THE ART OF PRICING PROPERTIES


Selling your home?

When it's time to sell, you need a systematic approach to pricing your property. You see, the biggest mistake that people make when selling their home is to price it "emotionally".

In fact, when people decide to sell, emotions are usually running high. More often than not, we hear sellers say things like: "but, we love the purple walls", OR "gosh, we can't even hear the freeway out back, anymore", OR "but, the kids loved crawling through the hole in the fence". 

That's not to imply that memories aren't an important part of turning a house into a home. They certainly are - when it's YOUR family living there.  When selling, you've got to see things through the buyers eyes in order to maximize your sales price.  Unfortunately, prospective buyers won't pay extra for somebody else's memories.  

Instead, buyers are interested in making their own memories. They will look at your property from their perspective. And, they'll be looking pragmatically & critically.

After they've looked at various properties that meet their practical requirements (number of bedrooms/bathrooms, size of yard etc.), they'll short-list the ones that appeal to them (colours, floor plan etc).

Then, they'll compare the listed prices. That's where the rubber meets the road! 

If your list price is significantly higher than similar properties - which property do you think will command the buyers' attention and elicit an offer? Buyers will be asking: "How long has it been listed?  Why hasn't it sold?" "Why would I pay that price when I can have a similar, equally acceptable property for less?"

Now, you might be thinking "even if my price is a little on the high side, they can always make an offer, can't they?"   Sure.  In fact, there was a time when "building in significant negotiating room" was a common and expected practise.

But today, it's different.  Generally speaking, buyers today simply won't invest the time going back and forth, back and forth, with offers and counter-offers.  Actually, it's more likely that they'll just walk away rather than play that game. Why? Because the internet has changed they way buyers educate themselves regarding property values. Before viewing any properties in person, buyers have typically done some pretty thorough investigating online. They visit a host of real estate sites; they view the photos posted & make their value comparisions. As a result, before a buyer even steps into a realtor's car these days, they are very knowledgeable about market value in any given location.   Often, they are already up-to-speed on which properties are "priced below market"; which are "market-priced" and which are "priced over maket". And, you guessed it - those that are priced over-market will be ignored.

So, how do you price your property to get the best price possible and to beat out the competition?

* You need an agent who will provide you with a pragmatic approach to pricing.

* You need an agent who is adept at internet and email marketing.

* You need an agent who employs hi-tech, non-traditional marketing systems able to get information about your property into the hands of buyers - 24/7.

* You need an agent who can take the photos that will flatter the home/property.

* You need an agent who can give you practical tips on improving buyer appeal

* You need an agent with a broad geographical experience who understands what attracts buyers from outside the area.

* You need an agent with a flexible marketing plan who will work with you to provide a service that meets your individual needs.

** But, most of all you need an agent who will tell you

"what you NEED TO KNOW - not what you WANT to HEAR".**

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This is not intended to cause or induce breach of any existing agency agreement.