Real estate – selling has changed a lot over the years, and that is primarily because of the onset of internet technology. In the past, the first thing you will do when you want to sell your house or buy a house is to get in touch with a real estate broker. Nowadays, all you have to do is whip out your phone and go to websites like Lamudi to find out how you can sell your house or what properties are out there in the market.
But this also means that buyers now have more information on their hands, and will not just instantly believe claims and figures that sellers and brokers will give them. This is also not necessarily a bad thing for those looking to sell a property. If you’re one of them, you only have to know which data and information to use to convince a potential buyer to push through.
It’s also important to note how much the data revolution has changed the real estate industry as we know it. While real estate is still a market that is largely dependent on off-line activity such as face-to-face interactions with buyers, digital farming of data has allowed a deeper understanding of what is the future of this industry. Data truly is the new digital currency, with the property market no longer an exception. Global real estate companies have used data to mitigate financial risks, predict market trends and overall improve the way they service their customers — and you can do this too!
1. Study industry trends and market data to formulate a selling strategy
As most property seekers really start seeking options online, it is prudent to know what are their habits and what kind of properties they seek. Fortunately, Lamudi has The Digital Property Seeker Series for a quick look on the online habits of property seekers, which areas are commonly searched for available affordable housing options, and the kind of homes people prefer.
2. Present actual pricing data of similar properties in the area
When you are buying a home, the first thing you consider is the price of the property and if it’s correctly priced. This is why as the seller, you should take it upon yourself to secure the data you need as chances are big your potential buyer is also already searching for it / already have it. Once you are able to show that the price of your property is more or less at par with similar properties in the area, you start a trusting relationship with your potential client and increasing the chances of a closed sale.
3. Know when is the right time to sell.
As with most things in life, selling is also about timing. There is no one-size-fits-all strategy, and knowing when the right time to sell can be tricky. Factors include local market trends, the state of development around the area, the economic conditions and maybe even identifying a potential contact who has already shown interest in purchasing a property similar to the one you are selling. In any case, there is a plethora of data that you can use by simply knowing where to look online.
4. Highlight how the property’s value will appreciate over time.
While most Filipinos purchase a home to actually live in it, in essence, the purchase is still very much an investment. There is no actual way to predict how your life will change over the next few years, and it would be good to point out how a property’s value will appreciate over time should selling it become a necessity. There are several factors to consider regarding this, and it’s a wise move to have the data on-hand should your potential buyer need a bit more convincing.
5. Show how weather trends can work for the property
Especially in a calamity-prone country such as the Philippines, buyers like being assured that they won’t get to experience being flooded in when they live in their future home. You can show the elevation in the area, and if possible, the drainage systems of the neighborhood just so they feel assured there is no or low risk of them experiencing rising water level during typhoons and strong thunderstorms.
