Selling?
About YOU Your sale is all about you (and your property), not us! Many agents will begin (and fill) their presentations, and marketing proposals, with a saturation of information and promotion of themselves.
The most important Person in the sale of your property is the one looking back in the mirror!
It’s the wrong way around.
So, ask yourself these questions: What’s my main aim in this sales process? What am I looking for in an agent?
Some questions you may have, or should have, of the agent: (Highlight yours, and jot down any others) • How should I choose an agent? • How will you find me a buyer? • What is my home worth? • How are you going to charge me? • Are there any charges if I don’t sell? • Should I list with more than one agent? • What if I’m not happy? • Do I need a Solicitor or conveyancer? • Can I sell with a tenant in it?
• How are you different from typical agents? • How will you get me the best price? • How should I set the asking price(s)? • Are there any extra expenses involved? • Can you prove what you are telling me? • Am I “locked in”, and for how long? • What’s the best method for inspections? • How long should I sign up for? • Is now the right time to list?
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Another really helpful exercise is to provide your agent with a list: of the best features of your property, benefits of living in the neighbourhood, any disadvantages we may need to overcome, and to gather any relevant documents, rates notices, title documents, etc. Other questions/notes/comments/points to mention:
The 3 key benefits 1
2
HPNS Highest Price Negotiation System
Easy for buyers to buy,
which makes it better for sellers to sell
- Superior modern marketing
3
Risk Free Selling guaranteed
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A choice of 2
Wilsons are the only agent using a totally different system from their counterparts - who are essentially all simply putting their own spin on the same old ways of doing things. When you choose a Real Estate Agent in Warrnambool and District, it is not a choice of 14, it is a choice of 2:
OR
Any Other Agency
Below is the 2017 Morgan Gallup poll for consumer opinions of professions for their honesty and ethics:
93%
(13 out of 14) of consumers don’t rate Real Estate Agents as ‘high’ or ‘very high’ for ethics and honesty. It makes sense to be with the
% of Australians aged 14+ rating profession as ‘very high’ or ‘high’ for ethics and honesty
1 agent out of 14 doing things
differently,
doesn’t it?
How (not) to choose an agent Most sellers, when selecting an agent, ask 2 questions:
“What’s my property worth?” 01 “What are your fees?” 02
This is extremely DANGEROUS, in 2 ways: 1.
It encourages agents to over-quote the likely selling price, ie tell a lie, because this is what the sellers want to hear. People often don’t recognise they are being lied to when the lie is something they want to hear. This leads to plans being made based on incorrectly inflated figures, leaving sellers out of pocket later on, and the property languishing on the market unsold and overpriced, missing out on the best buyers, often needing to be reduced in price to below what could have been achieved had it started at the correct price initially.
2.
The agents that either charge the lowest fees, or discount their fee the most, on the face of it seem like good value, however when you think about it, they are most likely the worst negotiators! If they have a low opinion of their own value, or can’t negotiate a reasonable fee for themselves, can you REALLY expect them to be able to negotiate a great price for your property?
Agents don’t “give quotes” on what properties are worth like a tradesman gives a quote for their services. Agents give opinions, and then they have 2 jobs: Find a buyer and 02 Negotiate the highest price possible. 01 Your assessment of the agent’s ability to do these 2 jobs is how you should choose your agent - not price and fees.
A SELLER’S GREATEST GAINS COME FROM ACHIEVING THE BEST PRICE. NOT FROM PAYING THE CHEAPEST FEE. Most sellers want 3 things when choosing an agent:
01 The highest price 02 The best service 03 The cheapest fee The reality is, however, that you can’t have all 3. You can generally pick 2 from the list. However, as long as the agent provides a guaranteed risk-free service whereby there is no way you can be out of pocket, it is worth investing in a fair fee as long as you receive excellent service and the highest price - which will mean more money net in your pocket at the conclusion of the transaction.
More money net in your pocket.
“Let’s talk more about that shall we?”
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HPNS Highest Price Negotiation System Ask yourself these two questions: 01 When you bought your property, what price did you pay? What is the most you would have REALLY been prepared to pay? 02
The difference in most cases is MANY THOUSANDS of dollars. Research shows that 88% of home-buyers would willingly have paid much more when they bought their homes! The biggest cost when selling a property is not the agents’ commission, it’s the incompetence of agents who cause a property to be undersold.
