If you’re thinking about specifically marketing your home to international and interstate buyers, the good news is that the process has never been easier.
Buying property sight unseen was once considered to be a process exclusive to gamblers with a dangerous appetite for risk. However, significant advancements in technology, real estate market trends and travel restrictions have changed all that, the process has now become very much the norm.
For vendors, taking the time to specifically market your property to international and interstate buyers requires a well thought out approach. It can be difficult to present your home as a warm and inviting abode via Zoom, so how can sellers find a way to connect with this lucrative section of the market?
Three Methods Used To Market To Interstate Buyers
Although Australia has some of the toughest rules on foreign property investment anywhere in the world, those savvy investors from across the ocean are welcome to purchase any home which adds to our housing stock. In real terms, this means newly built homes such as knock-down rebuilds, or vacant blocks of land and houses/units currently under construction, such as off-the-plan and house and land packages.
In contrast, it’s worth noting that while these rules don’t apply to interstate buyers, many of the marketing tactics used to promote particular properties to them are similar. As they often don’t have time to waste, interstate buyers are serious shoppers who often have a very clear vision on the type of property they’re looking to purchase.
While interstate buyers are often investors with large and diverse portfolios, interstate migration is also on the rise for owner occupiers. Technically speaking, any property purchase is an investment, so interstate buyers will usually be after dwellings that have good growth rates over a longer period of time.
Factors that may influence this include planned or ongoing council developments, council regulations, building and strata inspections, vacancy rates, demographics, holding costs, and possible income and deduction calculations. While many of these factors may be outside of a vendor’s control, what they can do to attract interstate buyers is to ensure they take the following key steps.
Consider Videography And 3D – While good property photography is now considered to be a must, vendors should also weigh up the pros of using video and 3D walkthroughs to market to interstate buyers. This way, the prospective buyer has more visual aids that can be used to determine whether your home is the one for them.
Use A National Database – Online portals are the first place anyone who’s interested in buying a home will go. It’s far easier to pop onto a site that’s indexable, and much easier to navigate when compared to calling every local real estate agent looking for a suitable listing. This is your opportunity to show off your home and its best features, and broadcast to a wider audience.
Appropriate Selling Methods – Due to registration rules, auctions aren’t usually open to international buyers and can also provide an extra layer of complexity that many interstate buyers aren’t fond of. As such, private treaties are usually the way to go, and it’s worth leveraging your real estate agent’s network to potentially sell off market as well.
Above all, partnering with a reputable real estate agent can help you fine tune the process of selling your home, as a good operator will advise you based on the type of property you’re selling, its location, the health of your local real estate market, how much you’re hoping to receive and how quickly you want to sell. Pitching your property to interstate buyers might not be the best idea for you or your home, so their advice and input can be invaluable.
Should you be looking to sell your home or purchase a new one, enlisting the services of a free property advisor like ESPA can often be a game changer. As an example, your advisor would likely research the property, local agents, check the zoning, evaluate market conditions, and communicate clearly with you regarding all of your options – but where do you find one?
Take The Stress Out Of Selling Property
As a completely free service, Emergency Services Property Advisors provide property advisor services to Police, Fire, Ambulance and S.E.S personnel and their families right across Victoria.
Luke and the team at ESPA are passionate about providing support to some of Australia’s most valued public servants. Along with key industry insights, ESPA also works with a broad range of service providers linked to the real estate industry such as conveyancers, trades, legal practitioners and mortgage brokers.
If you are an emergency services worker looking to potentially buy or sell property in the future, please get in touch with Emergency Services Property Advisors today to discuss how we can turn your real estate dreams into reality, or call Luke directly on 0414 757 705.