Presentation or Desperation?
When selling property one thinks of presentation in the physical sense… everything in its place, neat and tidy, smelling of roses, you make sure it is presented perfectly to ensure you get the highest possible price, you are in control of this.
There is another form of presentation which will cost you dearly if it is done TO you! You are not in control of this…. Or are you?
How your real estate agent portrays your property in their advertising will directly affect the type of buyer attracted. The type of buyer attracted will directly affect the sale price you get. You can present your property perfectly, your agent can market it ‘effectively’ and all your hard work will be for nothing. A quick look through some real estate portals will provide plenty of examples for analysis so let me explain with some real life advertisement headings…
“OWNERS HAVE MOVED INTERSTATE & NEED A
This maybe a true statement of your circumstance but take your sellers hat off and put your buyer’s hat on for a moment. As a buyer, the first question you ask yourself is… I wonder how badly they need that sale. This could be a bargain. I wonder what I could get that for?
What type of buyer are we attracting here? Is it going to be someone who will pay you a fair price or someone who will not?
“VENDOR COMMITTED ELSEWHERE”
Again this maybe a true statement of your circumstance but from a buyers perspective… they probably have bridging finance, I might bag a bargain here.
Is this going to be a buyer who will pay you a fair price, a good price, a great price, an exceptional price?
“OWNER WANTS IT SOLD THIS WEEKEND”
“ABSOLUTE BARGAIN! MAKE AN OFFER”
“MUST BE SOLD”
“HAVE YOU EVER MISSED A BARGAIN?”
And of course this one which most recently featured on a prime time current affairs show in Australia, “DECEASED ESTATE… Vendor Dying To Sell”
Perhaps the agent in this case thought he was being funny, that’s up to you to decide but when you are paying an agent many thousands of dollars to represent YOU in the sale of your home, no, let me put that into perspective… when you are paying an agent to get YOU the best and highest possible price for your home is this style of advertising good for YOU. Is it going to work effectively for YOU?
Yes you want to attract buyers, without a buyer you can’t sell but what picture do these advertisements really paint?
These headings are some of the more obvious ones and they all smell of desperation which will all attract the “bargain hunter” style buyer and give all buyers in general the idea that they can get a good deal. This in turn means that any offer you get will most likely be a bad offer and you are almost certainly destined to undersell your property.
Agents who use these tactics do so in an attempt to get some offers on the table, even if they are low ball offers. When the seller hears these low offers being repeated from buyer after buyer they become what’s known in the real estate world as “conditioned” and now they believe that this is what the “market” is telling them and they end up accepting one and the agent makes a sale.
Your reason for selling should in no way affect the value of your property, but if you allow it to be presented in a manner similar to one of those mentioned above, it most certainly will!
Believe it or not, you are in control of how your property is being presented don’t let this be done TO you.
Real Estate Consulting New Zealand…. helping you stay one step ahead of the agents!
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