Sn 1 EP 09: Selling in a Depressed Market: How to Sell Property Faster, PART 2

Sn 1 EP 09: Depressed Markets: How to Sell Faster When The Market has Gone Flat, PART 2

In this episode, we continue the conversation around selling property in a depressed market by offering advice to a client who presented her specific scenario of the challenges she was facing attempting to dispose of her property.

We further demystify the misconception that selling property in a depressed market is solely about price by considering several scenarios to demonstrate the need for sellers to become acutely aware of the market.

Selling a property in a depressed market requires a robust and dynamic approach to positioning property offers as well as understanding the market sufficiently in order to change tack or strategy as the need arises.

Depressed markets require a keener understanding of the market. We take a close look at a scenario that challenged a client who had been attempting to sell her property for more than two years in a depressed market.

Here are some basic issues that require a deeper understanding when attempting to sell property in a depressed market:

• What is the condition of the market?
• Which factors specific to your property work in your favour – neighbourhood, location, amenities and utilities – and how can you leverage the unique selling points of our property to attract prospects?
• Who are your prospective buyers and where can you find them?
• How can you build an avatar of your prospects so that you can position your offer for maximum visibility and effectively target quality leads?
• What factors should influence your pricing decision and how can you use market information to strategically adjust pricing based on your target prospects and the leads you’re generating?
• What basic measures can you take to improve the attractiveness of your offer (perception of value) that don’t just target pricing?
• What is “willing buyer, willing seller” and fair market value? How can an understanding of these basic market principles help you adjust your expectations during the marketing process?
• How can you partner with property agents and other industry professionals to effectively position your offer?

Building clear narratives of the market, understanding the USPs of your property and ensuring you have an adaptable strategy to selling not may help unlock your selling goals faster.

It’s a lot harder to make a sale when supply dramatically outstrips demand. However, it is possible if you are willing to put some “elbow grease” into the endeavour.

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Sn 1 EP 09: Depressed Markets: How to Sell Faster When The Market has Gone Flat, PART 2

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