Em­brace non­con­for­mity

Herald Sun - Property - - OPINION -

THERE is no doubt ev­ery city, town, sub­urb, re­gional area, coastal or ru­ral lo­ca­tion will have its most pop­u­lar prop­erty con­fig­u­ra­tion.

Not only ac­com­mo­da­tion and the size over­all, but room lay­outs, block size, as­pect, fea­tures, spec­i­fi­ca­tion, value range and even de­sign, style and age.

Many of th­ese el­e­ments are ac­tu­ally very chal­leng­ing to quan­tify in on­line searches. This is why to­day’s con­tem­po­rary mar­ket has seen such a swift emer­gence and evo­lu­tion in house mar­ket­ing in the form of im­agery, both mov­ing and still, in­ter­ac­tive floor­plans and the now high­de­mand drone shot.

All done to pro­mote a prop­erty’s fea­tures to a very hun­gry, in­for­ma­tion-greedy buy­ing public, so they can see if your prop­erty ac­tu­ally of­fers the lo­cal mar­ket “must haves”.

Ig­nore this hous­ing mar­ket phe­nom­e­non at your peril. How­ever, to be able to ad­dress the is­sue or ac­tu­ally cre­ate changes to meet this mar­ket de­mand, in many cases is not only phys­i­cally im­pos­si­ble, but the cost would ac­tu­ally out­weigh the added value ben­e­fit.

So if you are the ven­dor of the prop­erty type that is dif­fer­ent and sim­ply does not conform to the most sought af­ter prop­erty de­mo­graphic, what to do?

Prop­er­ties of all types still sell even when they don’t fit in, but es­tab­lish­ing your area’s “most pop­u­lar” search con­fig­u­ra­tions is an ab­so­lute must for all sell­ers to re­ally help un­der­stand likely de­mand and the true value of your home.

I of­ten wit­ness mis­takes in per­cep­tion and un­nec­es­sary con­cerns from sell­ers wor­ried or sim­ply un­aware that their prop­erty’s spec­i­fi­ca­tion, pre­sen­ta­tion, de­sign, or lo­ca­tion has the im­pact on the mar­ket place it ac­tu­ally does, whether that is a pos­i­tive or a neg­a­tive im­pact.

I re­ally sug­gest, as a seller, you get to know your mar­ket’s most pop­u­lar prop­erty con­fig­u­ra­tions then fine tune that knowl­edge by look­ing in the pa­pers and on­line to check out pre­sen­ta­tion/spec­i­fi­ca­tion, what is ex­pected and what buy­ers de­mand for their hard­earned dol­lar.

If you do this be­fore you start the whole process you will feel ed­u­cated and in con­trol from the get go.

Why is this rel­e­vant, es­pe­cially if your home misses the mark and you are dif­fer­ent?

IF your home is smaller than usual, price ac­cord­ingly, and if you are able to demon­strate a way to ex­tend/cre­ate more ac­com­mo­da­tion, get the plans and devel­op­ment ap­pli­ca­tions in place. If your home is big­ger, ac­cept the buyer num­bers will be less but they may be more fo­cused as they have less choice.

ALONG with most pop­u­lar prop­erty con­fig­u­ra­tion comes most pop­u­lar price range.

Ac­cept that if your home is higher in value, de­mand may be slower and ad­di­tional size may not be fully re­flected pro­por­tion­ally in added dol­lars. If the likely value is be­low the area’s me­dian, de­mand may be higher than you ex­pect — buy­ers love en­try-level buy­ing in most ar­eas.

IF you are pre­par­ing to sell, never pre­sume you need to do any­thing other than clean, tidy and de-clut­ter with­out check­ing your lo­cal mar­ket first. If your prop­erty is not in the most pop­u­lar cat­e­gory, you should be wary of how much you should risk on im­prove­ments. AS a po­ten­tial seller of a dif­fer­ent or unique home, play the tim­ing game. Try to tie your list­ing in with only lim­ited num­bers of sim­i­lar homes for sale. In an in­stance like this you’re gen­er­ally com­pet­ing for a smaller buyer pool. If that is linked to a small sup­ply you could be a real win­ner. My mes­sage for the those who do not have “usual” homes: there is no need to worry. Ac­knowl­edge your home’s strengths and weak­nesses, then you will know if stag­ing or im­prove­ments are worth­while and vi­able. Not for­get­ting buy­ers: feel free to buy in any cat­e­gory, but be wary the high-de­mand prop­erty con­fig­u­ra­tions can come with high price tags and less value for money.

An­drew Winter hosts on the Life­style Chan­nel

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.