Adelaide Real Estate

Adelaide Real Estate

If you have Adelaide Real Estate to sell you should do your homework BEFORE speaking to a Real Estate agent and research the prices that properties similar to your own have been fetching over the last six months or so, but no further back than that.  I can easily help you to do this by giving you a suburb report for similar properties that have recently sold and also that are currently listed from Australian Property Monitors and RPData.

The RPData Professional report will show you not only what prices properties are listed for but it will also tell you how long each property has been on the market and whether the price has been reduced in that time.  If you are buying as well as selling this information can save you tens of thousands of dollars on your next purchase if used correctly.  If you want advice on how best to use this information please feel free to give me, Vincent Woodall, a call on 0451 596 575.  If you are selling a property, the information available from RPData (now known as CoreLogic RPData) should help you to avoid falling for dirty tricks and tactics from Real Estate Agents by showing you details as to how long a property has been listed and by how much and how often the price has been reduced since being first listed for sale.  Telling a vendor a property is worth more than it is truly likely to sell for is known in the Real Estate industry as “buying” the listing, deliberately overstating how much the property is worth in order to persuade the vendor to sell with a particular agent.

However, I would strongly advise that you do NOT allow yourself to be influenced by the prices of similar properties that are currently for sale, only SOLD prices when discussing the price you wish to sell for.

There is no point in initially asking for an unrealistic price for your property.  All that will happen is that less people will be interested in viewing your property and you will eventually either take the property off the market or reduce the price to generate more interest.  The danger is that if your property is on the market for a long time – over three or four months say – then potential buyers will start to think there must be something wrong with it.  You will eventually sell if you keep reducing your price but very often you would have already sold for more if the price had been correct in the first place.

It is a common practice, unfortunately, in the Real Estate industry probably world-wide, for certain Real Estate agents to “buy” your business by deliberately overstating your property’s value in order to get you to list with that particular agent.  You will then commit to the expense of advertising the property and have the inconvenience of having open-to-views and you will be fed negative comments and maybe even low offers from imaginary potential buyers in a bid to get you to reduce the asking price to what it should have been in the first place, or even lower if it is now considered a  “lemon” by potential buyers.  There is even a word for this process of the agent talking the buyer into lowering his price – “Conditioning”.

The “secret” is to get people to view your property and get the majority to view it as soon as it goes on sale, not months down the line.  The more people that are interested soon after listing the more likely it is that you will get your asking price or even more.  I have seen countless examples of where a property has been reduced in price from, say $469,000 to $439,000 to then sell for $475,000, more than the original asking price but which was more than some buyers intended to pay.  Put your property in front of enough people and viewers will fight over it financially once logic goes out the window and emotion takes over.

If you would like a free and honest appraisal of your property’s value please call Vincent Woodall on 0451 596 575 or send me an email to vincent.woodall@outlook.com  and I would be only too pleased to oblige.  I work on a highly competitive “flat-fee” basis but I do not discuss this over the telephone for fear of disclosing this to competitors.