4 Tips on How to Sell in the current Buyer’s Market
by Mint Real Estate Claremont
While Perth real estate is showing signs of recovery, it’s still a buyer’s market.
Comparing September 2018 sales figures with September 2017, prices dropped just 1% across the Perth market, with the median house price currently $505,000.
While falling prices aren’t good for sellers, these latest figures are an improvement on what we’ve been seeing in recent years. Comparing September 2015 to September 2014, prices dropped 4.2%.
It seems clear the rate at which prices have been falling is now much lower, indicating that prices should soon start turning around.
However, if you’re looking to sell your home this summer, closing the sale won’t be easy, as there are still more properties on the market than prospective buyers.
It’s all in the approach
You need to approach the process just like a marketing executive would approach selling any consumer product. Using a clearly defined marketing funnel, you’ll be able to take potential buyers through a series of stages, hopefully resulting in a successful sale.
The first stage is the need to generate AWARENESS of your property in order to attract potential buyers. Secondly, you’ll need a strategy to build their TRUST. This should finally lead to the third stage which is CONVERSION, whereby a prospective buyer becomes an actual buyer.
In the coming weeks, we’ll discuss strategies for building trust and conversion. But this week, here are some strategies you can implement to boost awareness of your property, in order to maximise the number of potential buyers you attract.
86% of buyers search online when looking to purchase a property. They largely use the major classified websites such as domain.com.au and realestate.com.au.
As the primary method for advertising real estate, listing your property on these sites should be your top priority.
However, posting your home for sale on the major classified sites might not be enough.
While people who are actively looking for real estate will be searching online, there are potentially many passive buyers who don’t know they are in the market unless they chance upon an ideal property.
To engage these passive buyers, you need to reach out to them through other methods, rather than waiting for them to find you.
As mentioned, most buyers are searching for properties using online classified sites. But that doesn’t mean you should ignore print media.
The local newspapers still attract a lot of casual browsers, some of whom may be motivated to consider buying your property if it ticks all their boxes. Research suggests using a combination of online and print advertising helps generate stronger sales.
And you don’t just need to stick to your local newspaper. Understand who your potential buyers are. There may be local newspapers in other areas of Perth with a readership that matches the demographic characteristics of your property’s potential buyers. It may be worth advertising in those newspapers too.
As with print, having a strong social media presence can also attract passive buyers who may not yet be actively looking for real estate. By partnering with an agency such as Mint Real Estate, with its strong social media following across platforms including Facebook, LinkedIn, Instagram and Twitter, you’ll benefit by expanding the range of people who see your property.
Social media is particularly strong among the millennial demographic, who make up 66% of first-home buyers. To successfully reach this large audience, you need to be advertising through social media.
Social media is also able to amplify your audience. Not only will Mint’s followers on these platforms see your property, as the listing generates “likes” and “shares”, more people will also come across it.
Video is fast emerging as one of the hottest trends in online real estate content, generating more than 4 x the number of inquiries compared to properties with no video. Having a short but powerful video will demonstrate the features of your property, generating greater interest. Video is also more widely shared, as it helps highlight the sort of lifestyle the lucky person who buys your property will be able to lead.
How Mint Real Estate Can Help
The more awareness you can generate in your property, the more likely it is you will have multiple buyers competing for your home. That can have a very significant impact on your ultimate sale price.
By combining online and offline media strategies, Mint Real Estate will tailor-make an advertising campaign to maximise awareness of your property with the right audience.
Please give us a call on 08 9284 6000 or click here to contact us.