James and Alison interviewed seven agents before choosing to sell with Lewis Realty in Coburg. They noticed that all of the other agents were very similar and were all after a quick sale going through an auction which James & Ally did not want to do. The unique selling process of Lewis Realty appealed more to them. Focusing on matching the right buyers to their property through private inspection and negotiating individual offers rather than relying on the hype from a public auction. James & Ally made the right decision because they ended up getting over $90,000 more than they were expecting. Thank you for sharing your story so that others can learn from your experiences.
So before we decided to go with Lewis, we had a series of agents come through. I think I booked like six or seven of them in a row. We had all of the ones in the local area. There was definitely a vibe with a lot of them that they were sort of after a quick sale and we were definitely pushed towards auction from everybody except for Lewis. And our preference was to not go through auction, so they really stood out as being a different kind of model.
We did private inspections only so we knew everyone coming through our home was already qualified by the team at Lewis Realty. I think it’s quite impressive the amount of people that actually came through in the end. It was only a two week campaign before it was sold.
The mechanism that they used to get a better price, instead of having an auction, I don’t know the technical term for it, but they have a sort of silent auction process, which works between their agents. They each get their highest bid or list of bids and then they’re submitted into an envelope. So they don’t even know what their competition has submitted. When they were opening the envelopes on the night that was quite interesting to watch the expression on Tony’s face when he was outbid by one of his coworkers but it seems like a very sporting process. And I tell you what, we were pretty happy with those.
So the price was listed in the vicinity of $450,000. And at the time, we were thinking that was a fair price that we would’ve accepted offers in that range. The price we ended up getting was about $90,000 more than that. So we were pretty happy. The final selling price was $540,000 and that was the one that was subject to condition. So talking to Tony about that, that sort of $35,000 difference, like do you do it? Do you risk it?
If we’d been in an auction, there was no way that we would’ve gotten the price that we got just because they would’ve seen exactly what the next person was bidding and they would’ve said, “Oh, bullocks, go an extra thousand,” and that would’ve cost us.
So our listing agent, Tony, came out to our house and Allie was interstate, at the time, actually, so we had a bit of a phone conference call. And it was very much like watching them opening the envelopes at The Oscars with the various prices. So in addition to the envelopes, they had sort of a signed offer from each of the highest bidders that our sort of competing agents, if you will, had collected over the last couple of weeks. And he started at the lowest, which was above what we sort of anticipated anyway. And then he just kept going from there. And then we got to the top one and just amazing. It was better than we expected.
So we had bit of a chat with Tony about do we go with no conditions or do we just go with the one that they’re offering more and his advice was basically, based on the price difference, it’s worth just taking that risk and going with the one with conditions. He was pretty confident that we could pass, and we did, and everything was fine.