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Any Idiot Can Give Their House Away...If Price is All that Matters - What do they need us for?

This is yet another follow-up to the topic of "Is Price Always the Best Answer to a Non-Selling Listing?" that I started last week. You can read more HERE and HERE.

Real estate agents are quite fond of the philosophy that "Price conquers all," meaning that if you price a listing low enough, it will sell regardless of the challenges the property presents.

Fair enough.

But I must ask. So what? Is that our job as professional real estate agents to simply recommend a price low enough that any piece of junk will sell?

Or, rather, is it to help our sellers get the highest possible price in the shortest possible time, whatever a realistic price and time may be? If our job is to simply sell it fast, at any price, well, shoot, just about any idiot can give their property away! Isn't that why homesellers hire us in the first place, to do a better job for them than they can do for themselves?

Real estate agents are always bragging about their listing expertise and defending their commissions by claiming they MORE THAN EARN THEIR FEE. Uh, well, I have to disagree if the only solution we offer our sellers is to price aggressively. There ARE other things a seller can do to maximize his sales price, and it's our job to 1) know what those things are, and 2) be willing to share those secrets with a seller and 3) help the seller accomplish those things. (and those were the topics of the previous blogs linked to above)

What if you went to your doctor with a pain in your leg and the only solution he offered was to cut the offending appendage off? Yes, that would cure the pain in your leg, but maybe there's a better way that involves a little more effort on his part (and yours). Or if your plumber simply removed the toilet that wasn't flushing instead of figuring out how to repair it?

Of course, if I request that the doctor amputate my leg, or that the plumber tear out my toilet, or that my Realtor simply give my house away, well, then, they have my blessing. But in most cases, c'mon, our clients deserve a little more effort and expertise than that, don't they?

I'm not sayin' that price isn't important - of course it is. But if we keep preaching that "Price is the ANSWER!" to the exclusion of any other effort on our part, we may end up preaching ourselves out of a job...deservedly so, I might add.

Posted by Jennifer Allan-Hagedorn, Author of Sell with Soul on 06/29/2009 06:41 AM

Comments (168)

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Originally posted at: Selling Soulfully with Jennifer Allan: Any Idiot Can Give Their House Away...If Price is All that Matters - What do they need us for?

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168 Comments on Any Idiot Can Give Their House Away...If Price is All that Matters - What do they need us for?

JUN

2009

Great point. . . got me wondering what areas on my service I could improve and replaced it by a price reduction. .more exposure will be the answer. . .but eventually they will pay only what the home is worth, not a penny more.

Price it right and it will sell, is my belief. The skill of pricing has been replaced by the touted "marketing" strategies used to acquire listings. The seller has no knowledge. They are SOLD on marketing strategies.

Buyers agents can price too and when it's clearly overpriced, . . . . . we may not even look.

"What do they need us for"?????? They need us to price right, evaluate offers, qualify buyers ability to close, evaluate terms and conditions sought, monitor loan process, negotiate inspections, repairs, monitor title work, advise the seller on closing procedures, etc., etc., etc.

Some believe that the real work and our real value begins when we have a contract.

Great point! Now only if folks can get over the price of an inspection. I get so-o-o-o weary of the calls, "How much do you charge for an inspection."...

Your building consultant for life in Nashville, TN

Fernando - but the point is that we can help our sellers make their property WORTH more by understanding what makes a property appealing to the market (both buyers and Realtors) and knowing how to help make that happen.

Lenn - There are two approaches to pricing a home to sell... the first is to price the home "as is" which is what most agents do. The other is to help the seller improve the property (and make sure he understands the importance of accessibility and the first impression) so that we can price it a little higher. In this market, substandard or even average homes do not sell... but great homes do.

Michael - funny, I'm writing a blog as we speak on that topic... sorta.

Jennifer...

After all is said and done, the product must stand on its own, and that is inescapable. Pricing is part of the strategy to get potentials over the threshold, and nowadays, it is the key factor,

I would agree that PRICE isn't everything ! Think about all of the times you've seen incompenent agents put new listings in the MLS with the phrase"Photo Not Available" or used a $4.98 Digital camera that actually devalues the property !

Michael - Exactly! There's a whole lot more to selling a house than PRICE. If Price is all that matters... we're charging WAY TOO MUCH for our services.

Richard - Getting them over the threshold is one thing... helping fall in love is something very different.

To focus on price only is analogous to saying all you need to know about raising a child is how to get pregnant. After the birth there is a lot of work to do.

Joe - Great analogy!!

Jennifer, I have found it all depends on their specific needs. First off I agree marketing is key. Most Sellers are not willing to just price low, unless they are facing foreclosure, divorce, relocating, or have another home that they really want to move into that they fear they will loose.

There are a lot of agents out there that will do anything for a listing- even let their clients overprice and have their home in poor condition because they fear they will upset them.

We have a stager on our team and pay her consultation fee on homes that need staging because they don't show well.

Home selling takes a recipe and saying it is all about price is like saying you can make a great meal with just a single ingredient.

Jennifer,

Our marketing efforts make a HUGE difference. I recently looked at photos and a video of a very distant, non-NJ home that had had no showings. Shared my thoughts based on what an Internet buyer would think. First, a stager is critical (and AR provided a name of one in that area!). Second, there is no photo of the kitchen, which has a fireplace in it. Yes, it needs updating but the bone-structure is wonderful.

Perhaps a price reduction is required too, but I pointed out that staging, removing wallpaper from the foyer, hiring a professional photographer and improving the Internet visuals was the most important first step. Sure cheaper than the $100K reduction the listing agent just suggested...

Jennifer, I wrote an article along the same line not too long ago. Pricing in today's market IS the key factor in selling, no matter how you slice it. That said, pricing alone is NOT going to sell the property. If you priced it at $1, but no one knows about it, is it going to sell? No. That's why marketing is important, too. Time is the 3rd factor in the equation. Given enough time, anything will sell, at any price, as long as there is at least some marketing going on.

As Lenn stated, there is much more to our "jobs" than suggesting a price for the home. Yes, we can make suggestions on what the seller can do to possibly get a higher selling price, but it's still their decision whether or not to do them. And our job is to get the top dollar for their home only IF that is their primary concern. If the seller needs to sell Yesterday, then our job would be do move the property as quickly as possible. Getting "top dollar" would be a distant 2nd. In short, our job is to fulfill the needs/wishes of the client, not simply to market for the highest possible price.

Jennifer- I tell my clients that location and condition determins the price. If they can't bring the condition up to the standards of the competition, or if the location isn't good, then the price has to be adjusted. It's my skill at determining how to adjust it that they pay me for. And sometimes I adjust the price up from what they expect!

While many have told us that we must now be consumer centric, most agents don't have a clue what that means. We need to break down the skills and show the consumer we can meet their needs... and those needs may include things other than price alone! We need to stop and listen to the objectives and goals of the sellers and buyers. It is not always about the price.

I agree with your statement - If the house is LOW enough, any house will sell. Hence, why would the consumer need us?

But the key here is not to give your house away. Hence, we need to find that tipping point where price = value. That's WHY the consumers need it.

If it is just the price, then any house will sell. I agree with that. Any FSBO will sell - if that is the case.

Yes, that is true the home is low enough we do not need a Realtor. The consumer still needs a Realtor to ensure a smooth transaction. My investors allowed me to list his home because he he three people not qualify in a row. We have the home in escrow and the buyer is fully qualified.

In the last 18 months, probably 90% of my listings hired my home stager. The ones who didn't, didn't need her - their homes showed well already. At least 90% got to know my handyman. The ones who didn't were handy themselves. At least 90% invested at least $1000 in their home before we listed it, at my recommendation.

Not one of my sellers was home during showings. Not one insisted on unreasonable notice for showings or imposed restricted hours for showings.

A huge part of my service to sellers is knowing what they need to do to get their home ready for market, having the courage to share that information with them, and having the human resources on call to help.

I never price a house until a day or two before we hit the market BECAUSE my sellers work their tails off getting ready and it DOES make a difference in the market value. Or, whether or not the house will even sell.

Our sellers have far more power over the market value of their homes than they (or we) give them credit for. And it's our job to make sure they know that so they can make an informed decision.

The really trigger should be is the price fair. If you want to dump the entire inventory, yes, drop your pricess lower than everyone else. Then you don't even need the listing agents. Just $500 to pop it in the MLS with some skimpy service, then your off. My business is based on relationsips and value. I get paid fairly, but I pour a lot into my people and the transactions.

I think the most important thing we do for the sellers is help with pricing. Typically sellers want to price high because they are emotionally attached to the home. I don't know too many agents that think price is the only factor to selling

I think getting a buyer interested in the property is just the start of it all. The seller still needs help with showing, paperwork, negotiations, and getting it closed. A lot of the pricing they can get online by checking what other homes have sold for. Pricing is just a small part of what a full service Realtor provides.

Aaron - actually, I hear agents say that all the time (that price is the only important thing). I'm not sure if they've really thought thru that mantra because it doesn't say much about their own listing skills, and that was the point of my blog. To open our eyes to the importance of the OTHER things we do to earn our commissions!

Rob - I agree 100%. Hey - did you get my email the other day about the Summer of Soul?

Larry - As it should be...

Good photos (GOOD ONES not weak) will sell a correctly priced house faster than a price reduction, in my opinion!

