SELLING
MANY OPTIONS FOR FRUSTRATED VENDORS TO SECURE A SALE With New Zealand’s real estate market witnessing more houses being passed in at auction and the number of days it takes to sell lengthening out, Century 21 New Zealand is encouraging vendors not to give up. Rather, property sellers should change tact to make it happen. “While sale activity has declined, it’s
can at least push play with them
and listings in a similar price band
not a buyers’ market yet. It’s a more
relatively quickly,” he says.
so they can refer people onto your
balanced market, where sellers now face more competition while buyers have more properties to choose from. It’s requiring patience, but properties in demand continue to make good money,” says Tim Kearins, Owner of Century 21 New Zealand. Mr Kearins says it’s important for vendors to remember that demand remains, with new buyers entering the market every month. “Kiwis still want to buy houses, particularly when they keep reading that interest rates are likely to continue rising as the year goes on. Many buyers see this autumn as a bit of a sweet spot, helped by vendors increasingly motivated to sell before winter sets in,” he says. The Century 21 leader says auctions in a quieter market are less likely to
Price by negotiation in quieter times
place,” he says.
potentially loses people. Some
Mr Kearins says it’s worth freshening
buyers are reluctant to be the first to
up the marketing material. This
name a price, or wrongly presume a
includes reordering the photographs
property is worth more than it is.
and property description to reflect
“There are plenty of buyers who drive past a house and say that
what potential buyers have said they like about the property.
will be $1 million and keep driving.
“Some vendors think they’ve got
However, the vendor may now be
an amazing kitchen and so want to
happy to take $900,000. Hence,
lead with that. However, if buyer
putting a price tag on it will only
feedback is all about the outside
help draw more buyers in,” he says.
deck and views, then that’s what
Importantly, for properties to sell, vendors need to hitch their sale
you need to accentuate in your refreshed marketing.”
price expectations to this year, not
One of the best things vendors can
last year. Likewise, buyers need
do in a shifting market is constant
make sure their offer reflects the
local research.
present day, and not undervalue a property on the basis that it could go down further when it may not.
“See what similar properties in the neighbourhood are making right now, not last year.. If they’re still
“A slower market really tests agents,
fetching good prices, your real
and you need to make sure you’ve
estate agent will remind buyers of
engaged someone who’s proactive
that. If local prices have slowed,
“Auctions identify cash buyers with
and hungry as the internet alone
however, the cold, hard reality
pre-approved finance, ready to buy
won’t sell it. People, not advertising,
is motivated vendors will need
today. Even if they don’t buy at your
sell properties in this type of
to adjust their sights. Ultimately,
auction, they’re preferable buyers
market. Look for agents who have an
you can’t beat the buyer,” says
to work with as vendors know they
active network of potential buyers
Tim Kearins.
be successful, however that does not mark the end of the road.
C21 MARKET PULSE
08
CENTURY 21
