You may have heard of the phrase “buyers’ market” being thrown around in conversations relating to real estate these days. A “buyers’ market” simply means there are more supply of houses than demand in the market hence market conditions favor towards buyers. Today, buyers have plenty of options to choose from, such as resale flats, Build-To-Order (BTO) flats, new condo launches and even unsold units.
When it comes to selling your property, generating hype and demand is super important. In the primary market, property developers typically market their new condo launches up to 6 months before the actual launch date. Property developers invest in multiple channels and also engage real estate agencies to drive awareness. With so much hype generated among communities, it’s no surprise that some launches sold hundreds of units within the first weekend of the launch. (Wing Tai sold 70% of The M condo over launch weekend despite average price of $2,450 per square foot.)
The same concept can be applied to the sale of your property. Property agents do this by creating an open house for potential buyers to view. The notion of having an open house might not be receptive to some homeowners as they might fear having strange people coming into their homes. However, in reality, having an open house is one of the better ways to sell properties quickly. Here are some of the benefits of having an open house when selling your property.
Your property could be located in a super hot and popular area, and to make things worse, your neighbours next door are selling their property at the same time as well. Having an open house creates the window of opportunity for you to generate more demand, while showcasing your property at its best.
You could also take this chance to give your property an uplift by doing home staging and have professional photos of your property taken. The idea is to create a statement among the competitors (or your neighbours) and at the same time, allowing your potential buyers to visualize what it is like to live in your property.
Check out the photos of this beautifully done up HDB flat at 289A Bukit Batok Street 25
In an open house, you could have different groups of buyers in your property at the same time and this helps to create some friendly tension among these buyers. Trust me, it does get super exciting when one of these buyers drops an offer during the open house which leads to the others trying to outbid each other.
It is the same for new launches. Knowing that the better units will be taken up quickly helps to build hype for the project and developers end up selling their properties like hotcakes over a weekend.
From our research, we were able to observe that units with high number of viewings over a short period of time have high tendency to be sold, at a faster turnaround time too. The high viewing density also means that any investment made (online marketing and/or home-staging) is kept to a minimum.
With our signature Bluenest Open Houses, we have helped many of our sellers to sell their properties within a few days after listing their property. Check out our video where we shared how we sold a property in just 2 days in an open house.
Feel free to reach out to us today to find out more and we would be happy to assist in helping you sell your property.