From late 2020 through to early 2022, activity moved at such a pace that sometimes it looked like property owners only had to whisper “for sale” out the window before there was a line of buyers at their door and an “under contract” sticker on the sign that hadn’t even gone up yet. A huge influx of demand, cheap money and a focus on lifestyle meant that people wanted properties and they wanted them NOW, with the price becoming almost secondary to that desire.
Today, things have come back down to Earth (though a nice part of Earth – maybe a nice sunny beach somewhere), and while the majority of homes are still selling quickly and for strong prices, we are back in the more normal equation of getting results by doing the work.
Tight supply means that there are still more buyers than sellers, but a lack of urgency (FOMO, escaping lockdowns) and higher interest rates means that for many people, a move remains a want, not a need and that means that they are more inclined to wait to find the right home, rather than buying any home at any price. You now once again need to attract a buyer, engage a buyer and provide a sense of urgency that “this is the one not to be missed”.
So how do you do this? Well, it should go without saying but picking the right agent is the first very important step. The right agent should have the right strategy, suited to your home and your circumstances, not a one size fits all approach. They should know the likely buyer type for your property and how to specifically target that group to deliver the most effective marketing message. No point advertising a 3 storey home to retirees, or a studio apartment to a family of 5.
That message also needs to be backed up by professional photography and other materials. Phone cameras have come a long way, and family snaps, holiday pics and shots of that sunrise down at the beach are great, but when it comes to your home and hundreds of thousands of dollars on the line – pay an expert with the right equipment to do it properly. This is the most important money you can spend, hands down.
Materials, strategy and target market all set, give your agent the resources to do things properly – with advertising in the right places, whether that be a digital, print or combined strategy. “Easy money” is less easy, but the fundamentals of selling real estate remain fundamental for a reason – and continue to get results.