The way a buyer is introduced to your property affects both the potential sale and the subsequent negotiation for the best price.
The two most common variations on property inspections are open homes and inspection by appointment.
Open homes – An open home inspection is when interested buyers have an opportunity to view the house at a pre-set advertised time. Agents encouraging potential buyers to go direct to the property with very little contact prior to the inspection.
This has dangers for the subsequent price negotiations if not handles correctly.
When an agent meets genuine buyers at an open home, it’s often the first time either party has met, or been spoken. The agent has neither a relationship with, nor knowledge of, the buyer. When negotiating with buyers, a key consideration is agents knowledge of the potential buyer. Limited knowledge of a buyers motive, needs or budget make it hard for the agent to assess the situation before making recommendations to the seller.
Professional agents using open homes will always collect buyers’ information at the door and record the information. Effective follow-up post open home will allow the agent to properly understand an interested buyer, their motives and budget. All factors that are necessary to negotiate the best price for the seller. Along with scheduled open homes your agent should be available to have buyer inspections at a time that suits every buyer.
Inspection by Appointment – Inspection by appointment should always be available, when a buyer wants to buy, an agent should have the time for them to do so.
Inspection by appointment affords an agent additional contact with a buyer before inspection. This opportunity to assess the buyers’ situation their needs and budget provides an agent with information that significantly aids any future negotiation.
The ideal inspection occurs when there is nobody home. Sellers should vacate for inspections whenever possible. By vacating , the buyer has the necessary privacy to get an intuitive feel for the house and carry out an unhurried inspection. Nothing is more off-putting to a buyer than an owner explaining the kitchen cupboards.
Properties sell using both open homes and inspection by appointment, as long as these key points are covered:
- All buyers viewing a property should be accompanied by, and be known to the agent
- The agent confirms any potential buyer is genuine
- The agent has the buyer’s contact details before the inspection
- They have sufficient time to sell the property if required.
This article is an excerpt from “Real Estate’s Greatest Dangers – How to avoid them Through Smart Decisions” written by Andrew Trim – Managing Director of the Johnson Real Estate group - To receive a free copy, please email email@example.com and we can post a copy to you or visit our office at 148 Auburn Street.