Property Market Crash in 2018 and How We Can Sell Quickly Despite That
Throughout 2017, the property market has experienced uncertainty due to lowering prices of property that has elicited caution while selling. This has led to a property market crash that has spilt over to 2018. In London and the South East, inquiries into buying have stagnated at a low and quantity of sales has experienced a flattening out.
UK house prices fell in February, Nationwide saysBBC News
Projections for 2018 are that the housing and property market will experience a lag as the year progresses, for an estimated 12 months. This is according to the assessment of The Royal Institution of Chartered Surveyors (RICS). The trend will be spreading out from London towards the Home Counties and the suburbs. There is, however, a fact that could prevent the entire nation’s property drop in prices: higher prices in regions that have affordable houses.
These regions are Wales, North West England, Northern Ireland, and Scotland. Due to several influences, there is uncertainty in determining whether there would be a material rise in impetus.
At the beginning of 2018, the dynamics of the ending year 2017 would be of concern. Such dynamics are the lack of stock in the property market, and the demand in some parts are being impeded by constraints surrounding affordability. Sellers of high-end houses are having a difficult time getting asking prices.
Unexpected fall in house prices suggests ‘tough’ time aheadTelegraph.co.uk
67 % of real estate agents admitted that homes worth £1 million had their prices going below asking prices whereas 56% of agents affirmed that homes worth half a million pounds to a million pounds had their rates go below asking prices. With these concerns, prices would continue to stagnate at an undesirably low.
However, there are government incentives to try to help support activity in sales. Such support includes the help to buy schemes that follow favourable rates in mortgage in spite of increased interest rates.
Despite these challenges, there are trends in marketing that would aid property to sell fast. These marketing trends in real estate include virtual property marketing, online real estate marketing, and virtual staging.
1. Virtual property marketing
Marketing prices in the past have always been plain and unconvincing, with potential buyers bowing out due to uncertainties and lack of adequate information on the desired property. Marketers and agents used to present blueprints and architectural plans.
Such jargon and complicated illustrations would fail to really convince a prospective client on why they need the property. If some agents are still doing this, plummeting sales would thus be explained by reasons such as this. As such, the property market needs to have adequate marketing prices that buyers would be easily convinced.
Some of the ways to improve on presentation would be to engage the buyer in the details of architecture: how the house was designed, what prompted this design, how different it is from other models, and how suitable it is in meeting the specific buyer needs. The client always wants reassurances that he/she is making the right choice.
These are the reasons why this is important:
- As an agent, one needs to differentiate his/her trade from the rest of the marketers in the competitive property market to make favourable sales.
- It enables a person involved in the sales to adequately describe his/her trade’s development process and progress. Clients need to see that they are with the right guy.
- How the property marketing has been presented relates to how the actual property being fronted will be. This is essential in the client’s thinking.
- Branding of your properties is vital in making sales at higher prices. This is essential mainly when selling units that are similar to others in the market. The question always is “why is yours special?”
- While dealing with clients seeking property from diverse locations, you need to have a specialised one to one advice on what is best suited.
- Clients from different locations need such kind of marketing coupled with a sense of localisation. They are more ready to make purchases if they feel their locale needs are adequately addressed.
- Effective marketing always lead to increased referrals. Your clients make sales and refer your services to other prospective clients based on your marketing successes.
Some BAD real estate photography examples on how NOT to market your listings:
2. Online real estate marketing
As has been stated above, marketing is essential in making sales pitch in the property market. In real estate, there are several ways in ensuring that your brand stands out. Effective marketing involves the use of online resources to better make a convenient penetration in the vast prospective clientele.
The advantage of using this kind of marketing is that anybody anywhere can easily access information about your housing units with the internet. It becomes easier in increasing the marketing base and your buyer pool. All interpersonal marketing can be delegated to online platforms and websites which adequately represent your business.
3. Virtual staging
The presentation is everything in making sales. This is especially important if you are showcasing your property in the form of images, pictures and models. Creating images of properties as appealing as possible using tools to enhance appearance and to reduce ugliness and flaws are referred to as virtual staging.
There are various agencies that can perform this service using imaging software, design software, and photo editing tools such as Photoshop. This aids in setting your property apart from the rest of the market. Emerging trends involve 3D modelling which are very appealing to prospective buyers.
The competitive property market definitely needs a real estate agent or property marketer to up their game in this challenging sector. With a challenging 2018, marketing trends that can be exploited well to aid making fast sales involve what has been discussed above. Going forward, as the market dynamically changes, best practices in the sector will help property businesses to stand the test of time.
If we grabbed your attention and curiosity and want to learn more, here is something that you might like to read: How to stage house before selling?