What if the buyer complain to the board that you simply inflate the price? Part 2
When the price is increased to RM375,000 and you modified the advertisement, there are some who thought that it was still RM350,000. They insist that you have “marked up” the price. How do you handle this situation?
The communication of price increase has been completed when it was told to you as the agent handling the property. You have two things to do:
1. If there is ongoing negotiation on the old price, you have to inform each and every potential buyers about this new development proactively. This is important, although they can straight away accuse you of inflating the price*.
2. If there is any booking fee received, you have to discuss this with the seller (NOT the buyer) that it is received and he has to make a decision to accept or reject.
Normally, when a booking fee is received based on the old price, the seller still can choose to accept the offer. He of course, can reject the offer at old price. Indeed, he can even reject the new price or for that matter, any price. It is his right as the owner NOT to accept any offer. And, he does not have to provide reason for it!!!
His advertisement (through you as his agent) is an invitation to treat, he has all the rights NOT to accept any offer. It is like when you apply to University of Cambridge but they can reject your application although you have fulfilled all the criteria stated in the Uni Advertisement for student admission.
*Tomorrow we will talk about being accused of inflating the price.