Have You Heard Of The Three Legged Stool When Selling A Property
If you want to sell a property, here are three important points to remember.
The theory of the three legged stool is quite simple to understand. If you have a three legged stool and one leg is missing, the stool falls over.
To sell an investment property in this market all three legs need to have equal value in the selling process and I will go into detail so you understand our theory.
1. Price – the price of a property needs to be competitive in the market place. If it is over-priced it will sit and not be sold. There are many ways of pricing a property but if you want your house sold you need to understand that there is a strategy to doing that. Guess work does not come in to it, knowing what price a house down the street is listed for does not help, even hearing from a previous owner does not help, as none of these are proven ‘sale prices’. They are all ‘maybe’ prices. Prices based on hearsay. To sell in a buyer’s market your property needs to be priced comparable with the sale prices of properties very much like your own and therefore it is the true sale prices that you need to be working with.
2. Condition – because of the fact that it is a buyer’s market many buyers feel they do not need to renovate and therefore they will be looking to buy a home that is in perfect condition. With so many homes on the market, buyers do not need to be purchasing and then spending further money bringing a property up to standard. This is where your property may need to have some attention if you want a reasonably quick sale.
3. Marketing – this is essential for the selling of a home. It does not matter what you are trying to sell, you cannot sell a secret. If your property is on the market to sell, then you need to be telling everyone about it. There are many avenues for marketing your property so take full advantage of them. The more people who know about your property in the early days of it being on the market, the better. Do a full on marketing campaign at the beginning to drive interest in it and achieve the best price. Drip feeding marketing is not a sensible idea because it does not drive attention to the property.
Work on giving equal importance to getting each facet of the selling process and getting it right the first time around.
Filed Under: Property Investment Tips
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