Selling a property is a big decision, and it’s important to make sure you get the best possible price for your investment. That’s where a good real estate agent comes in. They can provide valuable advice and expertise to help you navigate the complex world of property sales.
One of the most important aspects of selling a property is managing your property’s digital footprint. Your property’s online presence can have a significant impact on the final price you obtain. That’s why it’s important to work with an agent who has a solid strategy for managing this aspect of the sale.
A good agent will tailor their selling strategy to deliver the best net outcome for their client. They will also provide safety that allows property sellers to test the market without damaging the digital footprint of their property. This is crucial in today’s digital age, where online presence is everything.
Your property’s digital footprint is essentially its online traceable history. It includes everything from online listings and property descriptions to photos and videos. This footprint can heavily influence the final price obtained. That’s why it’s important to have a strategy in place to manage the conflict that arises between digital advertising and the digital footprint.
When interviewing agents, make sure to ask about their strategy for managing this conflict. A good agent should be able to discuss their approach in detail and provide examples of how they have successfully managed this aspect of previous sales.
Many home sellers have a legitimate fear of underselling their property. This is a very real danger, as once a property is sold, you’ve lost the chance to make any more from that property. Agents should be aware of this and be able to discuss the many factors that can drive a sale price below market value.
These factors can include poor marketing, a price indication that is too low, or an asking price that is too high. To avoid underselling your property, it’s important to understand the strategies and methods agents are likely to recommend. This will help you make an informed decision about the type of marketing and pricing strategies that are most likely to result in a successful sale.
The chosen method of sale will also affect the type of marketing, the initial outlay of costs (if any), the price quoted in advertising, and most significantly, the final price achieved. That’s why it’s important to work with an agent who can provide expert guidance and support throughout the entire selling process.
There are two main methods for selling a home; Public Auction and Private Treaty.
In the public auction method, the property is advertised, and potential buyers are invited to bid on the property on a specific date and time, usually at an on-site location or in a public venue.
The public auction method is a transparent and comparative way of selling a property, as all potential buyers can see and hear the bids that are being made. The auction is conducted by an auctioneer, who is responsible for starting the bidding and accepting bids from potential buyers.
Before the auction, the seller sets a reserve price, which is the minimum price they are willing to accept for the property. If the bidding does not reach the reserve price, the property may be passed in (no bids or doesn’t meet the reserve) and negotiations may take place with the highest bidder after the auction.
The auction process typically involves a competitive and fast-paced bidding environment, where potential buyers are encouraged to make their bids quickly and decisively. One of the advantages of the public auction method is that it can generate a lot of interest and excitement for a property, as potential buyers are able to see and experience the bidding process firsthand. It can also create a sense of urgency among potential buyers, as they know that they will only have one chance to purchase the property.
However, the public auction method can also have some disadvantages. It may not be suitable for properties that are not in high demand or have a limited pool of potential buyers. Additionally, the transparency of the auction process means that potential buyers may be discouraged from bidding if they believe that the property is likely to sell for a high price. It is also very important to remember that some buyers simply are not able to buy at an auction. This is because some buyers are not able to meet the requirements of a cash unconditional contract.
So, what happens if the property is passed in? Well, it can be one of two things. Either the home is taken off the market or it will revert to a private treaty.
The Private Treaty is the most common method of selling a home. This is when the agent and seller take the property to market with a price or price guide in mind. It is the job of the agent to negotiate with buyers and to achieve the highest possible price for the property.
One of the benefits of the private treaty method is that it allows for more flexibility in the sales process. For example, the seller may be willing to negotiate on the settlement date, or may be open to including certain items in the sale, such as furniture or appliances. This can make the property more attractive to potential buyers and can help to generate higher offers. The costs associated with selling using the private treaty method as opposed to an auction are significantly less. This can be a huge plus especially when we are in a flat market and the home does not sell.
The most important thing to keep in mind is when you use the auction method to sell a home you are relying almost entirely on what cycle of the market we are in. When using the private treaty method, you are still beholden on what cycle the market is in. However, the skill of the agent is much more important when it comes to negotiation and getting the sale across the line.
In conclusion, if you’re considering selling a property, it’s important to work with a real estate agent who has a solid selling strategy and has a focus on YOU and your needs. This will help you manage your property’s digital footprint, avoid underselling your property, and ultimately, get the best possible price for your investment.
Remember to ask about the agent’s approach to managing your property’s online presence and to discuss the various factors that can influence the sale price. With the right agent by your side, you can feel confident in your decision to sell and secure the best possible outcome for your property sale.
Give us a call to discuss how we can tailor a selling solution that works best for you! – 07 3256 1600