Real Estate with Marcus Nurse

Selling Tips

Selling Tips

1. How do I choose a real estate agent?

Selling the farm will be the largest financial transaction most people undertake, therefore it makes sense to choose the salesperson and company that will do the best job, rather than just the person you know the best.

Here are a few things to consider:

  • What is the track record of the salesperson?
    Ask your potential salesperson what they have sold in recent times so you can assess whether they have the experience and professionalism to direct toward your property. Enthusiasm plays a big part too as a motivated, organised person with “less runs on the board” may be more effective than someone with 15 years of experience doing very little.
  • What is the track record of the real estate company?
    What is the reputation of the real estate company both in the rural sector and the real estate market in general. Is the company sufficiently resourced toward the rural market to support the needs of the salesperson looking after your property.
  • How many rural salespeople are there in the company?
    Purchasers often look over a wide area before deciding on a property. Does the company have a strong network of salespeople that could refer Purchasers they know of to your property?
  • What market share does the company have?
    How much of the rural property being sold is the company actually selling, both in the local region and beyond. This will provide some measure as to how effective the company and its salespeople are in converting words into action.

2. What should I do to the farm or lifestyle block before I put it on the market?

You never get a second chance to make a first impression, so attention to a few minor details on the farm could make all the difference in the impression it makes to prospective Purchasers. Here are a few general guidelines:
  • HAVE SOMEONE ELSE LOOK

    If you have lived on the property for a long time, have someone else have a look around as sometimes familiarity stops us seeing things others see straight away. Ideally this would be your real estate agent whose experience may spot things; however any trusted set of “fresh eyes” is better than none.

  • PREPARATION OF THE HOME

    Preparation of the house/s on the farm or of the lifestyle block home is important so that the property appeals to as wide a market as possible. A few simple tips for preparation prior to the listing photos and buyer viewings:

    • Declutter, declutter! It is amazing what a bit of decluttering can do to transform a room. The less cluttered a house is the more potential Purchasers can envisage themselves living there.
    • Tidy, tidy and clean, clean! Its boring and no one enjoys doing it but it’s a fact that if you are able to present the house clean and tidy then you are more likely to appeal to the widest range of potential Purchasers and ultimately achieve the best price outcome. If you do not have the time or are unable to give your home a good once over for any reason, it’s worth investing in a cleaner for a day prior to presenting your property to the market.

    Viewers often find it hard to see past clutter and mess to see the true potential of your property- make it easy for them to see the real value of the farm house/s or lifestyle block home by presenting it in the best possible manner. With an eye for detail, Marcus is only too happy to provide a number of practical tips, specific to your property, to best prepare your farm/lifestyle block for sale.

  • THINK ABOUT TIMING

    The lead time before the property is to be on the market will dictate what is practical to do; eg metaling and grading the front drive might only take an afternoon whereas painting the farm buildings is a longer project. Be careful how much you spend on preparing your farm for sale, as some things may not make enough difference. Make up a priority list and only do the really important things. Again your real estate agent should be able to help here.

3. Who else do I need to talk to before I sell?

You may want to talk to your other key advisors to check some aspects of your plans with them. Some questions for some of these people could be:
  • SOLICITOR
    Are there any loose ends from previous and/or family transactions that need to be tidied up before sale?
  • ACCOUNTANT
    Would a certain settlement date be more tax effective?
  • RURAL BANKER
    Would a certain settlement date be beneficial to avoid fixed rate loan penalties?
  • FARM CONSULTANT
    Early planning around supplementary feed to be left on the farm and herd drying off dates, as examples could make the process smoother later on.
  • VALUER AND/OR FORESTRY CONSULTANT
    There may be assets or forestry blocks within the farm business that need to be valued before sale. Your accountant will be able to advise on this.
  • STOCK AGENT
    There may be timing to consider with the sale of capital stock.

4. How much marketing do I need to do?

When you are at the point of signing a sale and purchase agreement to sell your farm or lifestyle property you need to be confident that your agent has done all reasonable things to ensure that everybody that might be a Purchaser knew your property was for sale.

One way of doing this is to ensure your property is adequately marketed. The amount and breadth of such a campaign will depend on the type and size of the property however there are some key components your agent needs to ensure are part of any marketing campaign:

  • SIGNAGE
    Ensures everybody driving past knows your property is for sale. Also enables people not familiar with your area to find it if they want to “drive by”. Photo signboards are another good way to draw interest.
  • NEWSPAPERS
    Ensure you have adequate exposure in both local and national publications appropriate to your farm/lifestyle block type.
  • WEBSITES AND SOCIAL MEDIA
    Placing your property on several key real estate websites will provide another way for Purchasers to find your property. Marcus blends traditional real estate best practice (signboards, newspapers, video and photography) with the most innovative social media and digital campaigns to ensure your asset gets as many impressions, enquiries and potential Purchasers as possible.
  • AGENT DATABASE
    Advertising alone is not enough. Marcus will market your property to a wide database of prospective Purchasers both of his own as well as via other sales consultants at Property Brokers.

5. What is the difference between a Sole Agency and a General Agency?

The key differences between these two are:
  • SOLE AGENCY
    A Sole Agency is where you contract one company to manage the sale of your property. The appointed salesperson/company will deal with the complete sale process including marketing, property inspections, liaising with your lawyer and accountant to put together the Sale & Purchase Agreement (or Tender documents or Auction documents), keeping you informed of progress with regular updates, negotiating with Purchasers on your behalf and following the transaction through to sale and settlement.
  • GENERAL AGENCY
    Under a General Agency various real estate companies have an agency to introduce Purchasers to your property and to complete the various activities described above.
Therefore all responsibility and accountability is diluted between the various companies and accordingly in a practical sense is lost.
Under a Sole Agency one salesperson/company will be fully responsible for your property and accountable to you to ensure the process is handled as professionally as possible. You will have one point of contact to keep you informed as to progress.

Contact

Info

  • Hastings McLeod Ltd Licensed REAA 2008
  • Cnr Church & Sophia Streets
  • PO Box 421, Timaru 7910
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