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1. Insist On A
Written Quote |
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When an agent quotes you
a likely selling price,
get the quote in writing
with a clear condition
that if your home sells
below the price quoted
by the agent, you do not
have to pay the agent.
Sure, if the market
price genuinely falls
and 'you' believe the
agent has made an honest
mistake, 'you' can
decide whether or not
'you' wish to pay a
commission.
What's the difference?
The painter gives you a
written quote and has to
honour it. The Real
Estate Agent gives you a
written quote and does
not have to honour it.
You would ask
two questions of a
professional service
provider - first, what
are you going to do for
me (the price)? And
second, what are you
going to charge? |
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| 2.
Maximum 90 days |
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If you sign
up with an agent, put a limit on the time that you
are 'tied' to that agent. The longest time should be
90 days. Generally the shorter the period the safer
it is for sellers. You do not want to be stuck with
an agent you don't like. If you like the agent, you
can always extend the agent's time when the period
expires.
Putting a time limit on a selling agreement gives
you control over the agent, not the other way
around. |
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| 3. Focus On Todays
Price |
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Yesterday's
price is gone. Sure, the price you can get today may
be less than you could have got yesterday. However,
tomorrow the price could be lower than the price you
can get today.
Too many sellers today are
costing themselves a lot of money because they are
holding out for a price that is no longer
achievable. The longer you wait, the lower your
price can become. |
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| 4. Accept The Best
Offer |
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When you
are selling a property, you need the best price
available in today's market. Do not confuse the
price you want with the best price available.
Unless you are willing to take the BEST offer in
today's market, don't even place your property for
sale. |
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| 5. Don't Pay Or
Sign Anything |
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No matter
how tempted you may be or how much pressure is
placed upon you, never pay any money to any agent
for any reason until your home is sold and you are
satisfied.
Be careful that the agent's selling agreement
does not have a fine print clause which requires you
to pay advertising expenses if your property is not
sold or if you change agents.
Finally, Do NOT
sign any contracts to sell your property until you
speak with your own personally chosen legal adviser
or Land Conveyancer. |
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| 6. Home Sellers
Protection Guarantee |
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All Agents
will ask you to sign an agreement before you sell
your property. BUT remember that you are being asked
to sign their agreement.
Imagine saying to
your Agent: "I will not sign your Agreement until
you sign my Guarantee." If any Agent refuses to sign
this … RUN!
This Guarantee is to protect you,
the consumer and save money. It has been recommended
by the Real Estate Consumer Association.
At
Lakes and Portside we will happily sign your Home
Sellers Protection Guarantee. How do I get a copy of
this guarantee? … Contact Us and we will send one to
you! |
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| 7. Not Trusting The
Agent |
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If you
don't trust the agent - don't hire the agent!
We
understand that TRUST is the Major ingredient in any
relationship - be it personal or business.
Ask yourself this question: "Do I feel comfortable
with this person handling the sale of my family
home?
You need to trust your agent and give
him the confidence to make the decisions and get on
the job of finding the right buyer. Try not to
interfere!
Remember if you lose your trust
and the agent has signed the guarantee then you can
dismiss the agent. |
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| 8. Advertising
Costs |
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Most real estate advertising
is a waste of money.
Question: Does
advertising promote the agent or sell the house? Who
pays?
Very few homes are sold because of
advertising. Sadly our industry is addicted to
advertising, bigger ads, colour, competing in the
market place to look "The best".
At Lakes and Portside there will be no advertising
costs, if your property does not sell. |
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| 9. Advertising Will
Rarely Sell Your Home |
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We have found
that buyers visit your area before they buy. The
area attracts them more than the advertising.
It can be such a waste of time, money and energy
to place advertisements in The Advertiser which will
reach thousands of people who won't buy in your
area. This is why we keep our office OPEN 7 DAYS and
target our advertising locally. |
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| 10. Choosing A High
Quoting Agent |
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Commonly
known as "Buying your Business"
Some agents
inflate the price to win the business
OR
Others are unskilled at pricing
OR
Don't wish
to offend you and so won't challenge your opinions
This is why Lakes and Portside guarantee that if we
cannot sell your home in the price range we quote -
we do not get paid. Insist that your agent give you
their estimate in writing and charge you nothing if
they sell less than the price estimated. This will
help identify agents who are giving you false
quotes. |
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| 11. Selecting A
Cheap Agent |
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Selecting a
cheap agent may get a cheap price! Please be careful
in choosing an agent based purely on fees. If agents
are prepared to give their own money away imagine
what they'll do with yours. Better to pay an extra
1% on your selling fees than lose 10% off your
asking price.
