Steve Koerber's Old Blog

Remuera's house sold name since 1998 – 021864166

Posts Tagged ‘Selling your home’

Steve’s Top 5 Selling Tips

Posted by Steve Koerber on January 10, 2009

In order of importance:

1.  Select the right agent.  Any agent can list your home, but few can sell it with a minimum of fuss and a level of expertise that matches the fee they charge.  Trust, negotiation skills, ability to listen and local knowledge are more important than most vendors realise.

2.  Get the price right from day one.  Match your circumstances and your home to the correct method of sale and you’ll win every time.  If your car is worth $20,000, would you advertise it at $35,000?

3.  Get the presentation right.  First impressions can make or break a sale.  Homes with major negatives will sell if a buyer feels good once they’ve been inside.

4.  Get the marketing right.  You can’t sell a secret.  Great photography, a guided video tour, upgraded internet listings, large print ads, an eye-catching sign, a great heading, tempting copy…or a buyer your agent met yesterday at another listing?  Appropriate marketing doesn’t cost, it pays!

5.  Tap into a large pool of buyers.  If marketing doesn’t find your buyer, a large network of agents and buyers probably will.  Boutique agencies rely heavily on marketing.  A major player like Barfoot & Thompson will always recommend marketing – then add value with the largest buyer/agent network in Auckland.

Posted in Selling your home | Tagged: , | 1 Comment »

How do you sell in a buyer’s market?

Posted by Steve Koerber on January 9, 2009

I realise that most people reading this blog are currently neither buyers nor sellers of real estate in Auckland. 

However, if you are considering buying at the moment, I envy you.  You have plenty of choice.  If you’re clever and well researched you’ll make a safe purchase.  Like all long term residential property owners in Auckland since the 1950’s, you’ll probably achieve a similar long term return and be glad you bought when you did.  Trying to time the real estate market is a mug’s game.  For long term success, the most important thing is to play the game and get into it.  

If you’re a seller, you might be wondering whether it is a good time to sell.  The answer is simple.  If you need to sell, you should.  If you don’t need to sell, it might be best to wait for a while. 

If you’re currently on the market and you don’t need to sell, your home is probably priced above the market.  A positive outcome is that you’ll be helping those who need to sell, to sell.  Because a real seller’s price will look better than yours, buyers will be drawn away from yours to theirs.

So, if you really want to sell, should you simply price your home low?  Should you set a price then drop it regularly until you sell?  I believe the answer is no!

Recently I’ve helped many real sellers achieve good sales (within a 4 week time frame) by not pricing their homes at all.  How have I done this?

Instead of telling potential buyers what they should pay for a home (ala having an asking price), I’ve simply asked real buyers to nominate what they would be prepared to pay.  I’ve then shared their opinion with others who have expressed interest.  By sharing this valuable information amongst a group of people that have all expressed interest, I’ve been able to A) sell the home to the keenest member of the group, and B) convince them to compete with other like-minded people within the group. 

At the right price level you’ll always find a buyer, or two or three or more.  I love the “no reserve” auction concept as the purest and quickest way to establish a property’s market value. 

A “no reserve” auction is a little scary for most sellers to seriously contemplate.  However, if done right, with appropriate marketing exposure and hype, it’s actually a pretty safe bet for sellers who really need to sell.

If your’e a little less adventurous you can always try a standard “reserve auction” and maintain a bit more control over the sale price.

Posted in Buying a home, Selling your home | Tagged: , , , , | Leave a Comment »

How to sell in a falling market

Posted by Steve Koerber on July 23, 2008

This post is written to help you if you are on the market selling and feeling the heat.

How quickly we’ve forgotten the heady days of sky-rocketing prices where buyers were literally jumping over eachother to buy a home. 

Let’s look at the best way to sell in a rising market.  Don’t risk a fixed price because your price might be higher than you think.  Market widely and attractively so more people buyers inspect your home.  Make buyers compete, it will probably drive your price higher.

