No Price, No Sale!

You quite often see properties advertised for sale with no price. For example, headlines starting with the property suburb and then “OFFERS!”

If you were in the market to buy something in this particular suburb what would your initial reaction be on seeing a property advertised without a price? Mine would be that the property is grossly overpriced and the agent/owner is too embarrassed to list the actual asking price.

Are they likely to get any response to an ad without a price? Hardly, especially in the current market where there are a large number of properties to choose from with a price tag.

On the subject of advertised prices, how about properties which are advertised in a range. For example $395,000 to $445,000. This is quite common, especially here in Perth.

So what does this say to you Mr/Mrs Buyer? What it says to me is that the seller has high expectations and the agent has low expectations. Either way, it is misleading advertising because it suggests that the seller will accept a lower price than they actually will!

If you were the buyer what would you be offering for a property advertised with a price range??

It certainly wouldn’t be any more than the lower price, in this example $395,000. Why would you?

My research shows…

that properties advertised in a price range usually sell at or below the lower price. Hardly a satisfactory outcome for a seller who has been expecting a much higher price, is it?

And what about this one? From….. eg; Tuart Hill… from $395,000.

What is this saying Mr/Ms Buyer? Well, essentially it is saying the sellers lowest price is $395,000. So why would a buyer offer more than that? Would you? I don’t think so.

Frankly I know of no other industry in the world which offers its product with a ‘price range’ or ‘from $..’. Certainly if you are offering a range of products which are similar or have added extras, then offering the product with ‘from $…’ is valid. But in the case of real estate it is certainly NOT valid and is misleading and deceptive.

So, why does the real estate industry continue to market properties in this way?? Ask me another question ’cause I have no idea! If you know, I would be happy to hear from you.

By the way, when I offer a property to the market, there is only ONE PRICE, the HIGHEST price we expect to get. You can always negotiate from there!

Let me know your thoughts….

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