FAQ Column 1

WHAT IS THE BEST METHOD OF SALE? 
General Agency  

  • No person has full responsibility for the sale 
  • Marketing will be limited 
  • No pressure on real estate company to sell 
  • New buyers will be attracted to other properties with stronger marketing 
  • No communication between agencies may result in the property being undersold 
Exclusive 
  • More widespread marketing 
  • Salesperson takes full responsibility 
  • Buyers set out to pay less than asking price 
  • No control over conditions contained in sales contract 
  • Pricing limits the amount home seller will achieve 
  • if priced too high buyers will offer on other properties and if priced too low property misses opportunity for maximum price 
  • Property can become “stale” and price reductions may be necessary 
  • Tender 
  • Widespread marketing 
  • Sets a specific time frame-buyers must decide 
  • Ideal if property needs “investigation” by buyers 
  • Prices offered remain private 
  • Owners can choose which buyer to work with 
  • Offers may contain buyer “conditions” 
  • May encourage lower offers 
  • No buyer competition as in auctions 
  • Lacks emotional decision of buyers 
Auction 
  • Widespread marketing 
  • Set date forces buyer to make a decision 
  • Offers on the day are cash/unconditional 
  • Owner sets the terms of sale (settlement date etc) 
  • No price that buyers can object to and try to beat down 
  • Buyer competition forces price upwards 
  • Attracts buyers over a wider price range 
  • Buyers decide on suitability of property rather than price 
  • Company focused on achieving best price 
  • Property compared to others on its features rather than asking price 
  • Short intensive marketing with high impact 
  • Has further marketing opportunities if not sold on day 
  • Structured plan in place rather than waiting for buyer 
What is Harcourts Team Malloy market share? 
The Real Estate Institute of New Zealand’s rules prohibit us from publishing sales statistics compiled by them for marketing purposes. However from all sources we are able to say that Harcourts Team Malloy continually achieves a major market share of property sales. While Harcourts Team Malloy perform exceptionally well in mid to higher valued properties, the diverse nature of the business offers home sellers in all price ranges the very best results. 

How do we know the price range for auctions and non-priced advertisements?  
No one person really knows the true market value of any particular property. Auctions allow buyers to establish what they believe is the value of a property and in doing so set the market value. If a property advertisement catches your attention we recommend you contact your personal Harcourts Team Malloy consultant or the listed salesperson and once they know your price range they will be able to guide you to the most suitable properties. 

How do we target overseas buyers? 
Primarily the internet is now the most popular method to attract international buyers. Harcourts Team Malloy have a strong presence on all major New Zealand property websites  
It is important to note that surveys conducted by Harcourts Team Malloy show that most (usually over 80%) overseas buyers already have a connection to West Auckland and often search for properties through local marketing. It is important therefore that in order to attract international buyers a strong local marketing campaign is undertaken. 

What is the auction process? 
A marketing programme is planned between the seller and the real estate salesperson and a sale date is set. 3-5 weeks of intense marketing follow with the sales team contacting any prospective buyers as well as encouraging and assisting new enquiries. During this period the focus is on the benefits and features of the property rather than simply comparing on price. There is no fixed price for anyone to object to. The second stage is to gather together all likely buyers and focus attention entirely on the one property. This is the Auction day. At this time buyers will compete to buy the property and they will be encouraged and comforted by the fact that other buyers are bidding and willing to purchase. The bidding often goes higher than buyers were originally prepared to pay. All offers at auction must be cash and without conditions so the seller knows that any offer they choose to accept is a definite sale. The third stage is a backup plan in case the property hasn’t sold in stages 1 and 2. During this time negotiations continue with anyone that has previously shown interest and a new marketing strategy is employed to attract new buyer interest including a listing price set at true current market information.

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