Negotiation skills are vital to ensuring you get the highest possible price. A good negotiator, using the right systems and strategies, can achieve an extra ten percent on your selling price. This can mean thousands of dollars to you.
A local home owner recently told me about when they bought their property. It was on the market at $375,000 and when they walked in they fell in love with it and would have happily paid the asking price. They asked the agent why the sellers were selling, to which the agent replied with words to the effect of: “They are separating. I reckon you’ll be able to get it cheap”. Their subsequent offer of $332,000 was accepted, which was a great win for them, not so much for the poor sellers whose agent (clearly not a skilled negotiator, nor working in the sellers’ interests, or both) cost them over $40,000 plus whatever their commission was!
- Lucas Wilson
The team at Wilsons, before commencing, and ongoing for their whole careers, undergo the most extensive training in the field of negotiation available in our industry, through both the Pittard and Jenman Groups, as well as in-house training sessions, books, audio programs and seminars.
All Wilsons sales representatives have a thorough knowledge of the property-specific publications;
•“42 Rules of Modern Real Estate Negotiation”. • “The Craft of Negotiation” along with many other books and programs on the subject.
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Negotiation experts recommend: • Start High, from a position of strength, and come down if required, rather than start low (for example a traditional auction or bait pricing strategy. (See buyers’ mountain page 18).
• A stated asking price. Marketing research reveals that 50% of enquiry is lost if no price is displayed.
• Focus on the Buyer’s Highest Price (BHP), rather than the Sellers Lowest Price (reserve at a public auction).
• Encouraging offers and counter-offers is a last resort (for most “order-taker” agents it’s the only negotiating strategy they know!
• Don’t tell buyers what other buyers are offering (Like at a public auction, where the only person who reveals their highest price is the losing bidder. The sale price is then just one small increment above this, when most times the winning buyer would have paid much more!).
NOBEL PRIZE-WINNING CONCEPT When it comes to getting the highest price for your property, there is a tool that will optimise your chances of success. The Highest Price Declaration is a concept developed by economist Sir William Vickery – one of several ideas that earned him the Nobel Prize for Economics. This negotiation tool is demonstrably better than a public auction for sellers. With the Highest Price Declaration, no competing buyer is privy to another buyer’s offer. This means that each buyer must offer their highest price without being influenced by what somebody else may have offered. At a public auction the auctioneer declares the property will be sold to the highest bidder. As a seller you want to sell for the highest possible market price. You don’t want the highest bidder; you want the highest bidder’s highest price. The Highest Price Declaration in a silent auction or simply a private treaty environment flushes out the highest price the highest bidder is prepared to pay – even if there is only one buyer. Try having a successful public auction with only one bidder!
On most occasions using the Highest Price Declaration, you get thousands (often tens of thousands) of dollars more than you would have at a public auction, or in a common offer-counter-offer negotiation scenario. To explain how the process works; each skilled sales person negotiates the highest price from their buyer, with a signed Highest Price Declaration. It is then kept confidential. It is only shared with the seller. Few agents know this tool and even less understand how to use it. It is a key element of the Wilsons Highest Price Negotiation System, when used at the right time, in the right situation. Our training ensures we know when this is.
fofrm Off er O er form Offer fform
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sales@wilsonswarrnambool.com.au 50 Fairy Street Warrnambool VIC 3280 .au 50 Fairy Street Warrn ambool VIC 3280 www.wilsonswarrnambool.com 2777 5561 03 50 sales@wilsonrrnambool.com.a Fairy Street Warrnambool VIC 3280 swa sales@wilsonswa 03 556 rrn u .au ambool.com 1 2777 www.wilsonsw 03 5561 2777 www.wilsonswarr arrnambool.com.au nambool.com.au
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Proof – HPNS in action:
Example 1
LISTED:
$279,900
Buyer 1 offer:
$265,000
Buyer 2 SOLD:
$285,000
(Sold within 1 week after 3 years on market with other agents)
Agent’s estimate: $340,000 - $360,000 LISTED:
$359,900
SOLD: $381,500
Example 2
LISTED: $360,000 SOLD: $365,100
Example 3
LISTED:
$209,990
Buyer 1 first offer: $190,000 Buyer 1 Highest price: $199,500 (Price acceptable to sellers) Buyer 2 Highest price, SOLD: $212,500
Example 4
First price: $389,900 Reduced to: $369,900 SOLD:
$372,000
Example 5
One more point:
At Wilsons, we reward our sales team for rewarding you. Team members are paid secure salaries and bonuses, rather than retainers and commission or debit/credit systems. Which means to you: Typically, agencies pay salespeople very low base salaries and a substantial percentage of the commission, leading to low hiring standards, and salespeople relying on making a sale to feed their families and pay their bills. This breeds a “dog-eat-dog” and “sale at all costs” mentality instead of a “sale at the best price” focus. At Wilsons, we invest heavily in the selection and training of the right people. We offer secure salary packages, plus bonuses that reward achieving excellent results for the clients. We even pay a cash bonus when salespeople negotiate sales above what a seller was prepared to accept!
