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Tom has starred in the documentary "For What it s Worth" which is considered to be a mandatory viewing experience for any vendor about to sell a property. This 18 minute lifestyle documentary covers every aspect a vendor needs to know about selling property for the highest price.
Click here to watch this documentary free of charge online.
Do not list with an agent to sell your property. You can do that yourself. List with an agent to get you the 10% premium that is in the marketplace by selecting an agent who is a marketing based agent – not a transactional base agent.
The formula to achieve a premium price is as follows:
High Quality Advertising + High quality negotiation Skills + An emotional connected buyer + Competitive bidding from buyer
When these 4 factors are working in synergy a premium price is paid. You cannot sell a secret and every time a property sells for say $50,000 over reserved, that means this property would have been under sold by $50,000 if it did not go to auction – competitive bidding works!
Do not pick the “cheapest” agent. The cheapest agent is in fact the agent that gets you the highest price, not the agent that gives you the lowest commission.
Presentation is everything. Use a stylist if necessary – there are 100’s of case studies which clearly illustrate that using a stylist and hired furniture with an outlay of $10,000 can result in an increase of selling price by $50,000 or more. (Watch the documentary for some great tips from stylist) Below are some basic do’s and don’ts.
Looking Good on the Outside
* Sweep the paths, deck and garage and extract the weeds that have sprung up just to annoy you.
* Windows should sparkle and those ever-present cobwebs have to be removed.
* Lawns need to be freshly mown and garden beds weeded and mulched.
* The garden might need some colour. Remember that colour catches the eye, so put flowering plants where you want people to look. Often this will be right at the back along the fence making the garden seem bigger. Alternatively, you might border the path leading up to the front door.
* Indulge yourself with outdoor furniture. This works even better with brightly coloured cushions and a garden umbrella. Suggest an outdoor park bench or even a hammock set well back in a strategic location. This gives the impression the whole garden is usable.
* Don’t be afraid to have children’s play equipment in a family home. Just watch that it does not dominate the outdoor entertaining area and is safe if used by other children. If the kids like a place, it’s amazing how positively the parents respond.
* A swimming pool must be spotless and the fencing and gate all in good order. The market for a house with a pool is narrowed to only those people who want a pool or are at least prepared to put up with it. A poorly presented pool will therefore turn off almost the entire market.
Looking Good on the Inside
* Everything must smell fresh and tidy.
* The kitchen needs to be extremely clean and clear of family detritus. That’s right – nothing adorning the fridge; benches as gleaming expanses; oven as pristine as possible. People want to know the kitchen is there and serviceable but to be reminded that it means works. So coffee makers are fine, but knives and utensils are not.
* Bathrooms must, of course, be clean and above all smell good. The same goes for laundry.
* Open all curtains and blinds and have lights on if required.
Online Advertising
Real estate web portals are a major source of buyers. Ensure your property is advertised on key real estate portals in your marketplace. REA (www.realestate.com.au) is Australia’s premier real estate web portal based on unique buyers.
Research clearly shows that print advertising (off-line) works in a complimentary way to online advertising. Many people end up enquiring about a house on the internet after having seen it in magazines or newspapers.
Print Advertising
There is a clear research that validates size of an advertisement influences perceived value in price. AT worse case scenario advertising should be seen as insurance. Insurance to under-sell the biggest asset that you potentially own and the last remaining tax free commodity – the family home.
You have 1 chance to get the highest price for your property. Be very careful if an agent tells you that have a buyer or buyers on the database who will buy your property without too much hassle. This may or may not be the case but as a vendor you want THE BEST BUYER NOT THE FIRST BUYER! To achieve this you have to implement the premium price formula in point 2.
Auction or For Sale?
This is dependant on the demand and supply equation in the marketplace. If an agent believes your property will attract competitive bidding from multiple buyers, auction is the way to go.
Alternatively, if there are many other properties similar to yours on the market and the marketplace is depressed, for sale is a better option. Your agent is the best person to advise (perhaps I’m biased because I’m an auctioneer).
The formula to achieve a premium price is as follows:
High Quality Advertising + High quality negotiation Skills + An emotional connected buyer + Competitive bidding from buyer
When these 4 factors are working in synergy a premium price is paid. You cannot sell a secret and every time a property sells for say $50,000 over reserved, that means this property would have been under sold by $50,000 if it did not go to auction – competitive bidding works!
Do not pick the “cheapest” agent. The cheapest agent is in fact the agent that gets you the highest price, not the agent that gives you the lowest commission.
Presentation is everything. Use a stylist if necessary – there are 100’s of case studies which clearly illustrate that using a stylist and hired furniture with an outlay of $10,000 can result in an increase of selling price by $50,000 or more. (Watch the documentary for some great tips from stylist) Below are some basic do’s and don’ts.
Looking Good on the Outside
* Sweep the paths, deck and garage and extract the weeds that have sprung up just to annoy you.
* Windows should sparkle and those ever-present cobwebs have to be removed.
* Lawns need to be freshly mown and garden beds weeded and mulched.
* The garden might need some colour. Remember that colour catches the eye, so put flowering plants where you want people to look. Often this will be right at the back along the fence making the garden seem bigger. Alternatively, you might border the path leading up to the front door.
* Indulge yourself with outdoor furniture. This works even better with brightly coloured cushions and a garden umbrella. Suggest an outdoor park bench or even a hammock set well back in a strategic location. This gives the impression the whole garden is usable.
* Don’t be afraid to have children’s play equipment in a family home. Just watch that it does not dominate the outdoor entertaining area and is safe if used by other children. If the kids like a place, it’s amazing how positively the parents respond.
* A swimming pool must be spotless and the fencing and gate all in good order. The market for a house with a pool is narrowed to only those people who want a pool or are at least prepared to put up with it. A poorly presented pool will therefore turn off almost the entire market.
Looking Good on the Inside
* Everything must smell fresh and tidy.
* The kitchen needs to be extremely clean and clear of family detritus. That’s right – nothing adorning the fridge; benches as gleaming expanses; oven as pristine as possible. People want to know the kitchen is there and serviceable but to be reminded that it means works. So coffee makers are fine, but knives and utensils are not.
* Bathrooms must, of course, be clean and above all smell good. The same goes for laundry.
* Open all curtains and blinds and have lights on if required.
Online Advertising
Real estate web portals are a major source of buyers. Ensure your property is advertised on key real estate portals in your marketplace. REA (www.realestate.com.au) is Australia’s premier real estate web portal based on unique buyers.
Research clearly shows that print advertising (off-line) works in a complimentary way to online advertising. Many people end up enquiring about a house on the internet after having seen it in magazines or newspapers.
Print Advertising
There is a clear research that validates size of an advertisement influences perceived value in price. AT worse case scenario advertising should be seen as insurance. Insurance to under-sell the biggest asset that you potentially own and the last remaining tax free commodity – the family home.
You have 1 chance to get the highest price for your property. Be very careful if an agent tells you that have a buyer or buyers on the database who will buy your property without too much hassle. This may or may not be the case but as a vendor you want THE BEST BUYER NOT THE FIRST BUYER! To achieve this you have to implement the premium price formula in point 2.
Auction or For Sale?
This is dependant on the demand and supply equation in the marketplace. If an agent believes your property will attract competitive bidding from multiple buyers, auction is the way to go.
Alternatively, if there are many other properties similar to yours on the market and the marketplace is depressed, for sale is a better option. Your agent is the best person to advise (perhaps I’m biased because I’m an auctioneer).
Tom Panos has undertaken significant research into the study of house price maximisation and you can see on the documentary below his tips on how to achieve the highest price when selling real estate across Australia.
