Stated asking prices and The Smart Sale

Typical real estate systems have a way of making simple processes much more complicated and confusing than they need to be, with the industry having become known for tricks and traps, gimmicks, and often outright deception. At Wilsons, we believe this helps no-one.

While we understand as agents, we are engaged by our sellers to achieve the best result possible for them, we believe this shouldn’t be at the expense of looking after our buyers. In fact, quite the opposite, by making it easier for buyers to buy, it makes it better for sellers to sell, and is a classic win-win scenario.

Once buyers recognise a potentially suitable property, the key priority is to know if it is within their budget. Methods like auctions, “contact agent”, “expressions of interest”, “offers above…” simply make it difficult to do this. Anecdotal evidence in speaking with hundreds of buyers suggests this is extremely frustrating, wastes time and effort, and can put buyers on an unnecessary emotional rollercoaster of having their hopes and dreams raised, only to be squashed. Marketing studies have shown enquiry levels can decrease by 50% when a price is not displayed. Even “price range” campaigns are a nightmare for many buyers, as they often find out that the properties are not actually for sale at certain levels within their advertised range.

At Wilsons, we advise almost all of our sellers to market their properties with a stated asking price – a price at which the sellers are happy to sell the property. It’s simple and it’s smart. It attracts buyers rather than repelling them. And it makes it a whole lot easier for buyers to buy.

A price can be repositioned at any stage of a campaign in consultation with our sellers, if either their situation or expectations change. A property may also be sold above its asking price. This is not to say that it wasn’t available at its asking price, but just as a buyer is at liberty to offer less, a seller is at liberty to accept more if it is offered to them.

Most times, this occurs when there is more than one buyer for a single property. It can only be sold once to one buyer – so in this scenario we have found the fairest thing to do has been to give all interested parties an opportunity to put their best offer forward, using the “highest price declaration” section of our offer form. The sellers can choose whichever offer is best for them, factoring in all terms and conditions as well as price. Feel free to ask us for more details.

It is always the sellers’ decision – sometimes a seller will go with the first acceptable offer, sometimes they will opt to give all interested parties an opportunity. In any scenario, communication is key – and we will endeavour to keep you informed as much as we can along the way.

While we understand everyone loves a bargain, and home-buyers are no different, we believe that provided you can comfortably afford it, the priority when buying a home is to secure the right home.

Your best chance of achieving this is to put your best offer forward.