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Superior modern marketing Easy for buyers to buy, which makes it better for sellers to sell
VPA vs ‘results-based’
Before we talk about the best marketing strategy and elements, lets talk about who pays. The VPA system is very popular with many agents. • VPA = “VENDOR PAYS ADVERTISING”.
• No risk/expense for agent – Seller carries the risk and expense.
• If the property doesn’t sell, the seller is out of pocket (sometimes thousands of dollars) with no result, while the agent has had the benefit of advertising their brand at the seller’s expense.
• VPA agents will rattle off the industry-trained cliché, that if you use a ‘no sale no charge’ agent, then that’s what you’ll get – ‘no sale’. However, this doesn’t make sense, because if ‘no sale no charge’ agents didn’t make sales, they wouldn’t continue to exist, and thrive… YET HERE WE ARE!
‘Results-based’ or ‘NO SALE NO CHARGE’ marketing is safest, and most popular, with sellers. • All marketing is paid for by the agency. • No risk/upfront expenses for the seller, the agent carries the risk and expense.
• If the property doesn’t sell, the seller loses nothing.
• The incentive is for the agent to focus on marketing efforts that will result in a sale, rather than promoting themselves at their clients’ expense.
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What are the elements of smart real estate marketing in the modern era? 24/ OFFICE OPEN 7 DAYS, 7 24/7 live phone line
Which means to you: We won’t miss a buyer for your property! We’re available when the buyers are. The majority of the working population still work Monday-Friday, 9am-5pm and Saturday morning. This means that outside of these hours, we are the agent available to these buyers.
Face-to-face contact with neighbours, as well as distribution of “Just listed” brochures in the immediate vicinity.
Office number (03) 55612 777 ONLY displayed in all marketing
Which means to you: All enquiries are recorded at one central point and not lost to individual salespeople on mobiles. So a buyer that enquired last week or month about a similar property to yours can be contacted immediately by us once listed rather than being lost – only to then spend your money on advertising to try and find them again.
A huge BANK of buyers
Detailed, sorted, accessible, Buyer records kept. Which means to you: We have a huge bank of buyers already in our system. We can contact these buyers directly about your property, often minimising your ‘time-on-market’ and stress levels, while maximising the price.
Heart buyer search
Which means to you: Often the best buyers are either already living in the neighbourhood, or someone in the immediate vicinity knows someone looking to get into the area. These people tend to buy with their heart, more so than their wallet. We contact neighbouring property owners directly to advise them of your property, again maximising your chance of achieving the highest price.
Agency Referral Network
Wilsons are associated with the Pittard Real Estate Training Group and Jenman Approved. Within these groups there are over 180 independent agencies throughout Australia and New Zealand. Which means to you: We have a nationwide network of agents who refer buyers directly and exclusively to Wilsons – and hence your property.
‘For sale’ signs
Your ‘for sale’ sign is your 24 hour salesperson. Still today, often the very best enquiries are those that come from ‘for sale’ signs.
Think about it. They like the look of the house from the outside, and they are obviously happy with the property’s location. Two major boxes ticked. In fact, often buyers that enquire from signs weren’t otherwise aware that they were a buyer – except for if a specific property comes on the market – or one in this specific street/location. These buyers regularly fall into the ‘heart buyer’ category, and pay premium prices. If you are feeling reluctant about having a sign outside your property, ask yourself, “If I was paid an extra $10,000 to put a sign up, would I?” It could well literally be the case for you. Having said that, with all the other marketing options available we can and do sell properties without ‘for sale’ signs erected – we just wouldn’t be doing our jobs correctly if we didn’t recommend it.
