An agent has sold a home for more than $500,000 above reserve after educating his vendor on the value of a high-end marketing campaign.
Hockingstuart Northcote director Sam Rigopoulos set a new suburb record when he sold a stylish 460 square metre Northcote home for $2.82 million last weekend.
Mr Rigopoulos told REB the record was achieved by a campaign that promoted the home as an exclusive residence – which, in turn, required the vendor to invest heavily in styling and marketing.
“It was a brave move by the vendor to back our judgement on how we should promote it and the investment they may need to make to get the right result,” he said.
“We had some really high-end photography and video footage put together for the campaign. We had a really high-end bespoke brochure that we put together, and I think all of that gave the house an additional level of look and feel in the marketplace.”
Mr Rigopoulos said one of the reasons he won the listing was because he positioned himself as a results-driven agent.
That included asking for a higher commission than his rivals and educating the vendor on the importance of investing seriously in marketing, Mr Rigopoulos added.
“The discussion around marketing and presentation and styling was a bigger component than the actual listing presentation to get the business in the first place,” he said.
“You can't just pull out a marketing package and say, ‘Here, sign this, trust me’. You have to walk them through the whole process.
“It's more in-depth and intricate than the listing presentation, but you know that if they take your advice it changes the way the market perceives the property.”
Mr Rigopoulos told REB the property made the front cover of Domain twice during the campaign and was also the property of the week in The Weekly Review, a local publication.
During the listing presentation, Mr Rigopoulos gave an estimated value of $2.1 million or $2.2 million. The auction reserve was eventually set at $2.3 million, with bidding then starting at $2.35 million.
Mr Rigopoulos set the previous suburb record last December with a $2.78 million sale. That property was about 1,650 square metres, making it more than three times larger.