You can’t sell a secret.
It’s no secret that the market has very quickly changed. Gone are the days of eighty groups attending an open home, multiple offers and contracts accepted on the same day. But one thing remains a secret when looking at properties. The price. This could be when looking online or when you speak with the real estate agent.
I put this question to friends, family, and out there on social media. What do you do, when you don’t see a price guide, for a property online? You could say, we surveyed a hundred people, and their top answers are on the board. But I’m not going to make you guess what the top answers are.
Top result was, most people would ‘move on’ or ‘keep searching’, meaning they would not even look at the photos or write up.
Following up in second place, some might click into the property to find out more information.
Lastly, a very low number would contact the agent to find out more.
It was no surprise to me when hearing or seeing how people feel when they don’t see an asking price or price guide on a property. But why is the price such a secret? Is it to weed out people who are just tyre-kicking or thinking buyers may blindly pay more because they don’t know.
Having people click into the property helps show them what it has to offer and hopefully they will like what they see. But have people even stopped to look at the property or have they continued looking around. This strategy might have worked during the last couple of years, but buyer’s behaviours have changed, they are being more cautious. With changes to lending rates, buyers are thinking long term and what they can afford now and into the future.
Having a price displayed upfront helps buyers know what properties fall within their budget. They are then more likely to view the property ad, attend an open and hopefully make an offer. At the end of the day, this is the end goal.
Personally, even before I got into real estate, I disliked ads that did not display an asking price or price guide. When I was looking for my first property to buy, if there was no price, I always thought to myself “well clearly their going to be asking too much.” From the conversations I’ve had with people I’m not the only one that feels this way.
Not having a price on a property is the same as when you go shopping, and you see something on the shelf but there is no tag. You could go find a price check machine or staff member. But then you think “how much do I really need this?” It’s the same when shopping for a property.
So where do we go from here. The best practice is to be honest and transparent with owners and buyers. Understanding the owner’s goals and expectations, then working with them on how best to present the property in the market. This brings us back to the title of the article “You can’t sell a secret.” People like guidance, and it’s the job of the agent to guide the owners and buyers. Plus, making it easy. Easy for the seller and even easier for the buyer to find the product.
Because we know that people wont even look at what you have to offer if they don’t know how much it’s going to cost them.
I’m going to leave this here by saying. In the world of sales, the more people that look at your product (in this case a property) the more opportunities someone is going to like what they see, attend an open home, and make an offer.
No more selling secrets.