Unlike a good book, houses have a limited shelf life, at least when they’re for sale.
Blog by JAMES COPELAND
Timing is critical if you want to maximise the value of your home and getting the time-frame of your sale strategy wrong, could cost you a fortune. In many ways, releasing a house to the market is like releasing a movie. Half of the movie’s total box office revenue is usually earned in its opening weekend, when it generates the most buzz and excitement. Typically, a movie’s gross halves in its second weekend and then tails off.
The same is true for even the best homes, that’s why you want to sell your property while it is the star attraction, when it’s still fresh and popular. The longer it’s on the market the harder it will be to sell. Buyers largely fall into two camps. Ready buyers (who will buy tomorrow) and those that are new to the property market. People typically see 10-20 properties before they’re ready to buy.You wouldn’t believe how many people tell me, “We love this house, but it is the first one we have seen.” So it’s the ready buyers that you want to target with your campaign. The kind who are eager, motivated and potentially have missed opportunities on other houses. So when your home comes up for sale, they’ll hit it and hit it hard. That’s why there’s a peak period for piquing interest in your property.
I have tried everything over the years from one-week to five-week campaigns and I have found that the optimal time frame to get the maximum benefit from that pool of ready buyers is exactly 16 days! In a buoyant market you’d expect 20+ groups at the first open home,8-10 at the second and literally only two or three at the third. The problem is by that third week those two or three buyers are now only new buyers in the market which means they aren’t ready to offer. So it is crucial you maximise the pool of buyers who have spent time in the property market and are keen to make an offer. But don’t run the risk of making them wait too long in the hope of getting a marginally better offer.
What you need are competitive processes that work within a specific time-frame, so you can capture the most motivated buyers and capitalise on that competition. At the same time, don’t limit your properties exposure by cutting a campaign short.
No.1 Individual Salesperson 2016 & 2017
ANDCO REALTY LTD: LICENSED UNDER REAA 2008
M 027 777 1120
T 04 382 9313
E [email protected]