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Thinking of selling? 5 small ways to beat competition this spring
This spring, sellers need to think outside the box to make sure their property stands out, targeting small ways to boost value and entice buyers.
As buyers remain cautious heading into the spring selling season, sellers need to highlight their property’s best features and identify the small extras that can boost value right away.
According to Raine & Horne Group executive chairman, Angus Raine, it’s essential for sellers to consider what their property could offer that comparable properties couldn't.
“In the current market, buyers have more choice, and more time to compare properties. So small differences between homes can become more important,” he told SPI.
“They should think about one or two things they can do to make their property stand out from others in the same price bracket.”
Here are five ways to attract more buyers this spring:
1. Highlight existing features
According to Raine, vendors should highlight their property’s current features and consider how they can be used for other purposes or be presented in a new light.
“It won’t necessarily increase the sale price, but it could get more people through the door,” he said.
Raine said buyers could see value in a workshop, handyman shed, a cellar under the stairs, or even an infrared sauna that stays with the property.
“A quiet nook that could be used as a home office, an underused room or a yard where buyers can picture themselves entertaining may give them a reason to remember the property and buy it,” he said.
2. Add appeal through small changes
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Aside from identifying existing features, Raine said another way to boost the appeal was through cosmetic renovations.
He said small changes and fixes, including painting walls, sealing a worn garage floor, or improving lighting, make a real difference with buyers, as the property is sold in mint condition.
“These are the ‘1-per centers’ – the changes that can cost less than one per cent of your home’s value, but which can make a valuable difference when buyers have more properties to choose from,” Raine said.
Additionally, he said improving a property’s street appeal in minor ways could make a big difference, and didn’t require a big budget.
“You can get into the garden and lawn yourself, paint the fences and gates, or put in a new letterbox,” he said.
“Buyers form their first impression before they walk through the front door and, depending on the size of your block, if you’re selling a house, you could make a real difference in a weekend.”
3. Consider lifestyle
With the weather heating up, Raine said targeting relatively affordable lifestyle features could attract more buyers to properties this spring.
This can include converting an underused indoor roof space into a loft, while a prefabricated plunge pool can be a value-add feature without the cost and disruption of building a traditional pool.
“The cost of a small plunge pool can start from around $4,000 – and can be set above-ground or partially dropped in,” he said.
“With people’s lifestyles changing and increasingly centred on entertaining at home, you need to give buyers something that stands out to remember, or that they can really see themselves using.”
4. Improve storage
Raine also said that additional storage can be a low-cost, high-value improvement that can add convenience to the lives of many types of purchasers.
“Built-in wardrobes, garage shelving, linen storage and even a properly fitted pantry are storage solutions that will appeal to all buyers from families to downsizers,” he said.
“Tidying up an underused part of the home to add more storage can all lift the overall impression.”
5. Transform outdoor space
Heading into the warmer months, Raine said showcasing outdoor areas could make a property more impactful to buyers and allow them to imagine themselves living there.
“An attractive outdoor dining setting, some good lighting, a built-in barbecue or firepit can transform an ordinary backyard into an appealing extra living area to share with friends and family over the spring and summer seasons,” he said.
Raine said buyers wanted to picture themselves having friends and family over, whether it was a Sunday barbecue on the deck or in the backyard.
“If the outdoor space puts them off, they’re already starting with a negative impression before entering the property.”
Ultimately, Raine said that vendors needed to recognise the market they were selling in and adjust their strategies accordingly rather than using the same strategy in every cycle.
“Team up with an experienced property professional who has navigated past downturns, and it is hard to go wrong, even in a quieter market.”
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