What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
What Happens Next? Your guide to the marketing phase of your property sale
Client Property Address
Commencement Date 1
What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
Our promise to you Since 1988 we have strived to provide the very best real estate service in Sydney to the many property buyers, sellers, investors and tenants who call on us for help and advice each week. This booklet and the advice it contains is part of that promise. We hope you enjoy the content and profit from the experience. Remember, our offices are open 7 days a week to help you with any real estate matter so be sure to call us if you think we can help. You'll find contact details for your nearest Prudential Real Estate office on the back page of this booklet.
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What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
1.
Great Service Is Our Best Advertisement The success or failure of our business is based entirely on how well we serve you, our client. It's a simple fact of life; if we do a good job you'll tell you friends and, if we do a poor job, you'll also tell your friends. Today you have entrusted us with the sale of your property. At the end of this transaction we would like you to tell your friends, relatives and neighbours that we did a good job. In other words, we'd like you to recommend our real estate service to them. Everything we do from now on is designed to ensure your future recommendation of our service. So be sure to tell us if ever our service falls below your expectations. Our business has grown steadily since we first opened in 1988 and we will continue to grow if we continue to provide a first-class real estate service for our clients - one that causes you to recommend us to your friends, relatives and neighbours. We measure our success or failure by the number of referrals we receive from you
2.
How We Prepare For The Sale Of Your Property Now that your property has been listed for sale our marketing can get underway. But before we bring the first buyer to inspect your property we need to complete the following steps . . . a.
Our trained staff will write an advertisement that highlights the positive aspects of your property. This will be sent to you for your approval.
b. We will prepare a pictorial advertisement for our display window c.
We will schedule all future advertisements in accordance with your agreed marketing plan.
d. We will distribute details of your property to each member of our sales team as well as to the teams in each of our neighbouring Prudential Real Estate offices e.
We will use our extensive computer database to create a list of all buyers who may have an interest in your property. These buyers will be contacted as soon as your contracts are available (See : Part 7 - When Your Contracts Arrive We Can Begin To Show Your Property)
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What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
3.
Group Inspection Every Wednesday morning commencing from 11.00am our sales team visits all the properties that have been listed for sale during the previous week. Next Wednesday we will visit your property. The purpose of this visit is to familiarise each member of our sales team with your property. Once they know your property they can confidently discuss your property and its benefits with potential buyers. In order to ensure your visit is a success we will need access to your property next Wednesday from 11.00am. If you will be home at this time we would be pleased to see you. If you won't be at home we would be pleased if you could provide us with a key. Our inspection next Wednesday should take no longer than 10 minutes.
4.
Your House Keys It may well be true to say that a real estate agent doesn't need a set of keys to your house in order to create a sale, but without keys our chances are substantially reduced. Many home sellers say things like . . . "Don't worry, someone's always home - you won't need keys”. Then, as soon as we have a buyer, we find the owner is not at home as we expected - and a possible sale is lost (this is Murphy's Law). The one thing we need, above all else is, is 7-day access to your property - after all, you never know when a buyer might want to view your property. We also understand you lead a busy life. There's no point in restricting your life trying to be home at all times for inspections from prospective purchasers. Approximately 300 property owners trust us with their house keys each and every year. When you provide us with your house keys they are security tagged in our office with a 4-digit number - and only we know which number goes with which house. So if your keys are ever lost (don't worry, this doesn’t happen very often) no one else will know that they are the keys to your house. In this way we protect both your security and your peace of mind.
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What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
5.
Your Security One of the things almost every property owner is concerned about is the security of their belongings whenever we bring a buyer through their property. We protect your possessions in 3 ways. Firstly, we record the details (name, address, phone number) of every prospective purchaser before we take them to your property. Secondly, we escort every buyer through your property - no one inspects your property without a member of our staff being present. Even when we are inside your property with a buyer our salespeople are trained to observe the movements of buyers. We keep groups of buyers together as we inspect your property making it easier to protect your possessions from the possibility of light-fingered guests. Thirdly, we recommend you remove valuables from sight. Our staff may well be trained observers and always have your best interests at heart but this will only prevent buyers from going through your drawers. It is always best to put your valuables away - out of sight and out of the path of temptation.
6.
Why You Need A For-Sale Sign One of our major sources of buyer enquiry comes from FOR SALE signs. Without one in your front garden you are effectively reducing your chances of a sale at the best price by as much as 40%. And these days it is very common for agents to advertise the address of properties they have listed for sale on the internet. Some property owners say . . . "But our house is in a quiet cul-de-sac, who will see it here?" The answer is that properties located in quiet cul-de-sacs are very popular. And buyers often drive into quiet cul-de-sacs looking for signs before they come in to an agent's office. If you don't have a sign out the front you'll miss a great deal of buyer enquiry - and one of those buyers may be prepared to pay a great price for your property.
