Welcome to our Ponderings…
We’ve come home again and had our mini break away. Everything went well on the jet plane and trams, but nothing on the trains as we didn’t use them.
(By the way, I included trains in the heading because it sounds good, suggests some sort of travel romance and effects to engage without too much disappointment.)
Now, to our mini break. We had fun and learned more valuable information in how to best serve you in continuing to achieve excellent results and we also had some valuable rest to come back refreshed and ready to rock and roll.
As I sigh wistfully with dreams of another mini break some time down the track, another week, however, would have been even more perfect.
Back on station and engaging you in the idea of Trains.
Something should not only be worthwhile pursuing, but also cause you to take immediate action to find out more and move toward fulfilling a desired outcome you may have.
As agents, I believe we are not here to “value” or set a price for property to be sold simply because we cannot know how much a property might sell for at any given time.
However, we should still be able to produce historical evidence as to what similar properties have sold for in the past with a view to providing a guideline as to whether price expectations by owners and the agent are somewhat realistic or not.
(Sadly, many owners engage agents based on the price the agents appraise a property for – and that can be too high and/or too low. But that is another story for another time.)
So, rather than simply set a price, I believe my job is more to and hinges around the ability to market your property and engage buyers causing enough excitement for them to view and take action to buy. Once interest is established and offers arrive, my job then transforms into being able to negotiate the absolute best price into an end result that not only reflects what the historical price data indicates but even surpasses that data.
Now things don’t always go to plan.
A couple of weeks ago, we spoke of increased interest and activity generated through price and marketing strategy to vastly improve engagement and even attracting a buyer from Switzerland. Now that was great until the offerings were coming forward.
Not only did the negotiations not get past second base, but the interested parties began engaging based on their budgets and desire to pick up a bargain because the properties had been on market for a longish period of time – although discussions for a favourable outcome, my breath is not. Complete overhaul may be required here…
And sometimes they do go to plan.
On another property, price strategy was changed and we engaged a buyer who presented with a low-ball offer, we then negotiated the price up and passed previous (non-acceptable) offers. Why was that possible?
Aside from a few other insights by us, the buyer was not chasing a bargain in so much as they were looking for and found something to get excited about and initially that excitement was triggered by an understated suggestion of failure of past efforts.
(The end result was not only higher than I appraised it on but $103,000 higher than another sale in the same location with same outlook and the highest price paid in the past 17 years in the particular area for the type of property – so much for historical data – just saying)
Back to Jet Planes Trams and Trains, our job is not to price your property but to market and attract the right buyer at the right time and then negotiate the best price for you rather than be too concerned about the cost of the fare to get there.
The current market looks to be flattening out a bit and time on market is starting to blow out again in certain areas. When this happens, the ability to market and negotiate becomes even more important than the ability to come up with a justifiable price.
Until Next Time, Happy Listing and Selling and when the job is done, find a Jet Plane, Tram and Train and above all have loads of Fun…