The Premium Price Guide by Justin Eastwell
Welcome Selling your home is one of the most important transactions you will undertake in your life. So the opportunity of creating the very best result is paramount. At Colliers International Toowoomba we have learnt that a premium result doesn’t just happen, it is created. To help you understand the premium price sequence and utilize these crucial elements yourself in your future property sale I have created this easy to follow guide. I hope you find it useful. Kind regards,
Justin Eastwell
Property Sales & Marketing Colliers International Toowoomba
The First Meeting
What to expect when you meet Justin Eastwell With your permission, when we meet, I would like to: • Tour your property to enable me to take detailed notes. • Discuss with you, your needs and determine how I can help. • Answer questions you may have about Colliers International Toowoomba, me personally, the service I will provide and any other real estate matters. • Provide you with accurate market research and discuss a suitable marketing programme of how your property could be marketed for sale. This schedule is flexible and I will welcome your input to suit your needs.
Justin Eastwell - Service without Compromise
As a born and bred Toowoomba lad, Justin has seen and experienced the many changes the Garden City has gone through over the last 35 years and is excited about the immediate and long term future of his home town. With over twenty years experience in service oriented industries, he understands the importance of quality customer service, especially at what can be a stressful time such as selling your family home. Over the years he has learnt a number of key factors relating to quality customer service and none more so than - don’t over promise and under deliver. He also believes the best possible agent-seller relationship revolves around one key ingredient – communication. His years in small business have also taught him the value of community and loyalty. Therefore he takes an active interest in the businesses and the community with which he deals in. He believes a thriving and inclusive community benefits both the businesses and the property owners of the area. He lives with his partner, Caroline, a Toowoomba Ballet Teacher and their teenage daughter.
Crucial Element 1 Presentation This is probably the most known however widely forgotten element in a property sale. Presentation doesn’t mean just how clean your house is but how it flows, what colours are used, how the buyers feel when they first pull up outside your home and how they receive your property walking through every inch of the inside all the way out to the porch or backyard. Often we engage the services of a stylist or interior designer to provide our clients with advice on what will best appeal to the senses of prospective purchasers for each property as an individual. Every home is different and so too the advice.
Quite often some homes will require landscape attention and others furniture restructuring, while others will need a freshen up in paint colours and some staging in certain rooms. This element of your property sale I would say is the number one element that will create a spring board for your future sale.
Open blinds and floral or fruit arrangements make for a homely feel.
Spotless benchtops and floorboards or carpets all require attention.
Lighting creates warmth and provides the right ambience.
Crucial Element 2 Price Building an exceptional price usually comes about by first engaging the market place with some logical price evidence and positioning. What I mean by this is working off recent comparable properties in the immediate area or close by will help create a firm foundation in logical price positioning to begin with. Buyers first look for value evidence before they will inspect in most cases. This is a rule that is handy to remember: Buyers start logically and finish emotionally. What this rule generally means is your property has a mental agreement on price positioning from prospective buyers then they will move to the emotional connection with your property provided the general feel and criteria of your home suits them. Once a buyer becomes emotionally attached then it becomes a lifestyle decision rather than an exact dollar and cents decision.
It is in the highly emotional part of this equation that an opportunity for a premium result will be found. If a buyer feels your property is overpriced then (even if they like the property) it will stop them moving to the emotional part of this process because logically they just don’t agree and quite often they will leave the property without offering. This is why some homes sit on the market for extended periods, whilst there isn’t anything wrong with them, it’s more that the market place isn’t agreeing logically with it.
Crucial Element 3 Method The right method will go hand in hand with price. There are only two methods that work effectively in residential real estate which are: Auction or Private Treaty (Normal for sale). Auction is great for homes that are highly desirable or hard to price exactly. The auction method leaves the outcome open whilst also accelerating the sale process by placing a closing date on the marketing process, this really does compel buyers to make a buying decision prior to the auction date. This can create and heighten the sense of urgency and excitement in the buyers minds and ultimately help in the premium price formula for some properties. Auction isn’t for all homes however is invaluable for others. A common misconception about auction is it costs more to go to auction. This isn’t necessarily the case, it is the marketing plan associated with the type of property rather than the auction process itself that calls for a more intensive marketing plan because the property requires it to stand above its competition.
Private Treaty (Normal for sale) This method is suited to homes that are easy to price or have firm comparables that are readily worked off allowing your agent and or the owners to agree that the value of the home is easily gauged within 2 - 3% of its estimated value If a home is easy to price and has a number of close comparable sales that are recent then this is the way to go. The private treaty method gives the market place total clarity on what you are asking for your property and is received very well by the market. The only danger with this method is, if not used on the right home you can run the risk of over pricing or under pricing your home very easily if not assessed appropriately in the beginning, which can be a very expensive mistake. Quick Tip: If you think lots of people will love your property and the price could vary between purchaser’s auction your home. If you can price your property accurately and feel the buyers will agree with your price point based on recent comparables then private treaty is the way to go.