I just got an expired listing where the agent had a HIDEOUS head on shot of a long ranch home. Long and narrow, lots of grass, and you could not see the details of the house. I don't have a before photo, but the sun was behind the house so the house was dark and in shadows, and the garage is the most prominent feature in the other listing. I got down on my knees in a flower bed to take this one. It is 10x more appealing than the expired one. Sometimes you have to actually WORK to take a good photo, and good photos will draw eyeballs on the internet.... and hopefully sell! Here is my photo. Hope you don't mind the photo in your comments Jen.

Erica - Bravo!!! That's one of my favorite parts of listing a home - taking dozens and dozens of photos to find just the right five or ten... yours is GORGEOUS! Wish you had the original...

very few sellers want to take those extra steps, it is way too much trouble to remove ugly wall paper or replace yucky carpet. They will take a 10k price reduction instead of spending 2k on upgrades.

A comprehensive analysis needs to be done to identify demand, price and condition, with the latter almost never being touched in any kind of systematic fashion apart from home staging, of which is only one leg on a 3-legged stool.

Michael - I disagree - or at least, that hasn't been my experience. I've rarely run into a seller who isn't willing to invest in their home, if the concept is presented properly and respectfully. The biggest piece of the puzzle is having the "staff" on call to help them do it. If you just tell a seller that they need to 25 things and send them to the phone book, it won't get done - no way. But if a listing agent takes control of the situation, he or she might find him or herself with - egads - a marketable listing!

Great points, Jennifer. If the deal is going to work, A Realtor and their sellers must work together as a team!

Listings differ from one to the next. You have sellers who will be attentive to staging, marketing strategies, etc.

Then you have sellers who do not give a rat's #$$, and they're not going to lift a finger before during or after. Now that's a prime example how price is everything.

You can talk about marketing all you want, but if the BEST photo you're going to get is the one with only twelve socks on the floor no matter how hard you try to change that, then price is everything.

And as far as what do they need us for: they need us to get them through an escrow!! We could have the property listed ultra-aggressively to try and get an accepted offer, but we still need to get the sellers through escrow. And depending on circumstances, that could be quite a bumpy ride.

In my area Wal-Mart has the best prices but it's a love/hate relationship. You hate to shop there but you love the prices. Also, the fruits & veggies tend to not be so great.

Homeland on the other hand is much more expensive but the fruits and veggies are the best and worth the extra money.

So I guess it's about quality -vs- price. But wait, the same could apply to real estate as well. Yes buyers want a "deal" but maybe the higher one is the better deal when you compare apples to apples.

Good stuff Jennifer! Happy Monday.............

Jen--me too! If I had it a year ago, at this price, it would have sold.

This is a classic example of "which came first, the chicken or the egg?" scenario.

We simply cannot ignore the fact that price sells... not just houses but any and everything! It doesn't matter how great the marketing is or how wonderful the product (house) is if it is priced out of line with competing products.

We view our job as a continuum of services rather than a set of individual services. Our PowerListing Program depends on a series of actions with each dependent on the proper execution of the others. Some of the actions are completed by the seller while most are done by us.

We educate the seller on current market conditions so that he knows what price range his property falls within but where his property falls in the range is dependent on a number of factors... not the least of which are CONDITION and FEATURES.

Once the seller has done all he can (or is willing) to do to prepare the property, we help him price it accordingly. {A 5 year old Lexus that has been poorly maintained will not sell for as much as the same model that is in immaculate condition and has all the bells and whistles and the same is true of houses.}

One of the subsequent steps is the marketing. Agents differ in type, location and extent of marketing. Some simply put it in MLS with one pic, others add several pics, others add VT, etc. etc. It is important to get the listing in front of as many potential buyers as possible and to present it in a manner that causes the buyer to want to investigage further.

Regardless of the property or the marketing of it, if it isn't priced correctly it's going to be an uphill battle to find a buyer... that's just reality.

So, which came first? The chicken or the egg?.... and does it really matter?!

Ralph - I agree that a great deal of our value is in getting from contract-to-closing... but the public doesn't see that - they just hear us shouting about PRICE instead of the other pre-contract wonderfulness we should be bringing to the table.

Jennifer absolutely! It takes a mulitude of expertise to sell a home including pre-inspection, staging, proper photos and virtual tour and knowing how to get the most exposure possible (marketing). Marketing wisely is the key. Price is important in our market here in PHX but it's not enough...and never has been. We are a full service firm and have been for years and years.

Thanks for getting Monday going with a bang!!

Right on Jennifer. I've watched the trainers in this industry concentratemore every year on training Realtors to grind sellers down on the list price and grind them to take the offer without any consideration for negotiation.

The business becomes all about us when our duty is to the Seller.

I so agree! I took a group of agents from my office to visit one of my listings, and everyone recommended lowering the price below $200,000 so it would sell fast. It was listed at $218,500, and my sellers didn't have to sell. It wasn't long before we had a contract for $210,000 and were all very happy! The other homes for sale in the neighborhood are also very glad we got that price.

It really is the right price that will sell a home. There may be many leading factors to get to the right price, but the nicest home with the best staging and marketing still may not sell (or appraise) if not priced right.

But I think what you are saying is that some agents simply focus on pricing to sell (or a low price that will sell) without the extra effort or thought of helping their clients with proper presentation of their home. And without the effort of great marketing.

You are right. We have to think of much more than price. We have to think of how to get the best price. It is our job to help our clients prepare their home so that they can ask and get the highest price possible. It's also our job to make sure we market their home effectively in order to portray the home's correct price.

And as many others have already said, our job is full of other details that give plenty of reason for sellers to hire REALTORS®. It's not just about pricing, staging, or marketing

Love the post and listened to your audio. The theme is right on the money and makes sense. I have seen a home not my listing , but I told the seller you are priced too low for this neighborhood. They raised the price and sold . This is after being on the market almost 8 months

It's called a documented comp. We are here to educate and assist our Sellers and Buyers by presenting them with evidence of our knowledge in the form of a CMA...

Agents not only need to price it right, but they need to market it right and offer suggestions for why it may not be selling! (I have the advantage here of knowing a few of your war stories, so I know exactly where you are comming from Jennifer!)

Yet another great post, and congrats on your 48th feature!

You know I'm with you on this, JA! Obviously accurate pricing is important, but it's up to us to give our sellers the right tools and information to get their best price.

And if I may expand on what Ann Allen said in comment #35...not only are the other properties for sale in the area going to be happy to see a home sell for a good price (as opposed to a bargain-basement price) but the other property owners who aren't on the market are getting weary of seeing their property values plummet as a result of low-low pricing, too.

(congrats on yet another well-deserved feature!)

Jennifer,

Let's see if I can explain this so it's understandable:)

It really depends on the situation and the motivation of the seller. Of course we as listing agents could shower them with all the marketing we can supply and all the advertising we can supply and that we have all these buyers lined up. I just try to be honest with them...show them what I plan to do and how I'll do it but I cannot guarantee that it will all work. Of course I wont say...just sell it at the lowest price you can and stick it on the MLS. In truth...most times in my area...that's usually the way it will sell....the co=op agent will end up selling it...this will eliminate the chance of having both ends of the deal. I'll also tell them right up front that if a buyer does contact me...I'll make every effort to sell it to them but won't stand in the way of the co=op agent.

In the end most properties in my area might be vacant and generally the price is adjusted until the market reacts. Most sellers need us to tell them this if they priced it too high with their last agent and want to know why it isn't selling. I think it's more about them not having time to negotiate...handle inspections...appraisal issues and title work coordination....I'll volunteer all my help to gather that stuff for them to make it more convenient for them...my motto is to get them the best possible price...in the least amount of time with the least amount of inconvenience to them...usually 2 of those 3 objectives are what they are looking for...if not then I'll aks them what they need me for.

I'm glad this subject came up. I have a wonderful listing that is well maintained and shows very nicely. Well, I have buyer agents calling me left and right. Wanting to know how low I'd go. When I told them how I justified every penny, they would point out the significantly lower priced foreclosure around the corner. Now, I have to tell you, this property is missing the kitchen. NOT just appliances, the whole kitchen. The counters, the cabinets, the whole kit and kaboodle. How can you compare? You don't have to do a thing to mine! When is the decline going to stop? When we are selling for a $1 ? Geez.

I'm a big fan of 'the lowest priced isn't always the best deal'. There are quality hunters out there too.

Jennifer- I agree 110 percent. Great post as you raise some good questions. I do agree that price is paramount in this market. And one skill for an agent is to recommend a reasonable price from the beginning, do not over-promise and under-deliver and do not "buy a listing". But another skill is to make recommendations for a house to show better, make it easy for access, take great photos, do extensive marketing and so forth. Obviously those skills can maximize traffic which in turns maximizes the potential to get that best deal for the highest price and best terms. Price is critical but consulting to get that best deal possible is critical too. And of course, making sure the deal closes too once a deal is accepted is pretty darn important too. I do agree though that once someone does price a property below market value chances are pretty much any listing agent can get that house sold ! Still, even in that case, the seller would still want an expert negotiator and navigator for the deal too. I am beginning to ramble... Hope all is well with you !!! : )

I have found that after we advertise in the Eskimo newspaper, re-take the photos of all the rooms with wood panelling, hold the house open once a month for 6 months, add the seller's pet phrase to the marketing remarks (close to highways! like that is a selling point), wait for the foliage to hide said highway, and a dozen other things, that the price has to be addressed.

