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How to price your property: strategies for an effective sale

Well presented real estate properties with the right reaction pricing are selling within the first few weeks of being on the market. Employing a real estate agent that can get this price right is crucial to getting your property sold quickly for top dollar. By over-pricing it, all you do is help other homes on the market to sell faster and slow down potential buyers fighting over your property. By under-pricing it, you sell quickly but lose valuable profit.

Common ways to price a home include:

Asking price of $….

Pro: Buyers feel more comfortable when they see a price (especially one that they like)How to best price your real estate property
Con: Unless value is easily determined, you may risk under or over pricing the property

Enquiries over $…

Pro: Works well if you have a realistic start point and feel comfortable talking to buyers
Con: Not so great if your figure is too high as buyers will think that’s your minimum

Price By Negotiation (perhaps adding ‘Buyers Guide of $XXX – $XXX’)

Pro: Gives a lot of flexibility to test the market if you can’t work out where the property sits
Con: Can be frustrating for buyers who are unsure about what you want

Tender or ‘Set Date of Sale’

Pro: Can work well for high demand properties and sets a date to have offers presented
Con: Buyers may be unsure what to offer and put it in the ‘too hard basket’

Auction (unless sold prior)

Pro: Unconditional sale if sold under the hammer (or prior) and the Auctioneer does the negotiation for you
Con: By asking them to be ‘unconditional’ on the day, you may limit the number of potential buyers and therefore price

Every property is different and the market is constantly changing so it makes sense to talk to us and discuss what is the best way to sell your property. We are continuously watching the market to see what has sold and is new to the market. We are continuously dealing with buyers and getting a good feel for who is buying, in what price ranges and areas. Basically knowing the demand that your property will potentially have and pricing it right (or without a price) to get the best and quickest results for YOU. Creating competition between buyers is the key to a successful sale strategy and this is done by getting the best advice and working closely together with your Freedom Realty salesperson. Our salespeople get paid more and we charge you less so it is a win-win situation for everybody.