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Case Study: Impromptu Auction Leads to Result $22,000 above expectation

Cast Study Summary:
Online views: 848
Enquiries: 25
Open Homes: 2
Groups Inspected: 23
Offers: 3
Days on Market: 9 days
Sale Price: $722,000

When a property sells before auction you know that the agent has done his job right. The marketing is on point, and the property is priced correctly. Not only must the agent work with the owner to clearly identify the target price but he must be able to capture every buyer lead, keep them close, and warm them up quickly to make offers before the auction date.

That’s exactly what happened with 109/95 Bonar St, Wolli Creek. The property was pretty stock standard. Like your average property, with its pros, and it’s cons. The tenant who lived there was just coming on to their 13th year in the property! As you might imagine there was a bit of clutter and the presentation wasn’t ideal. This is where the expert marketing comes into play. We virtually removed the clutter and staged the property to make it more appealing online. The property was posted as a premiere listing on real estate to ensure maximum exposure. Fantastic imagery paired with professional copywriting can make a world of difference when it comes to getting numbers through the door at open homes.

“A property for the opportunist, this well-positioned apartment presents a hassle-free investment prospect. With spacious interiors, a functional layout, and a peaceful outlook over the common gardens this is a home that’s sure to always be in-demand.”

So there we stood, nice and early to our first open home. We had done the marketing, everyone on our database knew about the property and we had invited our VIP buyers to come along. We were pleasantly surprised to have 18 parties through the door on that day. We had come prepared for anything with our signage and metro realty water bottles to give out to thirsty guests. I had my Sales Cadet Nav with me to assist with giving a great service to each and every buyer.

There was one buyer who stuck around after the open home and was asking all the right questions, I knew the right things to say to get our first offer! $660,00! Yes, it was a bit low but the fact that this buyer wanted to make an offer so early in the game told me he was serious and was likely to increase his offer with a little encouragement. We had a few other warm buyers to follow up that afternoon. It was a great success, we knew from that day it was going to be a successful campaign.

That week in the office, all anyone wanted to talk about was 109/95 Bonar St! We had enquiries pouring in and the callbacks from the previous Saturday yielded 2 more very hot buyers who were ready to make their move. This scenario is exactly what you want before an auction. A handful of buyers who know what they want and will bid against each other to increase the price. The only thing was, the auction was 4 weeks away! These buyers were ready now!

I was keen to get this deal closed. We had everything in order to do it and I had the all-clear from my Vendor to sell for $700K or above. I had a plan in mind for the next open home. I invited the three interested parties to come along for a second look. Once the open home had finished, I could see we still had the 3 hot buyers who were all offering around the same price point. As a certified auctioneer, I decided to put my skills to the test and made the bold move to hold an impromptu auction right then and there. I gathered the buyers and explained my aim, the successful buyer would need to sign a 66W waiving their cool-off just like under Auction conditions. They were intrigued by the proposition and willing to participate. And so it began…

Buyer 1 came in with his previously recorded offer of $660K, a good starting point. Buyer 2 avidly followed up with $680K, getting closer! “Can I get $700K?” They knew what I was aiming for. Buyer 3 seized their chance and brought the bid up to the target price.

They weren’t done, and neither was I! Buyer 2, “$710K“. I kept pushing. Buyer 3 was determined “$720K” and at that stage buyer 1 indicated they were out. I wasn’t about to stop. I wanted every dollar I could get for my vendor. “Do I hear $721K?”, Buyer 2 hesitatingly obliged only to be outbid once again by buyer 3 “$722K“. And with that final bid, buyer 2 was out. Buyer 3 had a big smile and hugged his wife once I remarked: “SOLD!“. After all the excitement we were able to debrief and have a chat amongst ourselves. We signed the contract that afternoon!

” Thanks to Joe for a super-fast result and pleasing sale price! I can not fault the team at Metro Realty, they just get the job done! – William

Just 9 days after the property was launched online, we had achieved a sale price $22,000 more than the vendor’s expectation. I’d like to thank those buyers who gave everything and made it a really fun campaign to work on and thanks to the vendor for entrusting me with the sale. Time to pop the champagne!!

If you have questions about this campaign or if you would like to find out what strategy I’d suggest to exceed your sale price expectations, give me a call on 0425 945 888

Case Study: 5/251 Darlinghurst Rd, Darlinghurst
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