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Under Sold – Sell Hell

buy or sellbuy-hold-sell

:: DON’T BE UNDER SOLD

Yes… it is an unfortunate outcome when a home is possibly sold for less than could have been achieved by a more astute agent. This is a real shame because once a seller chooses an agent it is a partnership for 3-4 months it will be an experience of excitement or straight up stress. Sold too quickly as a Red Hot property or taking too long as place gone Cold Space its really the two ends of the scales. “The Goldie Locks Theory” is getting it just right with perfect timing, a good value price point, well marketed attracting a premium buyer …finishing with advanced negotiation with advance transaction services. This is how to “Sell Well”.

:: THINGS TO LOOK FOR IN A PRO AGENT

Some agents come into the industry with little or no actual property experience. They have not purchased, invested, built, renovated, subdivided, sold or signed there life away with a mortgage. Some agents don’t  live anywhere near the suburbs they are selling.

Being a sales & marketing professional in any industry of choice it is always a rule of thumb to be a “Product of the Product” or a “User of the Service”, a “Previous or Current Client of the Commercial Offering”.

:: LOCAL AGENT 
Living in the area or suburb experiencing the lifestyle , being apart of the community, kids at the schools, shopping, member of clubs, use of public facilities, locally in tune is a huge advantage to representing a vendor with selling or buyer property.  This goes along way to giving some credibility to the local agent. Plus the messages & stories told to a purchaser are believable & paint a real picture of the life they are buying.

:: TYPES of PROPERTY
What living standards the agent has experienced & currently enjoys plays a massive part in explaining the property to a prospective purchaser. Also types of accommodation is important in an agent identifying with the buyer. Have they lived in an small unit or an apartment upstairs, group complex, villa, duplex, common title, prestige property, subdivided a block of land, built a new home, bought off the plan, lived in an a laneway with a Right of Way. Have they got children going to the local schools, joined clubs, got an intimate knowledge of the community. All these things further gives the client comfort that they are dealing with an agent who has been there & done that personally in the area. At least the agent & representative has some empathy or a feel for the location. To not have lived it & only assume what the lifestyle will be a particular way for the new owner really is not a strong position to be in as a representative of a property.

:: LOCAL KNOWLEDGE
Local to an area really covers the suburbs within a post code, can be expanded to neighboring suburbs which makes up the property precinct. A very highly researched & trained agent could include a shire which has many similarities in its property profiles, zoning & residential planning. It is not uncommon that some individuals move multiple times within a suburb in the process of rental, 1st home buyer, family home buyer & downsizer in the cycle of life. This can mean that no amount of research can actually equal personal experience. Therefore micro markets of areas can become vital when selling a property. To share the ultimate professional advice is to know what the buyer is interested in, how they would feel with a type of property in a particular location. Match that property profile & lifestyle to the purchaser. Understand what is going through the buyer or potential new resident’s mind. Use basic applied psychology of the sale to tick all the boxes for a positive outcome. To communicate, co-ordinate, manage this in a highly skilled manner is something only an experience agent can do. To have the intelligence required for a successful, smooth, no stress process is all about expertise.

Lets not forget the average West Australian property sale is over $500k & specifically around the coastal districts in excess of Million Dollars.

Dean Mitchell has a theory of the “Personal Perspective Percentage” which is a slight edge theory to the negotiation. Providing a Personal Perspective for a Perception of the Property that can be around 10% in the sale price which is $50k extra. This is because as an agent who can explain what is expected in the future is for the buyer. Because they have bought into the area, actually lived the life, an agent understands, because they have experienced similar as apart of the lifestyle on sale.

:: AGENT COMPETENCY
Lastly, the agents past business associations, previous profession will qualify or justify their abilities further. In most cases the modern real estate agent is becoming an highly educated professional on all areas with property & investments. Many specializing in a particular selection of service for property types.

:: AGENT INTENT
However a large part of the agents responsibility now is in advertising & marketing. In many cases becoming self proclaimed advertising & marketing experts spending thousands of (VPA) vendor paid advertising in press, print, online, signage…etc – SO BEWARE

The big question is… does the agent chosen have the creative abilities, training & knowledge to spend the vendors money wisely. This is real money out of the sellers pockets if it is not successful. The listing contracts usually cover the agent against any costs if unsold & also if sold this is an additional fee. In fact all advertising will carry the logos & branding of the agency so make sure the selection is the BEST AREA AGENT. Do not fall into the trap of picking the best area agent based on accumulative sales figures.  Just because they have sold $100 million in a calendar year, can show you multiple awards does not mean they will get you the highest price.

:: Q & A ::
# Ask to see the last 20 or so sales, asking prices, days on market, sales results, clients costs.

# Ask the agent for a complete itemized campaign, strategy & explain the expected outcomes.
# Ask to see real testimonials relating to sales & marketing success.
# Ask them to explain Advertising Versus Marketing…?
These few questions will definitely identify if an agent knows what they are talking about.

:: SO DON’T BE UNDER SOLD in THE SELLING GAME

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DIAL DEAN :: 0413122633
:: mres@iinet.net.au

Complimentary Consultation by Appointment.
dean
Dean Mitchell
Perth’s Property Promoter & Broker

 

deanmitchell.com.au
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