RE/MAX Ignite is a family owned business servicing both the Western Suburbs and the Ipswich area with over 20 years combined team real estate experience.
It is our aim to achieve the highest possible price for your property. We may set the asking price for the initial marketing (in line with your instructions) a little higher than we expect the market to bear.
When a property first enters the market, momentum is generated, because all the qualified buyers (those in the price range who have been looking around for some time and are ready to buy) will discover the property for the first time.
Competition peaks in the first two weeks of marketing and buyers are most likely to make the highest offers for fear of losing out to someone else. If the initial marketing does not attract the desired offers, it may be necessary to consider varying the asking price.
If the price remains the same for too long, the momentum of the marketing program is likely to fall away, affecting the property's profile and competitiveness. Research with past satisfied sellers tells us that there is a simple two-point rule indicating the appropriate time to vary the asking price.
This rule is known as the Best Practice 2-2-7 Rule. There are two conditions which must be met before this rule can be applied.
1. The property must be well-presented
2. The property must be professionally marketed to attract the attention of all current prospective buyers in the price range .
Provided these two conditions have been met, research indicates that residential real estate achieves its best price if the asking price is varied when there have been two advertisements and no response, or two open homes and no shows, or seven inspections and no offers. The first price variation may occur at the start of the third week of marketing.