How we achieved $1.4 million over other agents' predictions
How did we achieve $1.4 million over what other agents predicted on a recent Mosman property sale? We sat down with Priscilla Ouvrier, one of our most experienced agents, to get all the tips on how she achieved one of the highest, under the hammer, auction prices in Mosman. With only a four-week sales campaign Priscilla had her work cut out for her, finishing with a very impressive result.
What were some of the key features of the campaign?
With only four weeks from when the owners decided to sell their Mosman property and actually putting it on the market, 30 years of decluttering took place and issues around the property’s appeal were attended to. This combined with a campaign targeting a particular buyer group, was critical to the team’s success. Working with the homeowners, Priscilla and her team of external tradespeople:
- Updated the colour scheme of the house
- Hired plants to create a lush green screen
- Ensured every last bit of maintenance was carried out on the property
- Created a strong marketing campaign across print and digital platforms selling the Balmoral lifestyle and some of the quirky house features like the tropical fish tank
- Created an editorial strategy which saw the property featured in the Sydney Morning Herald
- Positioned the property to appeal to a family with teenagers who would value the space it offered
- Ensured there was complete transparency between her team and the homeowners throughout the marketing and sales campaign to make their decision easier on auction day
What were the good and bad features of the property?
The house itself was unusually large, with approximately 500sqm of internal space including multiple living areas, studies, six bedrooms and five bathrooms. There was a large main living area that was the family hub, taking in beautiful views of Balmoral Beach. There was also parking for four cars, which is unusual for this area. The block was relatively small, so the buyers in this price bracket with a growing family or small children overlooked the property because it lacked a large backyard and swimming pool. For a family with teenagers, it meant less maintenance and more internal space for family members to break out.
Who were the ideal buyers?
The ideal buyers were families with teenagers. These buyers realised with everyone stuck at home during Covid, their existing properties weren’t large enough for an adult family needing to work, live and study from home. Three of our four registered bidders were families with three teenagers and mostly big boys needing space to spread out. The lure of Balmoral Beach at the doorstep was a major draw card as this was considered an extension of the property’s own outdoor area. Older kids had their own study, living and bedroom space, as well as a games room with a large billiard table. For the adults, there was a wine cellar and tasting room and a beautiful living area looking out to Balmoral. Off street parking for up to four cars was also appealing for teenage families and this is a highly sought-after feature in busy Balmoral.
What were the client's expectations?
The client wanted $13 million, and Priscilla worked hard to get as close to this as possible. Other real estate agencies in the area said they didn’t see the home being worth more than $10.5 - $11million. ‘One buyer made a pre-auction offer of $10.5m but we stuck to our guns and raised eyebrows with our $12.4m auction sale result,’ said Priscilla. With four keen registered bidders the market gave this property a resounding tick of approval achieving one of the highest ever under the hammer auction sale prices in Mosman.
Why did the vendor choose you?
‘The owners interviewed four of the top agents in the area, but they liked the advice and assistance we offered in regard to how to ensure the home was ready for auction and importantly what needed to be done to achieve the price,’ said Priscilla. The vendor said, “Priscilla came highly recommended by a range of different friends and professional acquaintances as one of the leading local agents working in Mosman. From the start she displayed an excellent grasp of property and what is required to present and market an elite home. Selling during Covid lockdown was not without its challenges but Priscilla was able to refer several gardeners, tradespeople, stylists whose work she was familiar with.” The owners found Priscilla professional and hard-working with an expert knowledge of the local market. They also found the marketing strategy to be enormously successful and they were provided immediate feedback to discuss potential outcomes.
What advice did you give the owners prior to the auction?
The large home on a small block was built 30 years ago and was substantially renovated in 2013. It was the best house on the street but the price was hard to justify to buyers. The external colour scheme was a bit dated, and the street appeal needed improvement. A thorough audit of the house was done to address any details that needed fixing. Prior to the campaign Priscilla and her team worked to ensure every element in the property was perfect, even a chipped sandstone step down the side of the house was fixed. ‘At this level the details are very important,’ said Priscilla. Advice from a Dulux colour consultant saw the façade updated to a contemporary colour, changing it from dark green to a sand shade. Plants were hired to give more privacy to the living area which overlooked the street, and this also added to the street appeal. ‘Adding a bit of styling to make the home cohesive can make a huge difference to a buyer’s decision. It only takes eight seconds for someone to decide if they like the look of a property or not. First impressions really do count,’ said Priscilla.
Do you have any advice for homeowners who are looking to sell?
Don’t be seduced by a sales pitch. Take the time to delve into the experience of an agent and do some research into homes of a similar size to get a realistic expectation of price. Address any weak points your property may have and improve them. Provide as much information on the property to buyers as possible, including fixtures and fittings to justify the price of a home. For this sale Di Jones stuck to their guns on price and stuck to their strategy, which proved to be highly successful in the end.
Other selling a house or apartment in Mosman resources and information
Selling off market in Mosman and how to get a great result 2022 Mosman property market forecast What will buyers pay more for post COVID-19 in Mosman Mosman selling a property guide Mosman styling to sell checklist How much is my property worth?
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