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It’s all about Price!

July 12th, 2017 by Geoff Baldwin

Pricing Property!

At any time, in any market every property will sell as long as the pricing strategy reflects the market and the seller’s expectation is realistic. An agent is doing his sellers no favours by allowing them to overprice their property or to use an ineffective pricing strategy.

The belief that asking a premium price in the hope buyers will come along and then make offers is a recipe for disaster and the old “Fixed Price” method no longer works in today’s sophisticated marketplace.

The job of selling a property involves 3 distinct steps: 1. Attract as many viewings as possible through effective marketing, 2. write offers and 3. negotiate an offer to an acceptable price and terms.

The pricing strategy is critical to Step 1 and nothing to do with steps 2 or 3. In fact, if the pricing strategy is wrong it will undermine the marketing campaign and severely restrict viewings with the result that steps 2 and 3 are never likely to become a reality.

Also, it is worth keeping in mind that the most asked question when a buyer does like a property is .. “How long has it been on the market?” When they ask this question it is the hope that the property has been on for months so that they can offer less.

Sellers often make the statement “I am not in a hurry” but what they really mean is that they are not in a hurry to accept a low offer. The best way to avoid low offers is too price correctly from day one and to avoid using a fixed asking price.

There are several extremely effective pricing methods available and used by experienced agents to optimise viewings and to attract maximum interest and competition. Your local RE/MAX agent is available to advise on this and any other aspect of successful marketing and selling. Click here for a no obligation Market Update on your property