pricing: The Art of Pricing & the CMA - Free SWS Teleseminar - 07/10/12 10:22 PM
As professional real estate agents, one of the most important duties of our job is to properly price our listings for market. Getting listings is one thing, selling them is another. Sure, it’s fun to see your name on a sign in a yard, but yard signs don’t pay the bills. There is a right way to price a home, which involves a thorough review of the market - the active competition, the recent sales and the expired listings. The wrong way is to allow your seller to dictate the price. While you do want and need seller input, you need … (11 comments)

pricing: HOW To Recommend a Price Reduction without Risking Your Credibility or Upsetting Your Seller - 11/01/11 12:51 AM

Related to a recent blog entitled "READ THIS Before Your Next Price Reduction Recommendation, today's post is about HOW to recommend a price reduction if it comes to that without blowing your credibility, or, frankly, ticking off your seller.
In a perfect world (and why not strive for that?), a price reduction is rarely necessary. In this perfect world, real estate agents price, prepare, and present their properties properly (I love alliteration) and therefore homes sell in a reasonable amount of time without the need for a price adjustment. Agents don't capitulate to the demands of sellers to overprice a home, nor do they "buy" listings … (71 comments)

pricing: READ THIS Before Your Next Price Reduction Recommendation! - 10/21/11 01:22 AM

I have a friend who listed her house with one of the top agents in her area. They went on the market about two months ago, at the exact price the agent recommended and supported with his market analysis. Showings were brisk at first, then trickled off, as typically happens. Feedback has been generally positive, although the home is rather unique and simply not practical for many buyers, and the feedback has reflected that.
A few weeks ago, out of the blue, the agent recommended a $50,000 price reduction. This caught my seller friend by surprise since the feedback she'd received … (174 comments)

pricing: Pricing it Right - Some Aha Tips from Wednesday's Show - 07/30/10 12:11 AM

On Wednesday evening, Loreena Yeo joined me in the SWS Studio to talk with me (and a few hundred of y'all*) about "Pricing it Right - Helping Your Seller See the Light!" Well, I graciously let Loreena go first, thinking I'd get *my* turn soon, but it wasn't to be. Not that Loreena was a microphone-hog or anything - not at all, but the audience clearly wanted to hear more from her than the time I'd allotted was going to allow.
So, being the primary decision-maker here in the SWS Studio, I made the executive decision to save my thoughts for … (22 comments)

pricing: Pricing Historic Homes in Urban Neighborhoods, Step Four - Analyzing the SOLDs - Dealing with the Outliers - 11/10/09 12:06 AM

Thanks to those who are sticking thru this series with me! While I think that the process of properly pricing homes is fascinating stuff, I know it's not nearly as sexy as other topics! (Although SELLING your properly priced listing is very sexy, indeed.)
In the previous installments...
IntroductionStep One - Before you price, prepare!Step Two - Preview, preview, previewStep Three - Play detective
...we talked about how to effectively preview the competition to figure out where your potential listing falls into the scheme of things.  So, what about the SOLDs?
The problem with using SOLDs in your market analysis is, unless you've … (4 comments)

pricing: Playing Detective... Pricing Historic Homes in Urban Neighborhoods - Step 3 - 11/06/09 10:04 PM

Here's the third, well, kinda the fourth (if you count the introductory teaser) installment in my series "Pricing Historic Homes in Urban Neighborhoods." You can read the rest of the series here:
IntroductionStep One - Before you price, prepare!Step Two - Preview, preview, preview
I've had a few comments come in to the tune of "Wow - that's a lot of work - is it really necessary to spend so much time pricing a home?" Well, I say - YES! It is necessary! After all, our product is property, and our sellers pay us darn good money to know our product and … (18 comments)

pricing: Pricing Historic Homes in Urban Market - Step Two - Preview, Preview, Preview! - 11/03/09 11:43 PM
Just another installment in the series: Pricing Historic Homes in Urban Markets...
IntroductionStep One
In the last installment, I recommended that you always, always, always drive by your subject property before doing anything else. If you can get inside, so much the better...
So after you have a good visual of your subject property, it's time to go check out the competition - otherwise known as "previewing." (If your market frowns on previewing, and many do, please share with the audience how on earth you properly price homes!).
When I interview to list a property, I often find myself bonding with the … (23 comments)

