Let’s Talk Strategy: Options For Listing Your Property
Once you've decided to sell your property, the next step is to determine a listing strategy. Your real estate agent will evaluate your options and recommend the most effective approach for your property. As always, the Western Australian market exhibits its own unique trends.
What are the options?
In broad terms, properties are either advertised with or without a price, but there are various strategies and approaches within each method that can influence buyer interest and market response.
1. Price-Listed Advertised Method
- A fixed pricing strategy is where the property is listed at a set, non-negotiable price. This means the seller does not entertain offers below this price, and buyers are aware that the listed price is the final amount required to purchase the property. This approach can simplify the selling process by avoiding lengthy negotiations and attracting buyers who are ready to pay the stated price. When the property’s value is well-established and supported by recent sales data, a fixed price can be straightforward and appealing. It is not commonly used in WA.
- A price range, or a ‘from’ price indicates a minimum expectation and guides buyers. It communicates that the seller will consider offers above the price, without imposing a ceiling. It also aims to catch more buyers searching in price brackets on real estate web sites.
2. No Price Advertised Method
- When there is no recent comparative property, advertising without a price allows sellers to gauge interest and test the market. This is more common in premium suburbs when it is difficult to predict what a buyer will pay. Some sellers employ this strategy to protect their privacy.
- While WA is not as auction happy as the eastern states, in a high demand market where multiple offers are likely, auctions remain a strong strategy to drive up the final sale price through competitive bidding and ensure a quicker transaction with a set sale date. The process demands serious buyers, reducing the need for lengthy negotiations.
- Another variant is an end date sale, where offers are invited no later than a submission date. This creates some urgency if there is strong demand but can backfire if no offers are received.
Follow your agent’s advice
Trusting your agent's advice when setting a pricing strategy is crucial because they have deep knowledge of the local market trends and buyer behaviour. Their experience and data-driven insights can help tailor a plan for your specific property and situation. Sellers should ensure their property is well-presented and maintain a realistic expectation.
At Ascent Property Co we can help provide guidance on the pricing strategy that maximises your return.
Once the property sells and settles, you will be required to meet all ATO tax obligations. Contact us for support to guide you through these requirements and to ensure you claim all deductions and entitlements.
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