Open for inspections - what numbers are you getting?

Hi all

Currently have an IP up for sale, and starting to get a little disappointed with the numbers coming through the doors. Wondering if it's the timing (ie too close to xmas), or something more concerning (i.e market downturn).

Just wondering, what sort of numbers are others getting through the doors in Melbourne's inner west?

Perhaps I was spoilt with our last property, getting 15+ groups though every open, vs the 4-6 groups we're getting through this time. (FYI, properties I'm comparing are very similar).

Cheers
AV
 
It could just be picking up post summer holidays..... Having said that, when we were selling a few years back, we were lucky to get 1 group thru....



You could always tell us the link to the ad and you might get forumites going through just to have a nosey and skewing your stats :D

Cheers,

The Y-man
 
It's in Maidstone. Goes to Auction in 2 weeks. Guessing if it doesn't sell, end Feb/March might proove a better month to sell anyway.

Thanks for your comments Y-Man....errr, prob won't post the link ;o)
 
Hey Andrew

Acutally started it prior to xmas, round the 12th from Memory. Trying to appeal to those vendors who just sold through that crazy November - thought there would be an influx purchasers ready and waiting come the begining of this year. Guess they are still drinking their Moet and still heady after selling for $100k over reserve ;o)
 
The market's telling you you have done something wrong...the market is always right.

It all comes down to PRICE.

This is often the reason for a lack of interest in a property, however being an auction i can't see this being a deciding factor given i assume there is no price range listed.

When selling a property, one must considering the 3 P's: Product, Price & Promotion.

Product - How does the property present? Has appropriate time been spent in preparing the property for sale? Minor downsides can leave a big impression on purchasers.

Price - Given that it's an auction, i don't see this as being relevant

Promotion - What advertising has been conducted? How do the photographs looks? Do they present the property in a good light?

Beyond this, i can't speak about the Melbourne market. What i can tell you is that 4-6 people would be a great turn out for an open in Brisbane. Have you asked your agent how many people he is getting through opens of other similar properties he has or has had recently listed?
 
Hey Joel,

Yes, no price range was quoted. Product is A1 - pretty much brand new. Took all available options when it came to advertising (net, papers, board, booklets etc etc), as I always do.

Have infact asked the REA how we're fairing, his response is always "on track". Which to me is a little vauge... Will ask for more hard numbers next time I see him.
 
Fair enough about the auction, I know melbourne has a thing for auctions.

How is price not relevant? Price is all what it boils down to, save the mind games with buyers and give them a guide. I don't visit or enquire about properties that withhold information on advertisements, I want to know exactly what I'm dealing with without wasting my time.

Since when did advertising become 'promotion' and presentation become 'product'? They are very different things.

When we sell our cars its advertising and presentation, but when it comes to property its promotion (or marketing) and product. Selling your car and property is exactly the same thing. Its like real estate agents have to justify their services by putting flashy and tehnical names to it, but its all smoke and mirrors.
 
Fair enough about the auction, I know melbourne has a thing for auctions.

How is price not relevant? Price is all what it boils down to, save the mind games with buyers and give them a guide. I don't visit or enquire about properties that withhold information on advertisements, I want to know exactly what I'm dealing with without wasting my time.

Since when did advertising become 'promotion' and presentation become 'product'? They are very different things.

When we sell our cars its advertising and presentation, but when it comes to property its promotion (or marketing) and product. Selling your car and property is exactly the same thing. Its like real estate agents have to justify their services by putting flashy and tehnical names to it, but its all smoke and mirrors.

Price is not relevant in this situation because auctions are advertised without price guides. By the time an agent is speaking with potential purchasers about price, they are already in the home or on the phone with the agent and as such count as an enquiry.

You are correct about promotion vs advertising, however the idea is to present it in a general sales sense and not specifically to property and then analyse it from a property perspective.

The four P's of marketing still apply to real estate, do you not agree? The reason i didn't mention Position is because that is a fixed, the other three variables are not.
 
Price is not relevant in this situation because auctions are advertised without price guides.

Not in Melbourne they ain't matey, at least not as a rule. it's the old $500k-plus or $480-$520 thing down here. And, FWIW, I agree with what others have said about the price range. It's all very well supposedly knowing exactly what a place is worth, but auctions are funny things and anything can happen - and I like to start with an indication of what the vendor thinks it's worth.
hey, A-V, do you think you may have the wrong agent? Not sure who you're using, obviously, but some are definitely better than others. I'm sure you know the area well - but I could PM you some names if necessary, cheers.:)
 
Not in Melbourne they ain't matey, at least not as a rule. it's the old $500k-plus or $480-$520 thing down here. And, FWIW, I agree with what others have said about the price range. It's all very well supposedly knowing exactly what a place is worth, but auctions are funny things and anything can happen - and I like to start with an indication of what the vendor thinks it's worth.
hey, A-V, do you think you may have the wrong agent? Not sure who you're using, obviously, but some are definitely better than others. I'm sure you know the area well - but I could PM you some names if necessary, cheers.:)

Thanks for that Tuppence and apologies guys. I wasn't aware that Melbourne advertised price ranges for auctions. In this case price is obviously relevant!
 
Thanks for that Tuppence and apologies guys. I wasn't aware that Melbourne advertised price ranges for auctions. In this case price is obviously relevant!

Despite all the rules and regs about underquoting that has come in, my rule of thumb of assuming what the vendor wants is around 10%~20% on top of the upper end of an advertised price range (i.e. if I saw $350-$400k expected, I'd assume the vendor was after $440-$480) or as high as 30% on top of a "more than" ad (eg "over 300k" could be $360~390k) - having said that, haven't been to too many auctions of late so someone please update me if I am out of date :)

Cheers,

The Y-man
 
Hey Joel,

Yes, no price range was quoted. Product is A1 - pretty much brand new. Took all available options when it came to advertising (net, papers, board, booklets etc etc), as I always do.

Have infact asked the REA how we're fairing, his response is always "on track". Which to me is a little vauge... Will ask for more hard numbers next time I see him.

Not a seasoned seller. Have just sold one property (last year). It was by private sale. My REA (very diligently actually) would always call after the week to give me an update on the OFI's. Having a long list of names and telephone numbers looks like it is collected for audit reasons and to impress the vendor. I am not that type of vendor. In the end, I was only really interested in firm or genuine leads. I really didn't care what else was happening. Maybe I am too ol' school.
 
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