Selling your property? Don’t risk being ‘undersold’
The WA property market surge is at the forefront of media attention, so there’s a high chance you’ve heard some suburbs are experiencing a rise in house values.
As listing stock levels hit a 10-year-low and buyer activity continues to increase daily, supply and demand contrasts are allowing some sellers to enjoy sales outcomes on parr with Perth’s mining boom era.
As we adjust to a fast-paced market environment, some property owners may be at risk of underselling their asset.
Scott Fletcher, Agency Director at Realmark Urban commented on what it means for sellers to be ‘undersold’.
“To be ‘undersold’, is when your property hasn’t endured a true test of the market to ensure it extracts the highest possible price. This generally occurs when it hasn’t been advertised for an optimised duration to a wide enough buyer audience to attract all potential offers,” said Scott.
“In any market, a property is worth what the premium buyer is willing to pay. So, when the market’s demand is outstripping supply (such as now), a smart selling strategy and marketing campaign is paramount to achieving peak market value,” he said.
The real estate director said that since the market took a positive turn mid last year, Perth has experienced an increase in ‘off-market’ and fast sales.
“An ‘off-market’ sale is where a seller lists their property with an agent and it’s marketed and sold via the agency’s database or to a pre-qualified list of buyers. This strategy can be appropriate for sellers looking for a fast, discrete sale. However, we urge vendors that are selling for the highest possible price outcome to reconsider this method of sale, purely based on the strategy’s lack of buyer engagement,” he commented.
“A fast sale is where a property is launched to the public domain and is sold after the first or second home open. In the current market, it’s likely the first weekend will attract good home open attendance and a few compelling offers for the seller’s consideration. It might be tempting as a seller to accept an offer from the first round – however, in our experience, you may miss out on the premium buyer for your property by closing too early.
He confirmed that there are proven methods available to sellers to ensure they can feel confident that they’ve maximised their property’s sale price.
“I encourage sellers in most cases to opt for a ‘no price’ strategy of either a Realmark Set Date Sale or Auction; we call this a smart sale. This will ensure the market determines the price, and in an environment where there’s high buyer demand and competition, this will generally exceed the value of properties outlined in the comparable analysis.
“It’s also important to assess the selling strategy proposed by your real estate agent for quality marketing with high frequency and reach (utilising effective channels outside of the main portals), a plan to advertise for optimum days on market, and effective buyer engagement techniques,” said Scott.
Realmark Urban is advertising over 95 per cent of their listing stock without a price and via their exclusive selling method, Set Date Sale to ensure their client’s assets are not undersold.
If you’re looking to take advantage of the heightened market conditions and achieve the optimal price outcome for your property, please contact me today.