Selling a property needs expertise, especially in a soft real estate market. This refers to a market where there are surplus properties for sale and not enough buyers purchasing. In this scenario, it can be harder to attract potential buyers and get the best sale price.
However, with the right strategies and professional help, it is possible to achieve a great outcome even in a soft market. In this blog, we will discuss tips and tricks that will explain how to sell your property in a soft real estate market.
1. Styling and presentation
Styling your home professionally it’s crucial for selling a property regardless of the market conditions. But in a soft market, it’s an absolute must! The number of properties for sale increases, so you need to ensure your property stands out from the competition.
Hire a professional and enquire about how to style your property to increase the chances of evoking an emotional connection with potential buyers during the open house. Remember to style with a focus on selling the lifestyle that your property and suburb can offer.
2. Property condition repairs
A large percentage of buyers are less interested in properties that need significant maintenance and repairs due to added costs, and delays that may occur when involving a builder.
So, when selling in a soft market, ensure your home is ready to welcome new potential owners, before listing it. If your property needs repairs, focus on those areas that will provide the biggest impact with the least investment. For example, new carpet and paint can go a long way to immediately improve the appearance of a property and make it feel liveable. Buyers can move straight in and then update the kitchen and bathroom later on.
3. Marketing
In a soft market, the competition is higher, therefore you need to be strategic when marketing your home for sale.
Hire a professional  with great negotiation skills and enquire how they are going to market it. Ensure that the property is going to be listed on major websites like domain.com.au and realestate.com.au.
Ensure your Real Estate Agent uses a professional photographer and copywriter to make your listing stand out. Consider investing resources in targeted social media campaigns, to show your listing to buyers who fit the profile of people who would likely buy your property.
4. Price and expectations
When the market is a bit slow it’s essential to have realistic expectations about your property sale price. Overpricing can discourage potential buyers, while underpricing can result in a financial loss, so you need to achieve the right balance and leave the emotion aside.
Do thorough research on websites such as reiv.com.au and get a fair estimate of the value of your property before setting a price. Remember that in a transitioning market you need to be flexible. Check the prices of similar properties that are currently being sold around your area, as they may change quickly and align your expectations accordingly. By being informed and proactive, you can make better decisions and increase your chances of a successful sale.
5. Real estate agent
In a slow market, it’s crucial that you take your time to find the right real estate agent that will help you through the process.
Avoid choosing agents that promise you the world. Instead during the interview process make it clear that you want the sale of your home managed by a senior rather than a junior Agent. Check their reviews and track record on their website and online presence.
Additionally, when an Agent provides an estimate of your property’s value, be sure to ask for evidence of how they conceived that price. Be wary of agents who overestimate the value of your property in an effort to secure your listing.
If you have found these tips on how to sell your property in a soft market and you need professional guidance on how to sell your current home, email us today or call us at 03 8680 9421.
