When the housing market is in a slump, closing dormant real estate deals can be a major challenge for sellers and property agents.
But making the sale doesn’t have to be mission impossible. The following marketing strategies and sales tactics can help you to close deals.
Guest blogger – Dave Watkins, DJW Property
Bring in the professionals to help you close deals
Many penny-saving owners opt to go it alone when they decide to sell their homes. But when you are selling in a flat market, and that For Sale sign in the front yard is doing nothing but accumulate cobwebs, it’s time to hand the job over to the experts.
Most real estate agents will charge a substantial commission – the going rate can be anywhere up to 6 percent of your home’s sale price – but the expense will be money well spent.
If you take the DIY approach to selling your property and stick a sign out front, you limit the pool of potential buyers to neighbours and passers-by. Even if you pay for online advertising, you are putting the sale at the mercy of the whimsical Internet Gods – not to mention the haggling, negotiating and legal jargon that you will have to navigate in order to close the sale.
But when you bring in an agent to sell the property, you are opening up a door that leads directly to the market. Incentivised by the promise of big commissions, real estate agents go out of their way to connect you with potential buyers and make the sale happen. Do your research and make sure that the agent you hire is a reputable local expert.
Don’t be too proud to accept less than top dollar
When the housing market is flat, sellers can’t be too choosy. Get a good sense of the prices that similar properties are fetching in comparable neighbourhoods. If the house down the road sold last week for two-thirds of your asking price, you probably need to rethink your numbers.
If you have the time and resources at your disposal, you may wish to withdraw your home from the market until things pick up. But if you are under pressure to sell, you will have to swallow your pride and pitch your property at a competitive price that is more in line with market trends.
Perk up the offer
If you’re not getting any bites, chances are your bait is not tasty enough. To hook the right buyer, you might need to dress up the value proposition to really catch buyers’ attention.
Before you start randomly throwing in bonuses and giveaways, work out a budget that will reasonably allow you to dress up your offer with some enticing perks to get the sale across the line. Are there any simple, affordable cosmetic repairs or upgrades that you can do to boost the property’s curb appeal? Offer to give the place a fresh paintjob or make any minor improvements that are likely to appease the buyer.
Or perhaps offer to pay the buyer’s legal fees, or settle up on rates for the year ahead. Everybody loves added extras. If you throw in a few tasty perks, you should have a happy buyer on the line in no time.
If you are currently living in the home that you wish to sell, your presence might be deterring potential buyers. Consider packing up shop and finding alternative living quarters while the property goes to market. The presence of the owner – and all of their furniture and trappings – can be a big disincentive for prospective buyers.
When looking for a place to call home, would-be buyers like to take their time exploring every corner of the property and walking through the home to get a good sense of the space. When the current owner is still in the space, buyers often feel like they must be on best behavior – like a guest in someone’s home – and cannot really give the space a thorough, no-holds-barred inspection. An empty space can also help buyers better visualize how the property will look if they decide to make it their own.
While there is no magic miracle cure for selling a property that has been on the market for a long time, these simple tactics can improve your chances of closing the deal once and for all.
Have you ever struggled to sell a property in a flat market? What was the clincher that helped you finally close the deal? Share your insights and experiences in the comments section below.
About the blogger
Dave is the Managing Director and Founder of the DJW Property, an award winning real estate agency, achieving great success as the market leaders in the exclusive suburb of real estate in Sylvania Waters. He is a leading real estate agent in Sydney for approx. 20 years and dealing with various properties for sale in Sylvania Waters. Dave with his in-depth knowledge continually strives to achieve the perfect property transaction for his clients.