Written by Simon Damerell
So which is best for your property?
It is important to acknowledge our role in treating buyers fairly, openly and with respect, disclosing fully everything we are aware of concerning the property and which may be important to them in their decision making. But ...our primary and over-riding focus is to ensure we achieve the very best price achievable for our sellers. To do this, we must control the marketing.
We sell many homes to people outside of the criteria they describe to us, and also to people who aren't actively seeking a new home but who see a property for sale, attend the open home out of curiosity, fall in love with it and then purchase.
Each sector of the market and each particular market condition requires specific planning and strategising to ensure we have the greatest probability of having multiple buyers competing with each other on one particular day. This transparent competition ensures buyers pay what they must to beat the competition, rather than what they'd like to pay. Buyers naturally want the power to be in their hands, our job is to ensure it remains in the hands of the seller.
It is natural that buyers firstly consider the modern world of online marketing and there is no argument against this being a growing force. However, to find a property online, there are two requirements. Firstly the buyer must be actively seeking a home - very few people browse property online just for amusement. Secondly, buyers must have a particular set of 'search' criteria- location, price bracket, style of home etc.
Although about 1/3 of properties we sell were first identified as for sale by the ultimate purchaser online, for the 'passive buyer' or one who purchases something outside their own set criteria, they must 'stumble' upon it some other way - a sign in the street or via print media being the main two ways.The Saturday edition of NZ Herald Homes remains a weekend obsession for many of us. About 1/3 of our buyers come from Herald Homes. A further 1/3 of buyers tend to be introduced by an active salesperson with the remainder searching the property online.
"Every buyer should have at least one salesperson who understands their needs and who is actively looking for properties on their behalf - remember not all properties are actively marketed."
Salespeople form bonds with particular buyers which makes it easier for them to assist buyers into a zone of buying where others may not be so successful. This open, friendly competition between agents also works in the interest of sellers.
Please ask about and avoid any real estate company who limits the introduction of buyers to only the listing salesperson by not paying another agent, who introduces the buyer, a selling portion of the commission. This practice only serves to limit the genuine competition for your property - it is used as a recruitment and retention strategy and only works to the benefit of the real estate company. The other factor with the whole debate around marketing is what is the ideal time period? Again, there is no one size fits all. For some properties and some markets two weeks may be sufficient to give 'the greatest probability of multiple offers on one day", for others four weeks may be needed.
Before deciding, please talk to the experts.