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Published on July 16th, 2012

Securing sales means making sure ‘the price is right’

Additional sale opportunities for Queensland and Northern NSW-based real estate agents are on the rise so long as the price is right, according to Elders state franchise manager Alan Dawson.

Mr Dawson said that one of the best ways to attract business in a challenging market is to make sure properties are priced competitively.

"Agencies are finding that the number of days listings spend on the market has dropped over the last quarter provided that sellers understand buyer price sensitivity," Mr Dawson said.

"This means that home values really need to be inline with comparable sales in the area."

But economic difficulties are not the only reason vendors and the agents who work for them may want to pay closer attention to buyers.

The amount of information that is now available to people looking to enter the property market online is helping to increase their own knowledge of the real estate sector in ways that were almost unheard of in previous years.

The modern homebuyer is well-informed, real estate savvy and keen to secure a good deal – which means that there is very little room for error when it comes to determining the property's real value.

"The major concern for anyone selling property at the moment is to get their pricing right because these days buyers have so much information available to them at their fingertips. In fact, they will usually know within a few thousand dollars of the homes value," Mr Dawson explained.

This is especially true at a time when there is still a significant amount of stock on the market – another factor that is pushing the negotiating power in the hands of buyers.

With this in mind, it seems that agents will need to spend the next few months honing their negotiation skills to better manage vendor and buyers price expectations.

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