"WIGGLING THE LURE". THREE PRICING STRATEGIES THAT WILL HELP SELL YOUR HOME...

Reblogger Gabe Sanders
Real Estate Agent with Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales 3090099

Some excellent tips for pricing a home for sale from Ken Tracy:

Original content by Ken Tracy

I love fishing.  I have since I was a kid.

Selling houses is a lot like fishing. 

     Ken sells homes vs. Ken catches a bass

When you put your home on the market, you are really going fishing. 

You are fishing for a buyer.  And the bigger the fish, the better...

Three pricing strategies that will help sell your home.
 

  1. Wiggling the lure.   I use this strategy with my sellers who have a very interested party looking at the home.  Several positive showings in a row or a second showing. 
    Sometimes a small reduction of $1000 or so will trigger a strike/contract offer.  It is like "wiggling the lure" in front of the fishes nose...

  2. The slow and steady retrieve.   Small price reductions done at regular intervals.  Perhaps 1-2% of the asking price every two weeks or so.  
    Each price reduction causes an email to be sent to thousands of would be buyers searching for a certain criteria (ie. Naperville townhome, Four Lakes condo).  It also insures an overpriced home will eventually find it's proper market and get sold...

  3. The negotiation reduction.   I use this strategy when a home has an offer but the negotiations are going slowly.  Let's say you are asking $400K for your home.  A bidder comes in at $350K.  You counter with $390K, but don't get much response.  My advice would be to reduce the price of your home to $390K immediately.  You have already admitted you would sell it there.  Tell everyone!

    This might cause your reluctant bidder to rethink his position, and accept your offer.  Either way, more buyers will be interested...

Remember, just like fishing, it's not just the bait you use, but the presentation...

Ken

       

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Rainmaker
542,604
Ken Tracy
Keller Williams Realty Infinity - Naperville, IL
Helping clients buy and sell since 2005

Hey Gabe.  Thanks for reading and reblogging my post.

I hope it helps us both sell a few more homes!

Have a great day,

Ken

Mar 30, 2010 08:41 AM #1
Rainmaker
1,522,098
Gary L. Waters Broker Associate, Bucci Realty
Bucci Realty, Inc. - Melbourne, FL
Fifteen Years Experience in Brevard County

I like step number three even if not used with the others. It will get their attention and the seller already will accept if another offer comes.Thanks.

Mar 31, 2010 01:16 PM #2
Rainmaker
4,797,811
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Thank you for stopping by and taking the time to read my re-blog.

Jun 11, 2015 04:06 AM #3
Rainmaker
4,797,811
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

These are excellent strategies that can get the job done.

Feb 11, 2016 04:02 AM #4
Rainmaker
4,797,811
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Ken, thanks for taking the time to comment it is always appreciated.

Jan 27, 2018 05:22 AM #5
Rainmaker
4,797,811
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

Hi Gary, thanks for taking the time to comment it is always appreciated.

Jan 27, 2018 05:22 AM #6
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Rainmaker
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Gabe Sanders

Stuart Florida Real Estate
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