How To Sell Your Property For Top Dollar!
Recently, it was reported in the Gold Coast Bulletin that Dr. Malcolm Ash, a doctor living in Brisbane, who listed his four-bedroom beachfront home in Mermaid Beach, Gold Coast for $9.8 million in 2006, has finally sold 8 years later for $4 million dollars.
The seller lost $5.8 million. His asking price for the property dropped an average of $725,000 annually before it was finally sold to a “local purchaser”.
Don’t let the big dollar price tag of this property fool you- this is a common situation for many sellers. They choose to keep the property listed, refusing to sell the property “at a bargain price,” but often end up discounting the asking price to sell.
You may ask yourself, why would sellers have the confidence to turn down offers if the market has spoken with their wallet?
Most sellers will often reject an offer to purchase, because the offer was too low in comparision to the asking price. Put yourself in the seller’s shoes, imagine how it would feel to miss out on $5.8 Million dollars in potential profit!
Unfortunately, many times, sellers accept an offer on the table because they’re fed up waiting for the right offer to come. Most agents are experienced in discounting properties, but are often unaware of other ways to sell.
It’s an eternal game, sellers may get turned off with buyers who haggle with them inorder to get a bargain price for a property. While buyers want to negoiate them down to the lowest price possible.
So how do we solve the 2 opposing objectives of buyers and sellers? Simple. Give them both what they want.
In my 23 years of experience in the real estate market, successful transactions are when both parties end up getting what they both want. For sellers to achieve their sales price and peace of mind while buyers realize their dream of home ownership.
Contrary to popular view point, you don’t have to drop the price of a property for two main reasons.
1. When sellers make property easy to buy, they don’t have to discount the property price. There are many ways to sturcuture a transaction, such as by offering flexible terms to achieve their desired outcome.
2. Dropping the price of a property, doesn’t solve property problems. It hampers the situation by dropping the value of the property and the value of properties in the neighbourhood.
Buyers who don’t have the money to purchase at $9 million also may not have the cash needed when the price drops to $8.5 Million. Yet, if the seller offered seller financing over a specified period of time and the buyer could get some or all finanicng from the seller. It could be a win win for both.
The bottom line is this, most agents are experienced in discounting properties, but are often unaware of how to sturcuture seller financing.
Unlike the traditional process which only recommends one solution for a variety of problems, seller finance strategies offer flexible terms that can help sellers achieve their asking price.
If you’re a seller and you want to achieve top dollar for your property, you can click here
for a free information pack on seller finance strategies.
Australian property investment specialist and best selling author, Rick Otton, has been investing and teaching his innovative real estate strategies for 23 years. As the founder and Director of We Buy Houses Pty Ltd, his goal is to empower people with knowledge through his cutting edge investment strategies.
Disclaimer: while due care is taken, the viewpoints expressed by contributors and/or sponsors do not necessarily reflect the opinions of Your Investment Property.
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