The Mystery of Property Price Guides: Why Some Have It and Others Don’t
In this week’s edition of Presence Pulse, we’re diving into a topic that’s been on the minds of many – the intriguing world of property price guides.
Ever wondered why some properties have a clear price tag attached, while others keep you guessing? Well, there are a lot of influencing factors as to whether price guides are used or not, both from the owner’s and agent’s side and there can be opportunities for prospective buyers in there too. Let’s unravel this together.
The Fluid Nature of Price Guides
Firstly, it’s essential to grasp that a price guide isn’t a static figure. Much like the stock market, it could shift during the property’s campaign. This can be based on market conditions, the changes in vendor motivation, offers received, recent sales, new listings, receiving feedback from the market and many more. That being said, as a buyer, you’re not bound by these numbers. If you find a property that catches your eye and you’ve prepared well in advance, go ahead and make an offer. Even if you feel the owner might not be receptive at that moment, by demonstrating to the vendor and agent that you are a viable prospect to purchase, with some patience, you could be rewarded (even if it’s just in gaining a clearer understanding on where the campaign is up to. Remember, the property market is dynamic, and circumstances change. Sometimes, initiating a conversation with that first offer can lead to fruitful negotiations down the road.
The Convenience of receiving Instant Feedback
Now, the big question: “What is the price guide?”
All real estate agents representing a sale campaign are governed by the professional and compliance standards of the industry and by the vendor’s direct instructions. After all, it’s the vendor who sets the terms of offering and sale.
At Presence, we take these responsibilities seriously, whilst wanting to create the smoothest and lowest resistance path possible for a prospective buyer to find and secure the property that they are after. Therefore, since becoming Presence Real Estate, we have invested heavily in technology and processes to help be of greater value to all stakeholders.
Now, for any Presence Real Estate listing, when you see a property on Presence.Realestate, Realestate.com.au, or domain.com.au, all that you need to do to obtain price guide information on a property is simply fill in the capture form to “make an enquiry” or “contact agent”, and voila, you receive an instantaneous update on the price guide directly to your phone as an SMS or email.
It’s way faster than traditional methods – no more waiting for the agent to call back or passing your request through office channels. However, it’s worth noting that this capture form mechanism isn’t merely about convenience.
The rationale behind not having an upfront price tag online lies in the fluid nature of the property market. Imagine you didn’t see a property that suited you because it was slightly over the search you put in online. Or, if you saw a property online and found the guide slightly above your budget and didn’t pursue it. Then very next day, based on new market data, the price guide drops and another buyer who was already in pursuit of the property secures it shortly after. If you haven’t made an enquiry or left any details, then you would not receive the alert to advise of offers or a price change and you might have missed out on your dream property that you were thinking was out of your league. Sadly, this happens regularly across all agencies, particularly when there is technology and process isn’t used to provide a simple way for a buyer to receive price guides and receive updates on properties that are right for the buyer. Hence, by logging your details, agents can keep potential buyers in the loop, ensuring you always have the latest data at your fingertips.
Communication and Respect for Privacy
The information capture is not about spamming your inbox. It’s a two-way street. While agents get to understand potential buyers, you, as a buyer, stay updated on properties that genuinely interest you. And if you ever feel overwhelmed with updates, unsubscribing is just a click away.
Our goal is clear: optimise your buying experience. The more value we can provide to you, the better it serves property owners and helps agents excel in their roles.
Continual Improvement
Your journey matters to us. Feedback isn’t just welcome; it’s actively sought. We constantly strive to improve, ensuring our systems, like the Presence Priority system, cater to your unique needs. By registering for VIP buy match alerts, you’ll always be a step ahead, receiving valuable information even before the broader market does.
So, property price guides are more than mere numbers. They’re a dance between market dynamics, owner expectations, and buyer aspirations. Being informed and proactive can make a world of difference in your property journey.
Here’s to finding that perfect home or investment! Happy house hunting!
