Don’t be Fooled!

Ever got conned into the idea that the local guy had buyers? Or that he could get $50,000 more than the other? Or that it’ll take a short while to sell?

Then you list with them only to not hear from them for 3 months… And you are then chasing them?

I remember seeing in a document somewhere that a key in Local Agent Marketing is having sign boards… But a sign board mean that the property isn’t selling……

Don’t get sucked into the “local” mentality that it’s the only and best option…

My Sales Approach:

•We can list the property at any price – BUT! Be willing to meet the market if we arent meeting my “PRICED TO SELL RATIO”
•Have a clear understanding of LIST PRICE and SALE PRICE (Side note: Ethically YOU MUST be willing to take any price you are advertising! So if you are with an agent that is advertising a price you have no intention of taking, do the right thing and take the listing off the market or advertise a price you are happy to walk away with…)
•Don’t leave the price for any more than 2 weeks
•If we are approaching 4-6 weeks on the market with not interest and aren’t willing meet the market – then we come off – NOT A LOT OF AGENTS WOULD SUGGEST THIS

Here’s how it often goes…

Not too long ago I sold a property in Canning Vale.

The owner wanted to sell around the Christmas time roughly 2014 and I appraised the property at $450,000. I suggested that if you aren’t willing to hold onto the property for at least a further 2-3 years then now is the time to sell (as there was a lot of new homes approaching completion within the next 3-6 months and would most likely soften the established market as at the time a lot of Canning Vale was being bought by Investors and that particular are was quite high density meaning first time Investors who may not be able to afford the soft rent and would need to sell… Was just a gut feeling at the time.)

I then reappraised it 4 months later and was struggling to justify a $410,00 outcome…

This prompted the owner to go to the market ASAP and we went to market asking FROM $450,000.

We had no interest, we then revised price to be asking $430,000, again had one person through but nothing genuine.

The Week after we were asking FROM $410,000… Again no interest.

They asked what is it going to take???? I said lets go and ask FROM $399,000 by this stage the tenants had broke lease and moved out.

Within 3 days I had 4 calls 3 viewings booked, had a further 3 couples through the Home Open that Saturday and ended up selling for $415,000.

ALL THIS WAS HAPPENING WHILST…

5 doors up, a very similar 3×2 went to market with another agency that Christmas of 2014.

They were asking $450,000 (which at the time was justified) had that price advertised right up until when we went to market in April. I am assuming that they saw the rapid pace we were revising price to meet the market and by the time we were asking FROM $399 they were asking FROM $430,000.

They settled shortly after we did for a sale price of $390,000.

All in all:

After 5 weeks on the market we were UNDER OFFER at $415,000 with 1x written and 2x verbal offers

Compared to…

6 months on market for an outcome of $390,000

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