pricing: Pricing Historic Homes in Urban Markets - Step One - Make Like a Boy Scout... - 10/29/09 11:22 PM
Earlier this week (or maybe last week?) I promised to do a little series with tips on how to properly price historic homes in urban markets. Here's where I promised that - you might want to read it first.
Got distracted by conversations ‘bout Real Estate Reality Shows, but here I am again, back to the more mundane issues of our daily grind... pricing homes to sell. Yawn. (I say that a little sarcastically; I totally love this stuff).
Pricing historic homes in urban markets is a bit (a lot?) more time-consuming than pricing newer homes in planned developments. But, at … (13 comments)

pricing: Adventures in Pricing - Historic Homes in Urban Neighborhoods - 10/25/09 12:03 AM
A few months ago (sheesh, almost six months already!) I stopped actively selling real estate. Oh, not to worry, I still keep my fingers in the pie and my toes in the water of the Denver real estate market, but I don't actually list or sell properties in my own name. However, being the control freak that I am, anyone who gets a referral from me can count on lots of - ahem - help from me, especially if they're working with someone from my precious Sphere of Influence. I'm sure my - ahem - help is very much appreciated.
Anyway, … (11 comments)

pricing: If Your Seller Authorized You to Spend $2,000... - 06/30/09 12:30 AM
I don't know about you, but I'm very much enjoying this debate on whether or not we listing agents can positively affect the market value of our listings. I believe we can. And frankly, I'm stunned at the amount of opposition to that notion.
Now, a disclaimer - I don't work in a distressed market, so I shall defer to those who do that they know more about selling homes in that environment. Fair enough. If you work mostly REO's and short sales, you are excused from this discussion. Although... well, I'll get to that in a sec.
For the rest of us... … (37 comments)

pricing: Any Idiot Can Give Their House Away...If Price is All that Matters - What do they need us for? - 06/28/09 11:41 PM
This is yet another follow-up to the topic of "Is Price Always the Best Answer to a Non-Selling Listing?" that I started last week. You can read more HERE and HERE.
Real estate agents are quite fond of the philosophy that "Price conquers all," meaning that if you price a listing low enough, it will sell regardless of the challenges the property presents.
Fair enough.
But I must ask. So what? Is that our job as professional real estate agents to simply recommend a price low enough that any piece of junk will sell?
Or, rather, is it to help our sellers get the … (160 comments)

pricing: STOP! Before You Reduce the Price... - 06/26/09 12:16 AM
Picking up from Wednesday's "If Your Listing Isn't Selling..."
So, if your listing isn't selling and you've agreed with me that perhaps price might not be the best solution, what else can you look at?
Well, it might be really simple. Have you checked access lately? Lockbox still there? Key still in it? Key still work in the lock (sticky locks kill showings)? Is the seller declining or restricting showings?
Have you previewed your listing lately? Does it still show well and smell good?
How's your MLS description? Is it dull ("3 bedroom/2 bath ranch in Woodbridge") or jazzy ("Mid-Century tri-level with … (23 comments)

pricing: When Your Listing Isn't Selling, What's the First Thing to Fix? All Together Now... - 06/24/09 01:31 AM
excerpted from my new book "If You're Not Having Fun Selling Real Estate, You're Not Doing it Right!"
When your listing hasn't sold, what's the first thing you look at? 
PRICE!
Right?
Nope. Not always. Not even most of the time.*
Many real estate agents claim that price cures all. And in a way, they're right. If you have a listing that shows poorly or is difficult to show or smells funny, there probably IS a price that will inspire buyers to overlook the clutter, access issues or eau du Chef Boyardee.
But is price the RIGHT answer? Again, not always. Not … (23 comments)

 
Jennifer Allan-Hagedorn, Author of Sell with Soul (Sell with Soul) Rainmaker large

Jennifer Allan-Hagedorn

Author of Sell with Soul

Pensacola Beach, FL

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