Going to the open market, pays off!

Perth Property Sales News & Market Insights  |  9 February 2021 

Further to our previous sales blog regarding off-market sales, we'd like to share an example of where taking a listing to the open market achieves the best possible outcome.

In this instance, Adam Whitford, one of Xceed's most accomplished sales representatives, employed the Openn Negotiation selling method (a real-time online auction process designed to encourage buyer competition) over a short campaign period.

The clients needed to sell their northern suburbs property; however, the property required some maintenance and improvements to lift its presentation significantly. They were able to access $10K funding via an online platform which specialises in financing short term marketing expenses (over and above the vendors' self-funded advertising costs). This convenient solution covered full internal and some external painting, revitalised garden beds, new doors and door hardware, and stylish property staging, lifting the property's overall presentation immensely.

Adam took the property to the open market and showed an incredible 147 groups through the home at the first viewing. There were subsequently 27 genuinely interested parties, of which 18 became qualified, registered bidders who all actively bid throughout the campaign. 

Sales evidence suggested the property's value was in the low-mid $500's, so the reserve was set at $550,000 and was met on day two of launch.

Intense competition brought the final bidding stage forward, reducing the initial two-week campaign to just 6 days, and driving the final sale price up to an astounding $701K.

It goes without saying that the vendors were ecstatic with this result, which involved a phenomenal amount of work and expert negotiating by Adam Whitford - showing the property, qualifying and registering bidders and writing up contract terms saw him working from 6am-11pm throughout the campaign.

Director of Sales Performance, Jonathan Marlow, commends Adam for his dedication in achieving the best possible outcome for his vendors, saying:

"Adam consistently goes above and beyond for his clients, and this outstanding result is no exception. Our sales team's training and development is constantly evolving and Adam demonstrates an unwavering willingness to learn and grow as a salesperson. I am so proud of Adam and our entire team for the way they have embraced new processes and ideas.

This case study demonstrates clearly how going to the open market is in clients' best interests. An off-market sale would never have involved this level of work, and the result would never rival a fully open and transparent marketing campaign. No matter what market we find ourselves in, there is a powerful argument for taking the property to market to achieve the best result. "

Four day 'Openn Negotiation' campaign statistics:

Day One - Starting bid $477,500

Day Two - Reserve met $550,000

Day Six - Final bidding stage, final sale $701,000

Total inspections - 204

Total unique groups - 195 (inc. first viewing & subsequent inspections)

Genuinely engaged parties - 27

Qualified and registered bidders - 18

Original campaign length - 2 weeks

Actual campaign length - 6 days

If these numbers sound impressive to you, that's because they are! If you're interested in finding out more about this method of selling in order to get the best result for the sellers, contact Jonathan Marlow on 9207 2088 or send us an email at hello@xceedre.com.au.