander Carlton North advises “Try not to get caught up in empty promises, if you have appointed the right agent then if they buyers are out there we will find them”. A successful sales campaign requires a vendor to empower their agent to do the best job. Vendors who don’t listen to their advisers often don’t get the best results.
Keep yourself abreast of what the market is doing: Ask questions about the market and keep an open dialogue with your advisors and agents. There is so much material and statistics being flushed into the media about the state of the market at any given time which can be confusing and misleading. Your agents know the market better than anyone given they are in it day in, day out.
Presentation: Although this has always been an important aspect of the sale process, it is critical in a buyers’ market to tick every box in terms of correct presentation. Charlie Barham goes on to say, “it is important to make your property stand out in this market, attention to detail is vital”. Clever presentation doesn’t mean you need to go out and spend a fortune on furniture, often less is more and a simple de cluttering of a room and some well placed pieces can make all the difference and give buyers the imagination they need.
Flexibility: This is key component when it comes to the sale of your property. This comes in many forms such as allowing access for private inspections at different times of the day or styling your property differently over the course of an auction campaign. Again, rest assured any inconveniences and changes are for the greater good. It is important you allow potential buyers all the opportunities they need to inspect and re inspect the property as without them on auction day you could forgo tens of thousands of dollars.
Set realistic expectations: Understand and accept where the market is at today. Buyers are being very picky in this market and they can afford to be. By no means should you sell your property for a less than fair price, but holding out for an unrealistic price could drag the process out for months and see your property become stale. Aim for a fair price for both parties and hopefully you will be pleasantly surprised.
If you are planning to sell and would like some advice or to engage our vendor advisory team, please contact us on 03 9018 7870. Our vendor advisory service is not an additional charge to you as we share the sales commission with the appointed sales agent.