Been on the market for a while? Tips to get it moving.
In this current market, properties are moving slower than they were a few years ago. While some pockets of WA are moving quickly, we are generally finding that some properties are taking longer to sell than others.
So what are your options if your house is taking longer to sell than you expected?
We asked leading SLP Property Consultant Mike Gjestland to give us his expert advice. Mike brings with him the experience of working across three different countries as a real estate agent!
Do your research
When you first list your property it’s an exciting time… then the few first home opens come along and you may not get the response that you were hoping for…
“I suggest to all my clients that we look at the average days properties are on the market for before getting too concerned – and that even more importantly you work with an agent who keeps an eye on all the competing homes and knows what they offer in comparison”, Mike says.
“This ensures that my clients don’t press the panic button too early and have a true understanding of where the market is at”, advises Mike.
The properties that generate the most interest look great online and are picture perfect before listing. Mike gives us some tips on how a refresh can help.
“Giving the gardens some work, painting and de-cluttering are a great start”, advises Mike.
“We also have a home stylist consultant that works with us on all our new listings (we cover the cost for our clients) and they help our sellers to present their homes in the best possible light. Working with not just the appearance of the home, but on all the senses which buyers experience our stylist helps our clients to have prospective buyers “feel good in the home” and thereby increasing the emotive reasons for people to buy. If they like the sight, sounds, smell and touch of a property they are far more likely to buy it”, continues Mike.
Mike gives us an example of one of his recent listings.
Adjust the marketing?
Take a closer look at your advertising campaign. Having a strong marketing strategy to attract buyers is key.
“Giving your property advert an upgrade on the online platforms can help to reach more buyers… especially, if your area is flooded with similar homes,” says Mike.
“While it may be an additional cost it may be what you need to be able to move on”, says Mike.
“We’ve sold a number of properties for sellers who have been on with other agents before, and by thinking outside the box (for example like doing digital furniture) and tweaking the advertising campaign and also improving the visuals online with amazing photography the very same homes have sold for the same price with us a few weeks later — time and time again!
Adjust your expectations
No one wants to do a price reduction. Mike explains how to best work with price:
“It’s important to work with someone you trust … and the agent that gives you the highest sale price during an appraisal may not be the right one for you. By showing clients what is happening in the market and really knowing every competing home inside and out, a good agent should be able to identify the “sweet spot” where buyer interest will meet with market value — and put together a good pricing strategy to start your journey on the right footing. Education here is key,” explains Mike.
Try again later
Been on for a while and lost traction? Sometimes starting again when there are a new stream of buyers in the pool might be the best option.
“The longer you have been on the market the more people think there is something wrong with the property,” says Mike.
“Sometimes it’s best to fix what’s wrong, start a new campaign and relaunch the property with new photos and fresh enthusiasm, giving a new lease of life to the transaction,” continues Mike.
Been on the market for a while? Then it might be time to speak to your agent and see what they suggest you do to get it moving. It may be hard not to take it personally, but by trying to remove some emotion from the process and looking at the facts of the marketplace, it may help you to see it in a different light and to get you moving onto your next home!
Mike Gjestland – 0466 115 688
Winner of the 2016 & 2017 Ratemyagent Award for MOST RECOMMENDED agent in Banksia Grove and currently Ranked #1 TOP SELLER in Banksia Grove by REIWA, Mike is energetic, highly organized and a great communicator — and passionate about working in real estate…
#2 “Most Recommended Agent” in Western Australia by www.ratemyagent.com
#35 “Most Recommended Agent” in Australia by www.ratemyagent.com
Mike’s Average days on Market = 44 days vs Perth Average Days on Market 75 (as of October 2017)