Don't you think it's funny OTP sellers try to incentivise you by saying there's only a few left?

I'm no fan of OTP, but I got a call today from an agent telling me they'e only got a few left in this complex of 90-odd townhouses (side note: jesus christ that's big).

I'm thinking, is this supposed to motivate me? Knowing that all the best positions in the complex have been taken? Even if I wanted to buy OTP, I can't imagine anything that would send me running faster than thinking I'm left to choose from the scraps.

 

Think from an owner occupiers perspective or even an investors perspective.

They woild think they are losing time and opportunity and hence quick decision.

Regards

 

From my perspective I'm thinking: SCRAPS!

 

FOMO

 

Its pretty common strategy and it can work very well.

With one of my smaller developments, we advertise only 3 left and it does create an urgency for some buyers. Another way is you don't sell the better units/townhouses, leave those for last because you know you will achieve a higher price closer to completion. The buyers think are sold, but they are not for sale..... sneaky

 

It's the oldest trick in the book. I'm very selective when I buy property and if it's not what I want I just will not buy.

I had a sales person once take me to a few properties that seemed to be a bargain and when I went to deal the next day they were all sold apparently, so I didn't bother to take anymore calls from that agent.

 

I am not sure, I would have said something like.....if you can't get rid of the last ones, I will buy now for xx..... being about 30% less than asking, or something else to stop them cold calling me.

 

"There aren't many left" can mean two things: they're selling out fast, or they're struggling to sell them all. Considering this agent has to resort to cold calling, I'm betting it's the latter.

 

Its sales agent patter 101, it must be in a book they have to rote learn at sales agent school

"You need to put your best foot forward"
"Selling fast only 3 left"
"Theres another purchaser having a third inspection tonight"
"Theres another offer a few thousand higher can you increase"
"Owner says sell (but really wants 50k over list price)"

 

I never trusted off the plan purchases, always felt a bit sketchy imo.


Now I could be wrong but i've always felt off the plan (Assuming that's what OTP stands in this instance) was a bit sketchy./

 

most OTP try to push freebies back in my day.

But certain OTP melb, outside of apartments land estates sell quick (sold out) and went to this plenty residences (which is the largest dev in darebin) agent was friendly - but sensed he wasn't too concerned about selling - just said some paperwork is not ready so you can look at the finishes and leave your details. i asked about the townhouses and he said they're all sold (bought by a number of groups who contacted the developer direct but if any fell through, happy to let me know.). i know the alphington project off yarra glen is similar as well.

 

For some it does create the sense of urgency. It can also mean different things to different people.

Some projects take a long time to get off the ground because of how much they need to sell to get finance for the project.

Buyers in larger developments and elderly buyers want the last pieces sometimes because they know the development is nearly sold out and construction will commence soon.

 

Creates urgency. Reminds me of retailers that are always closing down. I remember the Joyce Mayne ads in the 80's and 90's, the silly old @&$) was closing down for about 20 years to get people in the door lol.

 

The reality is silly, obvious, cheap marketing tricks that you and I would never fall for, there are 20 others who would and do every day of the year.

 

Agree with urgency. But the difference with retail is the first iPhone you sell is idential to the last!

 

It is quite annoying at times but their job is to sell at the end of the day.

How many of you get that letter where the names change every week, where they have an investor named such and such that's interested in your property. As soon as I see the company on the letter it goes straight in the bin unopened. I thought about sending them back a few annoying letters telling them they can have it for 100% above the current market price at the time of the deal, if not don't bother me anymore.

 

One OTP I bought I was first, one I was last buyer and one I was about middle.

Did extremely well with all 3, all bank valuations came in way over what I paid; some doubled before completion

 

Funny, all of these guys eventually come back to the (other) bible... Prices for How to Master the Art of Selling by Tom Hopkins