What price should I list my Auckland apartment for?

Summary:

Your goal is to get the best price possible when selling your apartment. You want to look at recent record prices and then set a price goal. You then need to ensure your listing price is slightly higher than your goal as a buyer is not going to usually offer that price. There will be an element of negotiation from the price being offered and the price accepted, allowing for this will mean you end up with your intended result.

TRANSCRIPTION:

Andrew Murray, Apartment Specialists. Today I'm talking about how to figure out how much you should list your Auckland apartment for.

We will backtrack a bit. You are selling your Auckland apartment. The record price for an apartment which is exactly the same as yours or very similar is $300,000. And you want to get as much as you can. So you want to beat that $300,000. That's your goal.

So how much should you list it for? Now this is where you put yourself in the buyer's shoes. So I've got owners that go "oh we'll list it at 305". Now that's too close to what your goal price is. You want it to be a bit further away. For example, think of a buyer. A buyer wants to get it for the lowest price possible. That's what buyers do. So they are going to come in and they are not going to offer a listing price. They are going to come in lower. So you've got to leave a bit of fat in. And this is where negotiation comes into which is what I really enjoy.

So generally you will add on maybe 20 to 30 thousand dollars, because you know - lets say you list at 300 and the owner is going to come in at, maybe sort of, 290. I'll try to negotiate as close as I can to 330. Or sometimes you get lucky and a person will come at 310 already and then you can negotiate with them even higher.

So that is how you want to look at it from an owner's point of view. You want to know that "okay, what are you listing the price for? Or the apartment for?". It needs to be a little bit above what your goal price is because you need to have that bit of room for negotiation.

What I'm going to talk about next is traders. Now what a trader is, that's somebody who buys a property off a real estate agent or off an owner privately and then resells it for profit. Now as a rule - we have a company rule where we don't sell to traders. But I have lots of traders who bring me properties to sell for them. This is where it gets really interesting because this cuts - what this will do is help you cut through all of the real estate hype, as in what is the most effective way to market your property and this is how we market our properties.

So what do the traders do to get the highest price? How do they get the highest price? How they're getting higher prices than agents? What marketing are they doing and what marketing aren't they doing? I'll go through that next time.

Cheers.