Real Estate Agents: How to Give Vendors Realistic Expectations

How Real Estate Agents Can Give Vendors Realistic Expectations.

 

Every agent aims to deliver the dream result for their client’s property. Who doesn’t want to achieve a premium sale price that wipes everything else off the board? And let’s face it, that’s what most sellers want to hear.

But to avoid huge disappointment all round, it’s essential to educate prospective sellers to help them set realistic expectations of their home’s value. That can be difficult because every home is unique with its own story to tell, and trust isn’t always secured from day one.

Here are some tips to help ensure your vendors are empowered to set realistic expectations of their home’s value.

 

THE CURRENT MARKET APPRAISAL

Most agents have their finger on the pulse and have a ‘feel’ for the market. They read the latest property stats and know their local area well.

The discussion around pricing a seller’s home begins with a Current Market Appraisal, which gives credibility, talking through recent sales and active listings of similar homes in a seller’s area. It’s a useful process but requires significant trust to be the end of the conversation. Sellers need to be thoroughly convinced on the pricing issue to really feel comfortable where their home sits. Here are some things vendors can do themselves to get educated.

 

EXPLORE ‘ESTIMATED VALUES’

Encourage the exploration of computer driven estimated values as a starting point. Agents should advise their clients that while Rateable Values are helpful, they’re based on comparable sales at one given time, and they’re only produced every three years. The same warning applies for our HomesEstimate and other computer generated models. While they’re updated more regularly, they can’t take into account the wide range of variables associated with a home’s value.  They’re a great starting point, but other insights are needed.

 

VIEW SIMILAR HOMES

Request that they attend similar open homes to check out the competition. They need to find out for themselves how their home compares with others nearby.

Build a checklist for them to consider the broad range of variables. Consider the size of the home and land, the number of bedrooms, the home’s age, construction, floorplans, layouts, quality of fixtures and fittings, whether it’s been renovated, the way it’s presented, views, school zones and so on. Ensure they understand that the asking price isn’t the final sale price.

 

RESEARCH HISTORIC SALES OF COMPARABLE HOMES

When similar homes are known, but aren’t currently on the market, it’s worthwhile diving into what they last sold for, and what their HomesEstimate is. This simply acts as another set of data to build an educated view of prices in the area.

 

MAKE IT EASY FOR VENDORS

Homes.co.nz has been produced to make the process of researching the value of a home easier for vendors. It’s a single map interface that allows the exploration of a neighbourhood’s current listings, estimated values, rating values and sales histories. While none of this replaces the human perspective and insights of the local agent, it will act as a path towards being an educated seller with realistic expectations.

Homes Platform

Introduce vendors to Homes.co.nz to help them build a realistic understanding of value. You’ll gain trust and find the pricing process moves from a discussion full of emotion, to one more influenced by the facts of the current market

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Where To Live In Wellington If You Happened To Win Lotto

Planning On Winning Lotto?

You probably wouldn’t be human if you hadn’t one day dreamt of winning big and thought about how you would spend your millions. A new car, a holiday, and of course the age old answer of a new home. Somewhere with a swimming pool, or a tennis court even. Well, we’ve taken a look across Wellington to see where you would be looking to spend your money if you were dishing out the big bucks, let’s say over $2 million. (One day maybe…)

Seatoun

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Head out East past the airport and you’ll end up in the upmarket area of Seatoun, where you’ll find a load of properties worth over $2 million, with a scattering even hitting the $3 – 4 million mark.
If you spend your money here you may just find yourself neighbouring a Hollywood celebrity given it’s the area of choice for the likes of Orlando Bloom and Scarlett Johansson when they are in town filming. It is also close to some of the most popular beaches in the city, with Scorching Bay for example just up the road.

Lowry Bay

If you fancy being further out of the city then Lowry Bay is the perfect option. One of the first bays as you head into Eastbourne you’ll find just over a handful of properties that will be in the $2 million range, most of which sit right at the front of the bay. You’ll also be looking right across to Wellington City, dependent of course on the Wellington weather.
Lowry Bay is extremely close to an abundance of beaches but also has the bushy hills behind you in case you fancy a spot of off-road walking. You have the option of heading to nearby Lower Hutt for all your amenities and a spot of shopping at the mall, or nipping into Eastbourne village for the basics.

