Paul Wrigley from Ray White Toronto is seeing first hand the damage occurring to seller’s sale prices by bait pricing.

Sale methods being used by same agents in Toronto and surrounding suburbs such as ‘offers over’ and Auctions are costing sellers thousands of dollars.

Quote the Price You Want not a ‘Bait’ Price

Gary Pittard from the Pittard Training Group claims it sounds good in theory – quote a low price to ‘lure’ purchasers in, and then work to get the price up from there. But if this is such a good idea, then why do NO negotiation EXPERTS favour this method.

Bait prices trap sellers as well as buyers.

Never allow an agent to use a low false price to ‘bait’ buyers. If you use a price range or guide, offers over, or a by negotiation strategy, you are encouraging buyers to offer you less. Your ‘bait’ price will ‘hook’ you more than the buyers! Sure, a lower ‘bait’ price may attract more buyers but it attracts the wrong buyers. The lowest price the buyers see will become the highest price they want to pay.

And never tell anyone – including your agent – the lowest price you will accept because that too can quickly become the highest price you will get.

This article is adapted from the seller booklet, How To Get the Highest Price for Your Property. To have a complimentary copy home delivered, please contact our office on 4959 6577.