Open, Competitive, On-Line Bidding
| Hidden Bidding... |
The Offers an Agent receives are known only to the Agent and only that one Buyer- until the Agent chooses to inform the seller, and other buyers.
In between that time a lot goes on.…
An Agent’s priority is to first secure his commission, and so if a Buyer doesn’t want to pay a deposit, the Agent usually turns the bid away… without the Seller ever knowing. This happens regularly, because… the Agent receives his commission from the security of having received the deposit.
No Turks give Agents a deposit- never have- this is simply a ploy used with unknowing foreign buyers…
Or the agent redirects the buyer to a property where the commission is larger, like the 5-15% paid by developers.
Turks don’t talk to agents.
Turks distrust agents.
WILL NOT deal with agents
Buyers avoid agents- never see property listings.
More than one million properties at on-line exchanges- never visit agents websites...
Turks ALWAYS prefer to deal with the owner.
Past Five Years ...
85-95% of Real Estate Purchases in Turkey
from Buyers at
With Open Bidding, the Offers are posted online so other interested buyers can see them. There’s a reason for this….
And it's the same reason there are no prices shown on the properties displayed on the mytapu.com website, unless and until the first offer from a Buyer is received...
The key 'game-changer' is the psychology- the psychology of the pricing process is reversed from the onset. Instead of the process beginning with the Buyer making an offer at a discount from the Sellers asking price, the process begins with Buyer making an offer above the highest existing offer displayed ....
In other words, the price direction at the outset is reversed, increasing instead of decreasing- a subtle, and powerful change of psychology. See this process in action...
This psychology is subtle, but so effective.
The mytapu way, the property is not offered with a price. Instead, a buyer must begin thinking about what the price should be. And then enters a bid. And the prices then revealed to the buyer, are the prices set by other buyers, not the seller. Which means from the outset, the price direction is moving up, not down, and discounting is not an option, because the price shown is not an offering price from the seller, it is a bid from another buyer (!!!).
Beginning the bidding in this manner, without an offering price shown, removes from the Buyer's mind the habitual fixation of trying to get a bargain by discounting. This eliminates a great deal of time wasting.
More importantly, when there is no offering price shown, the buyer is forced to consider the value of the property to him or her, in terms other than price. The yield value, and the personal satisfaction aspects, for prestige, status, enjoyment, health, lifestyle, happiness...and FAMILY. These are the type of considerations that drive prices higher above valuation benchmarks.
And if there are loved ones involved in the decision making process, their persuasions and emotional pull and all the related factors, can be an added driving force towards a higher price.
Once Buyer sets their heart on buying a specific property, the Buyer is more inclined to put in higher and higher bids to succeed, when in a competitive bidding environment.
Displaying the prices offered by Buyers attracts random curiosity from other Buyers, which often results in a new Buyer having a closer look at a property, and entering a new bid himself...
Why are local Turkish buyers so confident in doing things this way? The reason, is because they can check all the legal, cadastral, title, structural, geographical, and valuation information in advance, by viewing the Appraisal Report, known as the Eksper Rapor on the property, at mytapu.com.
Why do Buyers Commit More Readily..?
How and why does the process succeed in committing the buyer? The Buyer commits readily because the risks are removed- the unknowns are clarified in the Eksper Rapor- something that is IMPOSSIBLE to do with an Agent. With the risks clarified the Buyer is more comfortable and confident to make commitments in advance, that require the buyer to make the decision to be the new owner of the property.
What are these Commitments? For example, providing a) proof of purchase funds, such as a letter of offer from a mortgage lender; and b) a non-refundable bid bond payable if the buyer withdraws after winning; and c) agreement to the terms and conditions of the competitive bidding procedures.
Buyers Commit to Buy in Advance of the Price being Agreed...Performing these actions in advance commit the buyer to a state of mind of expecting to own the property. And if a loved one is involved in the decision making process, the commitment pull is even stronger.
Open Bidding- For a Higher Price...! These are the simple reasons that competitive bidding processes so often achieve prices that are higher than first expected. The buyers have already made up their minds to be the new owners of the property, with only the price left to be decided, and so they are motivated to raise their purchase price bids in order to succeed in making their 'new home' dream come true!
The Digital Flow delivered by Digital Marketing...
creating the pathways to guide the Buyers, informing them and advising them along the way,
to their final destination... the reception at Sales & CRM for your property. Combined with additional networks and channels, the Digital Flow at mytapu.com, ensures the Seller will maximise the number of interested Buyers, and the sales price. The only on-line platform with the arrangements in place to handle Turkish property sales by open-bidding for foreigners is mytapu.com.
Selling by Open Bidding – Procedures & Guidelines
For more information about the procedures & guidelines for attracting buyers and selling by open-bidding for real estate property in Istanbul & Turkey
UK Help-Line: 00 44 1787 54 000 4
Chat Box below for more information...!
A ‘TAPU’ is a certificate from a Land Registry in Turkey that provides ownership and cadastral information about real estate.
Every property owner in Turkey has one – and that’s why we call our business ‘ my tapu‘…mytapu.com.