Once it is priced right, it sells.

No, our job is not to give the place away, but an overpriced listing cannot sell with charisma, enthusiasm, display ads, or hypnosis. We get the highest price through high exposure, smart negotiation, and sincere advocacy, not by hawking a sticker price the buying public find unattractive.

If an agent has skill they WILL price it right.

If an agent has skill they WILL recommend and be honest about what needs to be done to sell, whether staging, removing wall paper or whatever.

I have an excellent marketing plan but if it is not price correctly it will not sell no matter all the other things I have done.

I have always heard "Even extraordinary amounts of advertising can't sell an over priced listing" If the comps set the market and the buyer is priced over that - what else can the agent do?

When I get an expired listing, my thought is, now we will see if it was the price or the marketing. If there is an offer to be found, we will bring it. I tell my clients, I don't support market deterioration through price slashing. Market it at a fair price, in appropriate condition and let the market do the rest. Yes, even in this market.

I'm usually working with someone who respects my opinion, too, and that is the key.

So that's what the agents mean when they say the price is everything... and take a listing way over the price it should be, not low, not dirt cheap, just right. I have two posts on draft mode about couple of the issues talked about here. Also, we have lost more listings lately for being honest and realistic than ever before. The $$$$ figures and sellers beliefs of the value of their house has steered them to a different direction. ~Rita

Jennifer, I don't have anything new to add to all these terrific comments. In my market, price is the most important factor, but the other factors (marketing, staging and improving the condition of the house when necessary (when the seller is willing to do that), access to the property, etc) are all key. Your post is excellent and this has been a very interesting thread of comments.

JUN

2009

Here's one of my all-time favorite articles - "Houses Aren't Pet Rocks - No Amount of Marketing Can Sell a Stupid Product!" http://realtytimes.com/rtpages/20090303_sellable.htm

Yes, proper pricing is important. But what we (and our sellers) do CAN affect that price! That's all I'm sayin'

Several years ago, I was talking to an agent in my office about my own personal house that wasn't selling. What did he suggest? "Lower the price." I argued with him - saying that the price was in line with the competition (this was during a strong market, so there were plenty of buyers), so it must be something else I could fix. He said that the only way to solve the problem was with price. That struck me, even then - that all he could offer was the easiest solution and he didn't bother to think any deeper than that.

Turns out he was right - in a way. The house was actually underpriced - I raised the price significantly and it sold in 18 days!

But if all we can offer is a price adjustment when I'll bet $100 there are issues that can be addressed first... that's not being professional. It's being lazy and unimaginative.

(Of course, all this assumes we have a retail seller - not a bank, estate or other distressed situation).

LOL

Price gets people in the door. If you don't have it priced right, then nothing else will matter. The public needs a specialist who actually knows the market and the price and someone who will be HONEST with them about it and not let them languish out there. If it were just a price, then yes, any idiot could give their house away and many do! Price is the most important, but not in the way you present it. It's knowing what is the HIGHEST price that will get people in the door.

Unfortunately, we are currently in a declining market - in the North Ga Mountains, we are a second home market so most are not primary homes. It is our responsibility to know the market and if we don't price our properties right, with only 50 homes sold a month in 2 counties and over 1400 inventory, it won't sell. Of course all of the above is true about photos, staging, etc. but the focus right now is price. We are competing against REO's, short sales and builder close outs so the "normal" seller faces a huge challenge.

And sure, any idiot can give their home away but buyers won't see it unless we as realtors market it. We work hard to market but it's a battle to gain attention based on pricing.

Thank you for making us rethink strategies!

The Regan Team

"Come to the Beautiful North Georgia Mountains-an undiscovered secret"

Jennifer,

It depends how far off you are in the price - if someone is not in the zone - all the advertising, positioning, and marketing in the world won't sell it. I like to say that I could advertise on the superbowl a $100K Honda Civic - would you even come see it?

Price has to be in the zone for the house AND the neighborhood.

Yvette

Brilliant article! Thinking outside the box is a rare gift!!! Price is vitally important, but not the only component to a listing that matters!!! A whole host of other things come into play. McDonalds could have a 2 Cent hamburger, but it won't sell if it isn't on the menu!!!!

Yvette - I'm not talking about aggressive marketing - that will never sell an overpriced house. And I'm certainly not encouraging anyone TO overprice. I just want to make the point that a seller can influence the market value of his home, if he cares to do so. But all our harping about price might be overshadowing this reality.

Brenda - I don't disagree that pricing is important, in any market. And there are plenty of agents who apparently have no clue what a "proper price" looks like. But if our only value is to look at the comps and say "Price it lower than that," well, then...

Joshua... and what, if anything, the seller can do to get that highest possible price...

The home does need to be priced right as usual. Nothing has changed regarding price. Good marketing will help it sell quicker and should bring a higher price as well.

I agree with Irene, marketing the home through staging, video, photos can help sell the home for more money and faster. I have shown the exact same home in the same neighborhood and one of the homes was staged, very clean inside and out and the buyer made an offer on that one even though it was priced $20K more. Also most people begin their search on line and if there is not very many photos or a virtual tour, alot of buyers will just skip over it.

I see a lot of listed homesellers in this market with no limbs at all. Unfortunately, a common "attention getting" strategy is to significantly reduce the listing price of a home. Agents often incorrectly think that reducing their price is the only remedy for this market. They resort to voluntary losing $50,000 to $100,000 instead of doing something different like providing an excellent presentation that is able to show and sell all the benefits of a home. Certainly price is a big factor in selling a home, but doesn't it make sense to show off ALL your home has to offer first? Or how about all those agents that take a couple crooked photos and make it into one of those slide shows, this is really terrible and it does not defend the homes value.

What I mean by defending value is the home's perceived value. While perceived value is not the same as what someone ultimately pays for a property, it sets the benchmark as to what this property is worth in a buyer's mind compared to other homes in the same neighborhood. According to one survey results, the use of a professional photographer increases the perceived value by nearly 13 percent. On a $500,000 home, this equates to an increase in perceived value of $30,000 and $60,000 respectively. But just professional photography is half of it. In this difficult housing environment, real estate professionals and home sellers need to do all they can to differentiate their property.

Ask yourself, does a slide show really communicate all the benefits your home has to offer? Now more than ever you have to defend the home value of that listing by showcasing all it has to offer.

Well where do I start? A "CMA" it does not truly exist anymore!!! People ask me "can you do one of those CMA's"? My answer- NO - No broker and no agent can tell you what a your home is worth. Brokers and agents have been telling people what they want to hear not "what they need to hear"!!!
People need to price their homes on what they want to walk with! It's that simple....or they can wait for the other 23 homes in their subdivision to sell first!

Jennifer,

I think you and many of the comments here make some extremely important points. I too believe that it must be priced right....but we need to DO ALL WE CAN to do the very best we can for our sellers. I believe in working my tail off to do the very best I can to get the best I possibly can. I really like how you wait a few days before actually listing to set price.....thanks for sharing.

Morning Jennifer, I think some posters are missing your premise. Price is clearly a driving force in this difficult market - and you support that . If I understand your very well written post it is that the value the agent brings to the equation is the ability to explain/educate motivate the seller to properly _____________ ( fill in the blank depending on the house: stage, repair, etc ) . Terrific analysis. My guess is that many agents can and do employ this skill. For the many agents who are guilty of bad pictures, sloppy marketing, etc. they simply have no understanding of what you are talking about. Keep bringing us quality issues to jolt our thinking. Well done !

You are right on target about price not being the only strategy. Thank you for having the guts to point this out. Pricing it right along with marketing tools like staging, videos, and photos are sure to get buyers attention.

As a veteran marketing consultant, I am amazed at and excited about how much the way we market services and products is rapidly changing. In order to serve our clients effectively, we must embrace and add new strategies to our marketing arsenal. I'm tired of seeing homes online with crappy photos or getting emails that say "price reduced." Ok, some may say that you can get them in the door with a lower price. But can you keep them there psychologically to make the sale when the home is less than desirable? I just keep wondering about the missed opportunities when price is the main emphasis.

Jennifer, Sometimes PRICE is the ONLY answer to get the home sold. If you can change something in the house to justify the price then change it. If you can't change something like the size of the house or the view, you have to change the price. Once upon a time I had a listing that looked into the driveways of other units in the subdivision. Out of 83 showings, 79 people complained about the view. What they were saying was the unit was not priced properly for the view. Unless an agent can analyze and communicate client feedback to their Sellers, that agent will never understand how to price a property correctly.

Although I've spent most of my career helping agents price properly, I agree that if all we do is lower the price until it sells, then they sure don't need us. As important as price will always be, there is that subjective grey price range area that we can affect. A good auction house knows how to add value to artwork by creating excitement, building it's unique value, reaching the right audience then selling for top dollar.

As real estate agents we need to add value instead of just hoping MLS will bring a buyer. We must use our selling skills on the seller and have them commit to making all repairs, get in perfect showing condition and making it convenient to show. Then we must take excellent photos (like the one above), write powerful sales copy, create a "grand opening" type of market entrance, target the agents who work that area and price range, then target our buyer market by price and demographics.

We must take initiative to create value through our skills so we really do earn our fee. The PPPP method of incompetent agents leaves them with no other tool than price. If we don't bring value to this industry, and to our clients, then our buyers and sellers will find a way around us.

