19 Mar THE PILLARS OF GETTING IT RIGHT IN PROPERTY AUCTIONS
When it comes to preparing your property for auction, there’s an endless list of must-dos. Here are the top three things for you to consider before putting your property up for auction.
Choose the Right Agent
Ability to listen. The notion that sales people often talk their way to making money is archaic. That has been replaced by salesmen listening effectively to make a sale. You probably have heard about ‘listening’ as the secret to some real estate agents’ successes. That means that the real estate agent you choose must understand your goals.
Knowledge of the market. This means that the real estate agent you choose should be familiar with not only your neighbourhood but the range of prices in the area. This component is important as when you price your property more than others , you’ll have difficulty selling. Always consider being competitive but within the range of what your area can offer.
Proven track record. The real estate agent you must be able to prove his or her successes. At times, you’ll even get a chance to know an agent by word of mouth prior to finding one through an online search. Proven success in property selling is crucial as you’ll probably be bound by time in reference to existing market conditions.
Choosing the Right Price
Price for competition. Follow the prescriptions of ‘herd mentality’ such that your property’s price gets more than one buyer’s attention. It is then safe to say that your price should belong to the popular bracket of a value range. But be careful to not undervalue your property. Listen to your real estate agent when you discuss about pricing as they know more about it.
Price for searchability. Prospective property buyers nowadays turn to the Internet to look for potential properties. And if there’s one that fuels their intent to search, its price. Amenities like number of rooms come later once they find properties well within their price range.
Price for contingency. Consider this: what will you do if no buyer comes forward expressing interest in your property at its current price? Because property prices is stimulated by the current market conditions, you should always have a plan B. Create a contingency plan with the thought that price will always be an ongoing discussion until you finally sell your property.
Choosing the Right Presentation
Present for the buyer. Don’t open your property for inspection with the idea of showing how creative you are at decorating, etc. Staying neutral is the key as buyers attend inspections with a fair idea about how they want their new home to look like. Remove personal effects and if needed, contact a furniture hire company.
Makeover for value. It’s a basic strategy: you spruce up your property to add to its sale value. But there are makeover items that are unnecessary – things that will not interest buyers. So always keep in mind that when you renovate, everything you do should be perceived beneficial in the buyer point of view.
Work with a professional. Achieving the ideals of property presentation is possible as long as you work with a property makeover professional. This is because working with one comes with value-add insights that are influenced by an objective appraisal of your property. When you decide to DIY, at least consult with a professional to make sure that you’re doing things right.