While it is a common strategy for agents not to disclose prices, one leading principal says transparency is the key to winning over buyers and establishing a point of difference.
Principal of Belle Property Lane Cove Simon Harrison said being open about prices has helped him to stand out in a competitive market.
“We treat people how we’d like to be treated and I think as a buyer, there are too many games being played out there with agents not divulging offers, not giving any indication to people about what the owner wants or what the price will be,” he said.
“I think buyers out there respect the fact that we’re open and transparent about where the vendor is sitting and where we believe the home will fall ... I think we’re honest real estate agents.
“I think that translates to our market share and how our community thinks about us.”
Speaking earlier this morning at a real estate panel organised by Cooley Auctions, Mr Harrison said that in the current property market, establishing a point of difference is increasingly important
“The marketplace is very strong at the moment where there are agents out there that you’re competing with that are telling the same stories that you’re telling.”
Mr Harrison’s advice for agents is to have a strong market share and focus not on good prices but “phenomenal” prices.
“You’ve got to have the volume of listings but you’ve got to have good profile as well, so signage, online and print marketing [are important].
“I think a lot of agents are selling properties very quickly for a really good price and thinking, 'isn’t that great', but I think for the most part they’re leaving money on the table.
“I think if you’re following a process and not just doing it for your own agent, which is a quick sale, and you genuinely care about the client you’ll get more than just the right price and that’s the difference.”
Mr Harrison said while the customer always had the final decision on a sale, his strategy was to allow time between offers.
“After guiding our client and understanding what they want, if they’re okay with this we’d just tell the buyer who might have a strong offer that the owner doesn’t want to enter into a serious price discussion in the first week.
“We’d say they’re not quite ready to make a confident decision about the sale, hang in with me and after one week they’ve advised us they’ll be in a much clearer position to make a solid decision on their offer.”