Hint: Good negotiators rarely
give big discounts on their fees. Lakes and Portside
guarantee that unless you sell your home at a price
you are happy with there are "NO FEES". |
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| 12. No Buyer
Records |
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The best
agents keep detailed records of buyers. As agents we
receive a large amount of enquiry from buyers on a
weekly basis yet each week agents continue to
re-advertise heavily to the same buyers.
Why
don't they keep names, details and phone numbers? OR
if they do why do they keep advertising … Self
promotion! Often called "PROFILE" … at who's cost?
At Lakes and Portside we keep detailed records of
buyers and keep in touch with them until they
purchase or stop looking.
We often hear the
comment that our company is the only company that
keeps in touch with them as a buyer. Insist on an
agent who keeps detailed and accurate details of
buyers. one of these may be your buyer! |
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| 13. Open Listing |
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In
principal having a number of agents finding a buyer
for you seems fine BUT the buyer will always go and
talk to the agent they feel can help them buy the
home at the lowest price - "How much will they
take?" is a common question.
ALSO the agents will be in a hurry to sell your home
before another agent sells it - the sales becomes
important NOT the price. Choose the agent you like
and trust and that will sign the Home Sellers
Protection Agreement. |
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| 14. Auction |
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Auctions
rarely get you the highest price.
At Lakes
and Portside we found that many buyers who bought at
auction openly admitted they would have paid more.
The auction process stops at the maximum price the
runner-up buyer is prepared to pay.
The buyer
maximum is never tested. The reserve price is the
lowest price that a seller will accept, don't focus
on the lowest you will accept focus on the highest.
DON'T START LOW - START HIGH! You will always
get a higher price. |
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| 15. Open
Inspections |
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Why would
you open your home to strangers and people who won't
or can't afford your home?
At Lakes and
Portside we only allow "Qualified Buyers" wanting to
live in your area view your home - these people have
the money and are looking for a home similar to
yours and are ready to purchase now.
WARNING
most insurance policies do not cover for an "Open
Inspection". |
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16. For Sale
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Sign No sign can mean no sale.
We have found that the buyers who are most likely to
pay the highest price will specifically want your
location. Signs attract buyers - you will note that
Lakes and Portside have a large number of signs
locally - the signs are a 24 hour salesperson! |
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| 17. Closed Agent |
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Closed
agents lose buyers - this is why Lakes and Portside
is Open 7 Days.
Weekends are especially
important as buyers will visit an agent who is OPEN.
It is amazing how many real estate offices are
closed on weekends - when this is when buyers have
time to search for their new home. |
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| 18. Negotiation
Skills |
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Poor
negotiators will cost you a lot of money.
Negotiation skills are vital to getting the highest
possible price.
Insist on an agent who is a
skilled negotiator and ask them to prove it. A good
negotiator can easily create up to an extra 10% on
your selling price. Do you need a salesperson or a
skilled negotiator?
At Lakes and Portside we
have great systems and we train on a weekly basis.
This allows us to fully understand and implement all
of the principles of real estate negotiation. |
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| 19. Revealing Your
Dream |
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Your reason
for selling is confidential. At Lakes and Portside
we guarantee NOT to disclose your reasons for
selling. This can harm your chance of obtaining the
highest price - especially if you need to sell by a
specific date.
Too often many agents will advertise "MUST SELL"
- "OWNERS TRANSFERRING" - "OWNERS PURCHASED". |
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| 20. Using A Bait
Price |
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Never allow
an agent to use a low false price to "bait" buyers.
If you use a price range or guide you are
encouraging buyers to offer you less. Your bait
price will hook more buyers but it attracts the
wrong buyers. The lowest price they see will become
the highest price they will want to pay.
At
Lakes and Portside all of our properties have a
fixed price and are available for sale today. |
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| 21. Over
Capitalising |
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Please be
careful with what you spend on major improvements to
your home. What suits you may not suit the buyer.
We feel that the main purpose of Home Improvements
is to improve your enjoyment NOT your price.
Do not spend large sums on home improvements
immediately prior to selling your home. |
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| 22. Sparkle
Presentation |
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Dull homes
get dull prices.
Do not confuse improvements
with presentation. Make your home sparkle and your
price will shine!
Pay attention to the little
things which create a big impression:
• The front
garden
• Cleanliness
• Smell
• Uncluttered
• Brightness
Stand back and look at what
buyers will see on arrival. A home that sparkles
always sells for a higher price. |
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| 23. Ignoring Early
Buyers |
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High prices
often come early - low prices often come late!
Consider carefully the early offers you receive. If
the early price enables you to achieve your goals
you should consider selling sooner rather than
later. |
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