BRAND NEW DUPLEX
This property was a subdivided block and had a set of duplexes built on the land. Same location, same quality of build with a few differences:
- Land Size 301.2sqm
- Unregistered Torrens Title
- No internal entrance from garage
- Smaller backyard (larger side yard)
- South facing to side
- 4 bed
- 3 bath
- 2 car
- Property vacant
- 26 days on the market
- SOLD $1.67m
- Sold Dec 2017
- Land Size 298.8sqm
- Registered Torrens Title
- Internal entrance to garage
- Larger backyard (smaller side yard)
- North facing to side
- 4 bed
- 3 bath
- 2 car
- Property styled
- 56 days on the market
- SOLD $1.57m
- Sold May 2018
- OTHER AGENT
That is $100k difference that the vendor has lost because he went with an agent who promised big price, Chinese buyers and cheap commission. $100k that I have no doubt they could have had in their pocket.
Some may argue that the market was better in December and that is something that unless you were selling in the same market is not a valid argument as we feel there is no difference between December and now. Had it been August or April 2017, absolutely would agree but this is not the case and you just have to look at sales in the area to confirm that. Some could actually argue the opposite – that the market is actually better now than December as buyers are back.
What I will say is we sold to a Chinese buyer, and 80-90% of our buyers on other properties are Chinese – so the argument about vendors needing a Chinese agent to sell to Chinese is not a valid one. Chinese buyers are not stupid, they don’t overpay just for the sake of it and culturally a lot of Chinese like dealing with non-Asian agents. Chinese as a culture are very straight forward and I personally love dealing with them on a negotiating level as I am also very straight forward, and they generally don’t play games which I also appreciate. Generally speaking they are also very well educated and speak very good English and when it comes to numbers and money they know them better than anyone!
Negotiating is a tool that the majority of agents cannot do, I cannot stress enough that an appraisal price means nothing and try not to be tempted with the highest price because you are just going to end up disappointed, stressed and pressured. You need to look at the comparable sales to give you a realistic idea of what you may achieve but the most important aspect to look at is the marketing of the property. You need to not only attract buyers but attract the RIGHT buyers with the RIGHT BUDGET. To do this you need your price point to be spot on and your marketing to be top notch. After attracting the buyers to the property, you then need an agent who is actually going to turn up to the open home to talk with buyers as this is where all the vital information is gathered.
Having an assistant do this work just doesn’t cut it. At WigginsKeenan we know how important this step is in the negotiating process which is why we will never take on more than six properties at any one time because we attend every single open home and make every single call. Communication is key and if you ask the wrong question or don’t pick up on the answer then you possibly lose a buyer.
Whilst the vendor had promised us we would sell both properties he changed his mind with the promise that the other agent had Chinese buyers and whilst I was disappointed I was also a tad excited as I knew this was an opportunity to showcase how good we are at our job as it was the very first time we could compare very similar properties.
Our ultimate goal is to get the very best price whilst ensuring a great selling experience for our vendors and buyers.
If you are contemplating selling, please feel free to read our testimonials and give us a call and have a chat about your expectations as we’d absolutely love the opportunity.
Take a look below at the photo quality difference – which one would you prefer? (Note : Aspect is incorrect on 2nd site plan)