If you’re considering selling your property and are weighing up an auction or private treaty (a priced listing) consider this: Price may be your best feature. That’s not to say your property might not have many appealing qualities… but when we write up that ad it’s going to look and sound like a million dollars. Which can be a problem if you’re chasing $500,000!
A survey conducted by realestate.com.au found 92% of buyers would be unlikely to enquire about a property with no price indication. So if your place sits in a busy part of the market a private treaty with a good agent can get you a great price quicker than an auction. We’re not anti-auction, we do several each year, but in our view they’re over-used by many agents who jam their clients into a one-size-fits-all method.
An auction can be the perfect solution for properties that are out of the ordinary, likely to draw more emotional interest (eg Queenslanders) and those that are in scarce supply. But for many properties a listed price is the first drawcard for buyers.
With a price or without, one key to getting a great result is showing buyers you are a committed seller. Why? Well with access to so much info today they are cynical and won’t get off their couch on a Saturday unless they think you are a genuine seller. They’ve seen the rubbish that fills the online portals and know that some agents will list properties on the web for sellers that are still very much undecided as to whether they will sell.
Some agents leave expired listings on the web to continue drawing enquiry. Some agents will delete the address or leave the apartment number off. One we know used to completely fabricate ads. Shocked? Buyers aren’t because they’ve wasted their time on these before only to be met with some lame excuse about “admin problems”.
And this is one big reason why newspaper ads continue to draw strong buyer enquiry in this very digital age. Every one of those sellers has put their hand in their pocket for advertising costs and in doing so proven their commitment to selling.
Buyers are buying and where they sense competition many are paying good prices. But if you’re to create that high level of interest you need to first show the market you are doing more than testing the waters – regardless of your sale method.