Our industry is fraught with over quoting from Real Estate Agents to secure the 'listing' to sell. This practice is so common it has become accepted by many, home sellers expect Agents to give them their ‘best price’ and Agents want to have your home to sell so some over inflate the real market value estimate to win the business. How do you know if your home is priced correctly once on the market? Let’s just say you went with the Agent that quoted the most for this exercise.
There are three key numbers to look at when you are selling your home, they are; enquiries, inspections and offers.
This is simply how much interest the marketing has, and is creating. We track the level of enquiry and the numbers through a few avenues. The major real estate portal websites realestate.com.au & domain.com.au provide us with a detailed report on how potential purchasers are interacting with your advertisement. The report shows us how long they interact with your marketing, the numbers of photo views, advertisement views, if they save it to their account or share your property with friends or family via email, text message or social media. While the data remains completely anonymous, it gives us, your Marketing Agent, keys to drive a successful campaign.
The more people that decide to look at your home, after viewing the photos and reading about it, the better. The number of inspections provides us with real time knowledge of the perception of value in the buyers mind, in the current market. If no one wants to inspect your property it could be one of two things: Either you are not marketing, or your home does not represent as value for money in the current real estate market. The first is easy to fix, go out and get your Agent to market the property! The second reason is where we can sit down and discuss how the buyers are interacting with your marketing on the major portals. A great example is if your marketing has received an astronomical level of page views (people looking at your advert) and a similarly high level of map views and street directions, it could be that your property’s position is not desirable to the majority of buyers, and the value of your home in their opinion does not reflect your asking price. This could be proximity to a train crossing, mud flats, high investment property area and so on. Bundaberg doesn't have whole suburbs with a higher average sale price, we have small pockets in suburbs that are more expensive. Remember, there is always a reason for high enquiry and low inspection levels.
I have never met a a home owner complain about receiving offers on their home, even if they are lower than they expect. If you have received an offer, thats great, it means someone is interested in buying your home. If you spend 6 months on the market with only a few inspections and no offers, it is best to speak with your Agent and look through the enquiry reports, these will show you where your campaign is losing ground.
Enquiries lead to inspections, and inspections lead to offers. If the first two are not correct, the likelihood of selling your home becomes further from your grasp and is usually price based.
If you have the ability and the means to improve your home, and raise the perceived market value to your asking price, it is wise to do so. This could be as easy as fresh garden mulch or bark, a spring clean and some new paint.