This past week, I have been having a blast selling some personal items on Craigslist. I learnt an invaluable experience about safety's do's and dont's on Craigslist. The selling became almost a dog fight at one point. Buyers scrambling to my home to be the first one there (first come, first serve basis). Then, I realized I have another opportunity to share about selling and pricing - especially for our real estate business.
Pricing for Sellers:
Whenever you sell (real estate or other stuff), pricing is key in obtaining your objective. Are you pricing your product to move it or are you just merely testing the water to see if there are takers? These two paths can bring very different outcomes.
Buyers know the VALUE:
Pricing is the motivation to purchase or not for buyers. Again, in my experience, even though some of the items I sold had minor defects on it, I priced it accordingly. For the items that were in immaculate condition, I priced it accordingly. When 10 people emailed me about that particular item, and 1 person asked if the price can be negotiated, very clearly the answer is No (multiple offer situations in real estate can still happen). Capitalize on high-end name brands (the same with sharing names of high quality builders on the homes you sell).
When sellers price it "correctly" and buyers see the value, the come in like a swarm of bees. I was so busy answering emails from my Craigslist ads, I thought I had a new career.
Did I price it for a bidding war? No. I was just selling stuff I didn't want and I had no clue about the demand out there. But I priced it to sell it to reach my objective. I checked the "comps" for the items. Within 10-15 minutes, you know if that item was justified at $50 or $100.
Again, these principles can be applied to real estate. Serious buyers who have been looking for a while (not just the first weekend) will see the value. They will buy - Yes, even in this economy. All real estate should sell given the right price. Do not use "this economy" as an excuse anymore.
Tip: Proper description is essential to a successful sale. High-quality mahogany stained dining table that can be used also as a conference table (two users, two possible buyers). Also bring out the creativity in you. Help the unimaginative buyers for possibilities in your description. I find these most compelling.
In our real estate world, agents do a poor job in :
- Describing their properties on websites
- Spending enough to know the smallest useful features of the house
- Making sure buyers' agents know about these features
- Taking photos to show the beauty of the home
- Capitalizing on the emotions that the home may bring.
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Systematic market approach to selling your home - an intentionally unique proposal that most real estate agents do not use. Find out why it is our differentiator and how past clients are on their way to the closing table with this proposition to home selling.
Contact:
Loreena Yeo
Realtor®/ Broker of 3:16 team REALTY
(214) 783-2210
loreena@loreenayeo.com
Super-serving Frisco, Plano, Dallas, McKinney, Allen, Little Elm, Prosper, Celina, Richardson, Dallas M-Streets, Dallas White Rock Lake area communities and other surrounding areas.
Copyright © 2009 by Loreena Yeo (3:16 team REALTY).
Experiences Selling on Craigslist Teach About Real Estate Selling.
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