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Maximising Your Sale Price
 

The Top Twelve Ways To Achieve The Highest Price When Selling.

Pricing and how to maximise your sale proceeds can sometimes be for sellers complicated and difficult to get right, even potentially a disaster.

Understandably, most sellers want to sell for the highest possible price, so it can be tempting to believe unrealistic or even "optimistic" assessments of what can be achieved for a property by agents or well meaning "experts".

A thorough understanding of "cause and effect" with pricing strategy is important and this should be discussed in detail with your trusted advisor agent. Pricing a home should be a simple process with some structure, not a sanguine or frivolous exercise. It has little to do with want, or need or what price was originally paid.

There are several methods of pricing correctly. A  good agent will know the current market value based on what recent sales they have made and knowing the state of the current market.

1)

Decide to sell first- Have you definitely decided to move?
Testing the market damages the value of your property. Every market has homes that come on and off the market every 3- 6 months, each time 10-20% above current fair market value. 

The serious buyers reject them. If you want to sell, then let's get it on the market priced to sell within a reasonable time frame. If you don't want to, we suggest that as a seller, you stay put.

If you commit to the process and the outcome, stress is less.

2) Choose the best Agent
It makes sense that to get the best outcome you must select the best agent. That does not always have to be your best mate, or someone you know from the local social club.

The best agents will be fresh, energetic, proven, well supported, inspire trust and confidence and be at the top of their game. Probably more than any other decision, choice of agent is critical, as most other decisions will be made in consultation with a trusted professional advisor agent.
3) Agent competency
Whilst trust is important, it is also important to get a competent agent that is best equipped to get the best outcome.
  1. Skills set- does the sales person have the negotiation and marketing skills to do your property justice?
  2. Track record- Has the agent got the credibility and track record?
  3. High personal ethics and integrity- Will the agent go the extra mile to get you the best outcome?
  4. Resources/ back up- What if any support staff does the agent have?
  5. Has energy- Does your agent have the required "petrol in the tank".
  6. Will be proactive- Does the agent make things happen?
  7. Hungry/wants the business- Is the agent on the way up or too comfortable/ busy or cruising to retirement?
  8. Contactable/ returns calls- Is the agent a "Secret or undercover" agent?
  9. Discreet- Will the agent blab all the seller personal business to the world? You would be astounded what some agents tell you. (even if you don't ask).
  10. Local- Does the agent have a local prominent accessible office and have a local track record?
  11. Professional- Would your agent represent you professionally?
  12. Likable- Can I work with this person?
4) Presentation pays
Present your home in its best light- Make sure everything is fixed, clean, de-cluttered, "staged" for sale.

Your agent must make a detailed list of what needs to happen before ANY buyer sees your home. Dressing for success or home styling is a necessary stage in the home sale process.

A good agent must discuss this with you before listing and before commencing the process. To read our FREE E-Book on this subject, Download here.
5)

Grand opening
Select a "launch date" before coming to market- Having an "on the market" date is wise. Prior to this date, no one is allowed to view your home.

This ensures relevant disclosures are available, all approvals checked, professional photos and brochures created, and fair competition can be generated by opening your property to the broader market. It is never in the seller's best interest to allow one buyer to monopolise a property, unless the terms are so favourable, there is no reason to open the property to the full market.

6)

Market research
Check the opposition before coming to market- A simple hunt online and a visit of local properties gives a clue to the supply side of the ledger. Whilst this will tempt you to put too high a price on your property, it should assist in determining what your buyers will see and encounter when engaging agents.

Do the full "AGENT INTERVIEW" thing when viewing properties by being a buyer. Not only is it fun, it helps you decide who not to select as your agent and educate you as to what your buyers will experience.

7)

Reality check
Know the true value- Recent actual sales are the best evidence. A licensed sworn valuation can be useful.

The least reliable method of establishing value is real estate appraisals.

Find a good agent and ask them direct, probing questions as to "current fair market value". Ask for the prices to be justified.

Look at;

  • List to sell price ratios
  • Days on market per market segment
  • Prices paid per square metre
  • Ask for your agent to explain the term "Absorbtion rate".

For a FREE Copy of "The 21 Irrefutable Top Seller Tips- Avoid the Pitfalls…Getting the right agent".

8)

Trust your agent
Once you have selected one, trust them. Whilst you own the property, you are not an expert at real estate and should give your agent an opportunity to "do their thing" to some extent. You would not micro-manage your doctor, accountant or builder.

Whilst a good agent will involve the owner and always default to the owner, they must be trusted to do the daily job. We believe, if an agent does not have the trust of the seller, not only will the property not sell, the seller should sack the agent and appoint one that they do trust.

9)

Right price
Price the home correctly within 5% of current fair market value- Overpricing homes usually results in "chasing the market down" and actually selling for far less.

No one wants to buy a stale or rejected product and so when a home is fresh and in demand, your chance of getting the highest actual sale price is enhanced.

10)

Right strategy
Choose the best pricing strategy suitable for your home.

As the owner, you have two pricing options or strategies for marketing your property:

1. Marketing with a price    OR
2. Marketing without a price

Read more............

11)

Sell before you buy
Buying subject sale will usually mean pay more as you are in a weaker negotiating position. Often you will sell for less as you are selling under pressure

This is covered in detail in "The 21 Irrefutable Top Seller Tips- Avoid the Pitfalls…Getting the right agent".

12)

Work with early offers
Never accept a subject sale offer without a "48 hour clause".

This enables you to continue marketing your property until the subject property is sold.

Often the early offers are the best ones as the buyer who has been looking for a long time, sees the property and decided to act immediately.

SUMMARY:
We hope that you have found this article helpful. They are the views of Evolution Realty and are intended to be informational and helpful only. Thank you. (c)
 

 
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