8 tips for selling your property in a slow market
A sharp rise in interest rates over the past year has seen the property market slow down very quickly, and it's now starting to cause some issues for buyers and sellers.
Higher borrowing costs are making it more difficult for buyers to purchase property.
In fact, many recent buyers are also facing the prospect of being stuck in "mortgage prison" after the value of their property has fallen, making it difficult to refinance or even sell.
While you should always consider holding onto your property for the long term, if you are looking to sell, the good news is it's not all doom and gloom.
Good properties are still selling well, but you must take the right steps to both market and prepare your property for sale to help get the best result in a slower market than we've been used to.
1. Price your property correctly
The common thinking on how long it should take to sell a property is around 30 days.
If it takes any longer than that, you might be pricing the property too high. This can lead to your property sitting on the market and losing that initial momentum.
Do your research and compare recent sales to see what buyers are prepared to pay.
Put yourself in the shoes of a homebuyer and compare your property to what is currently on the market to make the most objective decisions.
2. Enhance the appeal of your property
With building costs escalating and the difficulties in getting trades to do the work, buyers highly value well-finished and renovated properties.
Make sure your property is well-maintained and presentable, and understand that even simple renovations, freshening up the paint and necessary repairs can go a long way in making your property more attractive to buyers.
3. Stage it right
Staging, also referred to as styling, your property can help potential buyers see themselves living in it, making it look like it's ready to move in today.
Focus on creating a neutral, clean, and welcoming environment and removing any personal items and clutter.
Professionals can help here, and the difference between a staged home and a vacant one is enormous.
Remember, you only get one chance to make a first impression, and you want to try and make a buyer fall in love with the property.
4. Test the waters
Consider launching an off-market campaign to gain initial interest and feedback from potential buyers before officially listing your property.
This can help you set the price, figure out the type of sales process you want to use and give you valuable feedback on what buyers are looking for in your area.
5. Market your property effectively
When the time comes to list, make sure your property is included on all major realestate websites.
Consider using social media and other marketing channels to reach as many potential buyers as possible.
In the current environment, video walkthroughs are also an excellent way for people to preview a property quickly. This can help buyers build an emotional connection before they attend an open home.
6. Hire a top agent
An excellent realestate agent can help you navigate a slow market and offer valuable insights and advice.
Top area agents have the most extensive database of potential buyers, which means you can get interested parties through the property early and get feedback.
Top agents also have outstanding teams around them to assist with marketing and reaching an extensive network.
7. Be flexible
In a slow market, you may need to be willing to make some concessions to get your property sold.
Be open to negotiating around your terms and price, and remember that the days of multiple offers on the first open home might be behind us for the time being.
8. Consider working with a seller's advocate
Just as there are buyer's agents to help you buy properties, there are also seller's advocates who can assist you in aspects of the selling process.
A seller's advocate can independently help you in setting your asking price, finding the right marketing approach, and even help with negotiating.
They should also be able to assist you in choosing the right real estate agent and ensure your interests are represented throughout the process.
Selling your property in a slow market can be challenging, but you can still achieve a good result with the right approach.
All you have to do is understand that as market conditions change, so will the approach you need to take to market and sell your property effectively.
Rasti Vaibhav is the author of The Property Wealth Blueprint (RRP $39.95) and CEO of Get RARE Properties, a bespoke independent buyers' agency that has been helping hundreds of clients across Australia secure their financial freedom through property. For more information visit Get RARE.Image: @Zephyr18 via Canva.com Image: Supplied: Rasti Vaibhav