In my market I continue to see agents and brokers obtain new listings by a list at any price strategy. More times than not the listing price is too optimistic and the property sits on the MLS until there is a drop in price. This move may get a little attention, but heady buyers now know the seller is over priced from the start and is willing to sell for less. The question now is just how much less? Phase two is to reduce and drop again. This strategy is really hard on the seller and the listing agent, and quite frankly I do not want my client calling me several times a week to get a update on their listing activity.

Why not list at a price that the market will bear and create your own sellers market and get your listing into escrow in a matter of weeks and not months? My most recent sales were two new homes built to sell to local working people in our island community. I was given the co listing by my broker and started marketing the houses that day. I began holding open houses on the weekends and to my surprise only a few people were coming to look at our beautiful new homes. I sent out email blasts, advertised in the trade papers and talked to many homeowners in the neighborhood. After about three weeks (these homes were on the mls for 150 days before my involvement) and not any offers, I sat down with my broker and told him what I was hearing. He and our seller listened and we reduced the price of both houses to an amount that people were willing to pay. This strategy worked and we closed both homes in less than sixty days of reducing the price, and both houses had multiple offers submitted.

Most sellers want to tell us what their home or property is worth and they have that right. We as agents have the knowledge of telling them just what it is worth, and we should exercise that right.

Aloha