At just 21, Fin Greenwood has already carved himself a unique and successful career in the Perth real estate market.
We spoke to him about his decision to trade the tongs for the fast pace of real estate and why he finds auctions such a great way to sell property in WA.
Why real estate?
When I finished high school, like many people that age I really didn’t know what I wanted to do next. I was working in a fish and chip shop at the time, and after a few over-the-counter chats with local agents I decided to work my way into real estate.
I completed the Unrestricted Registration Course at REIWA which gave me a good understanding of the industry, including real estate and property management. Initially I found it hard to break into sales (I doubt there’s an agency south of the river without a copy of my resume!), but eventually I landed a job on reception and moved into sales six months later.
You’ve had a lot of success at auction – what makes it an effective way to sell?
As agents, it’s our job to get sellers the best price for their property, on the best terms, as quickly as we can.
I’ve found auctions a great way to do this, because:
- Auctions allow us to build a short but intense marketing campaign and to move a lot of people through a property in the lead up to sale.
- The bids placed at auction are unconditional, which reduces seller risk and encourages serious buyers to come to auction with finance prepared.
- Sellers benefit from setting the reserve price and other terms for sale including the deposit and settlement date. With all bids made public, the transparency of auctions also appeals to buyers.
- Listing properties for sale at auction creates additional sale opportunities before auction, if a serious buyer makes a competitive offer. Offers can also be made by negotiating with unsuccessful bidders if the reserve price is not met.
- I also enjoy the liveliness and sense of urgency that you get on auction day, which creates healthy competition and results in the best price the market is willing to pay.
Do some property types perform better at auction than others?
Property extremes (like some of the more unique, high-end or rundown properties) do sell well at auction, but in my experience it’s a great way to sell any property. That said, I would probably avoid tenanted properties, where limited access can prevent sellers from opening the home over multiple weeks.
Under the guidance of industry veteran, Richard Kerr from Apollo Auctions, in the past 12 months I’ve been able to sell 11 properties under the hammer with another property selling through negotiation later that day. This includes a two-bedroom unit in Kardinya and a large five-bedroom house in Spearwood, with the location and property type setting price point and shaping the type of buyers the auction attracted.
What should property owners look for when choosing to sell by auction?
There is a misconception that all of the magic of auctions happens between the opening bid and the final fall of the hammer – but the period leading up to sale is just as important.
Your agent will work closely with an experienced auctioneer to build an effective campaign that moves the right buyers through the property ahead of auction. In my experience, with upwards of five registered bidders on the day, you’re much more likely to achieve a good outcome from the sale.
What is your advice for those thinking of a career in real estate?
Finding a mentor has been a huge help for me and I’ve been fortunate to learn from someone who is deeply experienced and generous with their time. And because I am passionate about selling by auctions, I also make time to attend auctions all over Perth, observing and learning from the agents at the top of their trade.
