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The fish are at your feet

Friday 25th Oct 2019

Last week we had hot tips for buyers in a rising market, this week I am here for the sellers (what a guy).
As the cost of advertising your home online continues to rise sharply, I thought it prudent to do some myth-busting around what is pitched to you as a consumer and what really happens when you sell your home.
Many years ago, I read that when a property sells there is a 40% chance that the buyer (or someone related to them) lives within a 1km radius. Whilst I can’t accredit that statistic to its original source, I can say that after 20 years it’s easily true. In fact, 40% is conservative. Yep, 20 years folks, I have seen nearly all of the style eras; the Tuscan ‘Apricot’ Age, French ‘Doyleys everywhere’ Provincial, Balinese ‘Palm trees & stone Buddha's, Nordic cool ‘white on white on white’, and now Coastal Hamptons (same as Nordic cool with some grey on grey on white)…the wheel of time sure turns.
Day in day out, I walk into living rooms and property owners ask questions that are obviously based on the nonsensical sales pitches of some agents. ‘How do you get overseas buyers?’, ‘Do you have a Chinese desk?’, ‘How do you reach the buyers in the East?’, ‘Do you only have one office?’. All of these questions ignore one reality: serious buyers are actively looking.
The notion that a highly motivated, cashed up buyer that is willing to pay top dollar is hiding inactive in one database is bananas. Keen buyers obsess, they hunt and they visit homes that don’t even suit them just to stalk active agents. They even text at 7am on a Sunday morning (you know who you are).
My point is that to effectively market in the right areas you shouldn’t spend over $10,000…no matter the price bracket. Recently a newspaper ad salesman told me that using print advertising these days wasn’t about attracting buyers. In fact, it made the people that were interested feel uncomfortable knowing that it was there. Say what? (recycling bins know the truth). Here’s a hot tip, a big sign board out the front will do the same thing for a fraction of the cost and make it past bin day.
So now that we have established that I am indeed old, I will impart some wisdom. When selling your home, you don’t need to know where the buyers are coming from because we know where they are coming to. Yes, you need a proven strategy and a good agent, but you don’t need to be in the Bombay Times…as an old fisherman once said to me under the Spit Bridge, ‘don’t worry about casting too far, the fish are at your feet.’

Until next week,

David Murphy