The selling team tried their best to sale our property at Kewdale, WA at a good price, despite it did not meet our price expectations influenced by the delay in knowing the need to have the property vacated by the tenants, unexpected fall of the price far below the sales appraisal, highest action bid was far below the first reserve price and widely below than the 2nd reserve price, we considered to set during the auction. The team consistently updated us on the marketing campaign. However, the suggestions to paint the entire property and stage it adequately both came late. The painting was complete, but it resulted in delay of the auction date by about couple of weeks, while the market price kept falling. The staging could not be committed by any of three staging vendors to complete due to acute time constraint before the auction and their unavailability to stage the property ahead of the auction with quality and for a reasonable duration to make financial sense of the staging. The downfall of the price (gap between sales appraisal, about 3 months before the auction and the highest auction bid) was too high to believe and absorb by us, which was very unexpected. It pushed us to decide not to sale the property at the highest auction bid and work with the selling team to try selling it by negotiation with the interested buyers. The post auction efforts by the selling team to sell the property at a price close to the 2nd reserve price and follow-ups were satisfactory, despite the final price, the property was finally sold at, could still not reach to our final minimum expectation. We would recommend the selling teams considering our experience kindly for better planning with ample time ahead to help other sellers make their property ready for sale, so they can receive close to or higher than their expected price. We would also recommend other sellers to consider our experience, plan ahead well, work closely with their selling agent for the best possible outcome.
Andrew Huggins
