21 Nov 2019
Words Glenn Millar

The Ferrari and the Backyard mechanic

There has never been a more critical time, considering the turmoil we’re going through, to choose the right broker to market and sell your most valuable asset - your business. 

I first published this article in the Dec 2009 edition of our Informer magazine and, after a recent conversation with a resident manager, thought it may be time to run it again. Basically, this covered just how important it is to work with an industry specialist with a proven track record in customer service and, most importantly, sales results. 

After being asked to come in and list a management rights complex, I put together a full colour listing proposal, detailing carefully the marketing program we would undertake, and what resources we would bring to the table etc etc, knowing I would be the only broker going to that effort in order to reinforce our professional approach. 

Arriving early for the meeting I parked my (then) trusty Corolla and caught up on some calls. I couldn't help noticing in the resident managers garage a classic early 80s Ferrari. Naturally I commented on the car and he eagerly told me he had just returned from Brisbane where the specialist Ferrari mechanic had just serviced and tuned his pride and joy. We then re-turned to the subject of management rights 

Well, I must admit I was taken aback when his first question was “how much do you charge “ and then proceeded to inform me he had located a broker that would in his words “do it for 2% commission, and if I wanted the listed I would have to also “do it for that”. Naturally I declined, and you know “its still on the market” 

The seller was someone who could buy nine or ten classic Ferraris from the proceeds of the sale. We are really speaking of what for most people is their single most important asset, representing their life savings and more. No one would dream of letting their mates brother work on their beloved Ferrari, yet here we re discussing listing a huge asset with the broker who would charge the cheapest fee, not one with the expertise to obtain the best, quickest and most financially rewarding result. 

The old saying never rang truer, “If you pay peanuts you'll get an monkey” 

When selling your most valuable asset chose you broker on performance, past sale recommendations, and there marketing power and professional presentation, not one who's often desperate enough to take a reduced fee just to obtain your listing. “Hire a selling Broker, not a listing Broker” there is a big difference.