Be Realistic to Entice Buyers
If your home is listed for sale with no inspections at open homes, limited enquiry and offers that come way too low, these are definite signs that the asking price is a lot more than the property is really worth.
RE/MAX Sales Consultant, Tiffany Krause admits that selling a home comes with many challenges but one of the most significant is the setting of the list price.
“Seeking the professional advice of a successful trusted local agent is paramount but there are other basic guidelines to be followed,” Miss Krause explained. “If you’re on the market but receiving no enquiries or inspections, you’re probably at least 10% over the market price.”
There are some exceptions to this rule such as no advertising or poor marketing, a slack agent who doesn’t return phone calls or respond to email enquiries or perhaps it is a unique property which will only appeal to a small slice of the market.
You can’t sell a secret so as long as the property is promoted you should get inspections.
Buyers are like most of us – time poor. There is a huge choice on the internet and the newspaper so we need to make it compelling to make an inspection.
This 10% guide isn’t a myth. It is a common industry guideline that has proven its validity over decades.
Perhaps you’re getting inspections and some mild interest but nothing eventuates and no offers? The guidelines suggest you maybe 5-10 % overpriced.
With the advent of the internet, very few buyers who make an inspection are “tyre kickers”. Offers will come once you are within 5% of the elusive market value.
Competitive pricing can generate multiple offers at the same time. This results in buyers being asked to submit their best written offer without knowing the details of the others.
The salesperson’s job is to maximise the sale price for the client and this is one of the best opportunities. Buyer interest is strongest when a property is fresh on the market so it’s no surprise the best sale prices achieved are when a client puts their property on the market initially within that 5% range.
“It is a proven fact that the longer a property is on the market, the lower the selling price. Selling is a partnership between the seller and the agent. We are in it together!” Miss Krause concluded.