Property case study:
It was on a sunny day when the seller approached me after he was impressed with the way I helped my clients sell their homes for more dollars in less time by using nothing but good old marketing and negotiating techniques (we’ll get to that later).
The seller here was trying to sell his townhouse on Murphy road for bigger bucks, so he could get enough to settle somewhere “nicer” (doesn’t mean better).
When he wanted me to take on this project I was very energized like a kid who couldn’t keep his fingers from opening those Christmas presents because I knew I’d make a good bang on the marketplace with that property.
So we went on together to craft the whole selling plan.
It wasn’t long before my excitement slowly faded because once I stepped into the house, I realized selling this townhouse would be harder than selling a white elephant to the circus.
Here’s the kicker…
- Inferior condition
Not that “spooky haunted house” type stuff, but in poor-quality such as a funny smell, weird water stains, dented walls and doors and more that would be enough to make any first-time buyer’s skin crawl.
- A similar property price dropped
Not only that, the owner began to worry about his top dollar dream when we saw a similar townhouse next block with another agent launched online and went downhill quickly from $365,000 to $355,000 to $344,000.
You can bet we were shaking in our shoes if we could only hit the final price below $344,000.
- The tenants still living in the property
The owner still had tenants living in the townhouse, so he wondered “should we wait or weed them out?”
Even though all these challenges were working to break my spirit, I didn’t give any of them a shot because years of working in real estate have taught me…
It would take 100% commitment on my part if I wanted to get the seller’s top dollar dream to come true.
Same for the owner, his expectations were still running hot but he was being very cooperative, thus making the whole selling process easier.
I mean what could be more powerful than the 100% commitment of both agent and seller?
So, rather than just accept the miserable outcome ahead of us, I pulled out a time-tested and proven method that ended up bringing the owner more offers in less time.
There is nothing better for a seller than having options to choose from!!! Here’s how we did it…
1. Dealing with the tenants
Tenants were the first thing we dealt with because no matter how pretty the house is… an uncooperative tenant will always be a big roadblock to pass the inspection test.
You are interested in a house, you want to inspect it, but when you step in you see a tenant sitting his ass on a couch while licking Doritos dust off his fingers. Would you still be interested in buying that house? (This isn’t quite what happened here, but you get the idea)
When dealing with tenants, it’s NOT always about whether to wait or weed them out. The way we did this is by making them allies, not a burden.
We had a sit down to let them know of our plan and told them to keep the house in as close to show condition as possible. We also gave them good notice before the upcoming open house, so they can prepare the house easier ahead of time without risking the seller losing any penny.
It did make our marketing more flexible, but the effort was definitely worthwhile.
2. Capturing Photos
We wanted to have attention-grabbing photos that would cut through the marketing noise of similar competing properties. So, we decided to let them be taken by my professional.
I always use professionals because, no matter how expensive they are, their shots are well worth the money in terms of clarity, colour saturation, and brightness because they only use top of-the-line equipment rather than the smartphone that edgy kids typically use.
Often there are a few things I tend to ask my photographer to make sure the photos show the lifestyle and portray the house in a positive light. Yeah, I can be a little fussy and demanding sometimes -but I do trust them as they did a fine job before.
The photos came back and they were just gorgeous.
3. Social media lunch
We got everything needed to launch the marketing campaign, but to make sure we attract as many buyers that match our property’s criteria, we always start with social media, specifically Facebook and Instagram ads with first-time buyers as our main target.
But since our goal is to attract as many buyers as possible, we generally use every place where the buyers might hang out, such as:
- major real estate portals
- agency website
- local area flyers
The results are in:
Just 1 week after we ran the social campaign that consisted of over 20 Social Media enquiries received.
We already managed to achieve our desired result with a contract signed for $359,000. That means the owner received $15,000 more while spending less on marketing than the townhouse a few doors down.
I’m telling you… when the owner saw those extra dollars coming in, I could almost see the dopamine running around his cheeks, like a little kid in a candy store I could say.
Here’s what the owner had to say about our selling experience…
𝘏𝘢𝘷𝘪𝘯𝘨 𝘉𝘳𝘢𝘥 𝘳𝘦𝘤𝘰𝘮𝘮𝘦𝘯𝘥𝘦𝘥 𝘵𝘰 𝘶𝘴 𝘦𝘯𝘴𝘶𝘳𝘦𝘥 𝘵𝘩𝘦 𝘴𝘦𝘭𝘭𝘪𝘯𝘨 𝘰𝘧 𝘰𝘶𝘳 𝘱𝘳𝘰𝘱𝘦𝘳𝘵𝘺 𝘸𝘢𝘴 𝘢 𝘱𝘭𝘦𝘢𝘴𝘶𝘳𝘢𝘣𝘭𝘦 𝘦𝘹𝘱𝘦𝘳𝘪𝘦𝘯𝘤𝘦. 𝘉𝘳𝘢𝘥𝘴 𝘬𝘯𝘰𝘸𝘭𝘦𝘥𝘨𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘮𝘢𝘳𝘬𝘦𝘵 𝘳𝘦𝘴𝘶𝘭𝘵𝘦𝘥 𝘪𝘯 𝘢𝘤𝘩𝘪𝘦𝘷𝘪𝘯𝘨 𝘢 𝘴𝘢𝘭𝘦 𝘱𝘳𝘪𝘤𝘦 𝘸𝘦𝘭𝘭 𝘢𝘣𝘰𝘷𝘦 𝘰𝘶𝘳 𝘦𝘹𝘱𝘦𝘤𝘵𝘢𝘵𝘪𝘰𝘯𝘴 𝘪𝘯 𝘯𝘰 𝘵𝘪𝘮𝘦 𝘢𝘵 𝘢𝘭𝘭. 𝘛𝘩𝘳𝘰𝘶𝘨𝘩𝘰𝘶𝘵 𝘵𝘩𝘦 𝘱𝘳𝘰𝘤𝘦𝘴𝘴 𝘩𝘦 𝘮𝘢𝘪𝘯𝘵𝘢𝘪𝘯𝘦𝘥 𝘳𝘦𝘨𝘶𝘭𝘢𝘳 𝘤𝘰𝘯𝘵𝘢𝘤𝘵 𝘱𝘳𝘰𝘷𝘪𝘥𝘪𝘯𝘨 𝘱𝘳𝘰𝘨𝘳𝘦𝘴𝘴 𝘳𝘦𝘱𝘰𝘳𝘵𝘴, 𝘢𝘥𝘷𝘪𝘤𝘦 𝘢𝘯𝘥 𝘴𝘶𝘨𝘨𝘦𝘴𝘵𝘪𝘰𝘯𝘴 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦𝘪𝘯𝘨 𝘢 𝘨𝘳𝘦𝘢𝘵 𝘰𝘶𝘵𝘤𝘰𝘮𝘦. 𝘞𝘦 𝘸𝘦𝘳𝘦 𝘷𝘦𝘳𝘺 𝘩𝘢𝘱𝘱𝘺 𝘸𝘪𝘵𝘩 𝘵𝘩𝘦 𝘴𝘢𝘭𝘦 𝘢𝘯𝘥 𝘩𝘪𝘴 𝘱𝘳𝘰𝘧𝘦𝘴𝘴𝘪𝘰𝘯𝘢𝘭𝘪𝘴𝘮 𝘵𝘩𝘳𝘰𝘶𝘨𝘩𝘰𝘶𝘵 𝘵𝘩𝘦 𝘱𝘳𝘰𝘤𝘦𝘴𝘴.