BrokerageIndustry News

Pricing real estate for quick sale requires precision

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Greed, greed greed: hate to say it, but this is the emotion that drives sellers to price their homes too high, making it hard for you to sell them quickly. This problem is very common in a slow- to-average market. On the flip side, greed also complicates life for agents in today's hottest markets, such as California and Arizona. If you get 10 offers on a home the day after it goes on the market, the sellers are mad that you didn't price the home higher. The way to avoid pricing arguments is giving the sellers as much market information as possible early in the listing process before you name a price for their home. It's not enough to toss a few comps on the table and say, "Well, I figure your home price should be somewhere in the middle here." Before you get to the comps, make a strong presentation about pricing trends. Present facts about the economy, the number of people coming in or out of the market, the employment rate, changes in prices over the past year, and how long homes ar...