What happens when you put your home on the market?

In times gone by, putting your home up for sale was as simple as sticking a 'For Sale' sign out front and having an agent take out an ad in some local newspapers. Today, the emphasis is on advertising online and enacting a targeted sales strategy.

The sales strategy: advertising

The marketing element of a sale generally involves having some professional photographs taken and carrying out a media campaign. This will typically cover online media and social media, with print media sometimes thrown in for good measure.

Expect a campaign to include the following elements:

• An internet listing
• Letterbox drops
• The classic sale board
• Agency marketing (window displays, magazine ads, etc.)

From this point, the actual sales strategy comes in, which is driven by the agent. The strategy dictates the method of sale, suggestions for staging, the schedule for opens, the managing of negotiations, the delivery and monitoring of marketing content and plenty more.

Preparation is key

Ideally, a home should look its best on the day the listing becomes available.

First impressions are important, particularly in the digital age. A quality agent will advise the vendor on what they can do to present their property in a way that will maximise the sale price. This could involve selling the home vacant and filling it with hire furniture to make a strong impression.

Agents will advise on what would make a property look its best. This will factor in things like showcasing a property's natural character while ensuring it has maximum appeal to all the different types of buyer.

Sometimes, it can be beneficial to make renovations, while other times it may be better to leave it for potential buyers to visualise the renovations they would make. Hire furniture can make a place feel more like a home, but sometimes an empty shell helps prospective buyers with their own vision. A good agent will be able to advise on the right approach.

Nailing the first inspection

Naturally, opens aim to wow potential buyers with the outstanding features of a property, but they are also about showing how well-maintained it is. This is why agents advise on how to prepare the property before showcasing it to prospective buyers.

Fundamentally, this advice will be about presenting the property in the right light. Everything should look tidy, stylish and very fresh. Doors should be opened and lights turned on; even some luxury candles can be helpful in feeding the senses.

Some experts will tell you to strip out personal touches from the home, but there is a balance to be struck. If you depersonalise too much, the property will feel too sterile and lack the qualities of a loving home.

Hire furniture

This is often recommended for the duration of the selling process. It helps to sell the visions of how a buyer's new home might look. An empty living room is just a dormant space, but hire furniture can bring it to life so that visitors can see themselves living in it.

A few items of very stylish furniture or attractive artwork can impart a powerful wow factor, but it is not advised to 'over-style' the property. When styling for an open, take the 'less-is-more' approach. You want it to feel authentic and comfortable for your prospective buyers.

Don't forget the exterior

It is a big mistake to do all the work inside and neglect the outside of the property.

The exterior is important, particularly if you have an entertaining zone out the back. Match the level of beauty you apply inside to the outside space as well. Ensure all the gardening is done, and that the exterior walls and windows are clean and well-maintained. Set up tables and chairs and get those flower beds looking their best.

Revising the strategy

The initial sales strategy is a blueprint for the entire sale process. It should be open for tweaks along the way because things might not go quite to plan. If the property isn't getting enough traction from its first open, it may be necessary to re-assess the approach.

In the modern market, the first 5 days of a property being listed are a key indicator of how well it is doing. If a few dozen people come through the inspection on the first day, that's a promising sign. If, however, less than 10 people come through, there may be a flaw in the strategy.

Auction or private sale?

The vendor and agent should work together to make this decision, weighing up all the pros and cons.

Going to auction

Auctions, held at the right place and time after a marketing campaign, can be highly competitive and very transparent.

There are very strict regulations for auctions, which differ from one territory to the next. Essentially, the auction is run by a licenced real estate agent, either onsite or in an office, and the property sells once the reserve price is reached. This is the minimum amount the vendor will sell for.

One key benefit of auctions is that they can create a sense of urgency and competition. This often drives the price up, particularly when a property is in high demand or has a unique appeal. There is no cooling-off period and sellers can feel confident they will get the best possible price for their home.

If you don't like the idea of a public auction, a private auction can be held.

Private sale

This is perfect for properties where demand is lower. Using comparable sales data, the asking price can be set accurately and the property listed for sale.

This way, potential buyers will make offers to the agent, who will then present them to the seller. It is your decision whether or not to accept, so it can feel considerably less stressful than an auction.

It also offers more privacy, because an auction lets everyone know the final sale price. Private sales can also involve less cost than going under the hammer. The cooling-off period can be a downside, however, as buyers might change their mind.

The bottom line

When you list your home for sale, choosing the right agent is paramount. You are trusting the agency to advise you on every stage of the sales process, so their decisions will play a huge role in whether the sale is a success.

Sparrow Real Estate is a down-to-earth agency in Brisbane that emphasises modern solutions for today's market. We offer high-quality marketing and fair commission rates. Contact us today to learn more and book a free appraisal to get the ball rolling.