This is a crazy Boston luxury condo market we have today. Some luxury condos are fought over as if they were the last shelter available on earth and others sit on the market for months and sometimes over a year. Granted this is mainly a price point issue, but the problem is that sellers and their agents are making one of the cardinal mistakes of real estate marketing. They make the assumption that each property is to be treated the same. The truth is, not all Boston condos are created equal.
In today’s competitive real estate market both sellers and agents need to be ahead of the curve. They need to be innovative and have progressive ideas that will get properties sold at the price their seeking. Bottom line, not every Boston luxury condo can be sold in the same manner and not every marketing method has only one application. This is especially true if the price of your Boston luxury condo starts to near or exceed $2,000,000 mark.
Here are two ideas; set all offers due by a certain date and time or have an Auction. Whenever anybody thinks of a property being sold at auction they automatically think of a bank or distressed sale. Well I have news for you….that is limited thinking and it’s time to get creative. This can be especially effective with higher end, equity rich homes.
This theory also applies to having all offers submitted by a certain date and time.
Something happens to people psychologically when they hear the word auction or all offers due by a certain date and time. They automatically think there is a deal to be had and it get’s their competitive juices flowing.
Here is what a traditional Boston luxury condo sales process looks like:
- The seller put the home on the MLS and lets buyers know what is the most that they would expect for their home. This is the list price. It basically acts as a price ceiling.
- Each day makes the property that much more stale as listings can continue on into infinity.
- Eventually offers are made under the asking price and a back and forth begins. The buyer ultimately has the power to establish and stick to a bottom line.
- Buyers tend to feel that if the seller does not accept the offer the home will still be there for them down the road to purchase again, possibly at a lower price. The higher the price of the home, the more true this statement becomes.
Now compare that to what happens when a property is marketed via an auction or set offer due date:
- The seller put’s their Boston luxury condos on the market with a minimum bid and all offers must meet or exceed in order for the property to be sold. This acts as a price floor.
- The seller puts their property on the market and states all offers are due by certain date and time.
- With each passing day the auction or offer due date draws nearer, creating anxiety and a competitive environment for the buyers.
- Some will be tempted to present an offer before the offer date in order to avoid the competition.
- The seller is free to accept offers if they wish, and often do.
- If the sale does make it to the offer or autioon date each bidder drives up the price of the prior bidder.
- If any single potential buyer does not purchase the property at the offer they fear that somebody else will.
That is powerful. So think outside the box when marketing your Boston luxury condo, especially if you have a equity rich property which is best suited for an auction or a set offer date and time.
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