Why you need a Property Coach in the Sydney Property Market
Having been in the property industry for 17 years now with 9 years on the sales side it has taught me a lot about not only buying property but advising my clients on how to sell well too. This has led me to see myself as a Property Coach advising on both sides of the equation for maximum results.
“The Endowment Effect “Is a term used in psychology and behavioural economics, meaning quite simply that people ascribe more value to things merely because they own it. As I have also seen a buyer fall in love with a property and feel like they own it and can make an irrational decision based on this. (** I am no expert in the field merely have a huge interest in behavioural economics and how it impacts on decision making.)
With this in mind, providing a Sales Advisory service to my clients when they are selling their property is extremely valuable, as per the “Endowment Effect”, clients will often make irrational decisions when they sell their home rather than seeing it as an asset and dealing with it as such. I am there to guide them through their sale process to ensure all decisions are rational and the end result is selling their property for the best price possible in the current market rather than panicking and making the wrong decisions. I work with sales agents as a Property Coach to my clients. It also helps the right agent get the job rather than someone that is just coming in and over-inflating the price to get the listing.
Statistically what I see is that as property owners we see our property worth more than usually what it is and when it comes to buying we think the properties we like are worthless – This can lead to huge stressors and problems in the Buying and Selling Process. Anyone ever watched an episode of Selling Houses Australia? You only have to see on that programme how this works, Andrew Winters takes the property owners through other properties similar to the property they are selling and the owners are quite shocked at the prices, as they think theirs is worth more. As a Sydney Property Buyer, I saw that there was this discrepancy in the marketplace, so I have started using my buying skills and pricing prowess to advise my clients on the selling side too.
With this service, I help choose the best agent for the sale, I advise on presentation, the styling of the property, we organize a cosmetic refurbishment if necessary, I do an accurate pricing on what I think the property will sell for, in the current market. This helps my clients enormously as they have realistic expectations on the sale price and are not blindsided by what the agent may say (to get their listing).
We are privy to all agent/client communications.
I had some clients call me that had bought from me back in 2014 for $1.4m. They are what I call my downsizers, their dream at the time was to build a house and live in it for years to come. However, the building process really took it out of them and with some work changes they decided that they wanted to move to a city pad and buy outside of Sydney too. They did build their dream home on that property and we provided a sales advisory service to them and they sold this property in April this year for $2.541m. During the campaign, the media was headlining disastrous news about the property market unnerving my clients.
Here is a link to the property reported on Domain:
We educate our clients every step of the way. We are not selling agents and always work with and recommend agents that we feel are complementary to the client – we are there to work as a team.
The 3 selling agents were all amazing in their own right, however, gave quite a large price difference on what the property was worth. The algorithm sites and tools clients used to price property undervalued the property by $600,000. How on earth do you make an informed decision with all these variables?
I interviewed each agent with my clients present and ultimately it is my clients that choose who they will use for the selling campaign.
There were several low offers throughout the campaign, as much as my clients were fretting and maybe would have taken those offers on the day, the news reports were terrible but held out until the day. The agent did a great job of keeping us informed and the buyers there.
On the day there were 6 registered bidders and the property sold for $2,541,000.
My principles are simple: “ What is the point of buying really well for a client if they don’t sell well.” This can happen if they chose the wrong agent and the campaign is unsuccessful. So it makes sense to help them with both so that they maximize on capital growth and seamlessly buy a fantastic property at the right price. Price, forms the foundation on how we buy in Flint Property so it only makes sense to assist our clients on the other side too.
My clients in their testimonial said: “Brooke gave us clarity on what she felt the property was worth, which proved to be the most accurate. She assisted us throughout the whole process and helped us get over a few hurdles at the beginning. The auction process for selling your house can be very stressful because there are so many unknowns along the way. For instance, do you take an offer prior? Brooke provided support and sound information throughout the whole process. It makes sense to have a true professional on your side.
We would highly recommend Brooke’s services.”