The key to successful selling in the current market requires three elements:
- The right agent
- The right sales process
- The right price
The right agent:
The two worst criteria to select an agent on is the value they assess your property at and/or the selling fee they quote. Most people inadvertently select their agent on one or both of these criteria.
The right agent, who is also a competent negotiator, is able to deliver their client the best possible price with the least stress and risk. It is difficult to have a risk free and stress-free campaign if your agent has talked you into a needlessly expensive advertising campaign – promising above market price.
The right sales process:
Whether you believe in the public auction system or not, the reality is that it is the wrong process for most homes in this market.
The withdrawal rate of auctions before the big day is now running at over 20%. The true auction clearance rate has been closer to 40% than 50%, with talk of 60% clearance rates simply being a fudged number. Of those auctions that do sell, the majority are sold before or after the auction by negotiation but counted as an auction sale.
There are close to 80% of transactions occurring in the marketplace by private sale. A lot is happening off-market too – with some great prices being achieved.
The right price:
In order to attract the right buyers, it is absolutely crucial to quote the right market price – not to be mistaken for a low underquoted price.
The right market price is the price that comparable properties are selling at today/ this week.
The right agent, the right sales process and the right price greatly increase the chances of success in the market. If you get one of these three crucial ingredients wrong, the campaign could and is likely to derail.
BY PETER O’MALLEY