Here are some ways that property agents sell very expensive apartments.
Case 1
The buyer went to view some unsold units. The property agent said that the price was $2,000 psf. It was way too high, but it was an expensive condo facing the sea. The buyer could not afford it. The agent said, "Let me show you a unit where the developer has not yet raised the price. It was $1,800 psf (still too expensive). The buyer nearly bought it to avoid the price increase. She could not afford it, but this was momentarily forgotten.
Case 2
The buyer was shown a condo unit in an expensive development in Upper Thomson Road. The price was $1,500 psf. It was about 50% higher than older developments down the road. The agent, who was a friend of the buyer, told the buyer that she had a unit with an excellent view of Pierce Reservoir. The buyer almost bought the unit for its excellent view. She did not realize that almost all high rise blocks have excellent views of reservoirs, forested areas or of the sea.
Conclusion
The property agents are trained in marketing. They know how to catch the weak points of the buyers. They will bring out an "exclusive offer", when it is not really exclusive. The price may be inflated, but the buyers generally do not know the difference between $1,000, $1,500 and $2,000 ps - so long as it is a "discount".
Case 3.
ReplyDeleteA potential buyer is interested in a unit, but all good facing units are taken up, the agent approaches him to say another buyer has booked one unit too many and want to let go one, the buyer is eager, he takes over that booking, not knowing it's the agent, who gets a special discount from the developer, is selling his booking to him.
Thus the agent makes money out of his client twice.