Seller's MUST be more Aggressive! By this statement, I mean ONLY IF you really intend to sell. Even to Lease, you MUST be on top of the market..actually in front of the market. Don't get caught watching the REO's and Short Sales get all the offers. If you cannot compete realistically, then maybe it's better not to list your property at this time. If you MUST sell and can take the financial hit, then price your property aggressively!
Here's an example on a small scale. I had two properties listed for lease..took both Listings about two weeks ago. One Landlord HEARD me. We priced ourselves to be the best price available, AND we added some bonuses..both for the Tenant's Agent and the Tenant themselves. The other property, although a killer location as well, wanted to stitch an additional $100/mo on the price/mo. I suggested. OK.
Both are leased 17 days later, but the experience for the client that heard me was so much less stressful. Two full priced offers..they picked the Tenant they preferred. The other entailed lowball offers, negotiating furniture, back and forth until they lowered their price to my original number and we had a perfect match within 24 hours! THIS IS NOT UNUSUAL.
Trust and hear your Realtor. If you don't think they know their inventory and the area you are looking to buy, sell, or lease in, then don't use them in the first place! Sellers MUST be aggressive with their List Prices...as well as their Incentives. If you are behind the market, you will not make a sale. Remember that your property is competing with REO's and Short Sales. If you cannot beat or meet those price/sf, you MUST entice Buyers with a lateral move. Beat that price/sf with amenities and bonuses..be creative! HEAR YOUR REALTOR.
I agree. We have to many home on the market that are listed but one has to question are they really for sale. Getting sellers to understand current market conditions is always a challenge.
Kimberley - That's why sellers ALWAYS need the guidance of a professional Realtor--and then need to heed the advice given.
Hi Kimberley, what you say makes lots of sense to me. I hope with the market the way it is now that more non foreclosure/short sale sellers will think it does too.
Kimberley, from your lips to seller's ears! I explain this over and over and the sellers who hear me always win! Pricing aggressively gets you exposure, options and saves you money on mortgage payments and insurance because you sell faster. Agents who let sellers "try it' without understanding that the inevitable price reduction is damaging to their negotiating position are doing a grave disservice. Sell fast and move on to getting yourself your own 'great deal!"
So often the seller knows best, or at least they think they know best - afterall we are only real estate agents. Very rarely are we considered to be professionals in our areas of expertise.
Great article!!! Wish all sellers could read this - they hire us for our experience and expertise - in most cases, the real estate agent knows best!
- Doug
Rock on professional Realtors! Keep telling our Seller's the truth and support that truth with statistics..we'll get them to hear us eventually.
Hello Kimberley, Great advice. Good comparison. This year, I have turned down many listing offers because I didn't think the sellers were pricing homes right.
Columbus Ga Real Estate
Thanks for posting! I completely agree-- but cannot always convince my sellers to listen! Kathy
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