Price Range Marketing is a proven pricing strategy.
Selling a house is a complicated process, no matter how good the real estate market is. Whether you’re a first-time home seller or not, you’ll probably need the answer to a bunch of questions for yourself. How should I prepare the house for sale? How can I get the best price for my house? What is the best marketing strategy for your situation? The fact of the matter is that fully three quarters of homesellers don't get what they want for their home. Often times homes are priced incorrectly especially if the market is in an upward or downward trend or if the house has unique features or has upgrades in most areas of the home. Suppose we agree on the market value of your home. What should we list it for? Some would say, "List it for more than the market value. People are probably going to offer less than the list price; but this way you still may get market value or more." Others might argue, "List it for less than market value. That will attract more offers, and it may well result in the price being bid up above the market value figure." And, of course, there are those who will say, "List it at market value and stick to your price." Who is right?
Price Range Marketing
Business Week Bestseller List - In the Ric Edelman best selling book, New Rules of Money, strategy # 17 says: "The next time you list your house for sale, don't list a price. Instead, assign a range of prices that you're willing to consider. By listing in a range, more potential buyers are exposed to the house." "If your agent is not willing to try this idea, find one who will!".
Value, or Price, Range Marketing is a proven pricing strategy that utilizes a price range to market the property.
The top end of the range allows the seller the opportunity to achieve a premium price for their property, while the bottom end of the range ensure the property remains competitive in the marketplace.
- Eliminates over - or under - pricing
- Increases propert visibility
- Attracts more buyers to the property
- Maximizes selling price
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This pricing method determines market value effectively and eliminates the risks for under or overpricing. There are some concerns and questions that needs to be addressed and made clear to all the parties involved. The listing agent should be able to provide guidance, apply an informative approach, and must have the vision to satisfy the:
- Seller on how this method works and how we must respond to the buyer’s offers,
- Buyers (sometimes even their agent) on why this system is more beneficial to them and why there is no fixed pricing,
- Multiple Listing Service provider’s pricing rules in a thoughtful and acceptable manner to the MLS. This requires an in depth knowledge of the MLS rules and regulations.
Setting a correct range based on the specific situation of your home has enormous effect on the selling process and achieving the goals of this pricing method. Some real estate agents try to imitate the process but this is not a job for just any real estate agent, it must be handled by an experienced and trained real estate professional in order to fulfill the desired results.
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