Property ‘opportunity’ fetches $1m over asking price

Property ‘opportunity’ fetches $1m over asking price

by 0 comments

A Sydney-based agent who promoted a property as “an opportunity” has drawn on long-standing community relationships to sell it for more than $3 million.

Mitchell Farah of N G Farah sold a three-bedroom house in Kingsford at auction over the weekend for $3,065,000 – approximately $1 million over the estimated price.

“We just presented it for exactly what it was – an opportunity,” he said. “It was like clay. It was there to be moulded. It was there for someone to come in and do exactly what they wanted.

“It was a beautiful, traditional home, and although it was run-down, it was such a level block, on a corner. You had a double lock-up garage at the back. It had all the features there for anybody who wanted to come in.”

Mr Farah said his agency had a long-standing relationship with the vendors, having sold the property in 2009 for $1 million. The Kingsford property was one of three from the same estate his agency sold on the same day.

“The owner of the portfolio and their solicitor, who we have a good relationship with, had a couple of agents put proposals together and we were given three of them to sell,” he said.

“We [also] sold a three-bedroom townhouse for $1.29 million and a two-bedroom apartment for $660,000.”

In winning the listing, Mr Farah and his agency emphasised that each of the three properties were unique.

“We looked at all of them as individual properties even though they were all in the same area. So we didn’t give the same marketing campaign or budgeting or allocation to the house... as we did for the two-bedroom apartment,” he said.

“Each property was to have its own strategy. They’d have their own types of buyers, so it’s about reaching the right buyers.”

More than 70 people turned up on the day and 27 bidders registered.

Mr Farah noted that extra interest in the property was generated by notifying potential buyers in the agency’s database of approximately 40,000 people.

“We always get our properties out to our database, whether it’s people who have bought or rented, or sold with us over that time, or live in the area,” he said.

“I think that by just notifying them as well, you get an extra 10 to 15 people who you are in direct contact with who have already dealt with you in the past. I think that helps.”

[Related: Agent goes above and beyond to sell $2m home]

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

With a combined sales volume of over $14 billion in 2017, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
How this agent grew his database by 50% in five years

In this episode of Secrets of the Top 100 Agents, Robert Pignataro joins host Tim Neary to explain how he increased his personal database by...

View all podcasts

Does the benefit of being part of a branded group outweigh the cost?

Depends on the group
Do you have an industry update?