Crucial Element 4 Marketing The right marketing campaign for your property is like the fuel for your sale. If you consider there may be hundreds of properties that buyers could choose from across a number of suburbs at any one time, the effectiveness of your marketing campaign will be the difference of lots of potential buyers noticing your property or some potentially missing it. There is something I would like you to remember about marketing: The structure and quality of your marketing campaign will determine the amount of separation you create from other competitive properties in the market place.
Marketing isn’t just advertising, it also consists of: • Your internal strategy • Your agencies database capabilities • Your agencies unique positioning tools • Advertising • Signage • The synergy of the office you select and the networking capabilities both local and out of area • The quality of your photography • The buyer centric design of your marketing The right marketing structure is essential in ensuring this premium price element is maximized however an individual assessment of each property enables us to design a program that suits you.
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Ihit, con This prestigious prate afficta estate tiamus is situated dolut ape only a stones throw away from the Murphy’s Creek township. The • Ihit, family con prate friendly afficta household tiamus has dolut 50ape squares under roof, with 5 generous bedrooms, 2 bathrooms, powder room, 3 spacious verandah & deck areas, a 5 car garage, 11ft ceilings, polished floors, huge chefs kitchen, a gym & luxurious open living areas, with seamless transition to the outdoor living area. Featuring a guest house and in ground pool, nestled neatly in with the amazing gardens & BBQ areas, with a tennis court & basketball rings. With rural views ideally this property could suit a horse or cattle stud. Along with 2 dams, a fully equipped bore & water to every paddock & a large machinery shed (9.5m x 9.5m) that is floodlit.
www.colliers.com.au/114586583
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PRICE
$1,050,000
Today 3.45 - 4.00pm
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Dominic Ryan 0401 653 281 126 Margaret Street Toowoomba 07 4659 7875
colliers.com.au
Having all the Marketing tools you need are essential to a successful sale.
Crucial Element 5 Your Agent There is one thing I would like to know before I engage an agent to sell my home and that is how they will negotiate on Some are highly skilled while others are not, just like in any my behalf. field. Your agents crucial function is not to just show buyers Remember you don’t get to see what an agent says to your through your home, it is to help you protect your price. potential buyer so you should know this upfront. Their negotiation skills are paramount. When interviewing agents to sell your property ask them to Unfortunately negotiation is not a trained skill in our industry demonstrate their negotiation ability as this can be very however it is the main reason you engage an agent, to help you costly down the track if they aren’t an expert in this area. determine and govern the strongest possible price. Not all agents are the same.
You can only base your selling decisions on the quality of information you receive from your agent during the process and their skill set will determine the quality of that information. That is how important this function is.
“I have had numerous repeat business dealings with Justin Eastwell and have always been impressed by his attention to detail in each transaction. This customer-centric focus translates to an extremely high level of personal service. Justin is direct and forthright in his client communications and you can be assured to know where you stand. Justin has a very high cognitive aptitude and this translates to knowledge without “waffle” - he “just gets you”. R Neilson
Crucial Element 6 Buyers This is where the process culminates. Having the choice of multiple buyers is really what you are aiming for. This doesn’t always happen but can more often occur if all other elements fall into place. All the other elements act as a foundation or spring board into the market place supporting this outcome. Without all the previous elements being covered and maximized you can never assuredly know you have given yourself every chance of securing the very best outcome. A premium buyer or buyers are created through emotional attachment and also urgency to a large degree, remember the rule: Logical then Emotional
The outcome of dealing with an emotional buyer or buyers is they traditionally spend 5-20% more on a property than they first thought they were going to spend. The key is giving yourself the chance to deal with more buyers who are more emotionally connected, this is where the magic happens. Here is a re-cap on the formula for achieving a premium price: 1. Presentation 2. Pricing 3. Method of sale 4. Marketing 5. Your agents ability 6. More buyers emotionally connected
Your Area Specialists
Colliers International Toowoomba’s Residential Sales & Marketing Consultants are specialists in their field and are committed to providing you, the Vendor, with a high level of service. They strive to take the stress out of selling your valuable asset. Our high standards of client service are guided by the real estate industry Code of Practice. To ensure you receive the level of service you deserve, we have hand selected highly experienced and professional Sales Consultants that embrace the Colliers International philosophy to exceed the expectations of our valuable clients. Our professional and individual approach to all things ‘property’ has established Colliers International Toowoomba as an industry leader in the provision of real estate services to Toowoomba and surrounding areas.
Justin Eastwell Residential Sales & Marketing 0408 458 014 Justin.Eastwell@colliers.com
Colliers International Toowoomba 126 Margaret Street, Toowoomba QLD 4350 www.colliers.com.au/toowoomba