This property was the primary residence for our client.
Arnold Property leased the property in 2010, and the tenants stayed the whole 14 years.
The landlords were advised to the market the property with vacant possession despite losing rental income throughout the sales campaign.
We had a challenge to come up with a realistic price guide.
The property is situated on a busy road opposite Newcastle University. Further it required renovation after a 14-year tenancy. Both these factors were difficult to calculate a dollar value for. We ended up with a price guide of $620,000 – $660,000.
Once the campaign began, we were getting numerous buyers attending Open Homes. Offers started coming in at the top end of the price guide i.e. $660,000.
Our policy is to not ever disclose a buyer’s offer to any other buyers, but simply say that their offer is above or below the offer we already have.
During the second week of the campaign, we were receiving offers of $7000,000 and above!
By the third week we were still getting offers and strong attendances at the Open Homes. Our client accepted an offer of $753,500, which exceeded our expectations well and truly.
We underestimated the demand in this price guide, that’s for sure! This is even after making allowances for the main road and renovation. The moral of the story is to thoroughly research the market. Also, it proves that don’t have to be a local agent to sell a property outside of where your office is located. Should you wish to have a confidential chat about the possibility of selling your property, please give Steve or Michael a call.
