Perth property: Get ahead of the game
It is always difficult to know whether now is the right time to sell
It is always difficult to know whether now is the right time to sell, only hindsight will let you know if you made the right choice. However, if you are currently weighing up if now is a good time to sell, there are a few fundamentals you need to make sure your property hits the ground running.
Ray White City Residential Perth Selling Principal Brent Compton said if you were not embracing the technology that made selling houses during the lockdown in Western Australia possible, you were starting off on the wrong foot immediately.
“Doing good videos – not slideshows – has really helped. A decent video with virtual reality, plus a floor plan and some decent photos – if a seller has these, anyone that looks at the property in person is semi-sold because they have seen so much that they feel comfortable enough to come and look,” he said.
“Properties that don’t have these can sometimes attract people who can be disappointed, and worse, it doesn’t attract the good buyers because they were swept up in someone else’s marketing versus one which didn’t have good marketing.”
Mr Compton said his office was witnessing an increase in overseas and interstate buyers and not having videos and virtual reality tours could lock you out of this market.
“For an owner not to put these things on the internet, they are limiting their chances of getting a premium buyer from overseas or interstate,” he said.
“I have sold a property before COVID-19 using virtual reality.
“The property in City Beach sold $70,000 above list price, and the two people competing on it, one lived in Japan and Hong Kong, while the other was in New York. They bid against each other to buy the property without physically being there.”
According to Mr Compton, the video and virtual tours all link in to the same defining principle – presentation.
“Properties that are presented to the best possible level they can be is critical, so the presentation has to be correct,” he said. “I recommend to the seller to improve the marketing, to clean, paint, and touch up this and that, and remove some of the impediments from the property that had been affecting buyers.”
Mr Compton said the market was pretty even between it being advantageous for sellers and buyers, but sellers might be able to get some extra coin because of low stock levels.
“Right now, there is less stock on the market than there was this time last year,” he said. “For people worried about not getting their price, the fundamentals of supply and demand are in their favour at the moment.
“More buyers and less properties – it is a better marketplace than this time last year.”
Mr Compton said while he was positive and confident of a strong real estate market going forward, another advantage of selling now would be that the future was not certain.