Set in the heart of the city and with new renovations you would think that 65/416 Pitt St, Haymarket would practically sell itself right? Well it wasn’t as easy as you might think. There were a few challenges along the way which needed a unique strategy to get the job done.
Case Study Summary:
Groups Inspected: 15
Offers: 3 ($1M, $1.05M & $1.115M)
Days on Market: 52 Days
Sale Price: Sold by Joseph Fairchild $1,115,000
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Don’t get me wrong this is a great property but it came with a few particulars which made it a bit more challenging to find a buyer.
1. High Strata Levies: in the city you can expect to pay pretty hefty levies in any building but this one was especially high due to upcoming capital works in the building ($3,174 per quarter) this was a turn-off for a majority of buyers.
2. Stale Advertisement: The owner of the apartment is in real estate and had the property privately listed on realestate.com for several months with no success. As the sale became more urgent they chose us to give it a shot and we put an advertisement up online as well. This meant that there was 2x ads up with the same photos and many buyers had seen this listed for a while so they were hesitant to enquire, thinking there must be something wrong with the property.
3. For Sale During Uncertain Times: Our sale campaign began around the same time as Sydney Lockdowns due to Covid-19 were happening so this made it a bit tricky to get access and show buyers. The property was also leased out during the campaign which meant it wasn’t always presented well.
So why could we sell the property when the owner couldn’t? It boils down to a few factors which made a huge difference:
- Premiere listing on realestate.com – we knew we had to boost exposure and get this up on top of search results after it had already been listed for months. This worked really well to generate higher levels of enquiry and engagement.
- Database Marketing – We have a huge database of over 15,000 buyers that we are able to target and send information about properties that match their criteria. This was a major advantage to our campaign and the eventual buyer was sourced from our private database.
- Advanced Marketing Strategies – Access was a bit difficult during lock downs so marketing was so important to the success of the campaign. We created a property walk through video which allowed buyers to view the property remotely and rolled out a social media campaign on facebook and instagram to capture people outside of our database.
- Expert Negotiation – When an offer came in that was close to the target it was then up to Joseph to seal the deal by getting the buyer’s offer up to an acceptable price. Even once the offer was increased to what the owner was willing to accept, he kept going with his masterful negotiation skills to increase the offer to a price that was well above what the vendor was expecting.