How much advertising and does it make a difference?

[beachgurl]

I'm about to put my unit on the market. its a fully renovated 3x2 plus double lockup garage on one of the main roads of maroubra. Estimated value 750-800ish. Nothing particularly out of the ordinary for the area.

I've had a few agents around for a chat. In this market I would think that a sign on the balcony, plus an ad with professional pics on the standard real estate websites would be enough to get everyone through the door. The agents are talking about the need for 1/4 page ads in the local paper at nearly $800 a week and expensive auction campaigns. Estimates are between 2-5k on advertising.

Am I being a tight **** or does print advertising and auction campaigns (when I'm fine to go private treaty) necessary in this market? I'm used to selling in the burbs where the commission charged included advertising. As a side question, would an auction be the way to go? I'd be thinking that you'd get pretty strong offers first up with low supply levels but am I potentially losing out by not going to auction?

My head is spinning and feeling overwhelmed by the hard sell put on me by the agents and not sure how to move forward.

 

[Scott No Mates]

Has the agent put forward their case for auction over PT?
What % of the agent's auctions sell prior to the day?
How many of their sales are generated through newspaper adverts? (hmmm can't tell you, funny that).
What data has the agent provided to back up their estimate?

 

[BMan]

maybe try for the first few weeks just online and a sign on the balcony if that fails then look at going the full advertising campaign

 

[trish266]

I have just sold an apartment in inner Melbourne. Property was fully renovated and staged. The agent suggested we go to auction but it sold prior.
I only had electronic advertising plus the sign out the front. I saved myself a bucket load of money. I also negotiated the agent's commission.
You have to go with your gut.

Good luck

 

[travelbug]

Have you spoken to a few agents? Each have their own preferred way of selling.
Some push auctions.

I think a 1/4 page add is overkill unless it's a $1mill+ property.

Remember that 70% of people don't like auctions. Personally, unless it was a unique property I wouldn't go to auction.

 

[Peterw]

When looking at selling a property, I believe that a few things need to be considered. Generally, to find a buyer at a price that the seller considers OK, depending on where you are, and how many similar properties you have as competition, may not be such a hard thing to do. To sell at a price that you can say "is the best price that is available in the market today" is a different matter. Usually to achieve that outcome, you need to find more than one buyer. Negotiating with more than one buyer, then puts the seller in a bit more control than the buyer. Not words that buyers want to hear, however as the seller is the one paying for the sale, they are the ones that deserve the agent doing everything they can to maximise the outcome. Look at the market leaders where you are thinking of selling. Observe what they do, to achieve the results that they achieve, and I would be very surprised if the successful agent you choose, does not have evidence to reinforce the benefits of the strategy that they are recommending. A good agent can and will add more to the outcome than I believe most people will credit them for.