The Sale of Your Property

THINKING OF SELLING?

TIPS FOR THE SALE OF YOUR PROPERTY

The sale of one’s property can be an extremely taxing experience, mentally as well as physically. We understand that such stresses are normal and do our best to minimise or hopefully alleviate unnecessary anxiety. Our approach to selling has been professionally formulated, tried and tested through time, and we are confident in our methodology.


A sale price that meets or exceeds your expectations can be gotten more easily than one would think. It all comes down to preparation. We break the process down into a few steps easily followed. Sticking to these will ensure that your chances of a great sale price are significantly increased.


PRESENTATION OF YOUR PROPERTY

When selling a property, presentation is paramount. The highest sale price will only be achieved if potential buyers see the property in its best possible light. Poor presentation puts a lot of negativity into the minds of weary buyers, more so than one may think, causing them to become increasingly critical of every detail.

Some of the main deterrents to the sale of a property include:

• A cluttered living space
• Overall lack of cleanliness
• Odours left by animals, cigarettes, etc.
• Door and windows that jam
• Dirty/stained carpets

The alleviation of such problems takes little effort, an effort highly worthwhile, considering the potential benefits derived.


METHOD OF SALE

The three most popular and well-known methods of sale are Private Treaty, Public Auction and Public Tender. All three methods can have their respective advantages, and again we invite you to visit us, or simply call to discuss which method may be right for the sale of your property. Saint-John have achieved outstanding results using all methods of sale, but in the case where potential buyers are overly abundant, Public Auctions are usually very effective in increasing the sale price due to competition of buyers on the day of auction.


TIMING OF SALE

Although a property can attract a willing buyer at any time throughout the year, there are time-slots in which properties with particular characteristics may attract more buyers and as a result of increasing demand, fetching a higher sale price. For example, properties within popular holiday destinations may garner great interest during holiday periods, while a house in suburban Melbourne during this time may not.



Questions and Answers About Auctioning Your Property

QUESTION:
How long does the Auction process take?

ANSWER:
Once a decision has been made to proceed to market by the Auction method, the selling period normally encompasses 3 to 4 weeks, depending on the requirements of the particular property, and the wishes of the owner.

QUESTION:
Can I sell prior to Auction?

ANSWER:
Yes: this is not an uncommon occurrence. Any offer received by Saint-John Estate Agents is, of course, submitted to you, and our recommendation which would accompany it is based on a complete, thorough assessment of other buyers' interest at that time and future prospects.

QUESTION:
Does it cost me more to sell by Auction?

ANSWER:
The commission charged will be the same paid as for selling at a fixed
Price - the only extra cost is the advertising - (you decide how much you spend).

QUESTION:
How do I know what the reserve price should be?

ANSWER:
We will make specific and detailed submissions to you prior to the Auction regarding what we consider the reserve price should be. We will, of course, have had the advantage of seeing the property on a number of occasions, been thoroughly in-formed as regards to comparable sales and current market conditions and have a picture based on the reactions of individual interested purchasers.

QUESTION:
Should I disclose the reserve prior to Auction if I am asked?

ANSWER:
It is vital for a satisfactory result that you do not enter into any discussions with prospective buyers (or anyone else) regarding your expectations or the advice you have received from us. Likewise, we will ourselves never disclose a reserve.

QUESTION:
What happens if my property is not sold at Auction?

ANSWER:
Not all properties sell at the actual auction. Some are sold either prior to, or shortly after, the event. Our sense of responsibility and our concern for you plus our interest in the property will be sustained until a satisfactory sale is negotiated.

Choosing Your Agent
It is interesting to know that world wide research shows that between 50% and 90% of people choose their Real Estate agents through recommendations.

That is by talking to someone who has sold a home and has had a good experience doing it. This is clearly one of the best ways to find a consultant to work with. Realise that you are normally looking for three things ....

