10 things to tip balance in the sellers favour

Ask real estate agents about how the market is going and most will admit it’s a lot slower than a year ago. But, they insist, houses are still selling if the presentation, marketing and price are spot on.

”In a market like this, you’ve got to make sure that you get everything right,” says the owner of Belle Property Mosman and Neutral Bay, Tim Foote. ”You can’t be blase.”

Since October, auction clearance rates in Sydney have meandered along below 60 per cent and last month sat at 55 per cent. At the same time, there’s still a considerable amount of property on the market, though stock levels dropped slightly in May.

”Buyer and seller expectations are still disconnected,” says the senior economist at Australian Property Monitors, Andrew Wilson. ”Days on market, discount rates and stock on market numbers are all higher than at the same time last year.”

The onset of midwinter should bring stock numbers down, says the owner of Sarah Lorden Real Estate, Sarah Lorden. That could help sellers. ”Generally you have a little more competition between the buyers because buyer demand stays reasonably steady,” Lorden says, even though there are fewer vendors. Nevertheless, buyers will still have plenty of choice so work extra hard to make sure your home grabs their attention.

”There’s no room for mistakes or missing an inquiry in the current market,” says the general manager of sales at McGrath Estate Agents, Matt Lahood.

To ensure your home hits the market strongly and wows buyers, here are 10 expert tips.

1. Secret agent

First, you’ll need an agent who is great at marketing and hungry for a sale. ”In slower markets, good agents stand out,” Foote says.

You want one who follows up buyers who leave their name at open homes. ”If you’ve got a buyer inquiry you’ve got to dive on it,” Lahood says.

You want someone with enthusiasm and good communication. They’ll need to be good at negotiating and jump on every buyer opportunity, fast.

”If someone sends an email this morning, close of business is too late [to reply] these days,” Lahood says.

To test-run agents, attend a few open homes and see how they treat you as a potential buyer – and if they follow up your inquiry.

2. Team effort

When you’re looking for an agent, find out whether they are willing to get their whole team onside. Even if the other agents are not directly selling your property, they’ll be able to tell their buyers about it.

3. Price it right

Don’t compare your home to what is on the market. Instead, you need to look at similar homes sold in your area in the past three months.

”In the market that we’re in now, you will attract more buyers by pricing it correctly, even if that means being a little bit less flexible on negotiations,” Lorden says.

Vendors need to listen to buyer feedback. If it’s coming in lower than expected, it may not matter if you are planning to buy again in the same market, Lahood says, because you will also ”buy something at a reduced rate at a higher level”.

4. Auction or private treaty?

When the market is hot, many homes go to auction. But now, you might only auction a house if it has a real difference. ”If it’s a unique waterfront or something that’s rare, you’d definitely auction it,” Lahood says. ”Where there’s not a lot of comparable sales, you’re probably better off paying for an auction.”

The decision could depend on the area – some markets are less amenable to auctions. Larger properties, which can take longer to sell, might suit a private treaty sale.

Some agents, such as Tim Foote, still favour running auction campaigns. ”It engages buyers, it gives them a deadline for which they’ve got to make a decision,” he says.

Read more on this story by Carolyn Boyd in Domain News


About davidcutlerproperty
David Cutler is a highly successful sales consultant at Gary Peer Caulfield. David provides clients with six star service customised to their individual needs. From formulating marketing strategies, through to completing contracts, he is diligent, dedicated and highly motivated to achieve the best results. His growing base of happy clients is testament to his ability to develop strong relationships based on mutual respect and integrity. When he is not busy selling property David spends quality time with his young family. And when time permits he also enjoys on and off road cycling and is an avid fan of rugby union’s Springboks.

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