Coming from a family of property professionals I have spent a lifetime in and around the property industry. My earliest memory was helping my father set up display homes for weekend inspections, labouring on development sites during school, purchasing my first investment during university and currently completing a masters in Property & Valuation.
With more than 15 years involvement in many areas of the property industry including investment, asset management, commercial and residential development and project marketing and sales I have a broad knowledge base and skillset to draw on for the sale of your property.
Property has been a lifelong interest and passion and helping people get into the property industry through their first home, or their first investment or working with experienced property portfolios is what keeps me as enthusiastic as when I started.
Townhomes are of great value at the moment. With low-interest rates and strong rental demand and gross yields of nearly 8%, it sounds like the perfect recipe and investors would be tripping over themselves to grab a bargain. However, during this COVID-19 environment, salaries are not as steady or reliable as they were six months ago.
With 150+ average days on the market and those buyers who have the funds are smelling blood in the water. How do you hold firm with nothing, but low ball offers?
This vendor needed $245,000 for their townhome which was, by all market reports, worth $210,000 – $220,000. Knowing this and only receiving offers with nothing over $215,000 was going to be a tall ask.
Something had to give, and unfortunately, we were not able to meet the market with our pricing. So, the marketing message needed change, and our target audience needs were shifted from investor to owner-occupier.
With a new positioning strategy supported by relevant messaging and targeted sales approach, we went to market. Within a week, we started to receive substantial enquiries from our new owner-occupier market, supporting the strategic pivot.
With buyer interest shifted from transactional buyers to emotional shoppers, we were able to highlight the emotive features and benefits of the property and appeal to the targeted needs and wants of an owner-occupier. On the back of this, we were able to maintain the price while others were still playing in the investor-centric market.
The Seller was thrilled with the outcome. He was not staring down the barrel of a loss or having to re-rent the property for another year.
This is an excellent example of how marketing and messaging the same product can play an all-important role in the market that you target.