Concern 1: Pricing My Property
It's hard to know what the market will pay...
"What should I do if other agents approach me and say they have buyers for my property and their commission rate is low?"
It is pleasing to know that ethical agents will not contact you once the signboard is displayed. Unscrupulous agents, however, may contact you with these comments via direct mail, leaflets and possibly phone calls once your signboard has been erected. The purpose of this contact is to derail our relationship and create doubts in your mind as to whether you have chosen the best agent to sell your property. Should this happen, please do not discuss price expectations before speaking with our agency as they may be calling on behalf of someone who wants to buy at a lower level.
Concern 2: Early offers below asking price
Not all agents offer the same level of service...
"Will I or won't I accept an early offer below the asking price?"
This is a difficult decision 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 onto the market. Since it is our aim to achieve the best outcome for you, we normally set the price guide (in line with your instructions) a little higher than we expect the market to bear.
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 they believe it has happened all 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 — we as your agent may have been working with that buyer for months. They are keen to buy a home and have become frustrated and sick of looking. They will pay a premium for the right home. They may be your best buyer by a long shot. They know the local market through months of research. Once rejected, however, they move towards other homes or leave the marketplace 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 you, showing current market comparisons.
We are skilled negotiators. We know that price is ranked fourth in a buying decision. When we achieve the maximum from the buyer, it will be your decision whether to accept it or move on. Whatever you decide, we will back you.
Concern 3: Last-minute inspection requests
The surprise visit... "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 neither 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 that first impression. We will leave our inspection feedback slip in a safe place for instant feedback. On wet days, it's a good idea to leave an old towel at the front and back doors.
Concern 4: Owner presence during inspections
"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 salespeople appreciate 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.
Concern 5: Deciding whether to accept an offer
"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 prospective purchasers based on their own impressions of the market. We will never under-quote 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, while others take weeks. Don't take offers below your expectation personally. You have the right to say no, in which case you still own your property.
Concern 6: Reviewing the price
"It's 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 outcome 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, it's worth reviewing the pricing strategy.
In most cases, we only need to modify the price guide, not your acceptance price. 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 or not to modify the asking price, it is important that you compare your property to similar properties which have just been sold; not with those that are still available. You should also compare your asking price to those listed in the weekly Market Place Report.
Concern 7: Third-party opinions
"How should I handle third party advice? My neighbour says it's too cheap!"
We have covered and discussed a huge amount of information since we first met. I know you are confident that our team will do what's best for you. Our marketing expertise has been continually evolving. Nevertheless, you may hear some incredible comments from well-meaning relatives, friends and associates once they know your home is on the market.
Should you receive any well-meaning advice, ask yourself — how many properties has this person sold in this area and, in particular, within the last 12 months? Thank them for their contribution and stick to our proven strategy.
Concern 8: Unexpected visitors
"Who's this at the door?"
Stranger danger. Never allow anyone into your home unless you know who they are and why they are there. In addition, don't disclose the price you will accept or your reason for selling.
Once your property is available, it will attract the attention of people 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 qualification. 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.
Concern 9: Short-term absences
"I'm away for a few days — what happens?"
Please leave a landline phone number with us of a family member or friend who knows where you will be just in case we need to discuss an offer etc. In some areas, mobile phone reception is unavailable.
Concern 10: Pre-sale building and pest reports
"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 buyer's building and pest reports.
This has a number of advantages as many problems can be rectified before heading into negotiations. In addition, we can bring any minor issues to the buyer's attention and in so doing, avoid any last minute financial compromise.
If nothing else, it offers you 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.