Are you thinking about selling? Before you hit the market, there are some things we at Red Fox believe you should know about Perth buyers.
Because, and I say this with love, they’re the ones buying your home, not you.
So here they are, in no particular order:
1. Buyers do their research
They know when you bought your home, what you paid for, and most likely what it looked like when you bought it.
They’ll also have an online report from their bank or broker that tells them its ‘value’ too. I’ve got a few views on those reports; you can read them here.
That all means that you want an agent that’s across the market, capable of having critical conversations with buyers, and can negotiate. Not an order taker.
You need an agent that has your back.
2. It’s buyers that determine value
You can ask what you like for your property, but ultimately it’s worth what a buyer is prepared to pay.
They’re the ones with the cheque books – you’re not buying it and neither is your agent.
Your agent’s job isn’t to tell you what your property is worth – we’re not valuers. Our job is to recommend and implement the optimum strategy and process to find you the best buyer, not just the first one. So who’s the best buyer? It’s the one offering the best price coupled with the best conditions in the current market.
If your agent’s only trick is to try and win your listing by promising price – run.
3. All the hot buyers will see your home the first few days it’s on the market
In fact, they’ll start calling us within half an hour (or less) of the property going online.
Your peak home open numbers will be in your first weekend. In the current Perth market, they can drop by as much as 75% in the second week. You don’t want to know about week 3.
Time isn’t your friend when you’re selling.
It’s not how long you’ve been on the market that counts, it’s how long the buyer has been in the market.
If a buyer has been looking for months, has missed out on other properties, and wants yours – that’s a plum buyer. And if you’ve got a few of those – woohoo – that’s even better. So don’t stuff around and lose them. If they think they can’t buy yours – they’ll move on to the next one.
4. Buyers still have choice
Whilst the market is changing, it’s not across all property types and suburbs. There’s still a surplus of stock for some property types and price points where buyers will wait and cherry-pick the best.
Buyers will pay a premium for well-maintained, move-in ready homes – ‘drive away no more to pay’ as John Hughes might say.
The more you leave for a buyer to do, the more it will cost you.
Or, they’ll pass you over for something that is better presented or better value.
5. You don’t want a great buyer in front of a bad agent
Buyers don’t want to deal with smart-arse or aggressive agents. And once they’ve made an offer, they want to know what’s happening and when they’ll get a response.
Buyers are making what is likely to be the biggest financial commitment of their lives. Treat them poorly, and you’ll lose them.
I’ve lost count of the times I’ve seen agents let their ego get in the way of an outcome. Or laziness losing them a deal.
Sellers can also do an excellent job of jeopardising a sale, especially if they get what I call ‘dollar-goggles’. So be careful not to let your own greed or ego get in the way of an already fantastic result.
The best agents I know (and I’d like to include myself in that club), are capable of getting great results without leaving the buyer (or their sellers) feeling like they need to take a shower afterwards. That’s a skill in itself.
How do you find those agents? By reading their testimonials.
If an agent has both buyers and sellers singing their praises, you’re probably onto a winner.
So if you’re thinking of selling, remember that buyers are savvy; they’ll move on to the next property if the agent (or you) stuff them around; they’ll pay a premium for a quality product, and they don’t want to feel like they’re being played or ripped off.
And if an agent’s antics cost you your best buyer, you’ll likely never know about it.
Choose who you work with wisely.