How To Catch A Buyer
by Paul Pastore
A wise old fisherman once told me, "There's a big difference between fishin' and
catchin'". That maxim would hold true whether you're fishing for buyers in Baltimore or
bass in Boston.
The last time I went fishing was on Lake Michigan. The angler had a boat that had four
rods that automatically could adjust to a certain depth. The captain had a sonar device
on the bridge that could see the schools of fish below. The trick was simply lowering
the bait to where the fish were swimming. Isn't that exactly how a listing agent can lo-
cate a buyer? Lower the price to where the buyers are located.
A pessimist might say it's not that simple. There is no sonar device in the real estate
business that allows agents to determine exactly what price will cause the 'buyers to
bite', or make an offer on your listing. The realistic agent would say if you are getting
little activity, your price is too high. Or, if you are getting numerous showings, but no
offers, the price is also too high. Lower the bait until the buyers begin to buy.
The other day I asked a seller to lower his price. He replied, "What about location, loca-
tion, location?" It's always easier to lower the price than move the property to a better
location. Another seller asked about 'staging' their home to make it show better. Stag-
ing will attract a buyer who is already in the house. The proper price will get the buyer
to the residence.
Some of the greatest teachers use metaphors and mental pictures to make a point. For
example, "Mr. Seller, picture an intersection with a gas station on every corner.
Where would you stop for gas if you could choose any of the four? We are competing
with dozens of other houses rather than three filling stations"
Don't forget visuals are vital when discussing an intangible, such as pricing with a seller.
In our prior example, an intersection with four gas prices makes a compelling point with
a simple sketch. The proper price is the best bait for buyers.
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