The most important ingredient in any relationship, business or personal, is trust. Before you choose your agent ask many questions, check references, test their negotiating skills and ask yourself a BIG question, do I feel comfortable with this person handling the sale of my family home? If your answer is “NO”, do not hire the agent.
Closed Agents lose buyers. Make sure the agency you choose is available to talk to 7 days. You never know when the perfect buyer will come along. And that buyer will buy from an agent who is willing and available to talk even on their day off and after hours. The best agents offer a 7 day service. They are always prepared to work on your behalf.
PUBLIC AUCTION OR PRIVATE TREATY
Before putting your home on the market you will need to consider which method of sale is most appropriate for your property and which is likely to achieve the best results.
Sale by public auction makes use of competitive forces to deliver a price above what might otherwise be achieved. When preceded by a well planned marketing campaign, auctions can create a sense of urgency amongst buyers, build competition and ultimately raise the price. Advantages of an auction are that you’re in control of the sales terms, you have the security of your confidential reserve price and the sale is legally binding once the hammer falls. You also have the option of selling your property prior to auction should an appropriate offer be received.
This method generally involves quoting a price at the commencement of marketing. However in some instances it can be an advantage not to advertise the price initially. Establishing the correct price, where advertised, is critical as a price set too high will lead to a lack of interest and a protracted sale, while a price set too low will not maximise your return. Unlike an auction, a cooling off period usually applies to private treaty sales. The strategies and negotiation skills of your agent are particularly relevant to your private treaty sale success.
With hundreds of properties competing for the attention of potential buyers, effective marketing can make the difference. It is important to have a well-planned campaign that gives you maximum impact for your advertising dollar. To draw attention, a multi-faceted marketing campaign should be employed including print media, internet and on site advertising. Print media advertising provides the high level of exposure required to attract both active and passive buyers, and this combined with internet advertising proves to be a powerful tool that used correctly can create urgency in new and existing buyers alike and portray a sense of perceived value.
FOR SALE SIGN
A sign says you are genuine about selling. It is tempting to tell the whole story on a signboard through multiple photos, text and floor plans. It is important that only enough information is given to tempt a prospective buyer to make an enquiry about the property as a real estate sales person is the best person to qualify your buyers. A large photo sign with photos depicting features not visible from the street can entice the ideal buyer and highlight the best features of your property to not only buyers that happen to come across the sign but also to buyers that “drive by” as a result of other advertising.
AVOID THE HIGH QUOTE TRAP
Choosing an agent based solely on a high quoted price and a low commission rate can be a dreadful mistake. Agents who offer low commissions can be poor negotiators. You are hiring an agent to negotiate the best market price for your home. Take the time to ‘check out’ the agent. A little research can mean BIG savings for you. Once you have signed up with an agent you may be horrified at the things the agent says and does when handling the sale of your home. Many agents openly encourage buyers to offer lower prices. Many agents reveal confidential information about sellers, such as “These people have already bought.” If you have a pressing personal reason for selling e.g. illness, divorce, financial commitments, the agent may tell buyers about your reason. This really weakens your negotiation position. With Phil Waight your situation is always confidential.
REJECTING EARLY BUYERS
It can be a big mistake to reject early buyers for your home. Many sellers have discovered, from bitter experience that the buyers they rejected when their home was first placed for sale were the buyers prepared to pay the highest price. An efficient agent will have a ‘bank’ of buyers waiting. The agent will select the best buyers and bring them to your home. This can be your best chance to get the best price. You may even get the full asking price in the first few days (or more) if the correct negotiation strategy is employed in the situation where two or more buyers want your property. If the early price enables you to achieve your goals, you should strongly consider selling sooner rather than later at a price which can to be much lower. The hallmark of an efficient agent is one who can find the best buyer willing to pay the best price in the shortest time and with the least cost to you.