realestate.com.au - range of price - agents view point

see_change

see_change

Not asking about how buyers set the price range , but from the agents view point , how wide can you set the search function .

If you're aiming for a selling price range of say 1.8 -2.1 , can you set the Price range so that it comes up is someone searches from 1.75 - 2.5 or can you set it to one price range only .

Thanks in advance

Cliff
 
G'day see change,

Agents can set the price range as you see fit.

Also,Look at a few listings,right click page and view page source.

Press ctrl + X + F and put in 'price'

Thankyou btw DT for the tip re:ctrl + X + F.
 
I think your suspicions may be on the mark Cliff.

I've dug into the matter in the past and from the front end, it seems to me like there are ranges that become wider as the prices become higher.

$100k brackets up til around $750k then $250k brackets then quickly up to much larger brackets in the $1mil plus range.
 
I'm an agent (commercial) and use realcommercial....you dont put a price range in the back end. You enter a price thats used for searches and then you enter a price (or other text) that is to be displayed on the listing.

On the commercial side of things it isnt actively policed by REA at all...I'd say they'll only pull an agent up if theres a complaint by another agent. Which does hapen every now and then on the commercial side (not for prices but for other things)
 
You have a public price which is what everyone can see (500k plus) and then a search price which you can have whatever you want and can be even 200k plus.

However usually they will keep it around the advertised but slightly below, unless you are wanting 1M and the agent thinks the property is worth 700k then they will put a hidden search range of 700k.
 
Here's a screen shot of the back end.... Not a real listing, just a dummy one to show the fields
 

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devank said:
How do you come with that single price point (Using Cliff's example: 1.8 -2.1)?
Click to expand...

Using Cliffs example..

If you're aiming for a selling price range of say 1.8 -2.1 , can you set the Price range so that it comes up is someone searches from 1.75 - 2.5 or can you set it to one price range only .
Click to expand...

You cannot set a range just a single price. If you entered the 'search price' at $1.8m and someone did a search for $1.75m - 2.5 then the property would appear in the search results. If someone did a search for $1.9m - 2.5 the property would not appear.
 
see_change said:
Not asking about how buyers set the price range , but from the agents view point , how wide can you set the search function .

If you're aiming for a selling price range of say 1.8 -2.1 , can you set the Price range so that it comes up is someone searches from 1.75 - 2.5 or can you set it to one price range only .

Thanks in advance

Cliff
Click to expand...

As customers can only use the pre-determined search amounts for the maximum or minimum prices, it makes sense for the agent to enter a price in the back end that corresponds to one of the search fields. i.e. If you wanted $1.8-$2.1m, the agent would probably put $1.75m in the back end price field. This would ensure the property appears in the results when people search with a maximum price of $1.75m, a minimum price of $1.75m or any other search that includes that amount. This can also help to generate more enquiries, as people with a budget of $1.6m would also be using the $1.75m as their maximum price.

Some agents will enter an even lower amount, if they either don't think the property is worth what the vendor wants or specifically to generate lots of interest and enquiries.

Other typical "tricks" often used by agents is to classify a townhouse or unit as a house or to exaggerate the number of bedrooms.

This ad has the trifecta, as the advertised price of $1.9m is higher than the maximum price I selected of $1.75m. It is listed as a house instead of a townhouse and it says it has 3 bedrooms, when the 3rd bedroom is really only a study.

http://www.realestate.com.au/property-house-vic-toorak-117100523
 
Given that on re.com and domain , in an example of the owner aiming 1.8 - 2.1 the price ranges buyers can search for are 1.5 - 1.75 , 1.75 - 2 and 2 - 2.5 .

If we put in a price of 1.75 , someone doing a search of > 2 mill will not come up with a result , whereas someone searching from up to 1.75 will come up with a result .

Whereas an input price of 2 mil will bring up results if people search 1.75 - 2 , or 2-2.5 . Obviously you can put in a different price for display eg offers over 1.8 etc

As a " regular " user , I'll sometimes use relatively narrow searches to cut down the number of properties to a more manageable number .

Chris , is there any data on how specific people are when they do searches ?

Is it common for agents to put in a lower price in the search facility than they discuss with the owner ? If this is the case , then there is the potential for buyers in the owners expected price range not to view the house , while buyers in a lower price range , come in with lower offers and " condition " the owner to the agents view point. Is that a " standard tactic " ?

Cliff
 
devank said:
That is my line of thinking too.
Isn't it better to attract buyers who can afford more?
Click to expand...

But you also have to be realistic in your pricing . If your over optimistic , people will look at your house and look at similarly priced places and walk away .

Cliff
 
devank said:
That is my line of thinking too.
Isn't it better to attract buyers who can afford more?
Click to expand...

I would say yes but we have conditioned ourselves to add 10% to any plus figure or auction price out there.

Scenario 1 - So if you were looking at a 500-500k range going to auction you would think high 500s early 600s. This auction would flop if it was a 520k property.

Scenario 2 - So you advertise it 500k+ everyone goes it isn't worth 550k move on to another property.

Scenario 3 - So then you advertise it for 450k+ and people go I think it is worth more than 500k so lets go to the auction and the vendor sets reserve or 520k and it sells for 530k.

The first two scenarios everything thinks the vendor has unreasonable expectations of the price and move onto other properties and then you change the price and people think something is wrong.

Scenario 3 you get a crowd of 50 people with 4 bidders and it sells.

The property is worth what it is worth, if the property is worth $550k and you were there and interested in purchasing it would you let it go for $530k? I don't think so you would keep bidding until you go to what you think it is worth, if that means someone else thinks it is worth $580k and it sells for that much well they see more value in it than you do.

Try and sell me a plane and I would give you nothing compared to its value compared to to a pilot as I cant fly the damn thing and the cost for me to get my licence so all I would do is buy and resell so I need to make profit.
 
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