The media is always full of the craziness of the Australian property market and celebrity properties that sell for inflated prices. But for many owners who are forced to sell due to major life events, higher interest rates, or the increasing pressure from the cost of living, it doesn’t always happen fast enough.

Is your asking price too high? Is your agent doing their job?

The most obvious reason a property isn’t selling is price and your "days on market" (DOM) is usually the best indicator that something isn't quite right. As we revealed in April: 

"In real estate, DOM is one of those metrics that can strike fear in many sellers. But it also serves as an invaluable source of information for pricing and providing genuine feedback on the progress of their sale. For buyers, it offers an indication of market performance and a perception of the property before they inspect it." 

Fortunately, this problem is fairly easily rectified with more in-depth research into recent local sales results. But it’s also worth checking that your agent is giving your sale their full attention and if not, considering an incentive such as a tiered commission structure. The time of year and the current state of the market are other considerations if your property isn’t reaching enough buyers.

What if you’ve covered all bases and your property still isn't selling?

Fortunately, selling property isn’t rocket science. With a good sales strategy and a supportive team, you will sell quickly. Even better, most adjustments are affordable and won't take long to initiate. We know, because we've helped many sellers achieve their dream. 

Experience matters, and our years in the property industry have helped us understand the pain points in selling. That knowledge has incentivised us to develop an innovative 5-step sales process to help you get the ball rolling again:

Step 1: Check out your competition - Take the time to check out other similar properties in your area. Know what features are on the most wanted list of the typical buyer. Turning a bedroom into a home study may make all the difference, for example. A 30-minute inspection is an invaluable lesson in what the competition is getting right. You’ll leave with a better understanding of where your property fits in terms of price, presentation, and buyer expectation. 

Step 2: Debrief with your team – Go back to the drawing board. If you have an agent, ask to see the buyer feedback from your earlier inspections and encourage them to think outside the box in terms of strategy. Can they extend their reach further afield or to buyer agents? Would they consider a weeknight for extra inspections? Make sure they’ve alerted their database to ALL your property’s attributes and points of difference, i.e., school catchments, local amenities, new transport links etc. With our Test the Market service, our team are happy to look at every option to help you achieve success.

Step 3: Consider a price adjustment – Once you’ve carried out a thorough analysis of your feedback and metrics, it may make sense to reassess your asking price. But don't be disheartened: the market pays for what a property is worth at that time and your price may not be too high; seemingly underpriced properties can also scare off buyers. 

Step 4: Maximise your presentation and photos – One of the many benefits of selling off-market is fewer marketing costs. However, the quality of your photos and presentation must compare with the competition. This is one area we recommend you call in the professionals. We know that targeted renovations can increase a property's value, but quality photos give your potential buyers their first impression of your property and if they don't have the wow factor, you may put them off.

Step 5: Relax – No one’s suggesting you lower your expectations but try to remain flexible and open to new strategies. Flexibility may look like offering certain inclusions with the sale or a long settlement to fit in with your buyer's timeframe. Keep the communication channels open and trust in the process. Buyers can sense desperation, and it could scare them away. If they sense you are too eager to sell, they may worry you’re hiding something. Don’t overthink or make any impulsive decisions. The right buyer will come along.

Of course, if these steps don’t improve your situation and you’re in a position to wait it out, some experts suggest you withdraw your property from the market for a few months. A break ensures a new set of buyers searching for property and a different season may improve the chances of your property selling – for example, during a quieter period like winter, there is less competition. However, the downsides to taking a break include loss of momentum, the extra costs to relaunch, and the effect it has on buyer perception of the property.

We understand the challenges of selling

There is a learning curve with selling property, but as specialists in real estate and off-market property, we understand the main hurdles. This is why we’ve developed a range of services to meet every need of our buyers and sellers. Did you know that other services in the Loop ecosystem include bank loan advice from Lending Loop and energy comparisons, removalist quotes and cleaning services from Moving Loop.

Feeling confident? 

If you're confident your property will sell quickly, list it unofficially with Test the market. You’ve got nothing to lose except a potential buyer willing to pay an attractive amount that would make you move.

Need more support? 

For those sellers who need more support, Seller Assist is the perfect solution. The beauty about this service is that we speak “agent”, so you don’t have to. After an extensive analysis of the market, we pinpoint the right agents to sell your property and when you find a buyer, we manage the logistics of your sale, leaving you free to focus on your plans for the next stage of your lives.

So, what are you waiting for? To SELL FAST for the BEST PRICE, get started with Listing Loop today.

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