By Craig Lowe
People who ring me up for appraisals or to sell their home often say “this will be an easy sell for you” and sometimes even say they are toying with the idea of selling privately because they “know it will be easy”. The fact is, good salespeople employ much more concentrated effort (due to the level of activity), and our experience and skill goes towards adding even more value to the so called “easy” ones.
The more popular your home is the more extreme the price premium can be with a well executed marketing strategy. A lot of money is left on the table when great homes are sold with poor strategy, privately, or by agents with limited experience. The following example shows exactly what I mean.
A client of mine recently asked me to market an investment property for him. I put together a marketing campaign that I thought would give him the best exposure. Naturally, he thought the marketing campaign was expensive (I am convinced all property investors are born with a frugality gene) but agreed to give it a go.
I marketed the property for three weeks with very good sized ads in the major publications, which resulted in over 40 individual inspections. We both agreed that based on the high level of interest, a sale price close to $900,000 would be a very good outcome. Employing a deadline sales strategy we managed to achieve a total of 6 offers. Of the six offers, multiple were above 900,000 with the highest being over $1,000,000 and the spread from top to bottom was nearly $300,000.
My ecstatic client made an eye opening confession. To save on the fees he had tried to sell the property privately to two buyers a couple of weeks before engaging my services. He had offered his property for private sale at $850,000 and both buyers had declined to buy at his price. If they had accepted he would have been blissfully unaware that he had left $150,000 on the table and ironically been happy he had saved on commission!
While this is obviously a good story for my point because the value added was so large, I have seen this scenario so many times now that I simply know this is a fact: if you own an exceptional property, it is even more important to use an experienced agent and an exceptional marketing campaign. Great properties will benefit the most from the competition that a good agent will be able to generate.
If you would like me to give you an idea of the best sale strategy for your home and my opinion on value, free of obligation or cost, call me anytime on 021-764-647.