How to stand out at auc­tion

Chinchilla News - - REAL ESTATE - By Richard Arm­strong -REA

TO make your prop­erty stand out at auc­tion time, make it ac­ces­si­ble, con­ser­va­tively cre­ative, fa­mil­iar, in­clu­sive, light and ap­peal­ing.

In any given month, some­one plan­ning to buy a home might have up to five prop­er­ties on a short­list that meet their re­quire­ments.

Over the weeks that fol­low they strike prop­er­ties from their list for var­i­ous rea­sons, but those with the most ap­peal usu­ally make it through the cull.

For this rea­son, many be­lieve the way we buy and sell prop­erty is a lit­tle like a pop­u­lar­ity con­test. That is, the most pop­u­lar and lik­able house wins (gets the best price and/or sells the fastest).

In a sense, sell­ing a house is a lit­tle like mak­ing any other prod­uct pop­u­lar. For ex­am­ple, mu­sic pro­duc­ers Stock, Aitken and Water­man – pro­duc­ers of Kylie, Bana­narama and Rick Ast­ley – were masters of the pop song. They used a for­mula.

The mu­sic was catchy, ac­ces­si­ble, con­ser­va­tively cre­ative, fa­mil­iar, in­clu­sive, light and ap­peal­ing. And it sold like hot­cakes.

The truth is that just like a pop­u­lar­ity con­test, buy­ers are

❝ Mu­sic pro­duc­ers Stock, Aitken and Water­man were masters of the pop song. They used a for­mula. The mu­sic was catchy, ac­ces­si­ble, con­ser­va­tively cre­ative, fa­mil­iar, in­clu­sive, light and ap­peal­ing.

drawn to the most ap­peal­ing prod­uct on the mar­ket.

What hap­pens if we ap­ply the same think­ing to the way we present prop­erty for sale?

That is, we make the prop­erty ac­ces­si­ble, con­ser­va­tively cre­ative, fa­mil­iar, in­clu­sive, light and ap­peal­ing.

Here’s my for­mula for prop­erty pop­u­lar­ity:

■ Colour schemes should be warm and invit­ing; off-whites and other neu­trals make rooms feel lighter and more spa­cious.

■ Light­ing should be bal­anced through­out, en­sur­ing all rooms are well pre­sented.

Fea­tures should be high­lighted by light­ing and dull ar­eas bright­ened up, thus draw­ing prospec­tive buy­ers into each space.

■ Floor­ing should be modern, main­stream and in good con­di­tion. Light fit­tings, switches, door han­dles and locks should be up­dated and not gar­ish.

■ Clut­ter should be re­moved so prospec­tive buy­ers can see a clean pal­ette of a home and can vi­su­alise their own be­long­ings in the home.

Be mind­ful of mak­ing it too aus­tere and sparse – warmth is al­ways ap­pre­ci­ated.

Just like a pop­u­lar­ity con­test, buy­ers are drawn to the most ap­peal­ing prod­uct on the mar­ket. For the ven­dor, this ap­peal gen­er­ates a broader pool of buy­ers, in­creas­ing the num­ber of prospec­tive pur­chasers.

This trans­lates into greater com­pe­ti­tion and a higher price – of­ten 10s of 1000s of dol­lars higher. Just sell­ing your home means you’ve merely taken part in the pop­u­lar­ity con­test.

Sell­ing it quickly, for a strong price, means you ac­tu­ally won it.

PHOTO: ERLE LEVEY

It’s im­por­tant to en­sure your house catches the imag­i­na­tion of buy­ers

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