I hope you all assemble your best ways of creating value so you can drive out all those agents that don't.

As as REALTOR/Staging Specialist - I look at the doing all you can much differentlly than most agents. My listing are heavily marketed on the internet with virtual tours and inclusions in many listing sites, my blogs (of which I have several ), social sites etc. They are priced right for my market - but they are all staged and move in ready. My last 3 listings sold in less than 30 days, 4 days and 1 day. I am amused by my fellow agents confusion about why my listings sell FAST and HIGH and theirs do not. I even get voice messages to that fact - "they looked at your listing first and then all they talked about when they were looking at my mine was yours! They kept comparing them and I think mine is better, bigger,......... but they liked yours" Wake up people. Price is a factor, so is marketing - but if that is all you do.......?

Hi Jennifer

Thank you for your post. It is thought provoking. We ahve hired a professional photographer to get better photos. We are using showingsuite.com for better follow up. We have added prowuest prerecoreded info to our listings. and we have upped our advertising on Realtor.Com We are doing our part to help get our listings shown motr.

Kieran and Cecelia

If your premise is that there is more to selling a home than the pricing of the property, I would agree wholeheartedly! However pricing the property correctly to reflect the condition and the market are also very important in getting the home sold.

As a stager, I could see where you were headed with this post in the first few words, and I couldn't agree more. So many homes we stage could have ended up priced considerably lower, without our services because they just wouldn't show to their full potential. Of course when we do the preview, we also recommend they "paint this room, repair that wall, change that light fixture, fix that chip, clean that carpet....", you get the point. It's the same one you made =o) If there are Realtors out there who are lowering the price, because they don't know what else to do, call a local stager, we can help!

Oh my heavens, I so want to respond to all the fantastic comments!!! Not so much the ones who call me stupid, though. However, I have to wonder what on earth is offensive to the public about saying we real estate agents could and should do a better job? Someone needs to take a happy pill.

David - I'm honored by your visit! And you made my point extremely well - thank you!

Michael - Ditto! For us to say that Price is Everything IS lazy, especially considering the condition of the vast majority of the retail listings out there. I'm not talking about distressed properties - I'm talking about owner-occupied homes that are hard to show, smell bad and show poorly. I'd really like to know how many agents who claim the sellers won't do anything actually offered to help them do it.

Lynn - that is what I call a "fatal flaw" and it can ONLY be handled with price. Agree 100%. YOu cain't fix a bad view or a bad location.

Bill - Thank you. I re-read my blog after getting so many dissenting comments that I felt missed my point and I still feel I made my point rather clearly. Price is important! But it's not the only thing.

Lori - you make a good point. How many brownie points do we win with our sellers (who are a tremendous source of future business) if all we do is bully them for price reductions every six weeks?

I think that there are different strategies for different markets. Price plays a huge part in our current market. BUT, it isn't pricing just for pricing sake. It is positioning the home on the market in a way that allows it to compete with other homes in the area. The homes that are in the best condition with the best price will always sell first.

Kathleen very well said, and a common sense approach to an uncommon marketplace........ the point I was originally trying to make on my initial post was that Brokers and agent have to stop blowing smoke and tell everyone what they need to hear. For years and years brokers and agents said "oh ya we can get that price" and when the market went south they were afraid to tell the buyers to drastically lower their price.......staging,cleaning,painting,lanscaping, all a part of a common sense approach- but a lot of homeowners do not have liquid cash to udate because they've had to lower their price to meet the market. Having a homeowner get an appraisal before listing might be the next best common sense approach!!!!

The job is to price it so the Bank will appraise it and the deal can go forward..and is not DOA. of course you have to help your Sellers with staging, and offer all the help you can, then you must have a virtual tour, and pictures say a thousand words! The Contract, is where we protect our Buyer or Seller so be sure its all stated in the contract and thing any one needs or wants .. then the real work continues to a close. Follow up seems to be where most agents loose it and expect the deal to just close.....with out any more help. Not in this market. If you know the area, and do your work, you can place a price with your Seller that will get it to move and close.

Thank-you Mark Hall and to all a good day!

Hi Jennifer, Yes I think right pricing is mandatory; however there are so many other factors involved. I think great photos help (A picture is worth a 1000 words) is the old saying, which is so very true. thank you for your informative blog.

Jennifer - so well said. And here is an amazing thing in this market: underpricing a property is no longer a guarantee that it will sell.

I recently had an appraiser take me to task on a large price cut - she said the property was worth the original listing price and this huge price reduction was screwing up the comps. But guess what? It isn't sold yet.

In a hot market, underpricing will move property. In a slow market, it ain't necessarily so.

Sometimes there is a lull and nothing is moving. If so, a price reduction is almost wasted. In a slow market, pricing correctly is even more critical. But so is marketing, photos, web presence, etc.

Okay, Craig - I'm confused... what did Kathleen and Mark say differently from what I said (that offended you so much)?

Margaret - What we seem to be ignoring here is that buyers still want to fall in love. And price doesn't do that. Will a retail buyer buy a home that shows poorly and smells bad just because it's $10k or even $20k less than a house that shows great and smells sweet? If the buyer can afford the extra $10k or $20k, they'll probably offer on the nicer home (and low-ball it of course - but at least they're making an offer!)

Jennifer; awesome post! As a professional home stager, I have to agree with you. The right price is extremely important, but it would be over simplifying the process to JUST consider price when listing a home. Condition, marketing, presentation, all have a role in the scheme of things. Otherwise, there would be no need to post pictures of houses for sale. No need for showings. No need for open houses. No need for model homes or show homes. People still love a beautiful home; it's just human nature to want the best house for the best price.

Almost every Realtor website has a section that explains, in very generic, simplified terms, how sellers can prepare their homes for sale. But few of them actually recommend or link to a professional home stager. What a missed opportunity.

Price and marketing go together- I recently had a listing that was overpriced. I worked hard on the marketing and had tons of showings and calls. I was able to get people to the property, but when they were there they saw that it really did need some work and was overpriced. I kept telling the seller that the marketing was working, but her price was too high. When she finally took the comps seriously, and dropped her price, it sold quickly.

My point is that the entire process takes work- pricing correctly, fixing up the property for showing, advertising and promoting it (especially on the Internet), and managing the sale through closing.

Happy 4th of July to you all,

Deb

I am sorry if I am restating what has already been discussed, you have sooo many comments I can't read them all, what about market?

In OC we are in a declining market for homes over 700K so timing is one of the most important factors. If a home is not priced/marketed right it may be worth 50K less in a month. Price/appearance/availbility and EXPOSURE are key in the first two weeks or the poor homeowner will likely get much less for their home.

On the other hand, homes under 500K are selling like hotcakes. Most homes underpriced are selling for much over asking price regardless of their condition or availability.

Jennifer,

I agree with you.... I would be thankful to hear more of your dialog with your Sellers. So many times they just plain don't take my advice. I recently offered a client a complimentary staging of their home. (This was 20 people working on their home for about 4 hours!!) They didn't want to do it, because, because, because.... I face every objection, but to no avail. We are meeting this week to talk about reducing the price. I am determined to be the agent who can make suggestions that will really make a difference & I know they will make a difference, so it doesn't have to be all about price... I would love more of your dialog to get them moving in the right direction. Thanks, JC

I definitely agree peice isn't everything. In this market you need to have the house stand out and above the competition. Most buyers in this market aren't willing to do much and want turn-key homes to move into.

I definitely suggest a pre-inspection for the sellers along with staging the property. I take as many pictures as I can to showcase the property, and then begin marketing the property. I know my market well and push to get a home priced right in the beginning, then I'm not begging the sellers to lower the price to get it into market range.

There is a new show on HGTV, I just found it, called Real Estate intervention. I think this should be required of any seller looking to sell. The agent on there does an awesome job of letting sellers know what they're doing wrong and what they need to do to get a home sold.

Jack

I have watched sadly as some stubborn sellers ride this pricing curve and lose more than 2 or 300k in many circumstances. We do sound a bit callous when telling the truth about price and many times the truth hurts. Statistics are hard facts that usually do not lie , just like my scale ruler is accurate almost every time. I always deliver black and white numbers first , let the seller look over these stats & comps for an hour or so before talk price -then when I call back ( I'm in a second home market and most of these listings are taken by phone)

I usually show three prices 1) no motivation price 2) the some motivation price and 3) the common sense competetive price to get and offer and not GIVE away the place.

We need to have compassion when delivering the truth and integrity to help these folks get the highest price the market will bear for their home . NO excuses

Janice - this is a TREMENDOUS question (thank you for asking it). I feel your pain, but yes, there is a way to broach the subject with a reluctant seller so that he's totally on board. I'll have to give this some thought because, frankly, it must be something I do naturally as almost all my listings hire my stager and my handyman and never give me any grief about it.

So, stay tuned...

To this Economist, the thrust of the piece seems to be off base.

Value is established by the market, not by fancy thrills. Above, someone complains her listing in perfect shape is being compared to a listing that has no kitchen. Well this is not a comparable property, and this is not what we are saying.

Like properties, should be at like prices that meet the market value. At the end of day, someone has to get an appraisal, and I don't think, "but it's so special because I staged it so well" is going to carry a lot of weight with the bank.

A good photo, well that should add at least $50,000 to the value of the home - right????

True, a good photo helps others view the property better, causing more to look at it, but I tell you, it does not increase the value a single cent.

