Set Date Sale – A Sellers Guide
The Best Price for Any Property is Usually Achieved in the First 30 Days.
Because at all times, there exists a pool of buyers… Imagine a bus-load of them, who are looking in a suburb and price range.
You are then left with a trickle of new buyers who are coming onto the market.
It’s imperative that preparation, promotion and that the price is right, the day your property hits the market! (Otherwise, the WRONG Bus-load of buyers turns up)
On countless occasions, agents have had an offer refused by vendors in the first few days or weeks, simply because it was the first offer.
Only to have the property sell much later for less than the original offer.
Even more important are the offers missed.
2 top things, will stop a property selling.
The Price & the Marketing (which includes advertising).
If a property is overpriced, you will not get the buyer interest Because, the purchasers who turn up, want a better property for that price.
On the other hand, if it is not promoted adequately you will again get insufficient buyers to achieve a successful sale.
The traditional strategies of ‘For Sale by Private Treaty’ with a set asking price or ‘Auction’ may not meet all the needs.
Other methodologies include – Tender, Expressions of Interest, Price on Application & Low Key Sale.
Each has their place, depending on your needs for the speed of sale. Read more about them at our Q&A page.
For Sale can miss the buyers because of over pricing and under promoting.
On the other hand, whilst auction achieves a good promotion which concentrates on the first 21-30 days, many people can be put off with the auction process because of the tensions involved plus the need for an unconditional or cash offer.
This prevents many buyers from making any offer.
As a point of historical note. David Pilling (deceased) of Pilling Systems, introduced a strategy called ‘Set Sale’ many years ago. This was tremendously successful using a Buyer Inquiry Range which successfully sold many homes. The buyer inquiry range was based around the valuation with a range from 15% below up to 10% above. It is no longer used in South Australia as a maximum price range of 10% is now used in pricing. It was sometimes called ‘Sell by Set Date’.
Whilst ‘Price-Range’ is probably the better of the traditional strategies, with the lack of tension, it none the less often lacks the concentrated promotion that the auction system provides.
As a result, Plaza Real Estate has defined an improved method combining all the best of the traditional strategies to form another system – the Set Date Sale!
We Put Your Home in The Spotlight So it Becomes The Star Attraction.
The ‘SET DATE SALE’ System has 4 very important components.
Essentially it’s heavily promoted in the first 3 weeks, which includes open inspections over 4 weekends and 2 mid-week opens. Where possible mid-week will include opens at dusk.
Buyers are advised, all offers will be considered by a pre-set Set Date Sale date, 25 Days from the start date of the marketing campaign and promotion.
During this time, they can either make a formal offer prior to the date or alternately register their interest. We contact all the registered buyers 2 days prior to the SET DATE SALE date to firm up their offers.
This leads to multiple offers being made.
A very realistic ‘Market Price’ is determined up-front based on Sales Evidence of similar properties.
This is NOT disclosed to the buyers.
This is your LOGICAL PRICE.
You do not need to decide an asking price at the time of your property Appraisal.
Sellers have found this is best discussed once again, reviewed then decided after your property is completely ready and before the marketing begins.
Pricing consideration includes the Logical Price as well as the Emotional Price.
PRICE RANGE SELLING
There is absolutely no doubt to the absolute enormous success of the ‘properly priced’ price range selling concept.
Fixed prices can be killers when it comes to the sale of a property especially when they are well over priced.
Real buyers are put off by overpricing. (The right buyers may not even see your property.) Also, from a set price you can only expect to be negotiated down.
Price range selling sets the range in which we can negotiate.
If they ‘Love’ your place and can see themselves ‘At Home’ there, they will not want to miss out.
Then you are on the way to a great Sale using Set Date Sale.
‘SET DATE SALE’ offers your property Premium exposure in the first 3 weeks often double or triple the amount many agents would do in 120 days.
Maximum use is made of our ‘Marketing Machine’ which incorporates, the very best techniques that actually work to bring buyers to the property door.
Marketing sets the stage & puts a spotlight on your home.
So, Your Property Must Be AND is, The ‘STAR ATTRACTION’
Most agents are not aware how this works. It simply produces the top price, every buyer is prepared to pay for your property.
It is an integral component of Set Date Sale.
THE FOUR PHASES
1 Preparation Stage
In these 2 weeks or longer, if required, your property is prepared to perfection as are the marketing machine details.
2 The Marketing Phase of Set Date Sale
During this 3-week period, the property gets superb, constant quality promotion.
Open Inspections are held over 4 weekends as well as 2 mid-week opens.
Buyers have 2 options.
First of all, they can place an offer to negotiate immediately.
Alternatively, they can Register their Interest in which case we will contact them 2 days prior to the ‘SET DATE SALE’ date to negotiate with them.
3 The Negotiation Phase
This is when the most intensive negotiations are expected to take place.
All offers are collected.
Buyers can also make offers with subject-to-conditions which will increase the pool of buyers dramatically.
When buyers realize there are plenty of other purchasers who are also offering, it means they must put in their maximum offer up to and including their walk-away price or they may well miss out.
There is real competition amongst the buyers and the Set Date Sale system can be tough on them.
An additional advantage is that unlike auction, your price is never publicly disclosed.
Any offers are also not disclosed to other buyers.
But when they know there are 2, 4, or 10 others offering. If they love it, these buyers will offer to pay more, to what they believe it’s worth to them.
This is truly their EMOTIONAL PRICE!
4 The Under Consideration Phase
This is the period after the ‘SET DATE SALE’ date, which is usually the Monday or Tuesday following the fourth Open Inspection weekend.
You then consider the offers.
However, as previously mentioned buyers can make offers at any time. If a purchaser makes an acceptable offer before the Set Date Sale date, you do not have to wait until that date.
In this case, we contact all registered buyers and alert them that the property is to be sold. The registered buyers then have 24 hours or until the close of business the following day to submit their best and final offer.
Either way, we negotiate actively on your behalf to get it SOLD.
So there it is … the fabulous Set Date Sale strategy for the selling of property. It combines all the best aspects of all of the strategies and ensures you get a successful sale within weeks of putting the property on the market.
So, let’s get your place…
Are you are buying a property marketed by set date sale? You may like to read Set Date Sale – A Buyers Guide.
It’s important that YOU know, our purpose is for YOU to be so outrageously happy with the help we provide that you’ll gladly introduce us to at least two people you really care about before your transaction closes. Not because you feel obligated, but because you truly believe they’ll benefit.
To find out more about Set Date Sale or other methods, you’re welcome to call 08 83961100 to arrange a chat with people that care.
Alternatively, Book a Free Consultation or Get Your Home Value Here. You’ll be in Safe Hands!
Feel free to browse the rest of our Blog for more tips tricks and helpful info you can use.
Not sure of some of the terms & meanings used? Check our comprehensive Glossary, Abbreviations and FAQ’s!
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Regards Eriks & Team Plaza Real Estate