Buying real estate can be nerve-wracking, as your home is likely the most expensive purchase you will make. But selling real estate can cause just as much anxiety, and in this episode of Real Estate Matters, Toni is taking a look at residential real estate from a different point of view – that of the vendor.
Toni explains the fundamentals of selling through her recent experiences with two friends in her building, Rowan and Sally. Sally had been transferred to Sydney for work, but she didn’t necessarily have to sell her property. On the other hand, Rowan had purchased another unit in the same building and had to sell.
Through the two anecdotes, Toni explores the options available to a vendor in each scenario, discussing the agent-vendor relationship leading up to the auction, the vocabulary associated with the auction itself, and the emotional ups and downs of selling your property.
Additionally, Toni offers advice around preparing for an auction, explaining how to remain calm and make intelligent financial decisions if the bidding has not reached your reserve. Should you put your home ‘on the market’? Offer it for private sale and seek bridge financing to buy time? Or take it off the market and eat the advertising costs? Listen in to find out how Toni’s friends fared at auction, and why you should be aware of the going price for similar properties in your neighborhood.
- What a dream auction looks like
- The challenges associated with buying before you’ve sold
- The pros and cons of using the same agent to buy and sell
- The pressure to sell once you’ve invested in an advertising campaign
- Why agents should overcommunicate with vendors
- The practice of ‘crunching’ a vendor
- The emotional highs and lows of selling
- Why state governments are trying to prevent ‘underquoting’
- The strategy of advertising a lower price range to start, then raising as auction approaches
- The circumstances around Sally’s auction
- The tense mood of Rowan’s auction
- What it means to be ‘on the market’
- The outcomes of both auctions in Toni’s building
- Why vendors must know their numbers
- Why agents will push vendors to sell
- Why a vendor should think through each scenario prior to auction
- The importance of checking your listing for errors
- Why you should be aware of what comparable properties in your building/neighborhood are selling for
Learn More About Selling at Auction
To understand the language of selling at auction, visit https://www.consumer.vic.gov.au/housing/buying-and-selling-property/buying-property/buying-property-at-auction
Toni welcomes questions and comments! Feel free to email her at email@example.com!