To be ‘undersold’ is when your property hasn’t endured a true test of the market to ensure it extracts the highest possible price. This generally occurs when it hasn’t been advertised for an optimised duration to a wide enough buyer audience to attract all potential offers. This could be the first offer, but it could be the last, it's important to test the market to know.
In any market, a property is worth what the premium buyer is willing to pay. So, when the market’s demand is outstripping supply (such as now), a smart selling strategy and marketing campaign are paramount to achieving peak market value.
Sam Bevan, Property Consultant at Realmark Coastal, adopted this strategy when listing 10A Ader Court, Marangaroo. The marketing approach that Sam took with this campaign was to leverage her established relationships with buyers in the area, combined with a smart digital marketing rollout which resulted in over 14,000 online views.
Sam said, “I was referred the sale of this property by another Realmark agent as it was closer to the areas that I have a foothold in. Therefore, I could leverage my buyer database for the area; knowing that there are buyers who missed out on other houses I have sold.”
“I launched a targeted social media campaign, while the listing on REA, Domain, REIWA and the Realmark website attracted strong buyer traffic. We had high quality photos and a floorplan complete with Realmark’s signature inspirational approach to enhance the marketability of the property and to improve overall buyer engagement.”
“The house was on the market for 12 days and received a total of 14 offers. There were more than 100 people who attended the home opens and engaged across my local connections, social media and portal listings.”
Sam said, “the property was appraised at $375,000 at the time of listing, however, the strategy applied was tailored to take full advantage of the rising market, and we received 4 offers above $400,000. The Marangaroo home sold for $418,000 after further negotiations to a buyer from Sydney. We were able to accommodate to his needs in researching the property and negotiating remotely.”
The ‘hold, not fold’ strategy extracted the highest price out of the market for the seller’s property. All around, this was a sales success with a very happy seller, buyer and agent.
Realmark agents are well-positioned to ensure you are not undersold. If you are looking to buy or sell your property, please call Realmark at 08 9328 0999 or Sam Bevan at 0401 605 210.