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What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
7.
Only When Your Contracts Arrive Can We Begin To Show Your Property The law in NSW is very specific. We can neither show your property nor discuss your property with a potential buyer until we have a full contract for the sale of your property in our possession. If a real estate agent breaches this regulation the fine is $4000.00. Why is it necessary to provide a contract ? So that a potential buyer could, if they wished, inspect the contract and all of the attached certificates and documents relating to your property prior to making a decision to purchase. Most local solicitors and conveyancers can provide us with a contract for the sale of your property within 3 to 4 business days. If your solicitor or conveyancer is located outside the Campbelltown or Camden local area it may take as long as 10 business days to arrange the delivery of the contracts to our office. If you don't know a local solicitor or conveyancer who could arrange a contract for the sale of your property we would be happy to recommend a choice of two or more local firms who would be able to look after your needs.
8.
What Happens During An Inspection With A Prospective Purchaser ? If you’ve not had the experience of selling your home in the past then the first time a buyer comes with us for an inspection may feel a little awkward. Firstly, there is no necessity for you to be present during the inspection – in fact, it’s probably better if you make yourself scarce. Take the opportunity to walk the dog, visit your neighbour or drop in to the corner store. Most buyers feel uncomfortable in someone else’s home if they know the owner is present (even if you stay right out of the way). And if a buyer feels uncomfortable in your home they probably won’t want to buy it. Naturally, there will be unavoidable occasions when you can’t leave the home during an inspection. At times like these please allow our staff to conduct the inspection with the buyer without interruption. If the salesperson requires clarification concerning some aspect of your property they will ask you privately. Moreover, don’t pay too much attention to what the salesperson is saying to the buyer during the inspection. The salesperson is trained to work with the buyer providing them with exactly the right amount of information (according to their needs) to paint your property in the best possible light.
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What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
In practice, this might mean that for some inspections we talk a great deal about the positive benefits of your property and on other occasions we seem to conduct the inspection in silence. In each case we are “selling” to the buyer according to their needs.
9.
Advertising & Marketing At the time you listed your property we would have agreed on the most appropriate advertising and marketing mix for your property. Once we receive a contract for the sale of your property we will arrange for the immediate erection of a FOR SALE sign and your property will be uploaded to the Internet. Both the FOR SALE sign and your web advertisements act as your “24hour salespeople” during the marketing phase of your sale. Whenever we advertise your property in the local paper we will post a copy of the advertisement to you within a few days for your records. If at any time whilst we are marketing your property you would care to comment about the photographs used in your advertisement or the copy used to describe your property please phone us - we'd love to have your feedback !
10.
Feedback In every survey of real estate agency client's, one complaint is repeated over and over again. "The agent failed to communicate / provide feedback" At Prudential Real Estate our clients say the exact opposite. Why ? Because several years ago we developed a feedback system for our clients that is second-to-none. Here's what you can expect . . . a.
Our trained staff will write an advertisement that highlights the positive aspects of your property. This will be sent to you for your approval.
b. In addition, the salesperson who conducted the inspection will post a written summary of the buyer’s thoughts on our secure client website. Your username and password allowing you access to this site will be supplied prior to the commencement of inspections. In this way a permanent written record of all inspections is available to you 24 hours a day during the marketing phase of your sale. c.
Each fortnight during the marketing phase of your sale we will conduct a meeting with you to update you on our progress as we search for a buyer for your property. At each meeting we will discuss the following issues …
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What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
MARKETING MEETING AGENDA m
Number of phone / email enquiries received during the previous fortnight
m
Number of appointments booked to see your property during the previous fortnight
m
Number of inspections conducted at your property during the previous fortnight
m
Analysis of buyer feedback from inspections conducted during the previous fortnight
m
Analysis of internet “hits” against your property
m
Review of offers received for the purchase of other homes in our current inventory
m
Review of offers received for the purchase of your property during the previous fortnight
m
Competition report (what other homes similar to yours are currently selling)
m
Preview of marketing activities for the next fortnight
We understand that feedback is a critical element of our service and if it fails we need to take immediate action. So, if you find that your level of feedback falls below the performance standards described above please contact one of our Directors, Michael or Josephine O’Sullivan.
11.
