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ALL agents utilise the same methods whether it be promotional products, including eye-catching full-colour brochures and advertisements, multiple website marketing, flyers, postcards, letterbox drops, signboards and mail outs.
What really counts is the ability of your Agent, because not all agents are the same. Property Entourage utilises all standard methods of sale and all methods of marketing Including;
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The price range method of sale provides i.e. $550,000 – $575,000. Provides scope in terms of potential purchaser’s budget. This has the effect of attracting people at both ends of the spectrum; however if the vendor rejects an offer, the property must be advertised at a new price range above the offered price to ensure we are meeting legislative requirements.
This method can be incorrectly implemented and unrealistic ranges have been utilised in the past. Example $500,000 – $600,000 – This is not accurate and again could be seen as a form of bait advertising.
The market place also can find this hard to gauge being so broad, if your agent is unable to price the home accurately, please feel free to contact an Entourage Agent.
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A list price based again of a CMA, on advice from an Entourage Agent this method is of particular importance when dealing with special circumstance and the particular type of Real Estate.
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A CMA must be provided; however due to the nature and characteristics of this type of Real Estate, the tender process is normally conducive to Real Estate that resides in the higher end of the market, where a CMA is not able to accurately define a realistic price range as comparable sales are not recent or evident enough.
Potential purchasers express their offer in writing confidentially by a fixed date, accompanied with a 10% deposit.
This method of sale is truly unique for Real Estate opportunities that have particular features and a location that seldom come to market… This process can achieve an outstanding result for the right property!
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While this method is popular, if not handled correctly it can be a form of bait advertising. Legislation prohibits this form of marketing where a professional C.M.A has been provided and the price is set well below the CMA range.
Example: An accurate CMA could be $550,000 – $575,000 However the Agents lists with a $500,000+ List price to bait the market in.
Property Entourage™ will not participate in any form of bait advertising, and would recommend an alternative method of sale. If the vendor rejects an offer, the property must be advertised at a new price range above the offered price to ensure we are meeting legislative requirements.
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Accompanied by a CMA, a list price is not set for the property, prospective buyers place there offers forward.
Potential purchasers can & will exclude properties that have no price indication as they can be looking for Real Estate within a specified budget.
With the right type of Real Estate and the right agent, this can be a very useful method and has assisted in securing record prices for homes in the past.
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Clearance rates at the time the CMA is provided should ALWAYS be considered, so you are accurately informed.
The auction method normally involves a 3 – 4 week campaign prior to the auction day. The added benefit of an auction process is the property has the opportunity to sell prior too auction day, if an offer is successfully negotiated, on the day under the hammer or successfully negotiated after the auction.
Homes that are passed in at auction will often sell within a few days or weeks after the auction day, once negotiations have been finalised or the property is placed back to market and a price has been advertised.
On the day of the auction, the vendors and agent will set a reserve price which is guided by the agent at which if reached the property can be sold on auction day. The legislation does not allow agents to advertise the set reserve price – this can be seen as a form of bait advertising.
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This method of selling invites prospective buyers to place a formal offer on your property within an advertised time frame.
Contracts should exchange within a 24 – 48 hour period after an unconditional offer is accepted. Similar to an auction, the contract is unconditional not subject to finance and does not allow for a cooling off period.
The main difference to an auction is that the offers are made in private, so effectively the marketplace is unaware of the number of offers placed and to what price level.
This process can work very well for unique properties, or those which may be challenging in assessing the market value.
Unlike an auction, there can often be a significant variance in the offers made and the sales agent can further negotiate before the owner accepts an offer.
Our sophisticated team are highly skilled Agents that have a diversified in-depth understanding of the building and construction industries in addition to current market statistics. We take marketing very seriously, designing marketing material is the basics of any good agency.