4 keys to a successful sales campaign.
Selling property isn't as simple as slapping a price tag on the home and hoping for the best. There is a lot of thought and strategy that goes into preparing for a sale, and its ultimate success hinges on how well the sale campaign is planned and executed.
In this article, we take a look at the four key components of a successful sales campaign, including sale method, marketing strategy, property presentation and last but not least, price.
There are three main sale methods – sale by auction, sale by tender, and sale by private treaty. Each has its own pros and cons which your agent should walk you through before deciding which method to choose.
Sale by auction creates excitement and drives up competition amongst buyers, and ultimately your final sale price. Choosing a real estate agent with the knowledge and expertise in sales by auction is essential to the success of this type of campaign.
Sale by tender is predominately reserved for unique and high-end properties with no clear price. This method is where potential buyers make an offer by a specific date, which the vendor then reviews to decide if they will accept, negotiate or decline.
Sale by private treaty is where a property goes to market with an asking price, and interested buyers submit their offers or start a negotiation. In this case, the vendor has more opportunity to negotiate with potential buyers, however, prices obtained with this sales method are less likely to exceed the asking price.
A survey by auction live-streaming and bidding site Gavl found that 90 per cent of sales agents in Sydney and Melbourne believe auctions deliver the best sale price. Even so, an auction may not be ideal for you and your situation, so understanding each method of sale and making an informed decision is critical from the get-go.
Whichever method of sale you choose, your property needs a strong marketing campaign behind it to attract as many potential buyers as possible. This can include multiple tools and channels such as:
- Professional photography, copywriting, video and floorplan
- Signboard outside the property
- Printed brochures
- Advertising on real estate portals such as Domain & realestate.com.au
- Online and print advertising
- Social media marketing
- Email marketing
- Drop cards mailed to local residents
Rather than relying on one type of marketing tool or channel, your agent should be recommending a multi-channel marketing strategy for your property. This will help reach a wide audience of active and passive buyers, driving competition and ultimately ensuring a better sale outcome.
Property presentation is everything. It is how you get potential buyers through the door and to emotionally connect with the property, which drives up the final sale price. Your agent will advise you on your property's key selling features, and how to present it at its best throughout the campaign.
Remove any personal photos and items, and tidy and declutter both the interiors and exteriors. Ensure your garden is looking tip-top during the campaign, as you never know when a potential buyer might drive by to view it before committing their time to an open inspection. Read more about preparing a home for sale.
You may also like to consider working with a professional property stylist, who can expertly style a property to appeal to a broad market while highlighting the home’s key features. For styling tips see our article on how to style your property for an open home.
Pricing your property
There are a few things to consider when pricing a property, including comparable local property sales, the price of other properties currently on the market, your home’s size and condition, the type and volume of potential buyers the property may attract, along with broader market conditions.
Setting the right price point for a property can be a delicate balancing act, and a knowledgeable and experienced sales agent will be able to recommend an appropriate price range/guide to maximise competition during your campaign to deliver you the best sale result.
While it’s important to be clear on the price you want to achieve, it’s also a good idea to remain flexible - once the sales campaign gets underway your agent may recommend adjusting the price guide based on levels of buyer interest and market feedback.