Does no price property marketing drive you nuts?

Want to know how you figure out a ballpark price range in just a few clicks?

Read on!

Every property listed on a major real estate website has two prices – a displayed marketing price (or, in the case of no price, it will say something like Offers or Expressions of Interest) and a hidden back-end search price.

The back-end search price is the one that is used when buyers apply filters to view properties within a specific price range.

And you can use it to work out roughly where a property advertised with no price might sit.

All you need to do is enter a search range.

You’ve seen a new property advertised as Offers, and your max budget is $800k?

Then using the filters set $800k as your maximum price, and see if it appears. If it does – brilliant! It could be in your range. 

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If it’s not there – boom – that tells you it’s out of your range.

Simple!

Feel like getting clever? Then play around with different minimum and maximum price ranges to better understand where it might land.

If your agent is savvy, they will have set the back-end price around what they think the property might sell for – but typically at the lower end of the estimated range. So if for example, a property is expected to sell somewhere in the $1.3 to $1.4 millions, they would likely use $1,300,000 as the search price.

If they’re not so clever – they might set the price too low, such as $1 million, which means that they will attract buyers that might not be able to afford the property or worse, end up underselling it.

A good tip is to email the agent and ask for comparable sales evidence, that way, you can gauge for yourself what you think something is worth.

No price marketing isn’t used to p*&s buyers off; it’s there to prevent the risk of over or underpricing a property. A property is worth what a buyer is prepared to pay, not what the agent or seller thinks it might be worth. No price is one way to find that out. Auction is another.

Try it. It just might make your property-buying journey a whole lot easier.