Following reports of clearance rates significantly dropping and the constant threat of an interest rate rise, I thought I’d share my personal tips on how to close a sale in under a week – and for a record price.
Only last week I applied these tactics and sold a one-bedroom apartment in Chiswick in under one week – prior to auction and $60,000 over the reserve. This not only saved my client the expenses of marketing and going to auction, but it also got them the result they wanted in the fastest time possible.
My top 5 tips include:
1. Plan the entire campaign out – Don’t expect the property to sell in one week and therefore not prepare thereafter. By planning the campaign out with a view to selling in 4-5 weeks, the reverse psychology effect of this will have an impact on the buyer.
2. Make a big splash with marketing in week one – Be open with buyers about your secondary marketing efforts such as print media, social media, the re-targeting of ads etc.
3. Make it easy to proceed quickly – Have an independent company prepare pest, building and strata reports at the time of listing so they are readily accessible when a buyer is found.
4. Establish the three price brackets – Determine wherein the three categories of buyers fall (bargain hunters, analytical, emotional). If these price points are clearly identified from the start, this keeps the vendor grounded and makes their decision making process easier when an offer does come in. They will know where the offer sits.
5. Pre-frame the quick sale scenario with the vendor – Ensure that they understand that ‘holding out’ for that right price is not the right move. It is not about how long their property has been on the market (or how long they wait), it is about how long the buyer has been in the market. A buyer may have been searching for the right property for 12 months, so whether the vendor’s property has been on the market for one week or eight weeks makes no difference to the buyer. If the property is right for them, it is right for them then and there – time is irrelevant.