Re­think sell­ing strat­egy and cre­ate buyer in­ter­est if home is on mar­ket too long

Weekend Argus (Saturday Edition) - - PROPERTY - SATUR­DAY

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.

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