Selling a home is hard. But it’s been done countless times. Experts know what works and what doesn’t. Overall, there are four elements of successful real estate sales campaign:
- Choosing the right method
- Developing a comprehensive marketing plan
- Styling to sell
- Deciding on the right pricing strategy
Choosing the Right Method of Sale
There are three different methods of sale you can choose from. They are:
Selling by Auction
This is a private sale that takes place at a specific date and time. It’s conducted by a licensed real estate agent, and there are strict rules and regulations you need to follow that differ according to each state and territory.
The advantage of an auction is that it creates a sense of urgency, which helps to encourage a sale. Plus, there is typically no cooling off period, meaning if the property sells at auction, the deal will likely close. There will be inspections, of course, but things are looking good if the auction is successful.
Selling by Private Treaty
In this method, you set the price tag, and then your agent negotiates with each and every interest party. You have more control over the sale, more time to consider offers and the ability to extend the time the property is on the market.
Sale by Expression of Interest (EOI)
EOI sales have you put your property on the market for a set period of time, usually 4-6 weeks. During this period, people who are interested send you a written offer. At the end, you go through and choose the offer that is best for you. In the event no offer is acceptable, you can renew the EOI period, or you can also shift to sell by private treaty.
A Comprehensive Marketing Plan
Your marketing plan needs to include a good mix of digital media, signposts, local marketing and newspaper advertising. Your agent should know what will work best in your market, but make sure they are promoting your property from many different angles.
Styling Your Property to Sell
Styling means setting your property up to look its best, as well as organising, tidying, decluttering and decorating it. The idea is to give people a great first impression when they first walk into your home, as this will help you show to them that the property is the home they want.
While this might seem like an unimportant step, most agents agree that a well-styled home has a better chance at selling, and that they tend to get better offers than homes that are not styled.
Right Pricing Strategy
Putting your property up for sale at the right price is critical to a successful sale. Setting it too high will turn people away, whereas putting it too low can cause you to leave money on the table. You’ll want to have an appraisal done to find out how much the home is worth, but then you’ll also want to consider buyer sentiment, feedback from offers and also your agent’s opinions, as all three can help you set the most competitive and beneficial price for your property.