There are many challenges in selling a property, but there is one secret to reduce your property’s days on the market and ultimately enjoy good returns.
Whether you’re selling in a city market or a regional market, the most important thing to do is set a realistic selling price, according to Propertyology’s Simon Pressley.
He highlighted: “You need to meet the market—that’s the key.
“If, for whatever reason, you’ve decided that you need to sell that property, you can want what you want in terms of a sale price, but the market will never pay what the market prepared to pay.”
At the end of the day, it isn’t about your personal desires or your financial goals, but the property’s true worth.
Mr Pressley said: “The buyer doesn’t care what you want, what your debt is or anything like that. What is it worth?”
In order to determine the value of your property, he strongly encouraged doing due diligence and seeking the help of a good agent, where appropriate.
Following this step, you may also engage an agent to find out how you can improve your property before putting it up on the market.
“It doesn’t mean [that] the best and quickest way to sell a property is to always cosmetically improve it and tie it all up, but you need to go through that structure process for your property,” Mr Pressley explained.
The buyer’s agent also put emphasis on the importance of crafting a good marketing campaign, which will depend on your property’s worth and location, as well as determining the best avenue to sell, whether through auctions, private treaties or tenders.
Is it going to be harder to sell in regional markets?
A lot of Australians assume that going regional means having to deal with more risks, but Mr Pressley said that it does not make a lot of difference where you are.
According to him, in terms of property markets, anything can go forward or backward, with or without warning.
Mr Pressley highlighted: “Capital cities and regionals — there’s risk in both. There's risk in investing. If you’re not prepared to take any risk, don’t invest.”
For him, the best markets are characterised simply by their potential for growth, which can be determined by keeping an up-to-date knowledge about fundamental indicators, such as the area’s economy.
Tune into Simon Pressley’s Q&A episode on The Smart Property Investment Show to learn more about property sales and the risks and advantages associated with a regional property investment.