Well folks, price is the answer. Today's buyer is looking for value. Is the home worth what the seller is asking? Our job as listing agent is to merchandise the home so it takes the best shelf position in price and marketability (staging); expose the home to it's target market through the use of our vast array of tools and most importantly, transactional management. keeping the deals together to get it closed.

Buyers are not dumb. They know the price of the competition, they know value. If you overprice a home it will help sell everyone else's home and just upset the seller. If you price the home at or just below the competition, it you will produce multiple offers (yes, multiple offers) which will drive the price up to what it would sell for anyway. And isn't it better to have multiple offers than no offers at all.

I am not saying you should be giving your client's homes away and without a doubt we must be honest to our sellers and let them know what is going on out there. Giving expectations that their home defies the market is a true disservice to you client

Our job is to sell homes, plain and simple. We are not superagents, we sell homes. We adhere to the market, we do not make the market. We are hired for our expertise in merchandising, marketing and closing homes. A seller or a buyer will not remember what the home sold for, but they will remember who sold it for, or to them.

Next client, please.

Jennifer,

I have to agree with you. I picked up an expired listing and put it back on the market four months after it expired for the same price in a declining market and was able to obtain an offer which is now due to close in two weeks. Photos and marketing exposure made the difference.

Here's the exterior photo I could have used to market the home:

Exterior 60 Ferris

Instead I used an interior photo to show off the water view:

Interior - 80 Ferris

I also used High Dynamic Range (HDR) photography so that the interior view would show properly and I was able to get coverage for the home in an article in the New York Times on how water view properties are selling for low prices in this market. This home was priced at $285,000 with a view of the harbor.

My particular market area is a high end area in a city that hardly anyone would search for on the Internet, so price is not the entire solution. Some buyer agents and buyers will never even know that the homes I list exist because they won't put Bridgeport into the search engine. They think that Black Rock is part of Fairfield, not Bridgeport. I have to be proactive in my marketing strategies to make buyers aware of my listings and that goes beyond low prices on MLS.

Jennifer, all is well I just think adding insult to an already insulted industry is not necessary! We just need common sense to prevail!!! We also need to be understanding to where the seller is........

Thanks Jennifer!

I agree that price is one of the most important factors, but that's not really what owners hire agents for. Owners depend on professionals who will help them sell their houses for as much as the market will allow.

The average owner is only exposed to the house buying/selling process once or twice before, so I agree. Use your expertise to help owners create a demand for their product.

Way to go Kathleen.

I didnt read SERVICE in any of the posts. Kathleen provides SERVICE or VALUE ADDED SERVICES. I tell my guys to clean up after every job sweep and damp mop the floor. There is a difference in a $1 sq ft install and a 2.5 sq ft install, just as there is in your field of expertise.

The last time I needed a realtor I was selling my house in Michigan a year ago. The house sold in 4-6 months for about what I had it on the market for (15,000 less than what I bought it at, accepted 10 less than what I had it up for) I feel that my realtor did a great job. Did she advise me to lower my price yes we did and recieved an offer shortly after. If I hear of a friend in Michigan saying I am selling my home I would say call Karen.

Great post Jennifer. Lots of good points. You're absolutely right-- if we just want to slap any old price on our home, we don't need an agent. An agent is supposed to act on our behalf and, if they deserve it, we should give them our trust and allow them to help us PROPERLY price our home.

Well well...Price "FIXES" everything... and what I am saying is that, that includes lack of marketing and all the things that Seller's refuse to do. I put it all in writing, everything the Seller needs to do to compete. We are in a market that says "price war and beauty contest" is the criteria for getting a listing sold. Then the competition is still tough in many markets ... So Sellers if your property is not properly prepared for market, price to sell based on recent sales AND marketed well... then you may just be the idiot that gives away your home. Too True any idiot can give away their home!

But its not because of a picture etc...By the way give the credit the Seller is due no one had a gun to the Seller's head when they hire lame agent. Do not minimize the Seller's responsibility in selling their home.

Jennifer,

Your post got me a bit upset initially, but I think it's because we are part of the minority in Tampa Bay that really work our tails off. We provide our sellers the most advanced internet marketing available, do mailings, broker's opens, world-of-mouth promotion to our database, coordinate staging, e-mail marketing, etc. So, yeah, they had better get their price right or we can't help them! It's got to be a joint effort between the seller and the broker!

~ Julia

Sorry don't agree. Market absorption, price, condition all play a factor together. What if it's the lowest give away price you can have and there is still no buyers! There are just too many for buyers to choose from in some markets. I guess you've never had an absolutely fabulous, well priced listing not sell yet!

Sure there are a lot of other things we do besides the price. But price is the key, everything else comes in second, way behind.

For one, many agents do understand how to price a property. It is easy to say and do but the proof is in the results. It is not just putting a low price on something, it is pricing it correctly. There's a big difference. Some agents think that marketing, staging and all that jazz will cause a home to sell regardless of price. Price should be where every home sale discussion starts, then everything else follows.

Jennifer,

I was just getting ready to email you. Got my review copy of the sequel to SELL WITH SOUL and can't wait to devour it...already started reading it!

A great post here (congrats on number one feature!), only proves that you do indeed have great insight that we at Active Rain and fortunate enough to have.

Talk soon!

Tamara

I see a lot more wisdom in the comments than in your post. Stop calling us idiots. Just because some new or under trained agent did not use resonable skill and care in marketing a listing, do not paint competent and professional REALTORs with your broad brush.

Lyn - I don't think you disagree with me actually. I do believe that the market will play a big factor in whether or not a listing sells - we haven't really discussed that too much here, but I'm actually among the few who DO NOT agree with the mantra "All Listings Are Sellable!" If there aren't buyers, there aren't buyers and we can't manufacture them. I believe that there are some properties that aren't gonna sell, no matter what you do to them. And that is definitely a market reality.

To answer your question - yes, I have had absolutely fabulous listings not sell. In my book, I tell the story of a listing I had last year that was the best priced, best-showing and best-floorplan in the community. It did not sell. Neither did anything else in the neighborhood. In the past two years, only two houses have sold in the subdivision - both foreclosures. So, in my book (so to speak) that is an unsellable listing. No one wants a home in that neighborhood and I can't make them reconsider.

Jonathan - not calling you an idiot. Not calling anyone an idiot. Just being dramatic. It seems to have worked to create a wonderful debate!

Price is important, but we also can reach more consumers and eligible buyers than the average FSBO. We know how to present the home and achieve the maximum price.

Price is very important to even get a buyer to look at the house, but as so many have said, the seller needs us for much more.

Let me ask this...

Do any of you have ready, willing and able buyers who can't find a decent property to write an offer on? That's been my experience for years now - yes, even thru this downturn. And good stuff DOES sell, much of the time. Maybe if the inventory was better prepared for market (and yes, priced properly), we could create a little excitement in the market and get our hesitant buyers off the fence. My buyers want to buy - we just can't find anything in this so-called buyer's market!

It is all about the intangibles, the exposure that comes with a good real estate professional. That is a common occurrance in my market. Buyers are ready but they can't seem to pull the trigger. Not sure why but they have pre-buyers remorse in Detroit. It seems as if everyone wants to wait for the price to drop again, then again.

I agree Jennifer that we as agents must do everything possible to get the seller the highest possible price in the least amount of time....but...

In the past Real Estate was all about Location, Location, Location..but somewhere along the way....buyers lost track of that very important rule. Now, buyers are programmed by our industry and the media that the most important house criteria is price, price, price. With the onset of the Short Sales...that I could go on forever about and how they have absolutely destroyed the confidence of seller, chased agents out of the market and set a false perception in the heads of buyers....price is everything right now and will be until we move comfortably out of the huge amount of overhanging inventory. In most cases, the property needs to be the lowest price in the neighborhood or buyers will not even look at it....does not matter what the property is actually worth if you MUST SELL quickly it needs to be the cheapest. Period!!!

I believe that sellers who do not HAVE to sell right now should pull their home of the market and wait for the short sales and foreclosures to move off, leading to more rational minds for real estate transactions in the future. Phew!!!!

BTW - This idiot could not GIVE AWAY a vacant lot in a Gated Golf Course Community in Florida and signed a deed in leiu of foreclosure over to the bank recently...~sigh~ Imagine that. A vacant lot that was under contract for $196K in 2005 had zero offers at any price....OUCH!!!

That was a long comment. I hope all is going great for you down south ;-)

I have to agree with Lynn too, the real work comes with the contract and keeping it together. Buyers and sellers cannot simply get along this process very smoothly. I think price and the MLS sell a home!

Jennifer,

You've hit on some things that simply cannot be ignored.

It's astonishing to me whenever we do a listing brochure and the agent faxes or provides a link to the MLS data so we can complete the Feature List...how inaccurate it is sometimes! I LOVE our customers, and most are pretty darn good agents.

BUT SHEESH!!!

When I post their proof, they sometimes come back with things like "It doesn't have a Great Room" (Oh? It says it does on the MLS sheet). "It also doesn't have a Formal Dining Room" (Huh?? It's right there on the MLS sheet!) "It's not an inifinity edge pool" (Um...then why does it say that on the MLS sheet?") LOL!!!

It's gets a little frustrating at times.

