5 Things to consider when selling your property during the Covid era
By Advantage Property | 23rd Jul 20
1. Long term leases
If you are selling a residential investment property with a long term lease in place, you are cutting out a large section of the market. We know that in tougher markets, investors tend to leave the market which we have seen this time around. Where possible it is important to keep your property open to as many buyers as possible. This means attracting home owners and if you have not resigned a lease or your lease is coming up for renewal, it may be worth letting it go to monthly tenancy or vacating your tenant.
2. Presentation is key
You only get one chance to make a first impression and buyers can be fickle. Make sure you present the property in the best light possible. If you have a tenant in the property and they are not presenting it well, it is important to remember that this can have a huge impact on the sale price. If you can, you may want to give your tenant notice to vacate and have the property professionally styled.
3. What else is on the market?
It is important to be actively looking at the local market online. What else is available and be objective in how yours compares to that one. Does it have better spaces? is it moreup to date? Keeping an eye on the market can help ensure you don't price the property incorrectly at the start of the campaign, costing you more in end.
4. Knowing the average days on market
In Melbourne most properties see out a four week campaign. In the current climate, we are seeing that properties are taking closer to 39 days on market to sell. Vendors are having to wait for the right buyer to come along and in many instances, wait for the right price.
5. Stock levels
Overall Melbourne is seeing a supply issue which is helping prop up the market currently. This is very true for family homes in particular, probably not as true for small apartments which were likely investments and many investors are now trying to leave the market. Depending on what you are selling you can use these stock levels to your advantage. The suburbs with low supply are seeing much stronger sale prices than other subrubs with an over supply.