Sales

Get it right the first time, don’t overprice your property and miss the market

One of the biggest traps in real estate is an agent selling you an inflated appraisal instead of a strategy to get the best price. It’s an ancient way of listing property which is passed on from over the hill agents to the young whipper snappers being brought up in the industry in the most dishonest way. As the industry saying goes, “the biggest liar, wins the job”.

So that’s all good and great, you’ve been told you’ll get this amazing price and it seems like you’re about to embark on an incredible journey with this super hero agent you’ve just hired. All to see that in four weeks’ time, they’re knocking at your door demanding you drop your price by ten to twenty percent because the market isn’t there. Normally leaving a pretty sour taste in your mouth.

It’s not only disheartening that you’ve had your dreams crushed, but you’ve also missed the market because you quoted your property too high. This also means that you’ve just spent thousands of dollars on advertising and instead of it being an investment, it has become an expense. Agents seem so happy to take your money and spend it on all this advertising which helps promote themselves, it doesn’t matter if you’re off the mark with price. They just play the patience game and wait for you to get motivated to sell. The worst part is they’ve locked you in on an exclusive agreement and usually for longer than you can wait to get out of it.

Getting your price right from the beginning is only one part of the whole sale, though if you are spending money on advertising, it is important that you invest that money. This means you will get a good return on investment through a high level of interest. It’s much better to remain conservative when pricing your property to sell. A price can always be adjusted up if need be and you’ll get the best out of your advertising.

Always think like a buyer when you’re selling. If a property seems like it’s great value, you would set time aside and see that property over all the others that are open for inspection at that time. Though if, in your mind, it seems a little bit above the mark, you’ll give preference to any other listing that shows equal offerings at a better price. When you go to market your competition are your neighbours selling similar homes and you’re fighting for the attention of the current buyers in the market considering that area. Get the price right and you’ll be on the way to a better upgrade and maybe a holiday as well.

 

DISCLAIMER

The following advice is of a general nature and intended as an opinion and broad guide. For all legal, financial or real estate advice you should obtain independent professional advice to do with the specific nature of your circumstances before making any legal, financial or real estate decisions.

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