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Insight into a vendor's mind throughout a sales campaign

Insight into a vendor's mind

One Agency recently sold 41 Highlander Street, Torquay at auction. The property was incredible. Designed by Cotter Reid Architects with the mindset of “less house, more home.”

Throughout the four-week auction campaign we conducted a whopping 126 buyer inspections. Typically, between 20 and 30 inspections would be considered a huge success. Throughout the campaign we worked with a large number of qualified, keen buyers and on auction day 7 active bidders competitively jostled for the property.

After the whirlwind campaign and upon reflection, the seller willingly revealed their thoughts and feelings relating to their experience.

They highlighted that prior to contacting One Agency, they had never auctioned a property and had limited knowledge of the process involved. It was important to them to sell within a specific time and given that a campaign runs for four weeks, to them, an auction made sense. The property was also so unique that it was difficult to price, so again an auction was considered to be the way forward.

During the first week of the campaign the vendors expressed just how anxious they were feeling. Would anyone like the house? Is it priced appropriately? Will it sell? Will anyone turn up? Have we thought of everything? These are quite normal considerations and a natural response.

The first week resulted in record buyer attendance totaling 40, which managed to somewhat subdue the vendors initial uncertainties. Particularly given that it would take most sales campaigns a month to generate 40 inspections. From this point on the vendors managed to get into the swing of things and enjoy the journey.

Auction day felt like it rolled around very fast, however in reality it was a total of four full weeks of meeting buyers and managing inspections. As the lead agent I am fully involved with the entire sales campaign, and so on auction day my role was to spot bids as the auction was taking place in front of focused buyers, curious onlookers and some inquisitive neighbours. At this point I was unaware of what was going on in the vendor’s mind or how the fine balance of both tension and excitement are being managed inside the house by the sellers and their family. The vendors described auction day as surreal!

They sat inside as the auction progressed and held hands, completely silent and shaking. They received encouraging text messages from friends and family outside watching the auction which was comforting. We hit the reserve price quickly and the vendors celebrated inside with a hug. The bidding continued! For them, it was the hard work, devotion, passion and sacrifice that went into the property that made the final moments of the auction completely dreamlike and so much more rewarding.

Their price expectations were exceeded beyond their belief and they were washed with a sense of relief and elation.

During the campaign there was no shortage of opinions from others. They had a lot of friends and family asking questions about the campaign. Have you had offers? What are the buyers saying about price? Why hadn’t it sold prior to auction? Of course these questions were always intended to be helpful but can add another level of stress to what is already stressful time. For me, the stand out of the entire campaign was their trust. They completely trusted my expertise and we went on the journey together.

To build the trust and confidence with another person so that they entrust the sale of one of their biggest assets is an honorable position to be in, and one that I have never taken lightly. The exceptional result is a credit to the amazing vendors who welcomed the opportunity to work together to achieve the very best out come that we possibly could. Congratulations to the lucky purchaser who was totally relieved and will have many years ahead to enjoy one of Torquay’s most outstanding properties.

To see more from Cotter Reid Architects click here
To see the property at 41 Highlander Street, Torquay click here

Insight into a vendor's mind - Olivia Swann

Olivia Swann with the thrilled vendors of 41 Highlander Street, Torquay

Wondering what your property is worth? For a confidential chat please call our office on 03 5261 4711 or email torquay@oneagency.com.au

Article by Olivia Swann 

Insight into a vendor's mind by Olivia Swann

 

 

 

 

 

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Insight into a vendor's mind throughout a sales campaign