BUYING AND SELLING AT THE RIGHT PRICE!
Importance of finding the Right Price
“Right price” is the most important component of an investment, especially when investment is harder with volatile market conditions. #Turkey is surely a beautiful country with its nature and history. More to that is its secular democracy which appeals to all visitors from around the #World.
From 2014 to 2021 prices in Turkey have been mellow and were growing steadily. Both investors who were buying, and investors who have bought and then selling were happy about the prospect and the returns.
Since December 2021 the view has totally changed, and prices have shot up to an unprecedented level. Where sales happen, buyers ask “Have I overspent?”, and sellers ask, “Have I undersold?”. This is mainly because the negotiations begin from extremely high prices and to determine the agreed price is harder under these circumstances. This is why finding the right price is key.
Right Price’s positive effect on results
Let’s look at an example. On our portfolio, we have a property in #Mersin for sale at 5.000.000 TL where we have exclusivity, however as experts, we believed the property was worth around 4.100.000 TL. When we first met, the owner insisted his property was over 6.000.000 TL but he would accept 5.800.000 TL. The huge difference there is obvious!
Most sellers are new to the current market where all goods and property increased rapidly in price. After long hours of discussion we have agreed to start from 5.000.000 TL.
We did not receive many calls and website visitors added the property to favourites just to be able to track the price. After 4 weeks we shared details of the marketing process and discussed the challenges and objections potential buyers came up with. The seller was saying “I have dropped the level having listened your advice, it is your job to get the buyers to this level.”
Customer is always right, however having spoken further we have agreed to bring the property under the 5M TL psychological barrier to 4.750.000 TL and received our first offer well under this level at 4.000.000 TL.
Reminding our first valuation we sat with the owner bringing up the property’s Dollar value when bought and at the time of the negotiations and convinced him to drop to 4.250.000 TL. This was key in making the buyer increase to the requested counteroffer and the deal was done after 7 weeks of marketing.
Conclusion about the Right Price
· It doesn’t really matter where negotiations begin. Where it ends is the key!
· To determine the right price is very important and both parties need to be sure of this. Valuation by experts is a must!
· Then it is our job to bring the right buyer to you to achieve the targeted level of sale. This is where all parties will be satisfied!
At MARE Investment, we have an extensive database of previous sales, and we are totally aware of the up-to-date market conditions. Please contact us for a non-biased, free of charge valuation of your property and do not fall in the despair of waiting long months with an overpriced AD while you could sell your property at the right price and use your capital in other lucrative investments.
You can reach us on +90 530 020 5369 via direct call or WhatsApp. You may also leave your details with a brief message, and we will get back to you right away.
