HOME > BLOG > Buying and Selling > Tips for selling your property in a slow market

The property market will always have its ups and downs, so how can you sell your property for a good price when the market isn’t booming?

There are many factors that should be a part of your sales strategy when attempting to sell your home in a sluggish market with one of the most important being understanding your property and your target market. If you have a strong sales strategy, then a rainy day (or month) in the property market shouldn’t slow you down.

Know your property and your target market

  • Firstly, you need to look at the type of property you have. Do you have an inner-city apartment? A townhouse in an upmarket area? A large family home out in the suburbs? Is it fairly new or will it need some fixing up by the new owners?

    Analysing the strengths and weaknesses of your property before putting it on the market will give you a chance to identify its unique selling points as well as the possible problems areas. That way, you will know who the market will be more appealing to and you can adjust your sales strategy in order to appeal to the right target market.

Property presentation

  • When selling your property, you need to keep your own opinions and preferences out of the picture. You need to present the property as the buyer’s dream home or investment in order to help them build an emotional bond with the property before they buy.

    No matter who your target market is, having a clean, odour free, tidy property will be on every buyer’s checklist. Even if you are appealing to renovators, if you have too much clutter, they may not be able to visualise how the property can be improved or they may simple miss the unique selling features.

    Furnishings should also appeal to your target market. If you believe that your own furniture would not suit those you are trying to appeal to, consider home staging to give the property the right feel. For example, if you are appealing to young, childless couple then modern furniture may be more suitable. However, you should try to keep furniture to a minimum as most buyers will want to mentally play with the design of the property and if there is too much furniture there, it may be hard for them to imagine whether their own furniture will fit there or not.

    Family photos, kids paintings and other personal knick knacks should also be kept to a minimum so that they buyers can once again imagine their own belongings in the property and not get distracted by looking at your family holiday photos.

Should you renovate?

  • You will need to be careful when you consider whether to renovate or not. There will be a mixed bag of buyers out there who will either want to renovate themselves, who will like the property as is or will want a property that has been recently upgraded.

    However, there are cases where you must renovate to maximise your sales price. If the property is too dated and you are having trouble finding a target market to appeal to, then you may need to add in some improvements such as replacing the flooring, adding a fresh coat of paint or re-vamping the front yard.

Property promotion

  • The key to remember here is to promote your property through as many channels as you can. The more you can get your property out there and seen by more people, the better chance you will have at selling it.

    The thing that should be tailored to your property is the content and the photography. When advertising on the internet or in print, you only have a few seconds to capture the attention of buyers, so your content needs to be catchy, straight to the point and, of course, accurate. Try giving the buyer’s something extra to help you stand out from the crowd and grab their attention. For example, some real estate agents are creating music videos or virtual tours of the property. Once again, think about your target market and where they would most likely look for property (e.g. young couples may spend a lot of time on social media, so you could advertise there).

    Your advertisement should also highlight enough of the property features to get buyers to take the next step and go for an inspection.

  • Use a calculator to get an estimate of how much you can borrow.
    Try one here.

  • See if you qualify. To get a more accurate idea of how much you can borrow with State Custodians,
    click here.

  • Call our Lending Specialists and they can do the calculation for you over the phone plus answer any questions you have at the time. Talk to us on 13 72 62.