Cashing in at Auctions

Make your property stand out at auction time – make it accessible, conservatively creative, familiar, inclusive, light and appealing. We share some tips on how to stand out in the crowd.

In any given month, someone planning to buy a home might have up to five properties on a shortlist that meet their requirements.

Over the weeks that follow they strike properties from their list for various reasons, but those with the most appeal usually make it through the cull.

For this reason, many believe the way we buy and sell property is a little like a popularity contest. That is, the most popular and likable house ‘wins’ (ie. gets the best price and/or sells the fastest).

So, how do you make a property popular?

In a sense, selling a house is a little like making any other product popular. For example, music producers Stock, Aitken and Waterman – producers of Kylie, Bananarama and Rick Astley – were masters of the pop song. They used a formula. The music was catchy, accessible, conservatively creative, familiar, inclusive, light and appealing. And it sold like hotcakes.

What happens if we apply the same thinking to the way we present our property for sale? That is, we make the property accessible, conservatively creative, familiar, inclusive, light and appealing. Could it work? Sure.

Here's some tips:

• The colours should be warm and inviting; off-whites and other neutrals make rooms feel lighter and more spacious.
• The lighting should be balanced throughout, ensuring all rooms are well presented. Features should be highlighted by lighting and dull areas brightened up, thus drawing prospective buyers into each space.
• Similarly, flooring should be modern, mainstream and in good condition. The light fittings, switches, door handles and locks should be updated and not garish.
• Where possible, all clutter should be removed so prospective buyers can see a clean palette of a home and can visualise their own belongings in the home. However, be mindful of making it too austere and sparse - some warmth is always appreciated.

The truth is that just like a popularity contest, buyers are drawn to the most appealing product on the market.

For the vendor, this popular appeal generates a broader pool of buyers, increasing the number of prospective purchasers. Logically, this translates into greater competition and a higher price – often tens of thousands of dollars higher.

Just selling your home means you've merely taken part in the popularity contest. However, selling it for a strong price and quickly, means you actually won it.

*Article by Richard Armstrong, director of The Makeover Group

by AliceM | 27/02/2010

http://experts.realestate.com.au/selling/how-to-hot-looking-homes-sell-at-auction-how-can-you-cash-in