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A Melbourne real estate agent has sold a home in seven days – which was surprisingly slow by his standards.
Zed Nasheet from LJ Hooker Hampton Park recently received $420,000 for a three-bedroom Hallam house, one week after it hit the market. On the same day, he accepted a $452,500 offer for a four-bedroom Cranbourne North property, just 12 hours after it was placed the market.
Mr Nasheet told REB he signs 10-day or 14-day sales authorities with his clients and sells the vast majority of his properties within 24 hours.
Lightning-fast campaigns generate higher prices because they create an air of urgency that compels buyers to compete harder, he said.
Mr Nasheet's strategy begins with a colourful marketing video, which feature him conducting a tour of the property while injecting a bit of comedy.
Mr Nasheet then contacts his database of buyers and encourages them to watch the video ahead of a one-off open house.
The aim is to make buyers fall in love with the property before they see it in person and to expose them to the maximum amount of competition.
“I don’t allow anyone to go through the house until the open-for-inspection. I have 40 or 50 people fighting for it before it goes on the market,” he said.
“There are heaps of buyers who say, ‘I can’t see it on Saturday, so can I see it on Sunday?’ Too bad. They make these excuses all the time to try to advantage themselves. If somebody is very keen on a property, they’re going to make time.”
Mr Nasheet also provides rapid answers when potential buyers make offers – this is designed to encourage bidding by removing a source of frustration for house hunters.
Mr Nasheet said vendors respond well to his strategy because he educates them on the value of fast campaigns.
“I tell people, ‘Be realistic about the price, put your trust in me and I’ll negotiate the best possible price, because people already know what they’re after. Leave everything up to me and I can get rid of this property in 24 hours’,” he said.
[Related: LJ Hooker opening 100 offices in two years]
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