We also never, ever, ever (did I mention EVER?) have an agent write the adcopy. In eight years, not one single agent has ever written the adcopy for their listing brochure (we don't mind that as it's something we're pretty good at). Adcopy is the part of the brochure that describes the house in deatil, versus the feature list which shows square footage, number of bedrooms and baths, etc. We believe all marketing requires BOTH. The hard-core facts for the "engineer-type" husband, and the "flowery description" for the wife who owns an event-planning business.

When agents write descriptions in the MLS, they often write for other agents (consumers read these too!)....or they simply give a tour of the home in words. "When you walk down the hall, there's a den on the left. Continuing further leads you to the Master Bedroom." Um...where's the emotion in that?? Why not "Curling up by the fire with your favorite book"...or "This is a home where memories were meant to be created, shared and treasured for years to come."

And then there are photos.

Erica gave a great example of photos above. We usually have to straighten, crop, lighten, darken, add filter effects, etc. before a photo is usable on a flyer. However, that doesn't do much for the photos on the MLS (we usually send the corrected photos to the agent to replace the originals on the MLS). What a difference!

But...is there a reality to price?

Yes. Of course there is. Starbucks is closing tons of locations as a result of the consumer no longer being able to afford $4.00 for an iced mocha on a daily basis. Could they sell more if they were only $2.00?? Tough question. Some might say yes...and to others, they simply don't have ANY extra to spend on iced mochas. So who knows?

Thus, regardless of price, the car in the photo above couldn't be sold to anyone other than a metal scrap dealer. And it isn't gonna fetch much. Besides, there aren't many scrap dealers around, so the seller might just be better off paying someone to simply take it off their property.

Is it worth investing in new tires, new paint, new engine and new bumper? No.

But...watch!

Here's a car from approximately the same era. It's been well-maintained (OR has gone through an extensive "remodel") It's beautiful. Still, is EVERYONE into this type of car? No, it's a very limited market. Some would prefer a newer car with electric windows, anti-lock brakes, and better gas mileage. But this car will sell to SOMEONE for $10,000 without them having to reduce the price wayyyyyyy down. Still, many buyers will opt to pay more for a Scion because it's new.

Buyers are buyers are buyers are buyers.

Ultimately, there's no perfect answer. But if the MLS property facts, general description and photos are all intended to generate interest in a listing (and they are), Realtors HAVE to ensure they're accurate and present the property in its best light. It's the only chance they'll have of selling any home, whether priced well, or in updated condition or not.

That may have been what sold a couple of your listings, moreso than any other reason.

Just my four and a half cents. :P

Dave

Correct, price is not EVERYTHING! Condition and presentation of the home are key in creating an emotional connection, that's what creates an offer. Home staging is what I'm all about and feel that every home should be "staged" which is the process of properly preparing a home for sale to create a positive emotional connection before it is listed.

Hi Jennifer, good post along with a lot of thought-provoking comments from others.

I've met a lot of people who think all Realtors make too much money without even understanding the realities of what Realtors do, and their are multiple reasons as to why they may have this opinion - to include negative past experiences and ignorance (some people are just unwilling to understand what it takes to get a job done because they live a life of entitlement).

I recently had a seller (who is also now a buyer) tell me that she had no idea how much hard working Realtors had to invest into their jobs (she had a negative experience with a listing agent on a different house). By example, she was able to see that there are Realtors who EARN their living by dedicating their TIME and action. However, without her willingness to agree to a reasonable sales price, she probably would not have had the chance to gain that insight because there would not have been the related activity & multiple offers that resulted...

We can certainly tell by the number of comments that this post is touching on a subject near and dear to us all. I totally agree that price isn't everything, but one of my new listings went in yesterday priced $30,000 less than what the seller and I agreed upon----my admin goofed when entering it into the MLS. We got an offer the first day and a record number of showings scheduled before we could get it corrected in the system. Looks like we might get another offer from the buyer trying for a bargain, so it all worked out for the best. Great price produced great activity!

Hi Jennifer,

You've nailed this! In my opinion there are 3 things you need to get a property sold in the shortest period of time for the best price.

1. Presentation i.e. decluttering, refreshing which can include anything from painting to light remodeling and Staging (unless your client happens to be a brilliant interior designer.)

2. Promotion. A real marketing campaign starting off with gorgeous professional photos and extensive on-line exposure.

3. Price.Not the lowest price and not an unachievable price but the ability to determine the perfect price. The sweet spot. Anyone can come up with a blow it out the door price.

First, allow me to defer to the Floridians, Detroit-ians and other distressed markets where supply FAR outweighs demand. I do not work in such a market and will not try to impose my experiences on your realities.

Susan - your comment about price is dead-on. If a property is in good shape and is marketed properly, just being right AT market can be enough to move it, even to generate a bidding war. Assuming there are buyers (if there aren't, none of this is relevant), a great house that is priced with the not-so-great houses will sell.

Pat - that's a great story! I'll bet you'll get some mileage from it with your future sellers.

Jill - your tagline sounds sorta like mine was when I owned a staging company "Staging is the art of creating the most positive emotional reaction from the greatest number of buyers" or something like that.

Jennifer,

Realistic pricing will give any property a good chance of bringing the seller the best possible price in that market. Low-balling just to move inventory can ruin your reputation.

I think you have forgotten something, the agents don't set the price, the market does. Although a seller does not want to "give him home away", the reality is that the he can't give it away if no one is interested. If a home is not getting sold and is being marketed correctly then the next item on the list is price. Sellers should interview more than one agent and decide who will market their home to the most buyers and be willing to price it at fair market value and be willing to reduce the price when no interest is obtained.

Hi There, Cheri Matin Realtor and Stager here in Seattle, Wa. Here's what I say. We are in a Price War and Beauty Contest. I say you need to outshine your current competition by pricing and staging. Now staging is'nt just about bringing in pretty things, it's the whole property from curb appeal and dealing with maybe potentials issues. Can you educate your seller to think about The Way Your Live In Your Home and The Way You Sell Your Home are 2 Different Things. Thanks Cheri Martin

If it isn't price then what would it be. If you are priced at or just over the neighborhood comps and the house looks beautiful and the feedback says the house shows great ....then what is it? It's got to be the price or the location is not where buyers want at the moment.

Steven - sometimes it's a mystery, I'll admit! In fact, I see you're in Parker- the listing I referenced above that had no buyers for it was in Parker. Suburban Denver is tough right now. Here's the question - have any competing houses sold in the last six - twelve months? If so, why did they sell, can you tell? If not, well, then, there may not be a market for that beautiful house, at any reasonable price. Sucks, I know.

Yes, the mantra "If you drop the price, the home will sell" sounds like a weak response to a house suffering from market morbidity, but frankly, it's true! Let's take a look at the opposite side of this coin for a moment, namely the Buyer Agent side.

The Buyer Agent shows a property. "The price is too high," says the client. "OK, let's move on to the next home," says the Buyer Agent. Isn't this the same thing only on the opposite side of the transaction? I think a proper response might be, "Then let's lower the price of the home for the seller since he/she doesn't seem to be able to do it. How much would you offer on this home today?"

The process of assigning a value to a home has always been part science, part art. Not an exact process. If you need to adjust downward, do it shamelessly and quickly. It's not as easy as leaving the home overpriced. If you do that, you'll never have to worry about writing a contract, ordering a title report, appraisal, scheduling a closing....,

Jennifer - FINALLY! I could not agree with you more... Price is important...then your home stager, photos, virtual tours, handyman, marketing strategy...all come into play.

Then what about adding a "Financial Home Stager" to your arsenal of value-added services? We make a home more attractive, interesting and appealing from a Financial point of view.

Price is typically what most Realtors think of in order to make a home more marketable...yet it is NOT the most effective way to expand your pool of potential Buyers...

When a Seller reduces his price by $10,000 it reduces a Buyer's monthly payment by ONLY $55/month.

A Motivated Seller who offers a $10,000 concession package on an aggressively priced $500,000 home gives potential Buyers Options:

1.) Accept the price reduction and the $55/month reduction in payment.

2.) Cash- constrained Buyers can use the $ toward closing costs.

3.) Buyers who anticipate an increase in earnings or plan to pay student loans or credit card debt may opt to utilize the $10,000 toward discount points (Temporary Buydown) which would allow the Buyer to reduce his/her interest rate/payment by $526/month during the first year and $271/month the second year. http://www.321advantage.com/sellers-calculate-your-rate

4.) Any combination of the above within lending guidelines.

5.) or none of the above...if multiple offers are received and the Seller opts to take the $10,000 out of the equation and put it back into his pocket.

Financial incentives stimulate curiosity and interest that create options that entice Buyers based on his/her own personal financial situation.

We all agree, it's easiest to just reduce the price...simple math is simple...

This marketing tool is for Professionals who truly care to educate and assist their Sellers and are striving to get the highest possible price in the shortest period of time.

Dennis - Love it! However, I've found that when a buyer says a house is priced too high, it's usually not the right house for him. He just doesn't love it. That's not to say that he won't low-ball it if he does love it, but when a buyer wrinkles his nose and declares a house to be "overpriced" it's simply time to move on. Sometimes I'll ask a buyer if he would consider a house if it were priced lower and I don't think they've ever enthusiastically said yes. Now, if the buyer looked absolutely stricken when he saw the price, that's a different story...

But I totally get your point and love your last comment!!!

Jennifer,

I stopped ready after about 10 posts...

