{"id":5902,"date":"2015-09-29T01:00:48","date_gmt":"2015-09-28T15:00:48","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5902"},"modified":"2015-09-29T01:00:48","modified_gmt":"2015-09-28T15:00:48","slug":"how-to-sell-when-you-have-to-sell","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-to-sell-when-you-have-to-sell\/","title":{"rendered":"How to sell when you have to sell – John McGrath"},"content":{"rendered":"

 
\nWe are hearing about many more people having to sell a property under pressure. Maybe you bought a dud property or it could be that your life circumstances have changed. In today’s show Real Estate guru John McGrath<\/strong> joins us to set out what you can do, if you find yourself in that position, to make the most of a bad situation.
\n <\/p>\n

Transcript:<\/h4>\n

Kevin<\/b>:\u00a0 Sometimes you have to sell. Maybe you bought a dud property, or it could be that your life circumstances have changed and you now have to sell a property. What do you do if you\u2019re going to sell in a flat or an oversupplied market? You can\u2019t, of course, under some circumstances, choose when you\u2019re going to sell, so what do you do?
\nReal estate guru John McGrath joins us. Hi, John.
\nJohn<\/b>:\u00a0 Hey, Kevin.
\nKevin<\/b>:\u00a0 Thank you very much for your time, John. No doubt in your career, you\u2019ve seen this happen from time to time?
\nJohn<\/b>:\u00a0 It can happen quite a bit. One of the obvious issues and problems when people have to sell is often they\u2019re forced by personal circumstances, which can be anything from tragedy to divorce to financial issues, and as you\u2019ve just mentioned in the introduction, you don\u2019t always get the luxury of choosing the right time to sell your property. I think if we can talk people through some of the strategies to get a quick and effective sale, it\u2019s probably the best way to go.
\nKevin<\/b>:\u00a0 What can someone who is in that position do to make the most of what is a particularly bad situation?
\nJohn<\/b>:\u00a0 Kevin, I think what you have to do is follow the formula that you would follow at any time, but there is less room for error because, obviously, if you\u2019re in a critical or a dire situation, you need to probably liquidate your property on the fast side.
\nThe first thing I always say to people is the one thing that sells or doesn\u2019t sell property is price. That sounds obvious, but still people go to market often with an inflated view on their property\u2019s value. They don\u2019t really do an objective research. They\u2019ll call in maybe three or four agents, they\u2019ll talk to a couple of neighbors, and they\u2019ll just pick a figure that\u2019s the highest figure they\u2019ve heard. That\u2019s not the right way to go to market, especially if you\u2019re forced to sell and you need to sell quickly.
\nPrice is critical. Try to be objective. Consider either getting a valuation, getting a few agents in, but don\u2019t just go for the agent who gives you the highest price because unfortunately, there are agents who either get it wrong or they actually have a strategy of telling vendors high prices to get the property listed. That might work for them because eventually they\u2019ll probably get a sale, but if you\u2019re there for a quick sale, you need to be very realistic on price.
\nKevin<\/b>:\u00a0 Valuation is a very good way to go. That was an excellent suggestion there, John. Do you think that valuations, you should tell the valuer the situation, or wouldn\u2019t that make any difference?
\nJohn<\/b>:\u00a0 I don\u2019t think it\u2019s critical, Kevin. I just think a valuer is objective. They don\u2019t have any commitment to the sale. They\u2019re not going to get the sale. They\u2019re not going to buy the property. They aren\u2019t competing for it. They\u2019re just going to give you an objective valuation, and if there\u2019s a good, local valuer with good, local knowledge, I think that\u2019s a really good starting point because it takes the emotion out.
\nEven agents who don\u2019t have a strategy to over-value it, agents can get excited. They look at all the good points of a property and they\u2019re there talking to you, wanting the business. That often leads to the disaster situation where they go in and they tell you a price that\u2019s actually unachievable.
\nThe key thing is the first 30 days is when you get the best price every time, almost, so if you don\u2019t price it to sell it in the first 30 days, not only do you miss a sale; you are you going to discount the property down the track to get a sale.
\nKevin<\/b>:\u00a0 We\u2019re talking now, of course, about a listed price or an expectation in the event of going to an auction. Is an auction a way to go in this scenario?
\nJohn<\/b>:\u00a0 I think an auction is effective for most properties in most markets. It seems to be a rapidly preferred way of selling in most parts of Australia nowadays. I think it gives the market the signal that you\u2019re serious. It says there\u2019s going to be a decision made on a date in the next few weeks, and I think that does bring people to the party. I think, especially if you do have either a unique property that\u2019s hard to value or if you do need a timely sale in the next few weeks, an auction is often a good way to go.
\nKevin<\/b>:\u00a0 How do you make the property stand out? We\u2019ve seen you\u2019ve been on a number of television shows where the presentation of the property is very, very important, but in a scenario like this, you might not have the money to do professional staging. What are some of your thoughts on that area, John?
\nJohn<\/b>:\u00a0 Yes, a couple of things, Kevin. I think presentation goes beyond a bit of paint and fluffy cushions. I think you have to start with working out are there any issues with your property that may put buyers off, whatever they could be?
\nYou might have a timber home. It might have some old termite infestation. The first thing I\u2019d do would be get a pest company back to give it a clean bill of health because you don\u2019t want to put any buyers off. It could have some issues with regard to the structure of the property. Again, get a builder in to give you a clean bill of health or at least a quote as to how to shore the property up.
\nI think you have to think about what are the things that are going to concern people and how can I make them better?
\nThen you go towards presentation. If you\u2019re going to sell a car this weekend, you\u2019d go and have it detailed. Do the same to your house. Either you can do it yourself if you have the time and ability or get someone in to give it a thorough detailing. Get a gardener in.
\nAgain, these things might cost you a little bit of money but they\u2019ll probably make you a lot more money than they\u2019ll cost you. Most people have the ability to tidy up the garden. Do a spring clean. Present it properly. If there are any issues within the decoration of the home, if there is any mold somewhere, get in, get it washed off, get the wall repainted.
\nMost of the decorative tips that I give people are either things that you can do yourself or things that can be done by a handyman at low cost. I\u2019m not talking about any major renovation, but make the home look as good as you can.
\nKevin<\/b>:\u00a0 John, great advice. It\u2019s always good talking to you. Thank you very much for your time.
\nJohn<\/b>:\u00a0 Pleasure, Kevin. Thank you.<\/p>\n","protected":false},"excerpt":{"rendered":"

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