……We have changed the names to protect the innocent, but this could be you…
Sydney Property is booming!
Prices are up 20-40% since 2011 depending on where in Sydney you live.
You and the hubby decide its time to sell into this hot market.
You talk to a range of agents and your expectations are boosted some 10-15% about what dollars to expect on sale!
That sort of money would be really handy. Sell the [2 bedroom semi] in Bondi Junction and buy a house down by the beach. You immediately start looking into your upgraded lifestyle whilst also planning a family Christmas in Fiji.
You sign with Mr Agent who maximizes the dream. He convinces you to spend a little to make a lot. “Just $10,000 for a campaign in the Wentworth Courier to maximize your exposure” as you head for auction in a month.
Week 2 and its your first open. The agent feeds back that the market has chilled a little. The banks have toughened up lending and the investors have started to sit on their hands. He says “I’m really surprised that the offers and inspection numbers are coming in this low….. we may have to review our strategy”.
The reality is that the initial pricing was never going to fly. Maybe in a runaway market it would have sold for that but that was then …this is now!
The open is extremely quiet.
Mr Agent starts to flag all the negatives:
buyers think it is too noisy
there is no parking in the street
that second bedroom is too small, or
the units next door overlook that back yard…
Its now auction day and you have no contracts out, or maybe 1 or 2.
Mr Agent is angling for a drop in price so there is a transaction today.
All of a sudden it dawns on you that you may be staying put this summer.
Bondi Beach and Christmas in Fiji are slipping through your fingers.
You feel angry with Mr Agent and numb all at the same time.
The auctioneer struggles to get a start bid….He drops back $50,000 …….at 1 million… at 1 million …..do I have 1 million? at …..BLA, BLA BLA, BLA, BLA BLA……………
A cold sweat overcomes you…you’re zoning out….and you feel a little faint.
Next thing you know your property is passed in and you are back to square one. What to do? You can’t even look at Mr Agent let alone speak to him.
This fictitious tale is not atypical in the current property market. There is a reason only 9% of people trust real estate agents according to Roy Morgan.
Here’s some tips to use when selecting a real estate agent.
1. Be careful of selecting an agent who sells a high volume of property in and around your area
2. Make sure the agent you interview will be the same person who engages with your buyers from initial enquiry right through to inspections and negotiations
3. Don’t tell the agent what you think they should do, ask them for their advice and ask them to clearly explain themselves. If you feel confused or baffled, run.
4. Ask the agent for the lowest price they expect buyers to offer…then ask them if they would be prepared to forego their selling fee if it doesn’t sell above that figure.
5. How much is the cost of marketing? Do you believe in your
recommendations enough to take the risk of this, so if the property
doesn’t sell we don’t pay and advertising or marketing?
Whether this is your story, or a variation of this, what’s most important to bear in mind is that you can fix this problem easily.
I’ve been a real estate for 18 years. I’ve seen these cycles come and go many times. The reality is that what we are going through at the moment is a sentiment shift that was started by the government, assisted by the banks and propelled by the media.
Lets face it, bad news sells and a lot people will read about property and interest rates because a lot people are involved in property ownership.
This cycle will change. I’ve seen it many times before and I’ve helped a lot of people through bad situations to achieve their financial goals.
Here’s my track record with clients who tried other agents first.
If you feel like you’re in a spot let me help you re-list and get your dreams back on track.
Some people say it’s about the journey not the destination. Well as far as I’m concerned in property it is the exact opposite. It’s all about the destination. Leave the journey to me so you can get back to your life.
I am happy to offer you a free consultation, review your situation and provide a fresh approach to selling your property.
I wont make you re-pay those marketing fees.
I will attract offers well above your agent’s best offer.
This I have done many times before.
If you would like a FREE Consultation just call me on 0414 494 553 (Barry) or complete your details below: