Humber/Ontario Real Estate Course 3 Exam Practice

In a strong seller's market, what should a salesperson do when listing a property for $493,500 and knowing an interested buyer might pay full price?

1. Should limit her marketing activity to that one buyer in hopes of securing a full price offer.

2. Is acting in the best interests of the seller client because, in all probability, she will get full listing price through this buyer.

3. Should aggressively promote the property to the entire marketplace.

4. Should delay promoting the listed property until the buyer has an opportunity to view the property.

5. Should inform the buyer the property may sell quickly and encourage a prompt offer.

6. Should host an open house to encourage multiple offers.

The correct answer is: Should aggressively promote the property to the entire marketplace.

In a strong seller's market, the appropriate strategy for the salesperson is to aggressively promote the property to the entire marketplace. This approach capitalizes on the existing demand, allowing the seller to potentially attract multiple interested buyers, which can drive up the selling price or lead to competitive bidding situations. By marketing the property widely, the salesperson can create a sense of urgency among potential buyers, which is beneficial in a seller's market where demand often exceeds supply. This not only enhances the visibility of the listing but also maximizes the chances of obtaining offers that could exceed the listed price, thereby ensuring that the seller receives the best possible deal. While it may be tempting to focus solely on the one interested buyer with the potential to pay full price, this strategy limits the seller’s options and does not take full advantage of the favorable market conditions. Additionally, informing or waiting for a single buyer could result in missed opportunities to secure a higher offer from other prospective buyers who may be willing to pay more due to the competitive landscape.