Greed can leave a vendor short: Richard Wakelin

Greed can leave a vendor short: Richard Wakelin
Greed can leave a vendor short: Richard Wakelin

Melbourne buyers advocate Richard Wakelin has noted winter buyer demand has been remarkably strong, with auction clearance rates at a generational high.

"There’s every reason a vendor can expect to achieve a strong price and do so in a relatively short time frame," he said.

But he warns vendors can still get it wrong in these circumstances.

"Through their own sins they will collect fewer dollars for their property and more heartache and grey hairs than is necessary," he wrote.

He had greed atop his seven seller’s sins list. 

"This is the vendor who wants too much for their property, regardless of market conditions.

"They can’t recognise when they have secured a great deal and are always wanting another 5 to 10% more than they are going to get.  

"Invariably, negotiations break down and they eventually agree to a similar (or worse) offer several weeks or even months later."

Sloth or procrastination when key, time-sensitive decisions needed to be made.

"It’s also being too lazy to present the property as well as possible when it is open for inspection."

An overly-proud vendor is one who treasures their privacy more than obtaining an optimal sales outcome, was a factor too in under achieving.

"They want to dictate unreasonable terms such as only allowing a property to be open for inspection when it suits them, trying to exclude sticky-beak neighbours from attending opens, and selecting a sub-optimal method of sale because it doesn’t suit their lifestyle."

As well as the classic sins, he listed more modern ones too including wilful ignorance. 

"Whilst one should trust one’s advisers, it is incumbent on a vendor to have a reasonable grasp of the specific property market they are planning to engage with. 

"Without this knowledge one can’t establish a healthy partnership with the advising estate agent."

Richard Wakelin is presenting a webinar August 12 on how to optimise your sale campaign towards the aim of maximising the sale price and minimising the stress and worry.

Around 30 minutes will be devoted to the presentation then answer questions.


Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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