FLEXIBLE
Flexible Inspections
‘Flexible’ inspections for the best buyers – not ‘set’ open inspections for anyone! Which means to you: By having your property open to inspect for the best buyers by appointment 168 hours per week rather than limiting it to 30 minutes for any stranger to wander through your home, we won’t miss a buyer who can’t make it to a short set open inspection time. Only the best buyers inspect, always by appointment with an agent. Our team is trained to politely identify and qualify potential buyers and will only bring genuine buyers through your property, minimising your stress and needless disruptions, as well as maximising your price because by spending less time with the wrong buyers, we can be spending more time finding the right buyer for your property.
Open inspections: • Make a home seem smaller if there are several people there. • Make a home seem unwanted if few people turn up. • Don’t allow agents to properly attend to those inspecting. • Are a security risk. • Jeopardise genuine prospects’ chances if others present make disparaging remarks. • Encourage sticky-beaks, strangers, neighbours and non-buyers to wander through your home. • Can lead to a lower price. • Are convenient for agents, but for many reasons are not best for sellers.
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The digital world
wilsons
Our weekly e-newsletter,
with its subscriber base of approximately 5,000 and weekly growing, ensures that Wilsons listings directly hit the inboxes of their target market within the first few days of being listed. PROPERTY ENEWSLETTER
Together with property listings, the Wilsons Weekly newsletter includes information about the property market, our community, sold property information, and some humour to keep customers reading each week.
Social Media
Wilsons are the most proactive local agent in today’s social media space.
Regular weekly Facebook targeted reach of 10,000-20,000 people.
Highly active and interactive Instagram page.
Social posts also linked to Wilsons Twitter page.
YouTube channel.
Modern, mobile friendly website
www.wilsonswarrnambool.com.au
Content-rich google-friendly website, constantly updating, feeding from social media to permanently engage and drive large numbers to the Wilsons listings. By driving traffic to the Wilsons site, when customers are browsing our listings they have less competition from rival listings on portal sites.
All the major internet portals www.realestate.com.au
www.domain.com.au
www.thehomepage.com.au www.homely.com.au
www.onthehouse.com.au
At our expense, your property will appear on all the major real estate websites.
Risk free selling - guaranteed SELL SAFE GUARANTEE 01 NO CHARGES unless happily sold
All fees claimed by the agent are only payable upon an unconditional sale of the property. There are no extra marketing or advertising expenses and no hidden fees. The agent’s fees can be open to cordial negotiation at the time a buyer is found.
02 An HONEST selling price estimate
The agent guarantees that the likely selling price estimate has not been ‘over-quoted’ in order to entice the sellers to ‘sign-up’ with the agent. Additionally, to minimise individual error, wherever possible the entire sales team will inspect the property - giving the sellers multiple honest estimates of price.
03 Cancellation of the agent’s agreement The sellers will have the right to cancel the agent’s agreement if the sellers are not satisfied with the performance of the agent - provided that the sellers give the agent seven days to rectify any concerns. If the seller’s concerns are rectified the agreement will continue. Should the sellers decide to withdraw the property from sale altogether, this can be done at any time and there will be NO CHARGE PAYABLE by the sellers to the agent.
04 Confidentiality
Any personal details of the sellers that do not affect the value of the home will not be revealed to any person unless instructed by the sellers.
05 SECURITY at inspections
All people who inspect the seller’s home will do so in the presence of an agent who agrees to identify and qualify all people to ensure they are genuine home buyers, not just ‘lookers’.
06 Bait pricing
The agent WILL NOT market or promote the property by use of a lower price than what the sellers are willing to accept. The agent understands that under-quoting the value of the property in order to attract buyers on the basis that these buyers can then be talked up in price, is contrary to the interests of the sellers because it attracts buyers who can only afford the low price, or buyers who only want to pay the low price.
