Here is just one example of many that I’ve come across.
Estimated market value for a 60 sqm unit here is between $360k to $380k.

I want to sell a mid floor 60sqm, for higher than $380k ideally. (Very original condition)
Should I list higher at $450k and let people negotiate down?

What I did was something counter intuitive, but I was confident would work, because of my experience and knowledge of the area.

We implemented a “Starting From” $380k strategy.
The goal was to generate maximum no. of visitors and give the impression that we are reasonable 🙂

The rest was history.

The unit was flooded with viewers. This is something you need to be careful with managing, you still want buyers to have a relatively good time viewing.

The purpose of making it an “Open House” experience is to encourage urgency , and to show that the unit is of high demand.
But you wouldn’t want people to have to squeeze past one another, barely unable to focus on viewing , etc. And also, COVID. haha

(Btw this applies to selling Condos, Landed properties, even rentals as well.)

As a result? I won’t go into details as to how I managed the offers…
But we managed to close at above estimated Market Value at $4XXk 😉

That is the power of Precision Pricing

  • Avoid Wasting Time : This way you engage the serious buyers.
    You avoid people coming and using your home as a window shopping option, to buy a more reasonable priced property.
  • Maximizes Market Interest: Usually the 1st few weeks of marketing are most critical.
    A well priced property generates more interest , leading to faster & more competitive offers.
  • Reduce time on market : The longer it lingers, it lessens the perceived value for those who been eyeing for long time.

Would you rather spend 3 months doing 1 viewing every weekend to get your selling price,
or to achieve the same result within 2-3 weeks?

Does spending a LONG time marketing guarantee a higher selling price? Not at all.
This was a concept I had spent a lot of time and effort to trial and error before truly understanding.

In conclusion, it is definitely possible to efficiently achieve the best selling price for any product, if the correct approaches are utilized. (And with some luck of course hahaha!)

If you’ve any questions or concerns…
Can Whatsapp me below 🙂

Daniel Kok
Real Estate Strategist
Top 50 Achievers