A booming property market in the post-covid19 era is nothing but a misnomer. With the local job sector taking the hit and ‘For-Sale’ standees, slowly but steadily taking over your residential and commercial lanes, selling an establishment for a decent price is exceedingly difficult. Then again, besides the excruciatingly slow property market, as a seller, you also need to account for the ‘Price Reduction’ signs, featured by almost every competitor, as a sure shot technique to generate sales.
Then again, all is not lost for a property seller even when the odds are stacked against a rewarding sale. While the economy might take some time to pick steam, you can still get a good value for the property if you take care of certain aspects, before getting it listed. Most importantly, every crisis makes way for newer opportunities and the battered property market might still have a lot left in it to ensure a pretty lucrative deal.
Analyse the Target Market
The type of property you are listing out has a lot to do with your chances of getting good offers. For instance, the mid-tier apartments or commercial establishments might take some additional push, courtesy of the weakened job market, and an uncertainly entrepreneurial landscape. However, in case you are listing the property as a co-working office or a supermarket for the essential products, there might be an extensive buyer base that would show interest.
Not just that, even if you have analysed the right segment, it is important to project the strengths of the property with impactful pictures.
As per individual surveys and reports, 85 percent of prospective buyers find detailed pictures to be extremely useful while selecting a property.
Once you understand the segmental traits of your property, you can also start a YouTube channel for initiating virtual tours, as 46 percent of the individuals find them useful.
Maximize Property Prep
What looks good, sells fast! This concept holds even in 2020 as buyers looking for residential properties would want to purchase the best-looking option from a listing category, just to minimize the overhead or home décor costs in the future. However, property prep has a lot of facets to it and often combines pre-existing décor with pest control and even strategic renovations.
Then again, it is important to be strategic with the prep as you wouldn’t want to spend way too much on a property that wouldn’t give a lot of return. However, as a seller, you need to analyse the situation of the concerned region before planning the pre-sale prep. As an example, the UK real estate market hasn’t started showing signs of recovery post-covid19 with the property market in shambles. Therefore, for property listings in the UK, the seller should emphasize more on tidiness and going odour-free, to avoid higher prep costs.
For countries like New Zealand where coronavirus isn’t a disembarking threat anymore, the property market has started showing signs of improvement. However, despite the improved scenario, reports suggest that the property prices are likely to drop by a minimum of 10 percent. Most importantly, sellers in the Aotearoa are relying on one-stop solutions like Renovations NZ for taking care of Home Extensions, Fences, and overall maintenance, to ensure that the listings are of value to the buyers.
Optional Maintenance and Renovations
Although selective house prep has already been discussed in detail, as a property seller, you need to make provisions for addressing dated properties with precision. Older properties that look good are getting all the attention in this post-covid19 era due to a more budget-centric outlook. However, the competition in this category is unimaginable, and therefore exceptional levels of maintenance, periodic renovations, and even structural revamp are necessary for a property to appeal to a more extensive clientele.
Then again, the last leg of the improvements and refinements need to be initiated after consulting with the prospective buyers. This way, you can tweak and renovate the property as per client preferences.
Promote like there is no Tomorrow
If you want to maximize your chances of getting offers from buyers, you need to increase the visibility of your offering. For instance, if you have a few properties to list, consider creating a dedicated website or Facebook page to improve the outreach. In the case of standalone properties, you can optimize the listings with premium plans or consider print media to get the voice through. Highlighting the locational strengths and amenities of the commercial or residential establishment is also a good way to promote.
However, the promotional strategies depend on the target market that you would be catering to. That said, with social media being the most powerful marketing tool in the modern era, listing your property over relevant channels is the best way to move ahead with the sale.
While these are some of the best strategies to improve property sales in the sluggish market, you must refrain from certain mistakes like overpricing, keeping buyer visits to a minimum, and rigid negotiations for improving your chances of selling the listed residential or commercial property.