1. The consultant themselves
2. The company they work for
3. A franchise group or any group, to which the company belongs

When you finally list your home, it is a combination of these three things that you are getting. It is worth taking all of them into consideration. Trust is an important part of this transaction so you must list with someone you feel you can trust. Again the recommendation of someone who has had a good experience can be a good indicator.

* Warning *
There can be a tendency for some agents to attempt to “buy” a listing. They confidently tell a vendor they can get them a much higher price than other agents are recommend, or in fact even then that which the market is indicating. It is essential you are involved in the pricing process to the point that you can see for yourself where the market says the price of your home lies.

Other things to consider about the consultant who is presenting to you.

1. They should justify the price. Not just to tell you this is what they think it is worth, but give to you good solid reasons and comparable homes that have sold recently so that you are able to judge for yourself where the market price of your home is.

2. They should be able to point out the difference between their company’s market and service packages and anybody else’s.

3. They should give you a detailed plan for ongoing marketing of your home in a way that enables you to compare with another company's plan. Overall you should choose the agent first and then work with that agent towards establishing the correct market value of your home and the correct way to market your property.

A sale price that meets or exceeds your expectations can be gotten more easily than one would think. It all comes down to preparation. We break the process down into a few steps easily followed. Sticking to these will ensure that your chances of a great sale price are significantly increased.

Exclusive Marketing
For the last 10 years or so, especially in Melbourne, Exclusive Marketing has given the best results to vendors (note an Exclusive marketing package may be an Auction, Tender or a No Price method of marketing, but it is still an Exclusive).

No Price Marketing
This is where you go to the market to help set the price. Your home is marketed on the basis that buyers come, see the home, like it, then work out what it is worth to them. This can have real benefits if it is extremely hard to put a price on your home.

Disadvantages:
There is no deadline or urgency for the buyer to respond. Some buyers may have difficulty ascertaining a price to put on your property.

Advantages:
In a rising market the competition does not know the prices prospective buyers are putting on your property. The market will very quickly give you an indication of the price level of your home. You can, therefore, gauge, if any offers made are reasonable. "No Price" marketing allows people to "fall in love" with your home before they can object to a price. An old marketing adage says

"We should sell the product before the price"

Auction
Auction has been around for hundreds of years as a way of selling all sorts of things. When it comes to Real Estate, Auction is gaining momentum as the preferred way to sell across Australia. In some areas up to 80% of all homes sold have been sold by Auction. It certainly is a method that people are considering more and more. We have discussed the three stages of Auction. If you choose this method you should understand that Auction is not just about the Auction day.

Overall the main considerations of Auction are ....

It can attack the market both in a buyer’s market or a seller’s market. In a seller’s market where there are few homes to sell and many buyers, it will get you a higher price. In a buyer’s market where there are many homes for sale and fewer buyer’s, you may attack the market and therefore save valuable time.

Overall, the main benefits of Auction are that it combines the benefits of no price marketing in the first stage, the Auction which puts pressure on the buyers, and then an Exclusive, correctly priced in the third stage.

Among other things it is the combination of these three that you use as a strategy throughout this process that we believe is Auction's biggest strength.

It is important to realise that Auction is a three stage process. It is not a focus on the day of the Auction but rather a very controlled way of marketing which allows your home to sell at any of the three stages, and you maintain control throughout. The three strategies available to you are Tender, Auction, and Exclusive listing.

The Benefits of Auction

Auction gives your property more exposure than most other methods and encore-ages, rather than discourages, the widest possible scope of buyers because it has no price.

Auction uses the most reliable indicator of value ..... the market itself.
It avoids the risk of setting too high or too low a price on your home.

Auction initially targets serious buyers and cash buyers.

Auction creates urgency amongst interested buyers by imposing a deadline to inspect the property and arrange finance.

Auction has the highest potential for the best possible price. Bidding by buyers can only increase the price, whilst buyers negotiating on priced properties attempt to decrease the price.

Auction publicised open days considerably reducing the inconvenience
and disruption of unplanned inspections.

Auction allows you to set the terms and conditions of sale: not the buyer.