Oriental Parade/Oriental Bay

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Oriental is the place to be if you want it all. With a heap of properties worth over $2 million, if you’re willing to splash the cash even more you’ll have a better chance of finding something here over $3 mill and even heading as far as $8, $9, $10 million.
Oriental is just off to the side of the city centre so it’s close enough to walk to work or into the shops. It’s also perched right on the man-made beach so although you’ll have to be in quick to get a spot on a hot day you won’t have far to walk at all. Plus, you have the added bonus of having cafes, restaurants and a supermarket near enough on your doorstep. Here’s a favourite, currently for sale for $1.9m…

Real Estate Agents; Write a Personal Profile that Gets You More Listings

Real Estate Agents, Your Personal Profile Is Your Brand.

Advertising your properties is essential marketing, but promoting your personal brand with a great profile helps prove you’re the best person for the job.

Your profile is your brand. Make sure it proves your marketing ability.

So how do you write a personal profile that gets more listings? We’ve taken some great profiles on Homes.co.nz to show you.

1. Be Truthful

To gain trust, sellers need someone who tells it like it is. Be upfront. Let potential clients know exactly what to expect.

Glenn Stewart has this to say: I really listen to you and work very hard to get you the best results possible. My straight-talking style with open and clear communication will give you confidence that I’m someone you can trust and my actions back that up.

2. Professional marketing & great presentation

Sellers need an agent they know will put their best foot forward at all times. An agent with creative flair exudes confidence, looks smart and makes prospective buyers feel at ease.

It helps to use professional photographers and writers who can make you look good and create a winning impression to put you ahead of the competition.  

Marcia Paterson’s black and white photo is crisp and professional. With her attractive smile, she looks open, honest and welcoming which instantly makes you feel confident she is ready to show you your new home and to talk through the process.

3. Commitment to good communication lines

Sellers want to know you’ll give regular updates and good feedback so they quickly know where they stand.

Steve Slicker guarantees to call you back within three hours or he will take $500 off the fee.

4. Tenacity & enthusiasm

Sellers want a salesperson who’s like a dog with a bone; someone who works hard and never gives up.

Ben Terry plays up his competitive spirit, saying he continually exceeds the expectations of his clients. And he also offers a compelling pledge: “there is no single sales person in the market today that will work harder, prove stronger or move faster than me.”

5. Strong negotiation skills

Anyone can sell a house, but negotiating the highest price is the real challenge.

Charles Morley Hill lists negotiating as one of his key skills “With close to half a billion dollars worth of property sales to his name (ranging in price from $175,000 – $4,500,000), Charles has a wealth of knowledge and skill to get the very most for your property in all markets.”

6. Keep it short and sweet

The length of a great bio should be between 200 and 300 words, and around 2 to 3 paragraphs. Any longer and your reader will start to lose interest. Use short, clean phrases that are easy to understand. Lists are good.

We love the brevity of Nicholas Reeve’s profile.

7. Experience

Offer details of what you have achieved to show your experience. It gives confidence you can do the job well.

Grant Campbell has been selling for 24 years. That’s great. Even more impressive is the number of properties he’s sold. 600, worth over $125 million – you know he’s doing something right!

8. Knowledge – of the market, trends, technology & marketing

Sellers are looking for your expertise and they want assurance you’re up with the play to keep them ahead of the bunch.

9. Give back to your community

Real estate can provide great rewards but people like to know you’re not just a taker. Show how you share the love.

Tommy Heptinstall has been a successful agent for 30 years but continues to be respected for his attitude of giving generously –  “to major companies, schools and charitable organisations as an entertaining auctioneer and motivational speaker who tells it as it is.”

10. Proven results and award recognition

Clients want proof you can do a good job for them. Include testimonials from past clients and tell sellers how successful you have been.

Yvonne Craig-Simpson cements her reputation and track record by selecting quotes from clients who have been impressed with her service.

Most sellers don’t have much experience with real estate agents. Make the search easy by including statements that show you have the right qualities as keywords. You’re sure to improve your odds.  

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