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#vicparklife

White picket fences and backyards with mulberry trees. Apartments and town houses and villas and everything in-between. It's got a bit of everything.

An Uncomfortable Truth

Are you really selling?

This is the question I ask my Sellers.

“Of course!” they say. In most cases, they are put out that the Agent would ask such a stupid question.

“We need to sell because (insert reason).”

In Perth, more Sellers than ever are being asked to accept offers below their original purchase price. This inconvenient reality is often glossed over by Agents at the point of listing.

Even worse, some Agents are appealing to the Seller’s belief (hope) that there is a chance that some wood duck Buyer will come along and pay above tote odds.

This mythical Buyer has just come into money (lotto, divorce settlement, rich uncle has died etc) and  believes the best thing they can do is over pay for Perth real estate. Believe me, in the current market these Buyers are unicorns (much talked about, never seen).

In a seductive ruse some Agents are happy to go unicorn hunting at their Seller’s expense. It is called ‘no price marketing’ and it takes many forms (EOI, Set to Sale, End Date Sale, POA etc).

Agents that start a campaign without a fixed price do their Sellers a disservice.

“Mr and Mrs Seller, if we remove price from the marketing there is a chance that someone will pay a premium price if they really love the home!

Wouldn’t that be great? (Agent nods, Seller nods back). We can always put a price on the property after a couple of weeks if this strategy doesn’t come off.”

The reality is substantially different. The property is marketed without a price for two weeks (this is the prime time for Buyer interaction on new listings online). Buyers decide when viewing online that the Seller must either want too much, as there is no price advertised, or Buyers decide that it is just too hard to transact on, as there isn’t an asking price.

Let’s face it, if a Buyer does make contact with the Agent, guess what the question they ask is? “What do the Sellers want?” “How much?” Not answering this question directly is also a big Buyer turn off.

In a world trained to consume in online transactions, making it harder for already cautious Buyers is just dumb.

So two weeks in the Agent says “Mr and Mrs Seller unfortunately we haven’t secured your premium price. The Buyers who have come through have given price feedback at X price. Unfortunately that’s where the market is.”

The truth of the above scenario is the Agent possibly had a pretty good sense of the real selling price before the campaign but felt if they had shared the real price, they may not have secured the listing. This is disingenuous and unethical at best.

The real tragedy is that the Seller has missed the magic first couple of weeks window of engagement with qualified Buyers, who know market values and are ready to spend their money!

That’s why I ask Sellers the question, “Are you really selling?”.

It’s a precursor to a conversation about what’s really happening in the market. And what a home may really be worth.  It’s a professional approach and it deals in reality.

Yes part of my job is to maximize price for my Sellers. But with Perth stock levels in the 17,000′s, money difficult to obtain and sales volumes down, my first and foremost goal is to generate offers for my Sellers.

17 years in this profession tells me that the best transactions start with a frank conversation and a relationship built on trusted advice. Treat Sellers and Buyers with respect. Communicate effectively and truthfully.

In the current market it may not always be what Sellers want to hear, but if they are “really selling” it’s the only way.

Derek Baston

Vic Park Life

White picket fences and backyards with mulberry trees. Apartments and town houses and villas and everything in-between. It’s got a bit of everything.

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