One of Western Australia’s leading agents produced a record-breaking month of sales throughout the month of May, achieving over $12 million worth of transactions from 27 properties.
Adam Naumovski, named Real Estate Institute of Western Australia (REIWA) “Grand Master” for three consecutive years between 2019 and 2021, has revealed to REB the secrets behind his achievement of a personal-best month: strong strategy.
During any normal month, Mr Naumovski would usually sell 17 to 18 properties, on average.
May’s results, which saw him exceed this figure by 10, were achieved through several factors, including impeccable back-end support from his small team, which includes his personal assistant Elle, and a member of The Agency’s front office, who handles the back-end things that free him up to travel to clients and achieve sales.
He has also credited his recent success to taking a fluid approach to sales, with his strategic approach for each property taking shape differently depending on the type of property, property price, location, and buyer demographic.
“We do vary that [strategy] depending on the property, but a mixture of online auction, end date sale and private treaty is what we’re commonly using at the moment,” he said.
Each process presents its own benefits. For Mr Naumovski’s top-selling property for the month, a 956 square-metre property in Hamersley in Perth’s north, he implemented an online auction process that saw the home receive “multiple bidders that went absolutely crazy.”
A sale price of $962,000 was achieved, with the online auction process as the property’s duplex potential assisting this result. He has also embraced the levels of interest and activity in the online auction space, due to the fact bidders don’t need to have financial approval on the day.
Normally, properties will spend between two to three weeks on the market, culminating in all received offers being presented on a certain day. From there, Mr Naumovski sits down with the sellers and presents those offers, which the agent said shows them “where the markets at right now and what the market’s prepared to pay”.
“Obviously we provide a bit of a price guide to the buyers, but we really want to leave it up to the market to see where that’s at and hopefully attract multiple offers from the sellers to achieve that sales price,” he said.
He added that “after that two-week period, if there’s offers on the table that the sellers are willing to consider, then that’s fine, we know where the market is at now and then we set out [our] asking price moving forward from that”.
In the event that a property spends more than the two- to three-week window without receiving any inquiries, he tells his sellers that “there is an issue with the price and presentation [as] they’re the only two reasons I can see why a property wouldn’t be attracting offers”.
Is another record-breaking month around the corner?
Mr Naumovski concedes that a record-breaking month saw him eat into much of his target suburbs’ available stock, leading to a lull period for the agent.
But not for long; he’s already expecting a big July, with a lot of new stock set to come onto the market.