Hi,
Im about to list a small apartment ive been living in and have renovated.
Ive got in touch with a local agent who is very inthusiastic. He has recently sold others in the same block.Its an ugly block in a very popular innercity location.
Ive gone right over the top and done a five star reno with high quality materials I got from auctions.
I put alot of time and effort into the reno because I was originally planning to live in the property myself for a few years.The building has a lot of very low sale prices in its history because most of the sales where unrenovated units with the original beat up seventies style interiors. Just recently the prices have jumped up with a few renovated ones selling.
The agent has suggest that I spend $2000 in advertising including, professional photography, a short viedo for the web, letter box drop cards a big full colour sign for the front of the building, etc …
Ive sold similar properties before with other agents and never paid for advertising. They just listed it on realestate.com for me.
But in this case im trying to set a new high sale price for 1 bedders in the building.
The agent has a good record of selling other properties for better than average prices with his methods.
The last sale for a 1 bedder in the building was $262,000 I will be trying to get 290,000 + for mine which is on a higher floor and has a much nicer reno.
I would hate for me to find out that nobody is interested at the $290,000 level and end up just wasting the $2000 and I end up staying in the property
What do people thing ?
Is it worth paying for advertising ?Thanks,
Mark.
The first thing to ask is what are the marketing strategies of the other agents? What are the results of other agents? What method of sale are other agents pushing? For similar properties, how many days on market is it taking to recieve acceptable sales? Who is their target market? What contribution toward marketing will the agent make?
The second thing to ask is the appropriateness of the marketing strategy, will spending $2k get me $15-28k or will I get the same result with little or no effort?
When you are able to make a reasonable assessment about the other agents and the price that you want to achieve, compare this one to the capabilities of the market, does this one seem more appropriate to your property?
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