Vendor Information “Will I or won’t I accept an early offer below the asking price?” Difficult decision for the Vendor 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. 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 you believe it has happened 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:
However once rejected they move towards other homes, leaving the market place forever. This means that offer no longer exists. As a vendor, compare the offer with the price range quoted on the agency agreement. Review the research we provided to you. These are current market comparisons. We are skilled negotiators. When we achieve the maximum from the buyer, it will be your decision whether to accept or move on. Whatever you decide we will back you. “…oh no, people want to see my house!” Be prepared for home inspections. Being on the market can be a testing time when it comes to home inspections. It has the same effect on you as drop in visitors. From time to time we have the perfect buyer turn up at our office unannounced. We ask a series of questions and if they qualify as a sound prospect then we would like to bring them through your home whilst they are still with us. We will always phone first and provide as much notice as possible to give you time to prepare for an inspection. If we catch you off guard we apologise. This is not intentional nor poor communication, just a saleable opportunity. To ease the pressure may we suggest you keep your home ‘inspection ready’. First impressions through good presentation can make a huge difference when it comes to selling your home. 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 the 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 salespersons have studied 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. "...what’s happening?” We will speak with you several times each week to keep you up to speed with the market. We will also conduct strategic meetings with you throughout the program for accurate market updates. Do not hesitate to contact us at any time for any reason. If we are out of the office when you call, please speak with our support team. If they are unable to help in that situation they will get a message to the appropriate team member for you. All enquiries on your property are entered on our private database. Although we receive many calls on available properties many buyers only wish to drive by initially. However we have their full details for quality follow up. “…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 the purchaser based on their own impressions of the market. We will never underquote 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. Others take weeks. Don’t take offers below your expectation personally. You can say no and you still own your property, wait for another offer or sell it to another buyer. Ask your sales representative about the many ways we work towards getting more for your property through proven negotiation skills. “…its not selling! Should I modify the price?” The greatest homes in the world can remain unsold due to price! As your agent the ultimate aim is to achieve the best price possible for you. The asking price could be looked upon as the starting point in the negotiation. If there are no offers however, or not enough inspections, its worth reviewing the asking price with your agent. This should be done every 3 to 4 weeks. One thing is certain and that is, we have not undersold your property. From our experience 99% of buyers are price conscious and will be less likely to respond if similar properties are available for less. When considering whether to modify the asking price please compare your property to sale prices of other properties that have just been sold – not with those that are still available. Take on board the agents recommendation. “…how should I handle third party advice? My neighbour says it’s too cheap!” As your agent we will cover a lot of information before going to market and we know you will be confident that our team will do what’s best for you. Our marketing expertise has been continually evolving. However, you may hear some comments from well meaning relatives, friends and associates once they know your home is on the market. If you receive any well-meaning advice say to yourself how many properties has this person sold in this area and in particular in the last 12 months? Thank them for their contribution, discuss any of your own opinions with us and remain focused on our planned and tested selling strategy, of course we will always respect your instructions. “…who’s this at the door?” Stranger danger! Never allow anyone in your home unless you know who they are and why they are there! Once your property is available it will attract attention to people who are 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 qualifying. 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. Never disclose the price you will accept or why you are selling. “…I’m away for a few days what happens?” Please leave a land line phone number with us of a family member or friend who know where you will be just in case we need to discuss an offer etc. In some areas mobile phone reception is not available. “…should I get an independent building and pest report?” Yes. By obtaining a full report on the building we are both aware of any problems that will show up on the future buyers building report. This has a number of advantages in as much problems can be rectified before going to market. We can bring any small problems to the buyer’s attention and avoid any last minute financial compromise. If nothing else, it is peace of mind. Problems will show up on building reports. Knowing we do not have any major issues to contend with is a big advantage in concluding a successful sale for you. “…is it good or bad news?” Don’t lose faith! We need your permission to be straight with you. Please don’t penalise us for being truthful. As your agent we need to tell you everything the market is saying, good or bad. We will always give you direct and accurate feedback on all property inspections and confirmed offers. All offers irrespective of price must be submitted to the owners. Great care is taken in order to assess and maximise price terms and conditions. Remember that this is the market place voicing an opinion. We need to know what the market place is thinking of your property in comparison to similar properties. Negative feedback is positive as it can help us to move forward. You will encounter a lot of negativity in the press that leads to a build up of emotions. The facts are every property sells the moment we meet the market value. This does not mean property owners have lost money it simply means we have discovered the true value of your property. |