When a home goes on the market it must be the most competively priced property in an area. Common sense, right? But, what if it doesn't sell right away and then other properties in the area go on the market? And it isn't the most attractively priced property in the area, anymore?
A realtor should be continually regrouping with their seller. How many showings have there been on the property? What type of feedback are buyers giving about the property? Have there been any offers on the property and what do they look like? Is it time for another price reduction? Is it time to offer incentives to potential buyers? Should the listing comments be rewritten? Is the property being effectively advertised, getting the exposure it needs?
In selling a home, it is important that a realtor follow their marketing plan. And, they must determine if a bit of refining is necessary to adjust to what is happening in the market.
A realtor should be providing a seller with info about new properties on the market, properties that have gone under contract, and properties sold in their area. If the house hasn't sold, and the seller is in a position to reduce the price, they may want to seriously consider another price reduction in an attempt to place them back in position of most competitively priced property in the area. And, they must continue to reduce, until the property gets sold!
This article is authored by Sandy Shores, Brevard County Real Estate
Melbourne Florida Real Estate News
that for you
Sandy, I like very much your bestest term when it comes to price. So true, but if you register that phrase I guess I will have to keep sending you royalties : ) Will tens and twenties work for you?
Thanks Sandy. You are so right. As a listing agent we should be forever trying to make sure that our listings are competative. Guess our biggest challenge is conviencing our sellers that their home is not worth what they think it is.
Boy I hope people pay attention to this post. It is important to look at the competion when you maarket a property! Especially if the seller want to sell.
Listing agents need to watch for new listings and preview them as well. It just slays me when an agent lists a home in a neighborhood where I have a listing and they have not previewed my listing.
???? Isn't this the "sticky wicket" Sandy !! I spoke to a man last week, I told him I couldn't sell his lot at the price he was asking... another agent listed it! (at his over-priced-for-this-market-price) Well I gues I could have listed it--- but it won't sell !
Price is everything, and you are so right in mentioning that we need to continually comparison shop and inform our sellers, and adjust our current listings if necessary - Thanks for the great post, Sandy!!
Sandy- It really is a simple math problem. If a certain quantity of homes are sold in a certain amount of time... and there are several homes priced below a given home... well... the lowest price tends to sell first. It's not a fun conversation to have with a seller- but it's very much the reality in today's market.
Hi Gary, Thanks for catching that for me...it's nice to know someone is watching my back. Sorry, there won't be any royalties on that one! -LOL
Hi Robin, We must be sure our listing prices are competitive in comparison to what else is on the market.
Hi Joan, So true - Looking at the competition is key in pricing a property!
Hi Rich, Great point, I agree!
Hi Mary, We must remain vigilient in watching as new listings come on the market to make sure ours is still competitively priced!
Hi Chuck, I think that you're right - it's not a fun conversation to have with a seller, but regardless, it must be one that we have.
Right you are Sandy. You have to keep ahead of the market or you are behind it.