05 Mar AUCTIONS AND PROPERTY MAKEOVERS: PART 2
As spring is the season most conducive and popular to selling properties, there’s fierce competition and only the most ideal homes can make it under the hammer. What are the chances of your property being the next one to get ‘sold!’?
What creates competition?
It’s simple: the most desired home gets the most interest from prospective buyers. But no home is most desirable at the onset. To a certain extent, vendors need to put in a little investment to spruce up their property and to present it in its most beautiful light. After all, that’s what the principle is about: you buy a property, you improve it, and you sell it at the best price.
Why create competition?
The short answer: creating value. When a property is highly coveted, it stands a chance to sell well beyond its reserve price. While the reserve price is not commonly disclosed, property buyers with a high interest on the property indirectly dictate the final sale value as they try to outbid their competitors. Simply put: you create competition to generate interest and to reap a more valuable sale.
How do you create competition?
The most viable option: property makeover. No, property makeover is not a direct cause for competition in auction. However, it can become a tool complementing the competencies of real estate agents. By helping to highlight the best assets and the potentials of a home, property makeover plays an integral role in creating value-add opportunities that appeals to the vendor’s target audience.
When is competition essential?
Competition is essential when the property market is hot or cold, however especially during spring and peak selling months. With a number of vendors coming out with clever ideas to market a property, it is important that a property stands out to be competitive. But spring means a lot of housing supplies paving the way for more options. How can that create competition?
This is where property makeover comes in. Marketing strategies may be clever but property makeover spells out the real deal. That’s because a property makeover projects ensures that every addition, revision, and even subtraction of a property’s feature adds valuable selling potential. With ample supplies this time of year, property makeover brings out the best feature of a home – a distinctive tool where every action taken is meant to appeal to every prospective home buyer.
In conclusion, the common notion of competition in property buying is related to clearance. But not all clearances are motivated by price. Buyers still look for value, and when vendors pursue value, they can count on doing that through a property makeover.