Melbourne's Home Selling Guide - Produced By WIN Real Estate

12/04/2019

OUR GUIDE TO SELLING YOUR HOME FOR A PREMIUM RESULT

Selling your home is one of the most important transactions you will undertake in your life. That’s why it deserves the best result possible. Here at WIN Real Estate, this is exactly what we do best - sell family homes at a premium price.

Over many years we’ve carefully honed our craft to develop a formula that works week in and out. If you are thinking of selling, we’d love to share our methods with you and offer you a tailored solution for your property. But first let’s get to some of the basic elements of each successful campaign we launch here at WIN.

 
ELEMENT 1 – PRESENTATION

This is probably the most well-known - but surprisingly, most neglected - element in a property sale. Presentation doesn’t just mean how clean your house is. It also relates to how your house flows and its colour scheme. It’s all about how a buyer feels when they first pull up outside your home as well as when they inspect it, inside and out.

We often engage the services of a stylist or interior designer to provide our clients with advice about what appeals to prospective purchasers for each property on an individual basis.

Every home is different and so too is the advice. Some homes may require landscape attention; others furniture restructuring; others a paint refresh or staging in certain rooms. This is element really is the key to increasing buyer emotional attachment which is vital to securing a successful sale. 

ELEMENT 2 – PRICE

Getting an exceptional sale price involves a few steps. First, we must engage the market by seeking out some logical price evidence to adequately position ourselves. Simply put, this means investigating recent sales in your immediate area and comparing them. We can then create a logical price point which entices buyers to inspect.

When it comes to price, the vast majority of buyers start off thinking logically but finish emotionally. Therefore, if you set your price in a logical ballpark, buyers will inspect. Provided your home is well-presented and suits the buyer’s criteria, they will shift from a logical mindset to an emotionally-attached one. Once this happens, deciding to purchase becomes more about lifestyle than exact dollars and cents. It is in the highly emotional part of this equation that an opportunity for a premium result is found. Traditionally, emotional buyers end up spending 5-20% more on a property.

If a buyer feels your property is overpriced - even if they like your property - this prevents them from moving to the emotional part of the process because logically, they don’t agree. They will quite often leave the property without placing an offer. This is why some homes sit on the market for extended periods even when there is nothing wrong with them. It’s just that the market place can’t see the logic in their price point.


ELEMENT 3 – SALE METHOD
Buyers like it simple so we only use two sales methods – auction and private sale.

Auction
The auction method leaves the outcome open whilst also accelerating the sale process by placing a closing date on marketing. This really does compel buyers to make a decision prior to the auction date, creating a heightened sense of urgency and excitement which ultimately leads to securing that all-important premium sale price.

A common misconception about an auction is that it costs more. This isn’t necessarily the case. While there is an auctioneer fee, the rest of fundamental costs remain the same.

Private Sale
This method suits homes that are easy to price or have firm comparables in the local area. If your property sits in this bracket, a private sale is the way to go.

With a private sale, buyers have total clarity about your asking price. The only danger with this method is getting the wrong assessment in the initial stages of pricing. If your agent is inexperienced, they can easily over or under-price your home which can be a very expensive mistake.

Our advice when deciding to go private or to auction is to check out what others are doing in your market. If your suburb has a high amount of houses going to auction, there is no point being the only one that goes for a private sale … and vice versa.

ELEMENT 4 – MARKETING
Marketing is not just advertising. It is a series of activities to build up the perception of the value of your property. The quality and structure of your marketing campaign determines how your property stand outs in a very competitive field.

Think of marketing as the fuel of your property sale. If you consider there may be hundreds of properties that buyers could choose from across a number of suburbs at any one time, the effectiveness of your marketing campaign determines who sees it and who doesn’t. And those numbers make a huge difference in getting feet in the door to inspect.

In essence, the two things you need to look for in a launching a successful marketing campaign are quality and reach. Quality in terms of the actual components of the campaign (professional copy writes, billboards, online presence and so on) and reach in relation to how many buyers you can target across suburbs, states and even internationally.

ELEMENT 5 – YOUR AGENT
Google surveyed 10,000 home sellers about the key attributes they looked for when choosing a real estate agent to sell their home.

They found:

49% of the decision making process came down to trust
16% was based on track record & results
13% was the agent’s negotiation skills
3% was related to brand

We can relate to these results. Most of our previous clients tell us they chose us because they felt comfortable and trusted us to act in their best interest to get the best deal.

Others said they looked at our track record in the local area to gauge our results. As they quickly discovered our fantastic sales rates (we hold the record for the high selling property in our area), they came on board. After all, why wouldn’t you choose agent that can get you an extra $20,000 or $50,000?

As for brand, it doesn’t seem too high on our previous clients’ list. So what criteria is important to you?

ELEMENT 6 – BUYERS
When it’s all said and done, the best way to get the result you desire is to have a pool of buyers vying for your property. It’s all about creating exposure to as many markets as possible - both local and international. All the other elements act as a foundation to supporting this outcome.

In summary,

if all these elements are covered and maximized during the sale of your property, you can be sure you have given yourself the best chance of securing a premium outcome. If you’d like to speak more about how we ensure we cover all these bases in the sale of our properties, please contact us to have a chat.



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