Art of Auction Pricing: Psychology Behind Auction Starting Prices

In this latest episode of Rethink Real Estate, host Ben Brady tackles one of the most frequently asked questions about our non-distressed real estate auction process: understanding the 'bidding to start from' price. This pricing strategy, meticulously refined over the last decade in North America by Harcourts Auctions, plays a pivotal role in enhancing property appeal and engagement. Ben delves into the nuances of this innovative approach, explaining how it successfully removes the barrier of price from the home. He outlines the challenges and regulations in North America, where advertising a property's price is mandatory, unlike in some other countries. The strategy involves setting a starting price that is lower than the market value but not so low as to only attract the lowest end of the market. This careful balancing act helps in attracting a diverse range of potential buyers – from those seeking value to those who are willing to pay more for a home they truly love. 🎯 Key Episode Highlights: • Inside the 'Bidding to Start From' Pricing Strategy: Its development and effectiveness. • Overcoming Price Barriers: How this approach enhances property appeal. • Broadening Buyer Appeal: Attracting both value-seekers and premium buyers. 👉 Essential Listening for Real Estate Professionals: Whether you're an agent, buyer, or seller, this episode provides deep insights into a key aspect of the auction process and its impact on the real estate market. Be sure to like, subscribe, and share your thoughts or experiences with auction pricing in the comments section below! 👈 🎥 For more insightful episodes on real estate strategy and marketing, explore the Rethink Real Estate playlist: https://www.youtube.com/playlist?list=PLynsSXgbRaMs-snZG6CHzX1Mxiyy9toMx 🔗 Connect with Ben Brady & Harcourts Auctions: ⁠⁠https://www.facebook.com/Benbradyharcourts⁠⁠ ⁠⁠https://www.linkedin.com/in/ben-brady-0b223517⁠⁠ ⁠⁠https://www.instagram.com/harcourtsauctions⁠⁠ ⁠⁠https://www.facebook.com/HarcourtsAuctions⁠⁠ 🌐 For more innovative strategies and industry revelations, visit Harcourts Auctions: ⁠https://www.harcourtsauctions.com⁠ #RethinkRealEstate #auctionstrategy #HarcourtsAuctions #RealEstateMarketing #auction #Business Planning #Podcast #realestatecoaching #RealEstateMarket #RealEstateTrends #BenBrady