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How to style and sell your home quickly in 2020 - Part Three

COVID-19: Click here for an update on buying and selling during restrictions
How to style and sell your home quickly in 2020  Part Three
Posted 17 June 2020

Let's explore - what to do to get your home sold fast.

News on the street is that consumer confidence in the property market is creeping back up. Slowly houses are being listed on the market as COVID19 restrictions are eased. Numbers are still significantly lower than this time last year, but there are still positive signs for those wanting to buy or sell in 2020/21.

So how do you navigate selling your home in the shortest possible time in the COVID-19 property market?

We know the ground has shifted, and people are willing to explore alternatives ideas in all areas of their lives, and this includes buying and selling a house. Online searches have increased for 'sell my home online' as have 'sell my house without an agent'.  Online searches of 'virtual tours of houses for sale', 'online auctions and  'how to sell my house fast' are increasing. 

2020 will be recognised as the year we changed our thinking in so many areas.

So if you are considering selling and want to sell your home quickly, what are the post COVID19 lockdown trends you should consider and what are the rules you should follow?

Let's start with the trends.

Virtual Online Property Marketplaces

Online marketplaces are becoming increasingly popular.  These platforms usually have a set marketing fee and don't charge commission.  Using one of these services can save a seller $15,000 to $50,000 depending on the value of the home. Founder of Next Address Julie O'Donohue sees an increase in interest every week in their selling method. Not only do sellers save on commission, but they also experience far more control in the entire sales process.

As Julie said "Choice and Control are now more than ever before essential considerations for people.  The old real estate commission-based model doesn't embrace all the new technologies available to consumers any more."

Virtual Auctions

With restrictions in movement, virtual auctions are increasing.  Not only do they help the tree and sea changes, but they also help overseas and interstate purchases. Companies such as SoldOnline see an increase in usage of their tool. As David Scholes, founder of SoldOnline outlines  "Travel restrictions and hesitation to travel will be an issue we're dealing with for quite some time. Ensuring a regional property can reach potential bidders from outside the local area, or inner-city investment property can attract interstate bidders, for example, is crucial."

Virtual Conveyancing 

Virtual conveyancing tools are helping and supporting the move to more virtual activities. These models, such as Settle Easy are streamlining the process for buyers and sellers.  Founder of Settle Easy https://www.settleeasy.com.au/ Sam Almaliki outlined his companies goals recently "By combining technology and simplifying the entire process, we're bringing conveyancing into the 21st century and making it as easy, effective and efficient as possible - for everyone".  You cannot sell without the legal in place so ensure this is done immediately you decide to sell.

Virtual tours

In the past two weeks alone increases in online searches for the term "Virtual tour of houses for sale' has increased fivefold for nextaddress.com.au. As a seller, you want interested buyers, not tyre kickers. The stats also show that buyers who do inspect after reviewing a virtual tour are more highly engaged in the home, resulting in the buyers being one step further down the buying journey.  

Properties with virtual tours attract four times more buyers than houses with just photos and these buyers who look for five times longer at the tour and home. Virtual tours reduce the amount of time wasted by buyers visiting houses which don't suit. 

What about the Post Covid19 lockdown real estate rules - what are they?

'Price it well watch it sell, price it high, watch it die, price it low watch it go! 

Post-COVID19 lockdown rule number one is understanding your property's value and setting a realistic selling price. There are numerous professional valuation companies able to complete this task for you. As an industry expert, Greville Pabst from Greville Pabst Property correctly states "Don't rely on a local estate agent to understand the true value of your home. They are not valuers; they sell the property. You don't get an electrician for the plumber's job; the same applies to understand your properties true value."

As we have indicated, there are buyers in a position to purchase property, but with serious talk of a recession, people are very mindful of paying market value. Additionally, Banks are being very cautious with their lending limits.  Those who are in a stronger financial position will benefit from the continued low-interest policy of the RBA, who have once again not increased interest rates.

With this said, as a seller, it is vital to establish a reasonable price for your property. Do yourself the biggest favour you can and get a professional valuation completed.  It may seem like an expense, but this expert advice may save you months of stress and anxiety.  

Fix and Clean, Style and Declutter.  

It is essential your home is looking its best to ensure as quick a sale as possible and these four tasks will help to drive positive result. You are moving, so start packing now. It is widely recognised property styling significantly increases your chances of selling your house quickly as well as reaping the highest possible sale price. With a little planning and a little bit of advice, you can style your home yourself. 

Don't expect a speedy sale - Be realistic.

Despite the lack of competing stock, vendors shouldn't expect transactions to happen quickly. As mentioned earlier, consumer confidence is still low.

Well-priced property is likely to garner plenty of interest. But receiving offers for properties will be more complicated than it would be when there is far more demand than supply. 

Make every dollar your own 

Your home is your biggest asset. You want to capitalise on it as much as you can financially. Therefore seriously consider your method of sale.  There is no need to follow tradition any more. Estate agent commissions can seriously eat into your profit. Why hand over 2% of the sale price when there are powerful alternative methods of sale available.  

New online sale models such as Next Address use the same real estate online advertising platforms as the estate agents use such as Domain.  But with Next Address model, you don't pay any commission. 

Buyer and seller advocates

The sector is also seeing a growth in specialised services such as buyer and seller advocates. As industry experts, they can support and guide your property decision making.  These services can seriously save you time and money.

So let's refresh,

1. Organise a professional valuation and set a realistic selling price 

2. Look at alternative ways to sell your home - online marketplaces and set fee models

3. Clean, declutter and style your home

4. Utilise smart technology to your advantage - such as virtual tours and online conveyancing

Part Three in our series on selling a home quickly.

Click here to read 

Part One - How to Style and Sell a Home Quickly

Part Two - How to Style and Sell a Home Quickly




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