The Power of No-Price Marketing

Harcourts – The Power of No-Price Marketing

Historically, all real estate hitting the market was marketed with a firm price. Today, sellers have many more sale methods and pricing strategies to choose from – and some of these methods don’t include a price.

You can read more about the sales methods of real estate in another blog we wrote here.

 

The Risks of a Fixed Price
It’s important to be extremely cautious about using a fixed price when launching your property to the market.

Launching at a price too high means there is the risk of not gaining any interest or enquiry and the longer your property will sit on the market. The next step in the journey is to reduce the price to gain some momentum, however buyers may have already overlooked your property or moved on and purchased another home.

On the other hand, launching with a price too low means the property is capped at the stated price and loses out on the potential to achieve a higher sale price. The market will never pay more than the sated price even if this method generates interest.

 

Why a Seller Should Consider No-Price Marketing
We’re strong believers in no-price marketing methods, they form part of our Harcourts systems and processes refined over decades of success.

The main benefits of this pricing method is that it allows for a bigger pool of interest, creates a sense of urgency and encourages dialogue between the agent and buyers. This is particularly useful for high-end properties.

No-price marketing generates the maximum amount of genuine buyer interest and encourages buyers to put their best offers forward, sometimes exceeding seller’s expectations.

 

 

Auction
The timeline for an auction property lasts anywhere from 3 – 4 weeks with a detailed Harcourts marketing campaign. No price is included in this marketing campaign meaning the buyers who are interested are attracted to the emotion of the advertising and the property itself, rather than the price tag.

Auction has a set date in which buyers must be ready to act and creates a sense of urgency so buyers need to make quick decisions. On auction day the atmosphere with all buyers present creates competition and often can result in a higher sale price when more than one buyer has their mind set on securing the property.
A pre-auction offer may be submitted to an agent by a buyer, in this case the agent will discuss with the seller whether they would like to accept it and bring forward the auction date. Or let the campaign run its course.

Our Harcourts Auction Advantage achieves outstanding results for our sellers time and time again. Check out one of our stories here.

 

Deadline Sale
The deadline sale method works in a similar way to auction whereby it has a 3 – 4 week tailored Harcourts property campaign and requires all buyers to act by the deadline date. Offers are submitted to the agent and these are relayed to the sellers.

The sellers are able to accept any pre-deadline offers made and bring forward the deadline date, meaning any other interested buyers need to make a decision quickly and submit their best offer.

 

 

Some buyers can get frustrated with no price marketing, however smart buyers are able to distinguish the price range of a property by refining their search on property portals using maximum and minimum price filters. Straight away they’ll know whether it’s in their range or not.

In a fast paced industry it’s important to embrace innovative strategies to ensure you get maximum exposure for your property. No-price marketing ultimately allows sellers to maximise their sale price/ property value and streamline the sales process.

If you’re thinking of selling and are unsure what pricing method to choose feel free to request your obligation free property appraisal and one of our friendly Harcourts agents will be in touch.