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Promoted by Before You Bid.
Organising a report upfront for a property with a vendor can be tricky depending on what area you are selling in, however in the current climate it can be make or break for getting your listing sold.
See below some essential scripts and dialogues from Australia’s best real estate trainers explaining the value of having a building and pest report available upfront:
Josh Phegan, Real Estate Trainer
“The benefit of getting it upfront is that you have this completed and ready to go. Now as a vendor, you can read through that report and understand if there are particular issues that we need to address before we take the property to market but also we, as agents, have full disclosure on where the issues are so we are stronger in negotiation. Having this ready, speeds up the decision-making process and enables buyers to transact at any point of the campaign.”
Tom Panos, Real Estate Trainer
“Vendor paid advertising is challenging in any market but let me tell you, the best of the best get a report completed upfront.
Imagine this – you pay for REA and Domain, photographers and furniture, then get eight incredible open for inspections, and run a great campaign but all of a sudden just because you saved $200 on a building and pest report, you end up having some information revealed at the last minute and it costs you hundreds of thousands of dollars or the sale entirely.
One of the questions you need to ask your vendor is what’s more important to you, over-investing by $200 or the risk of underselling by $50,000?”
Rik Rushton, Real Estate Trainer
“$200 spent at Before You Bid is the best value for money insurance to be spent in real estate at the minute. Having a building and pest inspection readily available may turn a 50/50 buyer into a 100% committed buyer on your property, which could be the difference between tens of thousands of dollars to your sale price, another bidder at your auction, or indeed closing a sale.”
Similarly, leading agents across Australia are also now well-versed on the quick sell to vendors on “how and why having a building and pest report available upfront helps”. These agents consistently organise a property report with Before You Bid for every property they sell to help control the campaign and mitigate risk:
David Walker, Ray White New South Wales
“Every property I sell has a building report inspection because I’d rather be in control of the process. In this market it’s even more critical, if I don’t have one upfront, we’re delaying the process and people are changing their minds instantly.
If there is a problem with the building report its going to be twice as bad down the track if we’re blindsided by it. I’d always rather have a thorough inspector that I trust inform me before we go live.”
Kelly Qualtrough, McGrath Queensland
“I don’t recommend an offer to my vendor unless the buyer has downloaded the report upfront because I don’t want to sell conditional. This means my vendors have a great experience as I am never coming back to them with buyers price chipping or pulling out of the sale because of a report.”
Matt Condit, Granger Clark Western Australia
“We sell approximately 30 properties a month, and I recommend a property report on every listing to help control the success of the campaign. Any problems can be fixed, and new clear reports can be issued prior going to market. Buyers are also happy to write offers without building/pest clauses if they’ve viewed the BYB report before offering. It helps us sell faster and deliver a better customer experience.”
Stavros Ambatzidis, OBrien Real Estate Victoria
“BYB reduced our time to get properties to unconditional tenfold, saving us 5 hours per listing. It helps us identify the serious buyers and manage the campaign with more assurance and control.”
Michael Nitschke, Nitschke Real Estate South Australia
“Our first step of preparation is a presale building and pest inspection, we frame it by ‘beginning with the end in mind.’ Let’s go ugly early, to understand if there are any issues which we don’t know about. Before we start to think about where we want to advertise, photos versus videos, let’s think about what happens when we do land the best buyer…
It’s a gamble for us to be in a situation where we have a buyer that’s really excited and emotionally charged, who then during the cooling off period naturally become more logical and can start to doubt their decision. By leaving them to organise a building and pest report during the cooling off period when they are their most vulnerable, from any number of inspectors, especially given we have no idea what is mentioned, is a risk.
Whereas for the cost of the upfront report we can be in control of the process right from the beginning, guiding buyers and removing the doubt, fear and unknown, then we summarize it in a really simple way; if you prepare well, you’ll sell well.”
For more information on the value and insights of Before You Bid, please reach out to the team via beforeyoubid.com.au/contact
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