©Copyright 2010 Ian Keightley. All rights reserved. Feel free to forward and distribute but copyright is retained.
Hi [name] and welcome to my Weekly Insight for Monday 30th August 2010
Start your negotiations before the offer arrives.
In recent weeks we are seeing properties go to Auction where the seller's reserve is well above the market and Exclusives where an offer finally arrives, only to be rejected.
Frustrating for sure, but then we see these properties sell within days, either near the last bid or just above the last offer. Worse still, some disappear from the market or languish for months awaiting a buyer.
So why are some selling under the hammer and others not? Why are some offers accepted and others, at what appears to be market value, rejected? Could it be that the listing agent left the negotiating of the price until the Auction event or the offer?
In some cases the Auction looks like the Final Vendor Meeting. This should have been held before the Auction.
In discussing frustrated offers with many sales people it becomes very clear that sales are being made where the negotiation on price starts once the listing is in the bag. At Auction we are seeing some great results under the hammer and within minutes of the call. However we still see too many where the Auction bidding is the vendors first look at reality. Exclusives too have interest from the "best" buyer only to lose them because the seller is not ready to "see" the market. The key is to make sure you have a strong price education strategy and you follow it through. For a few weeks you may be unpopular, but they want it sold, and a sale will have them loving you again!
"The truth is rarely pure and never simple?"
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Posted: Sunday 22 April 2018