Three Things That Could Happen After your property has been on the market for 2 to 3 weeks you will find yourself in one of the following three situations . . . A.
There have been few inspections and even fewer offers When this happens it means your property is being marketed at the wrong price. There is only one solution for this problem and that is to correct the asking price
B.
There have been lots of inspections but no offers When this happens there could be two reasons. Firstly, there is something cosmetic about your property that is causing buyers to shy away. We need to identify this issue and then take action to correct the problem. Secondly, the asking price could be too high - buyers are probably inspecting your property and then moving on to buy similar homes at lower prices.
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What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
C.
There have been lots of inspections and lots of offers This is the ideal situation. Your property is correctly priced, buyers recognise this and are competing to inspect and buy your property. When this happens a sale is generally just around the corner.If your property remains unsold after 14 days and you have considered each of the 3 scenarios presented above there is a strong possibility that you are marketing your property at the wrong price.
The only solution to this problem, the only way to stimulate improved buyer interest, is to change the asking price. This is what we would recommend . . .
Your INITIAL ASKING PRICE is (This is the price we will be trying for the first 2 weeks of your marketing campaign)
$
Our recommended MARKET PRICE is (This is the price we believe 80% of buyers in the market for a home such as yours would pay for your property)
$
After 2 weeks we would recommend this new asking price
$
Throughout the sale of your property your Property Consultant will be available to offer advice and assistance. His or her aim is the same as yours - to achieve a sale at the highest possible price in the least amount of time and to make the whole process as painless as possible. Whenever you have doubts or concerns about the progress of your sale please call . ... Your Property Consultant is His / Her mobile number is In an emergency please call His / Her mobile number is
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What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
12.
What Happens When We Get An "Offer" ? When a buyer offers to purchase your property we call this an "offer". During the sale of your property you may receive several offers. It is our duty as your real estate agent to deliver every offer we receive from a buyer - no matter how low the price may be - as quickly as possible. In this way you can make a swift, considered decision about the offer without running the risk of losing the buyer. In order to deliver each and every offer as quickly as possible it is very important that we have all your contact numbers.
We'll need . . .
your home number your work numbers your mobile numbers your pager numbers your e-mail address
13.
Negotiating A Great Sale Price When a buyer asks one of our staff to make an offer for the purchase of your property you will receive a phone call or a visit from your Property Consultant. They will tell you about the buyer and their circumstances, the price they are offering and any additional terms or conditions they are requesting. In this way you will have an accurate idea of the buyer’s intentions. Your Property Consultant will then provide you with their advice regarding the offer. The next step is to reply to the buyer. Naturally, our staff will speak with the buyer and deliver your reply - in this way you need not discuss anything directly with the buyer. Your reply can take one of two acceptable forms . . . a.
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The most common reply is to make a counter-offer. A counter-offer is a price you would be willing to accept for the sale of your property - it will be more than the buyer’s original offer but less than the asking price. Your Property Consultant will assist you with this figure to ensure you achieve the highest possible price for your property whilst at the same time encouraging the buyer to continue with their negotiations.
What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
b. It is also acceptable to say "NO". If the offer is substantially lower than your current asking price you may wish to simply say "NO". A "NO" answer runs the risk of cooling negotiations - the buyer may simply walk away. The process of "offer" and then "counter-offer" is called negotiation. During this process we may agree on more than just the sale price. We may also discuss the deposit, occupation dates, licensing agreements, inclusions, special conditions and a number of other aspects of a property sale. Naturally, your Property Consultant will guide you through each of these issues to ensure the best decisions are made for you and your family.
14.
Exchanging Contracts Once you have agreed on the terms and conditions of your sale with a buyer the next step is called "Exchange of Contracts". The contracts provided by your solicitor or conveyancer at the beginning of the sale process were drawn up with your best interests in mind. We will be using these contracts to effect an "exchange of contracts" with the buyer. Here's what happens . . . a.
We fill out the contracts provided by your solicitor or conveyancer with the details of the buyer, the agreed price, the inclusions etc.
b. The buyer comes to our office, pays their deposit (usually 10% of the purchase price or an agreed portion of this amount) and signs one copy of the contract for the sale ofyour property. c.
After the buyer has signed we attend at your home where you the sign the counterpart copy of the contract.
d. We return to the office, compare both signed contracts for accuracy and then date them. e.
Within 24 hours we express-post or hand deliver the signed contracts to both your solicitor/conveyancer and to the buyer's solicitor/conveyancer.
