Welcome to the Marketplace!
Now that your property is about to go to market, as an owner you may be subjected to pressures and challenges that can be stressful. As your chosen real estate agency, it is our intention — via this guide — to prepare you to meet these situations and to make the sale of your property an enjoyable and rewarding experience.
Challenges
“What if other agents approach me and say they have buyers for my property and their commission rate is low?”
While ethical agents won’t contact you once the signboard is displayed or they are made aware that the property has been listed with Exclusive Authority, unscrupulous agents, however, may contact you with these comments to derail our relationship and create doubts in your mind as to whether you have chosen the best agent to sell your property.
Should this happen, please do not discuss price expectations with these agents before speaking with us first, as they may be calling on behalf of someone who wants to buy at a lower level.
“Will I or won't I accept an early offer below the asking price?”
This is a difficult decision for you and a real pressure point. Should you hold out for a higher price? Should you wait for a better buyer?
From our experience, the best offers usually occur within the first few weeks of your property coming on the market. Since it is our aim to achieve the best outcome for you, we normally set the price guide (in line with your instructions) in order to attract as many buyers to the property as possible.
When a property first enters the market, momentum is generated because qualified buyers (those in the price range) who have been looking around discover the property for the first time.
Competition peaks in the first few weeks and buyers are most likely to make offers because they fear losing out to someone else. If this happens, most vendors say no to the offer as they believe it has happened all too quickly. This is where you can lose thousands of dollars if you don't have the right research or advice.
Many owners also get over-confident if they get an offer in the first week or two and reject that offer. This can be financially painful! History consistently provides us with numerous case studies of property owners selling for far less than they were offered in the initial stages. Before you dismiss any early offers, consider the following - we as your agent may have been working with that buyer for months. They are keen to buy a home and have become frustrated and sick of looking. They will pay a premium for the right home. They may be your best buyer by a long shot. They know the local market through months of research. Once rejected, however, they move towards other homes or leave the marketplace forever. This means that the offer no longer exists.
As a vendor, compare the offer with the price range quoted in the agency agreement. Review the research we provided you, showing current market comparisons.
We are skilled negotiators. We know that price is crucial in a buying decision. When we achieve the maximum from the buyer, it will be your decision whether to accept it or move on.
“Will I or won't I accept the offer?”
This is a testing time for the vendor. By law, all offers - irrespective of price levels - must be submitted to you. Every offer is a sure sign of interest and normally only a starting point in the negotiations. To say no to an offer is better than no offer at all.
Offers are made by prospective purchasers based on their own impressions of the market. We will never under-quote the agreed asking price or price guide! If the asking price is too far above the perceived value, buyers won’t make offers. Every person handles their real estate purchases differently. Some can make a decision in an hour, while others take weeks. Don’t take offers below your expectation personally. You have the right to say no, in which case you still own your property.
How can I keep my property ready for surprise visits?
We will always call first and notify you in advance to give you time to prepare for an inspection. However, there could be instances when a buyer would turn up at our office unannounced and if they qualify as a sound prospect we would bring them through your home whilst they are still with us.
To ease the pressure, it is best to always keep your home 'inspection-ready’. First impressions through good presentation can make a huge difference when it comes to selling your property. If you know we are coming, open all the curtains and blinds and make the home as light and airy as possible. We only get one chance to make that first impression. On wet days, it's a good idea to leave an old towel at the front and back doors.
“What should I do during home inspections?”
During the course of an inspection, we like the buyer to get the feeling they are moving in.
They will spend more time at the property if the owners are not present. If possible, go for a drive whilst we are showing the property. If this is not possible, perhaps you could be in the yard whilst we are in the house and vice versa. Buyers feel uncomfortable invading your space and will not discuss the property if you are within hearing distance. Our salespeople appreciate the finer features of your property and are well trained in how to present those features to the interested purchaser. More importantly, they know when and where to bring those features up during the inspection.
“It’s not selling! Should I modify the price?”
Our ultimate goal is to achieve the best price outcome for you. The asking price could be looked upon as the starting point in negotiations but if there are low enquiries or low inspections or no offers at all within the first week, then it’s worth reviewing our pricing strategy.
When considering whether or not to modify the asking price, it is not only important to look at properties that have been sold to get an indication but also to look at what other similar properties are advertised for.
In most cases, we will only need to modify the price guide, not your acceptance price.
“How should I handle third party advice? My neighbour says it’s too cheap!”
Our marketing strategies are built on years of industry experience and local knowledge. You can be confident that our team will do what’s best for you. This is why all the tactics we put in place are backed up with market data and are specific to your goals.
Inevitably, you may hear some comments and advice from well-meaning relatives, friends, or associates once they know your property is on the market. Should you receive such, simply thank them for their contribution and stick to our proven strategy.
“Who's this at the door?”
Stranger danger! Never allow anyone into your home unless you know who they are and why they are there! In addition, don’t disclose the price you will accept or your reason for selling.
Once your property is available, it will attract the attention of people passing by. Should anyone knock on your door or make phone contact wishing to arrange an inspection direct, please refer them to our office for qualification. As a professional company, we would never send a person to your property unaccompanied. Buyers should only view your property with one of our trained agents.
“If I'm away for a few days - what happens?”
Ensure that we have your mobile number and email or alternatively, a number of a family member or friend who knows where you will be just in case we need to discuss an offer or any urgent matters.