Toongabbie Property Sale Case Study
Not many property owners realise how much advertising a ‘capped’ price or with no price at all can negatively affect the final sale price of their home. This is the worst property selling mistake you can ever make because as you can see in the RealEstate.com.au report below the most amount of interest that a property generates occurs in the first 2 days. After this time enquires starts to drop significantly.
A common strategy suggested by some agents is to try at a higher sale price for the first two weeks and then reduce the price in order to reinvigorate interest if they are not getting the response they want. What they are not taking into account is that the best interest your property receives is in that initial two week period. If the property is misrepresented whether it be via pricing or marketing it only serves to alienate the property from the marketplace during a time in which it is receiving maximum exposure which in this instance can be negative exposure.
The most effective way to sell your home for the highest price possible is by taking advantage of the maximum exposure experienced in the first two weeks in order to generate mass interest in your home and maximise buyer competition. What most owners think when they hear this is Auction which for some is quite daunting. It is for this very reason we have devised the ‘Offers Over’ marketing strategy which takes all the best elements of Auction while eliminating the barriers and stigmas usually associated with the Auction process.
The ‘offers over’ pricing strategy is used to attract mass interest in your home by advertising at a starting figure that communicates to buyers that the owner is expecting a figure above that level. This price point is also chosen to be competitive with other properties currently on the market and allows your property to be the home buyers choose to inspect over what else is available on the market.
The benefits of this method is that it allows the owner and their agent to pre-qualify buyers by setting a minimum price that is very competitive in comparison to other properties on the marketplace as they know that the buyers who inspect have budgets above the advertised price level. This method also comes with a safety net as unlike an Auction the owner is not required to set a ‘reserve price’ as being a private treaty sale they still have the final say on the price that they are willing accept.
A major benefit of this method is there is no maximum indication of the price which allows effective negotiation to push the price up as far as possible without a ceiling to limit the figure.
Below is a prime example of how the ‘Offers Over’ marketing strategy is able to achieve the best possible price within the shortest possible time.
Time on market: 3 days
Number of Buyer Inspections: 41 buyer inspections
Result: SOLD $106,000 above the asking price
After only 3 days, 1 open home and 41 buyer inspections this magnificent 5 bedroom home has been SOLD for $106,000 above the asking price. Following the open home a fierce and competitive negotiation took place with 13 buyers fighting vigorously for the property.
With many qualified buyers still left looking to buy prior to Christmas now is the best time to take advantage of the demand for your neighbourhood and find out what your home could be worth today. If you would like to know how Elders Real Estate can get you the best price for your home then call or SMS Edward Pena on 0418 310 385.
About Jhai Mitchell
Jhai is an award winning Internet Marketing Real Estate Agent for Elders Toongabbie and Kings Langley. After running his own internet marketing business he has now set his own sites for the real estate industry. He observed that 90% of real estate agents did not know how to market themselves online. Jhai is now fixed on one goal. To teach real estate agents that they can market online so much better than they currently are.
Since then he has been consistently quoted in the Sydney Morning Herald and Real Estate Business online. He is a regular guest blogger on TheHomePage.com.au, sharing his expertise of marketing aspects for the Real Estate Industry. His biggest passions are his wife, martial arts, dogs and most of all property.