Creating competition for your property.
Selling your home for the best price involves creating competition, and it’s a skill a good real estate agent will have honed over time.
After all, if you’re selling your most important financial asset, the most powerful position you can be in is to have more than one buyer vying to secure your home.
So how do you create competition when it comes to selling your home?
It’s all about the sales campaign
Creating competition is the key focus of any property sales campaign.
It starts with defining the property’s point of difference, marketing that to best effect, and targeting the greatest array of buyers possible.
Then it’s about maintaining that interest to ensure more than one buyer is interested in purchasing your home.
This competition allows your property to achieve the best price possible, whether it’s via auction or through a private treaty sale.
It starts with a great marketing
Every effective sales campaign starts with great marketing that’s focused on highlighting the property’s features and benefits to a wide audience of potential buyers.
But long before the photographers and videographers attend, the home needs to be prepared for sale, and that’s where the vendors have the opportunity to really make it stand out from the crowd.
Preparing your property for sale involves tending to all those little things that need to be finished around the property and giving it a bit of a spruce up.
It’s about presenting the home in the best light and allowing potential purchasers to envisage themselves living in that space.
You can read our complete list of tips for preparing your property for sale here.
Then, once it’s ready, the marketing campaign involves telling the story of the property visually, verbally and in writing with advertising and marketing that is positioned where your potential buyers ‘hang out’.
For most properties that will be social media, the property portals and online. It might also extend to paid print advertising and more.
But the aim of the game is to position that property in front of a target audience of prospective buyers.
Does the promise live up to the expectation
With the marketing campaign in place, attention turns to open homes and inspections, and this is the moment where potential buyers decide if the property lives up to their expectations.
These open homes are a critical element when it comes to creating competition for your property.
Ideally, the marketing campaign will draw people to the property, but it’s the open homes where they decide if this is a property that piques their interest or suits their needs.
Generating further interest
Open homes are also the opportunity to understand how much interest there is in the property and whether it’s priced correctly.
It’s also the chance for the agent to liaise with potential purchasers and find out exactly where they’re at in their buying journey and whether they’re serious about purchasing your home.
This is where the skills of a great agent come into their own. They will quickly determine who the potential purchasers are for your home and start working with them to boost that competition and create a sale.
Negotiation
With interested parties comes the opportunity for negotiation and, again, this is where a great agent truly shines.
They will liaise with your property’s prospective buyers, determining what they’re willing to pay, creating a sense of urgency, and working with each of them to get the sale across the line.
Ideally, the sales and marketing campaigns will have created enough competition to see more than one party involved in the negotiation process, thereby ensuring your property achieves a great price in a short timeframe.
How we can help
If you’re considering selling your property, why not chat with one of our friendly agents to understand how we create competition in your local market?
Or feel free to enter your address below to get your instant property estimate.
We’re not just about property, but the people and the stories behind it. You can also view our list of currently available properties here.
