What does this mean for you?
When the marketing of your property commences, there are only three possible outcomes from buyers. These responses relate to where the advertised price sits, compared to perceived market value.
Response 1: Views, engagements and enquiries, but no inspections
Consider how many people see the advertisement, followed by how many engage and then enquire. If people are looking but not engaging, the quality of the photos, script or price may be wrong. All three are easy to adjust.
If there is a robust level of engagement and some enquiry but no inspections, this response is a strong indication the advertised price is too far above perceived market value. Response 1 indicates we are priced 5 – 10% above Market Value.
Response 2: Inspections and feedback, but no offers
Property inspections are the penultimate step to a sale. If the post-inspection outcome is no offer, then feedback from the buyer should be actively sought.
These buyers have become experts in their segment of the market. They see every property for sale in an area and can provide excellent feedback on property value. Their feedback should be listened to and be acted upon to adjust the price accordingly. Response 2 indicates we are priced 2 – 5% above Market Value.
Response 3: Offers
The ideal response. A property priced close to, or at, market value will receive genuine offers from genuine buyers. You can negotiate the best price from every buyer and choose the best offer.