The four Ps to position you for a great result
Despite the record low number of listings available for sale, buyers are being more discerning and perhaps a little more conservative when it comes to offering on a property in many cases, unless there is a strong emotional engagement and/or competition.
While sellers can’t control the greater economic forces at play in the market, what you can do as a seller is work on the things that are within your control to help ensure that you reach as wide a target market as possible and achieve a great result as swiftly as possible. So we thought we’d share with you what we call “The Four Ps” that are within your control.
The first P is for Professional – that is the professional advisor and negotiator you choose to represent you in the sale of your home. Not all professionals are the same and it’s important to understand that who you choose to work with matters. Things that you might want to consider when appointing an agent (Professional) to represent you include: their experience, detailed understanding and expertise in the local market, their communication skills, how they communicate with you as a seller and you and others as buyers, and their negotiation skills, do they work to achieve the strongest price possible and how do they do that? You may find attending home opens to see how they interact with clients and what their follow up is useful.
The second P is Presentation – presentation can have a significant impact not just on the price that you achieve but even on the number of buyers who engage with and/or come to view your property and your time on the market. As a time-poor society, people make choices about whether they will make the time to view a property. When a property is well presented you attract more buyers and create stronger emotional engagement which often results in greater competition and ultimately a stronger price. Things that you can do to improve presentation include having a consultation with a stylist, staging a property for sale, cleaning a property thoroughly prior to going to market, attending to maintenance issues, mulching garden beds etc.
The third P is Promotion – the quality and reach of your marketing campaign is a third variable that’s within your control as a seller. Choosing an agent who can best advise you on who the likely target market for your property is and how best to reach them and what features of your property should be highlighted in the marketing are really important. And while a marketing campaign of $2,000-$4,000 may sound like a lot, when put in perspective of both the value of your property and the price difference that you might achieve because of competition combined with the engagement of a highly skilled negotiator (your Professional) then the investment in high quality promotion of your property should provide you with a great return on your investment (and the knowledge that you’ve done everything to maximise the chances of reaching the widest market and achieving the best price for your property).
The fourth P is Price – almost every seller wants a strong price for their property. We understand this. At White House, as professional negotiators and advisors we are always working to achieve the best possible price for the property for our sellers while providing you with the best strategy and advice on how to achieve it. By pricing the property appropriately for where the market is for your property is, you will position yourself to have the best chance at creating competition for the property and achieving a great sale price.
If you would like to how we can help you with The Four Ps or would simply like a market update please get in touch. We would love to help you!
THE LOCAL MARKET – A WORD FROM OUR DIRECTOR, STEFANIE DOBRO
Speaking of The Four Ps, this week we had a great example in our local market of The Four Ps in practice!
We were recently approached by a seller who had been on the market for a protracted period with another agent and asked for our help. White House Advisor and Negotiator Carlie Baker met the seller and provided her with advice on the presentation, promotion and a pricing strategy for the property. The seller appointed Carlie to represent her. Carlie assisted the seller with staging the property for sale to engage the market, promoted the property on the internet portals, social media and through signage and did two home opens on the first Saturday. Carlie’s campaign and pricing strategy attracted buyers to the property, created emotional engagement and competition and resulted in three offers being presented in the first week! The property went under offer in just 5 days for a price the seller was delighted with.
Again, if you’d like to find out more about how we can help you with The Four Ps, please get in touch as we would love to help!
REIWA is reporting that there were 7,143 properties for sale in Perth for the week ended Sunday 12 February, which is up 2.1 per cent compared with the previous week. This can be attributed to house listings increasing by 1.9 per cent, unit listings increasing by 2.5 per cent and vacant land listings increasing by 2.3 per cent.
Last week’s total figure of properties available for sale is similar to levels seen four weeks ago but it is 10.5 per cent lower than levels seen a year ago.
