BrokerageIndustry News

In slow market, agents turn to creative pricing

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

Carlton Lund was skeptical when he first heard about a real estate marketing technique in which agents list a price range rather than a fixed price for a property. About a decade ago, Lund, an agent for a Prudential California Realty office in the San Diego area, attended a presentation about listing properties with a price range. The practice had already caught on in Australia. The U.S. real estate market at that time was "very lethargic," Lund said. "I think there are some similarities today to the market a decade ago." He recalled, "Initially, I was apprehensive of the concept. As slow as the market was, I decided to test it." A seller agreed to use a price range on a condo unit that was on the market for 93 days, and an offer came in within 48 hours. "That was like an epiphany for me," Lund said. Flash forward to 2006, and about 60 percent of the sales in San Diego County are "Value Range Marketing" transactions in which properties feature a price range. Sandicor Inc., a regional ...