|Address:||71a McNamara Ave Airport West 3042|
For a free no obligation appraisal of your property please phone our office on 9335 3334 (24 hours)
26 January 2013
Home buyers have been more active so far this year and with genuine recovery, home prices look set to stabilize. It's still a great time to buy as house prices are still down 10-15% since 2011 and all of 2012 was similar growth. Some might say it's where prices should be. My view and opinion is that with the unemployment rate likely increasing and interest rates possibly falling further it will be a battle that will not see much change this year.
What to look out for when selling your home
1 - Over quoting to get your business.
Why do some agents have a bad reputation?
If they are competing with other agents the only way some agents can get the edge is to tempt the owners with a higher valuation. Remember the valuation and what an agent can negotiate for you is a separate topic.
2 - Underquoting - once they have your business. Often some agents (not all) will have to get buyers through which is hard to do once the agent was the winner of the biggest liar competition. The only solution for them is quoting a very low price to get buyers through and use them to a) condition the owners down in price and b) get the buyer to help participate at an Auction.
3 - Upfront Marketing – What often a seller will face after the disappointment of not getting what you thought, is you owe the agents between $500 - $10,000 of marketing costs. Often negotiated by the agent to help promote their company.
4 - Auctions- Auctions are the quickest way some agents can condition an owner into accepting less. The high pressure, high risk method will give you the 2nd highest price every time. Revealing one persons offer to another is no way to negotiate.
1- Over quoting- The best way to have a agent be responsible for their price quote is to make sure their comparison sales are recent and as accurate as possible. A guarantee is best but make sure the agent is giving you a figure to rely on not lying to get the job, or get an independent valuation from a valuer who is not biased.
2 - Underquoting – Inspections by appointment is best. No sticky beaks; have the agent qualify the buyers and explain how they will do that. Underquoting will attract buyers who cannot afford the home, so asking a reasonable price will create competition anyway if the agent is skilled on negotiating. Don’t allow the agent to put a price very high or very low as there is a risk of your home becoming stale quickly.
3 - Upfront Marketing - No
4 - Auctions - Private sale. Negotiate to get the best price for the owner without revealing one offer to another. No Pressure just negotiate with no risk. Competition can be between 1 or more buyers, it’s hard to have an auction with just one buyer.
Please note not all agents work this way but it is information that may save you thousands. So when you interview agents to sell, for some their greatest asset make sure before you sign you are prepared and it won’t cost you money and time.
HOW DO YOU CHOOSE AN AGENT? WE THINK THE 5 MOST IMPORTANT POINTS ARE -
If the agent is lacking in any one of the above, we believe they are not worthy of your business.
The best advice to any person thinking of selling a property is to insist on an iron-clad service guarantee -
All agents will ask you to sign an agreement before you sell your property, but remember you are being asked to sign their agreement. Many sellers bitterly regret signing that agreement with the agent.
The best agents will gladly GUARANTEE their services.
Avoid agents who do not offer a service guarantee.
IF you are thinking of selling contact us on 9335 3334 so we can take the time to cover all the important information on how to sell your home for the highest price, including what method, Marketing, our Guarantee and our No Sale No Charge (including advertising) policy.
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