In a falling market?  Don’t risk a fixed price because the risk is your price is lower than you think.  Market widely and attractively so the right buyer inspects your home.  If two people find and like your home you’ll get the best price by making them compete for it.  If you only find one buyer my suggestion is work with them if they are within 5 – 10% of your bottom line.  That level is probably where the market is for your home right now.  Remember, if you’re struggling to sell, you’re not alone.

Ask yourself what you wouldn’t sell for.  Ponder that figure for a few days.  You’ll likely conclude that you should sell at that figure.

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Is Home Staging worth the money?

Posted by Steve Koerber on January 16, 2008

Home staging is worth the money

Absolutely yes!  Enhancing the look of your home for selling is a great idea and should help you to achieve a sale.  Home Staging may even put more dollars in your pocket.  And it doesn’t matter what price range you’re in.

I sold a small home unit a few years ago that was in average condition.  The carpet was old and grey, the walls had not been painted in years, the curtains were plain and it was quite small.  The owners tidied up the garden, removed a lot of their clutter and added expensive new furniture, artwork and accessories hired from a Home Staging specialist.

Within weeks I received two competing offers and the unit sold for $400,000.  A few weeks later the owner confided that their expectations had been around $320,000.  They would have been delighted to get $350,000, so you can imagine their amazement at the $400,000 they received.

The new owners moved in and realised that the property wasn’t big enough for them.  They had too much ‘old style’ furniture and not enough room to store all their possessions.  Three months later, in a rising market, they put the unit back on the market at what they thought was a reasonable $415,000 asking price. 

They didn’t ‘home stage’.  They didn’t get an offer.  They reduced their price.  After three months on the market and still no offers, they eventually realised that they had paid too much.  They reduced their price and sold for $370,000.

Although this story is somewhat sad for the second seller, it illustrates the incredible power of Home Staging.  By investing less than $2000 in home staging, the first seller achieved at least $30,000 more for their unit than they otherwise could/should have.

Simple touches make all the difference

If you’re selling, how much could Home Staging put in your pocket?

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What do open homes achieve?

Posted by Steve Koerber on November 15, 2007

When selling your home, open homes are usually par for the course.  But do you have to have them, and what are the implications if you don’t?

At the time of writing this in November 2007 I had a close look at my previous 44 sales.  Of the 44 houses only 11 (or exactly 25%) sold to people who came to an open home.  Of the 11 buyers that bought their home after seeing it at an open home, about 8 of those would probably have rung for an appointment to view if an open home had not been scheduled.  For them the open home was a convenient way to inspect a home they intended to view anyway.  No houses sold to buyers who were attracted by an open home pointer sign.

What does all this mean about the effectiveness of open homes?  It shows that:

a.  75% of homes sell to buyers who are escorted to homes by salespeople

b.  75% of real buyers (people who make a purchase) would prefer to make an appointment rather than attend an open home

c.  Open homes attract more lookers than real buyers.  Lookers include neighbours doing research, ex-owners, potential sellers doing comparisons, people deciding whether they should buy, people checking what their money buys, buyers’ relatives, potential sellers testing the listing salesperson for effectiveness, people who enjoy looking at houses.

d.  Advertising “viewing by appointment only” is inconvenient for lookers.  For real buyers however, it appears that most would prefer to view by appointment.  Salespeople who wish to build their client base of potential buyers and sellers benefit most from open homes.

Are open homes right for you?  When your home is fresh on the market it will attract the greatest number of lookers and real buyers.  Numbers always dwindle as the weeks go by.  If your home is likely to be popular you should seriously consider open homes.  But you should only continue to do them while your home remains popular.  If visitor numbers per open home fall below five I would suggest that viewing by appointment is the way to go.  If you are intensely private and opt for “viewing by appointment” from day one on the market you probably won’t miss your buyer.  you’ll just make your salesperson travel to and from your home a bit more.

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Posted by Steve Koerber on November 13, 2007

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