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What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
Generally, when a real estate agent arranges an exchange contracts for the sale of a property in NSW the buyer is allowed the benefit of a cooling-off period. A buyer's cooling-off period is generally 5 business days. During this period they will complete their application for finance as well as arrange for a pest inspection and a building inspection of your property. If the buyer decides to withdraw from the sale during this 5-day period they can recover all of their deposit except for a portion (0.25% of the agreed purchase price), which is paid over to the property seller. At the end of the 5-day period the buyer pays the balance of any deposit that may be required and the contracts are then said to be unconditionally exchanged. From this point on the buyer cannot withdraw from the sale without losing their full deposit.
15.
Beware - Quality Inspections Can Kill Your Sale During a buyer's cooling-off period two important inspections will take place - a pest inspection and a building inspection. These inspections are arranged and paid for by the buyer. The object of these inspections is to provide the buyer with a full appreciation of your property before they become locked in to the sale at the end of the coolingoff period. In the past many sales have been lost as a result of these inspections. When a buyer reads a pest or building report and discovers a structural fault or a nest of termites the property seller can be just as surprised as the buyer. The buyer will generally withdraw from the sale or expect the owner to reduce the sale price in accordance with the estimated value of the "damage". This can often be a disaster from the property seller's point of view. By the time they hear of the "damage" contained in the buyer's report they have often committed themselves to the purchase of another property. Such circumstances can lead to the loss of the property they were buying as well as the loss of hundreds of dollars in fees.
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What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
Our best advice is to conduct a thorough inspection of your property before allowing an inspection by your first buyer. In fact, it may be a good idea to employ a pest control company or a building company to conduct an independent assessment of your property before it comes on the market. Either way this is an important issue that you need to consider before coming on to the market. If you would like to discuss this aspect of the sale of your property please do not hesitate to contact your Property Consultant.
16.
How To Buy And Sell At The Same Time Most property sellers intend to buy another property once their sale is underway. We recommend you begin your search for your next home as soon as your property comes on the market - if not sooner. You never know how quickly your property might sell and it is best to be well acquainted with the properties available for you to buy just in case a fast decision may be required. Here are some simple things to know when buying and selling at the same time . . . a. Some Banks have loan products called "relocation loans". These loans work along similar lines to an old fashioned “bridging loan� enabling you to buy your next property before selling your current property b. Generally, however, you should be careful not to commit yourself to a purchase until your own home has unconditionally exchanged - unless of course you are able to complete the sale with cash or you have a relocation loan in place c. Generally, the only way to secure (buy) a property (get it off the market in your name) is to exchange contracts. This sometimes proves a little tricky when you are selling and buying at the same time. Selling your property and buying again can often be a complicated matter. Being able to correctly time the exchange dates with the cooling-off periods and the proposed settlement times is a job best left to an expert.
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What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
Every year we help hundreds of families through the process of selling and buying at the same time. Your Property Consultant will be able to provide you with advice specific to your personal circumstances at any time during the sale of your property.
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Settlement Settlement occurs when the buyer (or their solicitor) makes their final payment for your property and at the same time your solicitor hands a signed transfer (of title) document to the buyer. In most cases settlement occurs approximately 6 weeks after exchange of contracts On the day that settlement occurs you are expected to vacate your property and move to your new home.
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We Are Here To Help You At Every Stage
Remember our phone number . . .
And remember my mobile number . . .
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And remember that I am here to help you. Every month we assist more than 25 families through the stress of buying a property and we are more than happy to answer any question you might have. All you have to do is keep in touch.
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What Happens Next – Your Guide To The Marketing Phase Of Your Property Sale
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CAMPBELLTOWN Serving the local community since 1988 47 Queen Street, Campbelltown Phone 4628 0033 INGLEBURN Serving the local community since 2000 31-33 Oxford Road, Ingleburn Phone 9605 5000 LIVERPOOL Serving the local community since 1994 3/52-58 Memorial Avenue, Liverpool Phone 9822 5999 MACQUARIE FIELDS Serving the local community since 1994 Cnr Saywell & Fields Roads, Macquarie Fields Phone 9605 5333 NARELLAN Serving the local community since 2015 5 Somerset Avenue, Narellan Phone 4624 4400
prudential.com.au
PLEASE NOTE : 1.
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Recipients of this report are reminded that, although due care has been taken in the preparation of the within contained material, prospective property buyers, sellers and investors are always best served by making their own independent inquiries before entering into any real estate transaction. This report has been prepared for the sole and exclusive use of Prudential Real Estate clients and customers. The whole of the contents and design are protected by copyright. COPYRIGHT Š Michael O'Sullivan 2001-2015