07 Special Requests or Conditions
If the sellers have any other conditions they wish to impose on the agent, they can notify the agent in writing within 2 business days of signing the Selling Agreement. Such conditions will then form part of this guarantee. If the agent does not agree to the seller’ extra conditions, the sellers will have the right to immediately cancel the Selling Agreement without penalty or charge.
Seller’s name(s): Address of property for sale: Signature of Wilsons representative: Date:
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Pricing ?
Heart buyers
Probable (likely) range
Bargain hunters. No!
Beware: The Endowment Effect
Often sellers set their price emotionally because as owners we tend to see only the good in our homes. In economics this is described by Professor Max Bazerman from Harvard University as the “Endowment Effect” – the natural tendency to place an unrealistic high value on something to which we are personally attached.
Price is part of marketing Marketing 101 teaches that there are 4P’s of marketing; • Product, • Promotion, • Place; and • Price.
It is important to remember this. When selling real estate, the product is the property itself, which can only be changed by possible renovations or improving physical presentation. Place is fixed as the location of the subject property. Promotion refers to all of the marketing. Assuming this is done correctly, then the only reason a property (or almost any product for that matter) won’t sell is price - so the correct action to take in order to find a buyer in the current market at the highest possible price, unless you want to sit around and wait for a new buyer to come along into the market is to change the price.
Pricing Right
Pricing right is a balancing act, and it’s not an exact science. The right asking price should be high enough to avoid under-selling, yet not so high that it scares good buyers away and results in little or no enquiry. Provided your agent is a trained and skilled negotiator, coupled with the highest price declaration, the best option is to set a price that is attractive to buyers, therefore likely to generate good enquiry. While it seems a paradox, a lower ASKING price can actually mean a higher SELLING price.
Remember to look at it in relative terms: ‘lower’ may mean lower than an ‘endowment-affected’ seller’s hopeful expectation, yet it could be defined as higher in that it is the highest and best price available in the current market. By pricing it here rather than at your ‘hope’ price, you can avoid missing out on all the good early buyers only to have to slash the price later on and sell to a bargain-hunter well below what you could have achieved, because the property has gone stale on the market and yesterday’s buyers are long gone.
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The 3 outcomes
At any point in a property campaign, there will be three possible outcomes: No interest and no offers • This indicates the price is too high. No response is still a response that is telling you something! Lots of interest and no offers • This can mean one of two things. Either something is wrong with the property, or the price is too high. In this case, it may be close, but still requires adjusting. Lots of interest, and one or more offers • In this case, you can focus on the buyer who makes the best offer! • Remember that in the modern era, many buyers conduct “online inspections” of homes from the comfort of home or work on smartphones, tablets and computers, and these days with internal photos and ample information at their fingertips, just because you haven’t had anyone pass through the front door, does not mean that people aren’t inspecting your property.
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The “two promises” principle
There are two promises your agent cannot possibly make:
Exactly what price your property will sell for. 01 Exactly how long it will take to sell. 02
There are, however, two promises that your Wilsons agent can, and will, make: We will ALWAYS have your best interests 01
in mind.
02 With Wilsons, you will achieve the
HIGHEST POSSIBLE PRICE.
How long should it take to sell?
The average time on market for Warrnambool and District can often average around 3 months (92 days for Warrnambool at the time of writing), however this statistic can be drastically skewed by speculative sellers with properties that sit unsold for months, even years, at ‘above-market’ prices. If you listen to the pricing advice of a skilled agent with the correct marketing in place, then your property should sell well within this time. Ultimately – you as the seller are in control of this – for every price there is a time associated with it – pick a time, or pick a price. You can’t necessarily choose both.
Don’t shoot the messenger
The most common complaint about real estate agents is lack of feedback, good or bad. Agents get no pleasure in delivering what may often seem like bad or no news, or negative feedback about your property or price, but it is in your best interests to hear exactly what is, or sometimes more importantly isn’t, going on. In this respect, it is important to remember that the agent is doing the right thing by you in keeping you informed, so please, “don’t shoot the messenger”!
