Dealing in real estate can be thrilling and treacherous, especially when it comes to selling your property. You’re excited about moving on to new beginnings, but you also want to get the best deal, and this is where the agent you select plays a pivotal role. However, a significant concern that has surfaced in recent times is overquoting, a practice that can lead to unrealistic price expectations and ultimately stifle the sale of your property.
Over the years, here at Wills Property, we’ve learnt the ins and outs on how to best protect our client’s interest, whilst ensuring the highest price and a successful sale. Out of our experience we can share the following insights on how to protect your interests when selling.
Realistic Expectations:
One of the key tenants when selling your property is to have realistic price expectations. We all love to believe that our property is worth the most in the suburb. Unconscionable agents know this and have no qualms about stroking your ego to get your pen stroke on their agreement. Overquoting, unfortunately, causes sellers to expect more than what their property is valued in the market. This then result in properties sitting on the market for longer than anticipated, causing frustration, financial and emotional stress. Understand the difference between worth and value.
Within Bondi Junction we seen the average days on the market blow out from 39 days to 52 days and vendor discounts increasing materially. Within Bronte we have seen the average days on market increase from 30 days to 58 days. Withdrawn listings in Bronte have increased by over 40% in the last 30 days.
Empower Yourself with Knowledge:
To shield yourself from overquoting, it’s essential to arm yourself with knowledge. This takes time and insight. Most properties are NOT homogenous and understanding where the value components of your property lie are critical. Conduct thorough research and due diligence on your local real estate market to gain a firm understanding of your property’s true value.
Consult Multiple Agents:
Consulting multiple real estate agents can be a savvy move. By obtaining price estimates from several agents, you can make comparisons and look for consistency in their valuations.
Demand Supporting Data:
Transparency is the name of the game. When an agent provides a price estimate, ask for data and recent sales in the area to back up their valuation. Understanding their rationale will help you make an informed decision.
Experience Matters:
Choosing the right real estate agent can make all the difference. Opt for an agent with a solid track record of accurately pricing properties and achieving successful sales.
Watch for Unrealistic Promises:
Beware of agents who make grandiose promises without providing substantial evidence to support their claims. Unrealistic assurances can raise red flags.
Look for transactional data. Empty promises are simply those.
Open Lines of Communication:
Effective communication with your chosen real estate agent is key. Regular updates and discussions can help ensure that you’re on the same page regarding pricing strategy and market conditions.
Wills Property provides weekly reporting to clients.
Scrutinize the Marketing Plan:
The marketing plan your agent proposes for your property is a critical component of a successful sale. A strong marketing strategy can attract the right buyers and help you secure the best possible price.
Conclusion
Selling your property is a momentous decision that deserves careful consideration. To protect your interests and avoid the pitfalls of overquoting, it’s crucial to maintain a realistic perspective, stay informed, and choose your real estate agent wisely. By following the tips outlined above, you can navigate the real estate maze with confidence and ensure a successful, transparent, and ultimately rewarding experience.
If you are looking at selling and or require an appraisal on your property, contact:
John Wills FAPI CPV JP
Principal
WILLS PROPERTY
