The goal when you list your home for sale is to achieve the highest possible price for it.
This seems like an obvious goal for any home seller, yet it is often lost during the campaign.
Agents will focus on days on market, clearance rates or the reserve price. None of these indicators should ever supersede the vendor’s ultimate goal,
yet it can be the focus of the agent if you allow it to be.
The reserve price is simply the lowest price at which the owner is prepared to sell.
If you keep your reserve price confidential from the agent, with instructions to establish the highest paying buyer in the marketplace, you stand a much better chance of controlling the the sale towards a favourable outcome.
The greatest losses occur at the times of the greatest gain. If the focus is on a quick sale as opposed to the right sale, you will undersell. This needs to be balanced up against the fact that the best buyer often turns up early in the campaign, Not always, but often.
Many agents like to spruik the high auction clearance rate as a guide to success but everything sells in a real estate boom. A high clearance rate is a given regardless of the selling process. Getting the highest possible price must be the ultimate goal when selling.
The same buyers will compete for your property, regardless of the selling strategy you elect to use. Therefore, it’s imperative that you use the right strategy that will deliver the highest possible price for your property once, so getting the highest possible price is crucial.
(Source: Peter O’Malley)