We Love Smashing Reserve Prices

smashing reserve prices

Fact: six out of the last seven real estate auctions in Wishart were passed in. This means the reserve price wasn’t met, the vendor wasn’t satisfied with the top bid and the house didn’t sell.

It’s a sign of a market emerging from the heady peak of FOMO that was inspired by returning residents and favourable interest rates. A softening market, if you will.  And in this kind of market, you want a real estate agent who can deliver results. Buyers are out there, and sellers still need to sell. The right real estate agent will make it happen.

Have a look at the result of our auction in Wishart. It wasn’t just a successful sale, we smashed the reserve price. But best of all, both the seller and the buyer were overjoyed with the result.

Let’s look at some of the statistics from the day.

The 8 Santander Auction in Stats

The seller wanted to do a three-week marketing period. We knew this was a quality home and we had faith in our marketing abilities. We also wanted to set the seller on the way into the next chapter of their life as soon as possible.

So we only asked for two weeks to sell this home.

In those two weeks, we achieved:

– 69 groups inspected the property.

– 25 enquiries through social media.

– 11 registered bidders on the day.

On the day itself, the atmosphere was electric and the auction was frantic. The bidders went head-to-head, with one young couple coming out on top with a final bid price of $1.3-million. This was well above the reserve price set by the vendors, who were ecstatic with the result, as were the buyers. You can see more about the auction itself here.

The Henry Wong Team® Effect

How are we achieving solid results in a market where other real estate agents aren’t? well, there’s a saying that a chain is only as strong as its weakest link. On our team, we pursue a policy of relentlessly consistent excellence. Every process, every communication, every interaction is designed to be a five-star experience for all involved. That way there are no weak links.

This is particularly relevant to our marketing efforts. We have built close relations with over 30 local and interstate buyers agents. As well as our expansive physical network of buyers, vendors and colleagues who we deal with on a daily basis, we have a massive virtual network online. This is in the form of social media followers, including:

– Over 12,000 Facebook followers.

– Over 4,000 Instagram followers.

– Over 1,000 connections on Linkedin.

It also includes a huge database of email addresses that we have collected over our many years in the industry. These are contacts that we stay in touch with regularly and keep updated with the industry latest. They trust us and when we list a home we always let them know first. This has led to many sales happening before we officially put a property to market. Added to this, we have over 14,000 subscribers who receive our regular emails.

Your home is the biggest investment you’re ever likely to make. You can be rest assured The Henry Wong Team® is going to put the biggest effort possible into selling it for you and achieving the optimum price.

If you’d like to know more, just get in touch. We’d love to talk about what we can do for you and your property.