What is the true definition of “Price by Negotiation” in the NZ property market. Can the listing agent take 3 offers to the vendor and start a negotiation process, thus giving the vendor an added advantage or do they have to deal by negotiating fairly on a first come first served basis?
“Price by Negotiation” is just a pompous way of asking for offers, without revealing the asking price.
It is a most irritating method of marketing as, from my experience, most people lose interest in a property if they have no idea of the vendors price expectations. An agent can take as many offers as he likes to the vendor and the vendor can deal with them in any order they like. It becomes a bit of a silent auction in the end and can be very frustrating for all parties, unless the agent has a good control over the situation.