The key to extracting a premium price for a property – in any location, at any time, in any market – is emotionally connecting a number of buyers to your home and creating competition between them.
Achieving this comes down to three crucial ingredients: outstanding presentation and marketing, a realistic price guide (if permitted in your state or territory), and selecting the right agent.
Here’s why each of these elements matters so much.
Presentation and marketing: Creating love at first sight
A high quality, strategic marketing campaign has two goals – reach the widest possible audience and showcase your property in the best possible light.
That means beautiful professional photography, a compelling property description, and well-designed advertising on the relevant online portals and in print and social media.
Styling your home to highlight its best features and make it feel inviting can dramatically influence how buyers emotionally connect. Whether you invest in a professional stylist or just follow your agent’s advice, the goal is the same – make the property irresistible.
Here are my top tips:
- First impressions: Street appeal matters. If the facade looks tired with peeling paint, overgrown gardens and dirty windows, buyers will form a negative view
- The interiors: Declutter, fix minor defects and choose neutral colours if repainting. Clean the windows to maximise natural light. Ensure everything looks clean and spacious
- Outdoor spaces: Stage your alfresco areas to showcase them as additional living and dining spaces. Revitalise and tidy your gardens
- On inspection day: Open the windows, turn on lights, add fresh flowers and play subtle music. You’re not just showing a property, you’re creating a mood for buyers
Price guide: Be realistic
Your price guide (if permitted in your state or territory) is one of the most powerful tools you have in creating competition. Nothing will be more attractive to buyers than a realistic price.
Deciding the guide is more of an art than a science. Too high, and buyers will scroll past your listing. Too low, and you risk underquoting – which is illegal.
A skilled agent will help you analyse recent comparable sales, adjusting for differences in features, size and condition. Be prepared to hear honest feedback about where your home sits in the market. The more realistic your price guide, the more interest you’ll generate, and the greater the chance of multiple offers or spirited bidding at auction.
Overpriced homes tend to languish on the market. Once a listing is a few months old, buyers start to ask, “What’s wrong with it?”, and they tend to focus on all the negatives.
The right agent: Your greatest asset
A great agent does far more than put up a signboard and show buyers through. They’ll shape your sale outcome through strong negotiation, a deep understanding of buyer psychology and exceptional communication with both you and your potential purchasers.
Start the process by asking neighbours and friends for recommendations. Then check the sales results in your area. Who’s selling homes like yours, and who’s getting the best prices?
It’s wise to invite three local agents to appraise your home. Assess their advice, pricing rationale and marketing approach. Pay attention to how they make you feel. Do they seem genuinely invested? Do they understand your property’s strengths and how to position it?
Many people are too casual in their approach to choosing an agent. This is a crucial decision because your agent WILL have an effect on your sale price – good or bad. Choose wisely.
The most important window of your campaign is the first 14 to 21 days. This is why it’s important to plan everything well, with all three of these elements in place from day one.
By John McGrath, Chief Executive Officer of McGrath Estate Agents.
