What does 'sale by set date' mean?
- Thread starter Sove18a
- Start date
It creates urgency.
I don't know how often it actually works because I've seen a number say that and it's still advertised 2 months on, but the ad hasn't been updated.
I don't know how often it actually works because I've seen a number say that and it's still advertised 2 months on, but the ad hasn't been updated.
Sale by Set Date is just a copyrighted term used only by Barry Plant.
It is simply Private Sale but they've changed the name, as lil skater suggests, to create urgency so the vendor has finite time frame rather than the usual wait for an acceptable offer to come in.
Don't be fooled though, just because it says sale by set date doesn't actually mean it has to sell by then. I've made offers on properties with this method which have gone over the deadline as the agent tries to drum up other offers.
The key here is to always set a tight deadline on your own offers and threaten to walk if your terms aren't taken seriously.
It is simply Private Sale but they've changed the name, as lil skater suggests, to create urgency so the vendor has finite time frame rather than the usual wait for an acceptable offer to come in.
Don't be fooled though, just because it says sale by set date doesn't actually mean it has to sell by then. I've made offers on properties with this method which have gone over the deadline as the agent tries to drum up other offers.
The key here is to always set a tight deadline on your own offers and threaten to walk if your terms aren't taken seriously.
It's just a marketing gimmick then?!
I thought urgent sale usually means the vendor is desperate to sell because he/she has bought another property, is getting a divorce or has money problems, etc. This is something you don't want buyers to know this because you could potentially end up with low offers.
I thought urgent sale usually means the vendor is desperate to sell because he/she has bought another property, is getting a divorce or has money problems, etc. This is something you don't want buyers to know this because you could potentially end up with low offers.
Yep, just a marketing term.
It is also promoted by Ian Reid Vendor Advocacy (of 'Fatal Real Estate Traps Exposed' fame and owner of a nasally voice good for radio).
Not only that but it was a trademark of his (apparently now lapsed)
http://www.ipaustralia.com.au/applicant/total-real-estate-services-pty-ltd/trademarks/1134496/
The website at http://www.lawyersconveyancing.com.au/news/045_gazumped.asp has something to say about modified sales contracts that may be used
Not only that but it was a trademark of his (apparently now lapsed)
http://www.ipaustralia.com.au/applicant/total-real-estate-services-pty-ltd/trademarks/1134496/
The website at http://www.lawyersconveyancing.com.au/news/045_gazumped.asp has something to say about modified sales contracts that may be used