Early buyers
IT CAN BE A BIG MISTAKE TO REJECT EARLY BUYERS FOR YOUR HOME. Many sellers have discovered, from bitter experience, that the buyers they rejected when their home was first placed for sale were the buyers prepared to pay the highest price. An efficient agent will have a `bank’ of buyers waiting. The agent will select the best buyers and bring them to your home. This can be your best chance to get the best price. If your home does not sell to any of the buyers in the ‘bank”, you will have to wait for new buyers to enter the market. The number of buyers for your home will get lower not higher, as time goes on. And your price will often get lower too. How many times do you hear of sellers having their homes for sale for a long time and getting a higher price? Almost never. High prices come early. Low prices come late. CONSIDER CAREFULLY THE EARLY OFFERS YOU RECEIVE. You may even get the full asking price (or more) in the first few days. If the early price enables you to achieve your goals, you should strongly consider selling sooner rather than later at a price which is likely to be much lower. The hallmark of an efficient agent is one who can find the best buyer willing to pay the best price in the shortest time and with the least cost to you. That’s efficiency.
Strangers calling
When you have your property on the market, you may have strangers knock on your door or phone you. These may be either people trying to buy direct from you and bypass the agent, which is unethical, and in any case they will be trying to get a bargain which is not in your interests as a seller – but regardless, a fee will most likely still be payable if under authority. Your agent will happily leave you with some business cards to pass on to any prospective purchasers. After all – that is what you are employing us for!
Quality Vs Quantity
The best agents aren’t big ‘showers’ of properties to dozens of unqualified prospects. The only people you need to inspect your home are genuine buyers. This might only take one or two inspections with the right buyer(s).
The other type of stranger call (or marketing material) you may receive is from unscrupulous opposition real estate agents who will sometimes pretend they didn’t realise you were on the market (despite online marketing and signage at the front!), then act surprised that you haven’t sold, tell you that your price seems “reasonable” or even “too cheap”, and that they have buyers they could bring through. In the real estate industry, this is the equivalent of theft. It is lazy and unethical. Don’t reward lazy and unethical real estate agents with your business. If they really have buyers, here at Wilsons we won’t stand in the way of a sale and are happy to allow them through – we encourage them to ring us and arrange the inspections. They rarely do, because these mysterious buyers rarely exist!
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Testimonials Sold by Wilsons I highly recommend using Wilsons when buying or selling your property. Darren Cheeseman ★★★★★ Google Review
Dealt with Wilsons Whole team have been top notch. Above and beyond with professionalism. Shannan Briscoe ★★★★★ Facebook Review
Sold by Wilsons Sold by Wilsons I would highly recommend the team at Wilsons, they are very professional and highly driven. Special thanks to Lucas and Linda for selling our property.
Mark works with me to achieve my objectives, not just the sale. Michael Vickers-Willis Testimonial
Glenda Levett ★★★★★ Google Review
Sold by Wilsons
Bought with Wilsons Emilee has been very informative and helpful from my first phone call to Wilsons. Sally Cyprus ★★★★★ Google Review
What a fantastic team that work so well together to get the best value for you, Sold our house in 3 days. Leighann Curry ★★★★★ Google Review
Sold by Wilsons
Sold by Wilsons Huge thanks to Lucas and his team. Very personal approach and flexibility.
Highly recommend Linda, her bubbly personality and passion is infectious.
John & Tracy Bower ★★★★★ Google Review
Andy Langridge ★★★★★ Facebook Review
Sold by Wilsons Had a great experience with Lucas and his team. Lots of communication. Louise Elliot ★★★★★ Google Review
Sold by Wilsons Excellent teamwork, delightful to deal with, great communication. Susan Seymour ★★★★★ Google Review
Sold by Wilsons Thank you for selling our house so quickly. Kept us informed, couldn’t be more helpful. Lee Campbell ★★★★★ Facebook Review
Rented with Wilsons On behalf of myself and my partner I would like to thank Jeff and Lucas for the efforts in helping us to find a rental property, you guys were very helpful to us and we appreciate everything you did for us. And lastly a huge shout out to Emilee for everything you have done for us, we appreciate it. I would highly recommend Wilson’s real estate to people in the community. James Chadderton ★★★★★ Google Review
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Our mission
To provide a uniquely brilliant real estate experience to every single client and potential client. We stand out from the crowd, putting our clients’ interests ahead of our own. Through culture, competence, and care, our clients safely achieve excellent results, always.
sales@wilsonswarrnambool.com.au 03 5561 2777
50 Fairy Street Warrnambool VIC 3280 www.wilsonswarrnambool.com.au