I had this conversation last week with a potential listing client. He wanted way too much for his home and wanted me to market the home and sell all the features. I told him "if I market your home with the price you want me to advertise, the only thing my marketing will do is get the word out to MORE people that your home is overpriced"

I always give tips on how to improve the home, staging, and tricks on making the home show better. I then market the home in every manor I can afford for all potential buyers to find. But the price MUST be in the range (now more than ever) of area comps or what we do, say, and put out will be a big waste of time for all!

Thanks

Bill Lumpp

Good post. Price it RIGHT and market it, expose expose expose...But even then, I have a view home listed that is positioned very well within the comparables, but is not getting showings anymore (listed in April, price $525,000.). Home has a unique triangular floor plan that does not appeal to everybody, and it could use remodeling in kitchen and baths (clean and in good shape, just dated), but otherwise it really has a lot going for it, and all this in comparison with the other homes that also could use some updating, and don't even have as incredible and unobstructed views, nor as much square footage.... And not one agent so far has even hinted that the home would be over priced. I have asked! And owners are very neat and keep the home in very good showing condition also. So I am starting to think that maybe in this case it is the tough price range, and I will need to suggest another price reduction, unless they want to take on the remodeling...which I know they won't...So at some point it does come to the price...even if it hurts my soul

Jennifer,

I think the hyperbole of your post title is great (I love all your stuff actually). It really makes us think about who we are and exactly what it is we bring to the table.

This goes way beyond the Real Estate industry. It has to do with the third, often overlooked, component of Supply and Demand which is differentiation.

If all of the widgets in the inventory are pretty much the same, then price is the most important component of value. Price has to be low when you have a "me-too" product and you are competing for a limited number of buyers.

If all of the widgets are unique and accomplish different things then price can take a back seat to features and benefits. The value becomes a combination of price and......

So, in a depreciating housing market, where inventory continues to be at record levels and buyers are waiting for the perfect storm of the lowest price, lowest rate and the dream house, what a Realtor has to accomplish is three things.

First, get it priced according to the market. Sellers are entitled to brutal honesty from the Realtor about the price. If a Realtor accepts the overpriced listing for his own exposure, he can expect to have conflicts with the client when the house doesn't sell. Once you accept the overpriced listing your client believes that you think the price is right. Find the right words to get your seller to understand what I call the "3 Irrelevancies"

What you paid
What you owe
What you want

Getting your client to understand this in a non-confrontational way is the single most important skill that many of us (myself included) need to work on.

Then you have to find the differentiators - what makes your listing different from the others? What is the one unique thing that might appeal to a certain group of buyers more than the comps? Sometimes you have to dig deep.

Walk through the house slowly room by room, get a feel for it, breathe it. Walk the lot, check out the view, the privacy factors, the landscaping or the potential for this or that. For most of the transaction we'll be treating the house as a commodity but for this one moment, think of the house and who would be the ideal buyer in an emotional context. Who will get excited about this house? You have to remember that great line from The One Minute Sales Person - People Don't buy our products or services. They buy the good feelings they get from making a good decision. So what is about your seller's home that's going to make a buyer feel good after he buys it?

If you've got a great differentiator it might play a factor in the price.

Once it is priced properly, the third thing the Realtor needs to accomplish is - EVERYTHING ELSE.

There are no magic marketing gimmicks but we have to use all the means at our disposal to expose the listing to the right demographic of buyers and Realtors. That's a tall order, of course, which is going to be different for each listing

Then we have to get the house staged, which could mean nothing more than de-cluttering or painting up to hiring a pro stager.

We have to follow up on every showing and keep those Realtors informed as to any changes in the listing price, or any feature updates.

We have to negotiate fairly, firmly and ferociously on every offer.

Then we have to follow up after the offer is accepted and do everything in our power to make the last steps go as smoothly as possible.

Again - great post.

Thank you for the provocative post. I must respectfully disagree that nothing trumps proper pricing. The old adage is "A house properly priced is half-sold". For every agent that has the courage to challenge a seller's unrealistic expectations, there are several who 'buy' the listing by promising more than they can deliver. You mentioned 'sharing secrets with sellers'. There are no secrets! Honesty is always the best policy. Open houses, virtual tours, multiple photos, Realtor caravans, numerous sgn riders, reflective signs, and St Joseph statues are no substitute for aggressive pricing & periodic reductions.

As a professional stager and realtor, i cannot for the life of me understand why clients won't pay a relatively small fee to to have their home professionally staged, but are willing to reduce the price thousands of dollars. Professional staging should be just like a home inspection...a matter of course. Those internet pictures say more than a thousand words. With hundreds of homes to choose from, a house that doesn't look good in photos will be passed by. Of course, pricing right is paramount, but so is the perceived condition. If a house looks dirty, cluttered, has screaming wall colors and filthy carpets, of course a lowball offer is to be expected. Staged homes sell much more quickly. Then there are vacant homes. What can you learn about a vacant home from an internet photo? That it has a fireplace? That it has hardwoods. But it says nothing about proportion or space. Please consider staging before taking a giant price reduction.

Barb Mihalik Coldwell Banker Sea Coast Realty, Wilmington, NC

Home Sweet Home Stagers, Inc.

Jennifer, I totally agree with you. Last December I wrote a post, If price is all that matters, why do we need real estate agents? out of my own frustration with agents saying "drop the price" instead of "here's how we can make your property more appealing."

I love how you put it, "any idiot can give their house away," and I'd add they'd be even more idiotic to pay a real estate commission for the privilege of doing just that.

By only talking about price, real estate agents do their profession a great disservice because it reinforces the perception that already exists among many home owners that all agents do is put a sign on the lawn and expect a commission for it.

Many of the comments have demonstrated that price is not the only factor in the equation. To achieve a sale (closing), we agents have to be able to bring together buyers & sellers and have them agree on the terms of the contract.

Since we are dealing with people who are controlled by emotions and who do not just look at hard facts when making decisions, our job as realtors is much more than writing up contracts ... we have to become counsellors, moral supporters, advisors in sometimes what can be the most important financial decision in someone's lifetime.

From what you've written, and what other commenters have written, I have to ask - how many of us actually tell our sellers to do x y and z in order to get the house sold? Something that I'll have to put in my bag of tricks, as I'll never know exactly when I'll have to use it. Oh, btw, you're right - price is not the only thing that gets homes sold.

Great post. It certainly helps to do all of those other things. It can only help.

JUL

2009

Good points, many people have lower price on the brain, but what if you spent the $2000 marketing budget on the house...

Makes you think!@. I am a mortgage broker, so I can see that it makes sense.

good blog!

Steve

Rick - YOU ROCK. Another blog-worthy comment. What you wrote is the essence of Selling with Soul - Know your job and be great at it. clap clap clap clap!

The bottom line is we bring the market (buyers) they bring the price and if over 30 buyers have come through and said nay you can try other things but the most EFFECTIVE is always a price reduction every time.

I want to be a consultant to the automakers. The conversation would go like this:

"Hey, GM and Chrysler! Cars not selling? Just lower the price. Yeah, I know that it cost you $27,000 to actually make that unit...I've seen that you have been trying to sell them for $28,000. They are just not selling. Let's lower it to $25,599 for 30 days...if we don't get an offer by then we can lower it to $24,250. I know of a couple of dealers in the next town over that have had to lower the cars to $23,850 just to move them."

Yep, sounds like a good stategy...I'll turn things around in no time.

Chuck - how much would you charge your automaker clients for your brilliance?

52 BILLION dollars!

There is no such thing as being half-sold. Whether it's a house, a car, a missile guidance system or a loaf of bread you are trying to sell, it remains unsold until it's sold.

There's no question that it has to be priced properly but there has to be more to what we offer.

In our listing presentations we all talk about our great marketing, and the reputation of our company and all the other hype that looks great in a spiral binder (or a hard bound book if it's a luxury home) with the client's name and address printed on a high-end laser printer in a very cool font next to a color photo of the house.

The question that Jennifer made me think about is this: what is it that I bring to the table that the Realtor after me doesn't? What makes me great at my job? Is it just my ability to set a price and reduce it on a schedule? Is my slogan "Nobody does price reductions better than me" ?

In a different century when I was a sales trainer for a company that sold tech products to Federal, State and Local governments, I always made my trainees do the following exercise:

Pretend your Mother called you and said she needed 3 computer monitors and she's been shopping around and our company is the highest priced. Explain to her why she should buy from you.

I think the same thing has to apply here. What would you say to your Mother about why you are the best person to list her house?

What I was looking for from the class was to start a discussion about the fact that they should provide the same level of service to their prospects as they would to their Mom. The students that "got it" always ended up selling more "stuff" when they hit the sales floor.

JUL

2009

Rick,

I like the way you think! Made me start thinking...

Seems to me that there might be agents across the country who find themselves in the predicament of their listing not selling after two months. So they meet with the sellers and recommend a price reduction (note: it was priced well to begin with.) Maybe not lower than comparable homes, but definitely in line with similar properties.

I wonder if this is how many of those conversations go:

***********************************************************

Agent: I think we should reduce the price.

Sellers: Well...we've been thinking about all of this too. I wonder if perhaps it wouldn't have been a bad idea to put flyers in the box?

Agent: Flyers don't really work, which is why I don't use them. And half the time, the kids in the neighborhood take them out of the box and scatter them all over the lawn anyway, therefore no one's likely to ever SEE one. Maybe I can print out 10 copies of the MLS sheet, and put those in the flyer box. But honestly, I think if your reduced your price, it would be MUCH more effective.

