Listing without a price- seeking purchasers perspective?

I ignore everything without a price. I stopped calling these agents because it wastes everyone's time. Price is always unrealistic. It must work on non investors or I could be used to condition that seller

 

It's a pet hate. Usually transpires vendor wants over the odds and becomes a complete waste of everybody's time.

 

Thanks Wylie! How did you feel your agents strategy work with gauging the market price, and was it a particularly unique property?

 

From my perspective, It instantly puts the relationship with the purchaser and the RE Into an adversarial one. Instead of the thinly veiled facade of the RE working together with the purchasing party to seal the deal. Slight nuance, but I despise it.

 

Pretty much every property in central Melbourne is listed without a price. I'm going to go with the majority and say that I hate it.

The thing is that it's pointless. In Victoria, vendors are required to give a "Statement of Information" that lists the expected selling price. So the information is there in the listing. It just makes it a slower process.

That said, I've noticed a few tricks being pulled with the statement of information.

The first is that comparables are often larger. You'll see a three bedroom house compared to those with four, or a building plot to houses. (OK, that might not be entirely unfair if the house was a knockdown rebuild project, as many are in places like Toorak or Balwyn.)

The other is that the reserve price is at the top of the price range. 24 Herbert Street in Albert Park sold for $5 million at the weekend. This was $400,000 over the reserve, which was $4,600,000, and the statement claimed between $4.2 and $4.6 million.

Incidentally, I'm unlikely to be bothering the upper echelons of the Albert Park or Toorak property markets anytime soon. So don't approach me asking for finance for your next JV.

 

I am currently looking in Perth and I ignore anything without a price. Basically, I know the market is moving along/ or near bottom, there are many listings there, so why would I bother with anything without a price, is the way I see it.

 

Unless I recognize the street and it's already in my targets, I immediately skip to the next listing.

 

I'm with the consensus - no price = no interest.
Though I may call the agent just to give him my thoughts and indicate a very low price. I figure they are just 'gauging' the market. So I may as well swing the gauge in my direction.

We recently sold a property in Perth which the market price should have been about $600-$650k for. We secured a sale at $810k. This was one very unique buyer. An elderly couple who's best friends lived in the complex and whom had just sold their family home for over $3mil. They weren't walking away from the opportunity.

So yeah. Test the waters over market at see. Better than no price.

Blacky

 

i hate it. in fact i usually ignore those properties altogether. complete waste of my time chasing down an agent just to play "who will say a number first". i hardly even pause on the listing - no idea if it is even in the ball park so why bother.

 

I think that the whole "naming a price first" is a standard sales technique. I've been on the receiving end of this in IT recruitment.

"Hi, I'm interested in this contract. What rate is on offer?"

"What are you looking for?"

Last time I ran into that, I later found that the agent had listed a price on the job advert on Seek.