What is My Property Worth?
Important real estate advice on Northern Rivers property valuations
Many factors reflect the value of your property, however factors that DO NOT reflect the value are:
- What you paid for the property
- The amount of cash you need from the sale
- What you want for your property
- What another Real Estate Agent tells you your property is worth
The value of your property is determined by what the buyer is willing to pay in today's market based on comparing your property to others currently for sale in the Northern Rivers market. It is now New South Wales law that agents substantiate their price guide by providing at least three comparable recent sales within the last six months within a specified radius of your property.
It is our recommendation that you do not necessarily list with the Real Estate Agent who gives you the highest price. List with the real estate agent who can show you how they and their sales team will maximise the sale price for you. Be aware that some devious agent will at first suggest a very handsome price. Then after they have the listing and the property hasn't sold, they will come back to you and pitch for a lower price and a price reduction. Discuss with your real estate agent the methods of marketing your property to achieve the highest possible price in the shortest possible time.
One Of The Most Important Factors That Effect The Price
Marketing a property
Without doubt one of the most important factors ensuring that you will receive the most amount of money for your property (our common goal) is the amount of marketing or exposure to the buying public your property receives. The more people that are aware of your property and its availability, the more inspections you will have. Consequently, the more offers you receive and the higher price paid will be. If your property is left on the shelf with one of the many other properties for sale, it will not stand out and obtain buyer interest. It is our job to recommend to you a marketing strategy or put your property on a pedestal and obtain for it the highest possible price.
No doubt you will be aware that all products are now professionally marketed, starting from the McDonald's Hamburger through to the Holden Car. All people advertise and market their property to attract buyers to it so they can sell at a premium. How often do you go into McDonald's and ask for a discount on the price of a hamburger? McDonald's generate a large amount of buying public who come in and pay the price of their product. It is our goal to also generate interest from a large amount of the buying public and to get the price you want.
Costs of marketing
Your PRD Northern Rivers agent's time and effort during the time that we sell your property is outlined in your selling agreement. The marketing components or external costs are your responsibility and should be seen as an investment in the best outcome. As a leading Real Estate Agency in the Northern Rivers region, PRD will help you benefit from the best deals from suppliers such as the newspaper and signage companies. BEWARE, some real estate agents who you interview may offer you one of two things that you should be cautious about. They may offer to pay the advertising themselves or they may suggest a marketing program that will not adequately cover all of the potential buyers for your property. Dealing with the second scenario, PRD believes it is vitally important that every potential purchaser is given the opportunity to make an offer on your property to ensure you get the highest possible price.
Experienced real estate agents will not overestimate the marketing but will suggest a program that is adequate for your property. The first point often seems a great deal for the seller - the agent is paying the advertising. But if you employ an agent who does this, often their motivation will be more in line with getting the advertising money back in their pocket than achieving the highest possible price for your property. Under no circumstances will the PRD Northern Rivers office become a buyer's agent. In other words, encouraging low offers from buyers and then recommend you accept it purely so the agent can reimburse any expenses that have been personally incurred on your property.
PRD Northern Rivers' goal is to get you the highest possible price and to remain an impartial third party in order to do so.