Sellers: Oh...well then, do you think it would help if we sent postcards out to this neighborhood to let them know about our property in case they have any friends or co-workers who might be interested in taking a look?

Agent: Just Listed postcards are a waste of time. No one ever looks at them, and it costs almost $100.00 to send them out. I think we can use that money in a much better way. So anyway, what about that price reduction?

Sellers: Well...what if we tried an Open House first? Maybe that would generate some interest?

Agent: Open Houses are tools used by agent to find buyers for other properties. Besides, the two open houses I've done in my career, no one even came by. I'd much rather use that time to contact local agents and invite them to preview your home personally.

Sellers: Oh...that sounds like a good idea. But, we thought that would have happened already by now?

Agent: I talked to a few people when I first listed your home. But if we can reduce the price by $10-15,000...then I think other agents would be much more responsive. So how about it?? Can we reduce the price?

Sellers: Well...as you know, we're not netting anything as it stands. If we reduce the price, we may get a buyer, but it'll cost us $10-15,000 out of our own pocket to close, and we simply don't have it. Is there a way you could reduce the commission a little to help us if we reduce the price?

Agent: No, I'm sorry. I earn my living selling real estate and my expenses are very high, what with marketing, gas, etc. Besides, when you hired me, you knew what my fees were. If I can't negotiate my fees very well with you, then how can I possibly negotiate well with buyers on your behalf?

Sellers: :::blank stare:::

Agent: So....is that a yes to the price reduction?

********************************************************

Hysterical. The above agent responses were gleaned from actual blogs I've read here at ActiveRain over the last several weeks (TONS of them). You could take the above conversation so much further, and I realize there are many agents who would have handled it completely differently...and much more proactively and professionally.

But many, I'm afraid, would handle the situation exactly as above. I guess we simply have to ask ourselves "Which agent am I???"

Dave

Dave - this is among the most insightful posts I've seen in a long time.

Rick - I love the "mother" analogy. When I teach my listing class, I always say that agents should pretend that this seller prospect is their mother or grandmother - and how would you want an agent to treat your Mom or Grandma? With respect? Empathy? Patience? Or a barely disguised contempt and impatience for her inexperience with the homesale process?

There is more involved than the price. You are correct.

When you get the home to the best condition you can afford, it is staged nicely and they decide they will not move it to another location, price is the one thing you can change.

Dave,

I love your script - especially the line where the seller says Oh...that sounds like a good idea. But, we thought that would have happened already by now?

Here's how I think we should answer when we receive that comment.

"Well, you know, it's like this. Obviously my "B" game isn't getting your house sold as quickly as we'd both like. Remember, we are a team and we're in this together. I'm beginning to think it might just be the right time to trot out the techniques I have that actually work. Now keep in mind - I usually don't do this stuff for a few more months, but you know what? I really like you guys."

Rick - Yeah, like we have this little bag of tricks that we pull out ONLY for our non-selling listings!

LOL with Rick & Dave! Enjoyed these posts greatly.

and when the house doesnt get an offer after 90 days??? how many agents suggest a drop in price??

Be honest!

JUL

2009

Follow-up blog here: http://activerain.com/blogsview/1138914/okay-miss-smarty-pants-how-do-you-get-your-sellers-on-board-to-get-their-home-ready-for-market- about how to persuade a seller to do as you advise...

It is SO REFRESHING to see someone talking about something BEYOND price reductions to get a home sold. I had been feeling like a lone voice in the wilderness!

Janna - I used those exact words in a similar comment on a private forum...! There are some of us out there, but not as many as I'd like... ah well...

I would ask how these thoughts would extend to a buyer? When inventory is rampant with as much as a 10-year supply, a buyer will have many, many, many comparable choices in front of him. It's a Realtor's dream to have a client who doesn't care what the price is and there are some buyers out there like that. But they are few and far between and it is a huge limitation to wait and hope that one of those will appear to snap up a home priced hundreds of thousands of dollars above one next door. In most markets today, the home must be priced right to be in the game. We need to do a better job of educating our sellers that what they paid for their home has no relevance to what they can sell it for.

Ooops, I wasn't logged in so returned to identify myself...

Anonymous commenter ;-] - Even with buckets and buckets of inventory, buyers still want to fall in love. Maybe not all, but most. And the house they fall in love with, they'll offer on. Oh, sure, they'll offer low, but at least they're at the table...

Jennifer .. Thanks for this post and reminder that our job as Realtor agents is much more than to list and sell the house fast. It's so much more about customer service, advising our clients, being informed about property information and technical aspects of trasactions, helping clients with decisions, and going above and beyond expectations along the way.

It winds me up when someone says 'It Will Sell if the price is right', well of cause it will. Price it at $1 and it will sell the same day.

JUL

2009

Jennifer - Great article for discussion. The one thing that I can say is there are lots of sellers out there that have homes that are in not very good condition because they are not motivated to have a clean, updated home that they can sell for top dollar. If they were that type of person, their home would not be in such bad condition when we arrive at their home as their potential listing agent. They would have kept it up over the years, and we wouldn't have to recommend all these things to them.

Granted, there are a few out there that are interested in our advice, but many other sellers that just want us to sell their home as-is. In our area, homes that are in bad condition are selling. Investors are buying them up and fixing them with new flooring, paint, landscaping, etc. They are selling for less than top dollar, but yes, most of these are bank owned or short sales. That's just the market we are in right now.

Troy - agreed that many sellers will not, can not do anything to prepare for market. And in that case, you must price for the condition of the home. But I believe that real estate agents make this decision for their sellers far too often, when the seller might very well be willing and able to make improvements. Either way, it's our job to give them their options and yes, push them a little toward the one that benefits THEM the most, and make it easier for them to make the "right" decision.

But again, you work in a market quite different from mine, so I will defer to your experience there. My buyers and sellers are almost all retail - which is a very different animal. Thanks so much for your comments!

JUL

2009

Jennifer. Many Agents forget or omit the marketing of the property. I am talking about the promotion of the property in places OTHER than the MLS.

" help our sellers get the highest possible price in the shortest possible time, whatever a realistic price and time may be? "

This made me feel good when I read it and want to yell "RIGHT ON!!" Makes me feel all that I do... is not for naught... It is about price...but there is SO much more to it. Thanks!

Donna LaConte, REALTOR, Adams, Cameron & Co., REALTORS, DeLand, Fl.

www.donnalaconte.adamscameron.com

JUL

2009

Price is a big part of it, and I understand about pricing low to get buyers in and get an auction environment going, but it needs to be marketed and shown right too.

This is the burning issue of the current market of San Francisco Greater Bay Area too... Appraisals!

We use to have a willing buyer –willing seller concept. Last couple of escrows that

I closed when I was representing sellers; the buyers came with the difference in extra cash and bought the homes. Buyers and buyer’s agents know that there are no other homes similar to the one they are buying in market place. Buyers having an experience of loosing several deals in multiple offer situations and their current needs of getting in to their own home, pride of ownership neighborhood etc. were the factors played big roll in buyer’s decisions to pay that extra difference out of their pocket.

SEP

2009

I think pricing correctly is a big part of marketing and a good Realtor's expertise...prcing a listing correctly is the first step so the home is offered to the right buyers, but then great marketing gets it in front of as many of them as possible!

NOV

2009

There are only 2 things sellers can affect when it comes to selling their home: Price & Presentation.

First comes evaluation of the home and staging. The more sellers do to make their home attractive to buyers, the better the price they'll get and the sooner it will sell. Not all sellers are willing to take the steps necessary to maximize their standing in the market, but those who make the effort will reap the rewards.

If the home isn't priced correctly it isn't going to sell, so a realtor must have some input into the price equation. A good understanding of local market and a reasonable CMA to show sellers how their home fits into it can go a long way towards helping them to understand where the home should be priced. If possible, getting the sellers out to look at active comparables can bring them down to reality - if the realtor can point out the plus & minus factors of the competition vs. their home. I always tell my sellers 'There is no 2nd Place in selling a home. You either do or you don't.' Have sellers look at the comparables and ask themselves, 'If you were buying a home, which would you choose?' If they can't honestly say they'd choose theirs, they're priced too high.

Some realtors will take an overpriced listing just to have a listing. Maybe your signs will draw in buyers you can steer to more reasonably priced homes. I'm not sure this works because you're just not going to get that many calls on an overpriced home. Perhaps if it's in a very visible location someone will call you just because they've seen your sign. Maybe you can eventually get the seller to reduce the price & sell but by then the seller may be thinking of hiring another agent - after all, you've had your chance and haven't performed... How many of us have had an expired listing sell by another agent and said, 'Heck, if you'd let me list it at that price I'd have sold it!!!'.

Realtors earn their keep by providing expert advice on pricing, staging and due diligence issues after a contract is executed but the most expert advice is worthless if it isn't heeded.

AUG

Well Jennifer, I came back to comment on this post and God only knows how I missed it in the first place. I do subscribe to you, you know :)! Maybe I was in some kind of coma...anyway... AMEN is all I can say back to you. There are several things that go into selling a home and price is important, but IMO (and A LOT of other's opinion to include yours), not the only thing that matters.

This was obviously a very well deserved feature :)!

AUG

God, I feel like I sholud be takin notes! Great work

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Jennifer Allan-Hagedorn, Author of Sell with Soul

Pensacola Beach, FL

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