Rethink selling strategy and create buyer interest if home is on market too long
IF YOUR property has been on the market for months – or years – it’s time to rethink your strategy, says Mike Greeff, chief executive of Greeff Properties, an affiliate of Christie’s International Real Estate.
“Many buyers start looking for a home months before they actually make an offer to purchase, so if your home has been advertised in the same way week after week, buyers tend to start ignoring it,” he says.
“Try usi ng new photographs to highlight different angles.
“Show some interior shots if the outside shots are not causing a stir. Find a different angle for the photos, or try an evening shot instead of a daytime image.”
Greeff advises sellers to approach the exercise with the view to marketing a lifestyle rather than a house.
“Let agents know what you enjoy most about your home, so they can add emotive impact to their sales pitch, and ideally rewrite the advertising blurb,” says Greeff.
Greeff also suggests taking a month’s break from the market, then reintroducing the property in a fresh way to attract the interest of a new set of buyers.
“You want to avoid a scenario in which potential buyers use the extended length of time your property has spent on the market as a leverage point to make lower offers based on the assumption that you are desperate,” says Greeff.
He says that no matter how many times agents tell sellers that their properties are overpriced, sellers might not be willing to accept the prevailing market sentiment until they do a little personal research.
Greeff suggests that sellers work with their agents on researching similar homes in the area, and in particular the same street, to compare selling prices.
“Fo c u s o n c o mpar i n g accommodation, erf sizes, facilities like eco fittings, security, proximity to amenities or a green belt, and of course the general state of the property,” says Greeff.
“Sellers should also visit showhouses in their areas to see what’s on offer and how the homes are being presented. Chat to would- be buyers at these showhouses to get an idea of how they perceive the showhouse and you might even be able to get some insight into how much they’re prepared to spend,” says Greeff.
He believes that this kind of research might lead sellers to decide to renovate, tidy up their gardens or even get homestagers involved.
“Comparative research could also reveal the need to reduce the listing price. This needn’t be a terrifying thought, as even a minimal reduction in price can be used to gain a psychological edge from a marketing perspective.
“A property advert with the news flash indicating a price reduction is bound to attract renewed buyer interest,” says Greeff.