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Nobel Prize winning concept for sellers

Posted by Wilsons Real Estate on 06/06/2016
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nobel-prize

If you are like most sellers, the thought of selling your home can be daunting. Selling your home is not usually something you do more than once or twice in your life. So how do you know what to expect or more importantly how to sell for the highest price?

When it comes to getting the highest price for your property, there is a tool that will optimise your chances of success.

The Buyer Price Declaration is a concept developed by economist, Sir William Vickery – one of several ideas that earned him the Nobel Prize for Economics.

This negotiation tool is demonstrably better than a public auction for sellers. With the Buyer’s Price Declaration, no competing buyer is privy to another buyer’s offer. This means that each buyer must offer their highest price without being influenced by what somebody else may have offered.

At a public auction the auctioneer declares the property will be sold to the highest bidder.  As a seller you want to sell for the highest possible market price. You don’t want the highest bidder; you want the highest bidder’s highest price.

The Buyer Price Declaration in a silent auction environment flushes out the highest price the highest bidder is prepared to pay.

On most occasions using the Buyer Price Declaration with multiple offers, you get tens of thousands of dollars more than you would at a public auction. This sale negotiation process also guarantees you won’t fail publicly, like you do at auction, if your price is not reached.

To explain how the process works; each skilled sales person negotiates the highest price from their buyer, with a signed Buyer Price Declaration. It is then placed in a sealed envelope and kept confidential. It is only opened along with all other sealed offers in the presence of the seller.

Few agents know this tool and even less understand how to use it.

If you are thinking of selling and would like to get the highest price for your property, contact us and we will be more than happy to provide you a free no-obligation home appraisal.

Article written by Paul Kounas

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