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Standing Out in the Crowd

By Kate Williams

The latest statistics from the Real Estate Institute of New Zealand show us that listings numbers are up 60% month-on-month. With more properties for sale but the same number of buyers in our marketplace, how do you stand out from the crowd and make your property more attractive than the rest? Of course, good photography, presentation and marketing to the masses goes without saying but your choice in method of sale is a critical factor when taking your property to the market, now more than ever.

Why? More listings creates price sensitivity – if we get the price wrong at the start, we run the risk of missing the opportunity of a premium price and may settle for less down the track if it takes too long to align our expectations with the market or understand where market value is.

How do we put ourselves in the best position? Taking your home or property to auction allows the agent to gather a wide range of buyers much like fishing with a net, rather than a single line.

Stage 1: Gathering all buyers both cash and conditional and obtaining feedback on what they liked, anything that’s holding them back and where they see value. Yes, only cash buyers can bid at an auction because they are the best and cleanest buyer for homeowners. That said, we still meet conditional buyers in stage 1 and prepare them for stage 3 should the property not sell on auction day.

Stage 2: Auction day – You will set a reserve price before the auction. The feedback gathered in stage 1 allows you as the homeowner to make an educated decision when it comes to the reserve price or negotiations on auction day.

Stage 3: Should there not be a sale on auction day, this is when the conditions buyers we have gathered in stage 1 come into the fold. This is when you can put a price on the property more accurately than you could have if you hadn’t been through stage 1 & 2, much like blindly throwing a dart at a dart board. Instead, you have good quality feedback from current buyers in the marketplace about where they see value, still giving you the best chance of a sale within a reasonable timeframe.

Remember – time on market depreciates price. The quicker you can get to the true value of your home, the more money you will have in your back pocket once the deal is done.

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