The days of slapping a high fixed asking price on a property, banging in a sign and placing a few adverts here and there and hoping to achieve a sale at maximum price are long gone but sadly this is still happening with some properties according to RE/MAX WA Managing Director, Geoff Baldwin.
"What many sellers, and unfortunately some agents, overlook or fail to understand is that selling real estate today requires specialized and sophisticated planning backed by an advanced level of skills", Mr Baldwin said.
"A successful sale requires a systematic, multi stepped approach to firstly maximise inquiry and viewings, secondly to attract an offer, thirdly to skilfully negotiate the best possible price and terms and lastly to manage the sale through to a smooth settlement for all parties.
"It is very important to understand that the pricing strategy is a critical component of step one and if it is handled wrongly inquiry and viewings will not happen, the listing will stale and ultimately, a lower price will result.
"The traditional fixed asking price method of selling is more often not the answer in today’s market and your agent should be able to assist you with alternative pricing methods that will ensure you do not undersell your property and just as critically, that you don't build a barrier to inquiry and viewings by overpricing.
"Pricing is a component of your marketing and as such, is an important influence in attracting potential buyers so we encourage prospective sellers to only list with an agent who can demonstrate a thorough understanding of the process but who can recommend and confidently explain your options", Mr Baldwin said.