It's been a crazy few days showing properties and meeting with sellers who are preparing their home for market. As a result, I haven't stayed on top of feedback requests for the properties I've shown over the last few days.
Today while at a home inspection, I received a call from one of the listing agents wanting feedback. I told her I would provide feedback later today. She asked if I could just quickly give my feedback over the phone.
I sheepishly admitted that I didn't remember her listing. I went on to explain that I had shown all four available units in that townhome development and couldn't remember which was hers. She surprisingly said, "Are you kidding? There are four units on the market there?"
Apparently, this agent hasn't been monitoring her competition. Since the time she listed her client's townhome, three other properties have entered the market. How can she advise her client about possible offers and price, if she doesn't know what the competition is doing?
When I list a property, I immediately set up an auto-notification alerting both the sellers and myself to competing properties. Sellers need to see their competition. Not only the price of that home, but the condition. By doing this, they know what is happening in our local market that may impact the sale of their home. They get this information at the same time I do. They don't have to wait to get a call from me days later to alert them.
While our market continues to be a hot seller's market, there are properties lingering on the market. Given that prices continue to rise, buyers have an expectation that properties will be pristine. Those that are sell very quickly. Those that are not, may have a difficult time even if they are priced accordingly.
Keeping my sellers up-to-date on market activity makes it easier for me to go back and ask for a price reduction if our pricing was too aggressive. Do you use a similar technique? Do you monitor your seller's competition? If so, do you alert your sellers to that activity?
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