Properties With No Asking Price Deter Buyers

Properties marketed with no fixed asking price are
negatively affecting the pool of potential buyers, according to a poll by
PRDnationwide.

Three quarters of respondents (75 per cent) were
“greatly deterred” by properties which didn’t reveal a fixed asking price and
often overlooked those properties during the search for a new home.

The survey found 20 per cent were “slightly
deterred” by a property without a selling price, while only 2.5 per cent were
“definitely not deterred”. The remaining respondents (2.5 per cent) admitted
they were “unsure”.

The poll, which was conducted during the entire
month of March, attracted 450 respondents from across Australia.

PRDnationwide research director Aaron Maskrey said
some agents and sellers listed properties without a selling price – which, the
results suggest, could usefully be avoided. “Ultimately you could be missing
out on potential purchasers by not advertising a selling price,” he said. “Typically
sales activity across the market is still well below the longer term average
and every effort should be made to be ‘seen’ by the most number of house
hunters,” he said.

“According to the poll, stating a sale price
ensures every opportunity to maximise viewings and competition.”

Mr Maskrey said there were several alternatives to
fixed price marketing, including price on application and buyer feedback
ranging, which both avoid fixed prices.

Source:
Real Estate Business.