Make the effort
One of Ding's vendors was so convinced his property would sell amid robust market conditions he left the tenant in the property.
Such a decision can lead to access issues and presentation problems, compared with vacant properties which have been staged.
In another case, a house with a tenant sold in the low $800,000s, whereas a similar, vacant property next door sold in the high $800,000s, Ding says.
"Vendor effort could make a 5-10 per cent difference. It's like I always do my hair before I go to a presentation. If you don't put in effort, don't expect the magic to come in."
Another big mistake is having extremely high expectations around price. Ding has marketed properties recently which attracted a great price at auction; the vendors rejected the top bid and later had to take less.
"We always say to the vendor, 'Look, if it's only one buyer on the day I can't promise, but if we have more than five bids, regardless of if you like it or don't like it, that's the market.'
"Each vendor thinks their house is $1.5 million at the moment, regardless of the property. I think the biggest mistake is over-thinking the property value."
Think local
Another key tip is to get a local expert as an agent.
"In my area I saw someone who sold a property for $850,000 which should be in the high $800,000s/low $900,000s," says Ding.
"Local agent, local knowledge is always important."
Ding advises vendors to get to know their area and market, then choose an agent who has the same insight.
Cast a net
Steen Nielsen, from Ray White Remuera, says his key advice to vendors is to market the property properly.
"It's very tempting to take the easy option and just sell it to someone from an existing client base through an agent, or to someone privately, but they do miss out compared to if they market it well and go to auction with it.
"Some of the results we're achieving at the auctions are mind-blowing. It surprises us when a property sells 10, 20, 25 per cent above our appraisal range simply because the right people have been there competing for it.
"If people don't cast the net as wide as possible they are going to miss out."
Looks matter - and so does the Herald!
Nielsen agrees about the importance of presentation. He takes an interior designer through when he gets a listing and believes staging can be the best investment a vendor makes.
He recommends having a video walk-through, especially for overseas buyers, but says sellers shouldn't stick to online marketing.
"There's a huge market out there I call the passive buyers. They're not really searching the websites but they're picking up the Herald and the property publications.
"Printed media is crucial because the passive buyers are often the more attractive buyers. They're a bit more emotional about it. They haven't researched the market for the last six months but they know what they like and they're in a position to buy. I think that's so important."
Vendors who ignore advice may miss out on that premium price, Nielsen says.
"It's so important people understand that one buyer more in that auction process can make a difference.
"Every bid is usually $10,000 at least, so two or three bids from them, you know, it makes a big difference."
